Old-age pension

Old-age pension is a type of state pension.

The following persons have the right to receive old-age pension:
- permanent residents of Estonia;
- aliens residing in Estonia on the basis of temporary residence permits or temporary right of residence.

Persons who have attained 63 years of age and whose pension qualifying period earned in Estonia is 15 years have the right to receive old-age pension.

In order to gradually make the pensionable age of men and women equal, the right of women to receive old-age pension before attaining 63 years of age arises at the ages provided as follows:

Women    
     
Year of birth    Age
     
1947    60 years
1948    60 years 6 months
1949    61 years
1950    61 years 6 months
1951    62 years
1952    62 years 6 months
1953 and later    63 years

On April 7, 2010, the Riigikogu (Estonian Parliament) adopted the Act to amend the State Pension Insurance Act and the related acts, providing the general pensionable age of 65 years.

The transition period, starting from 2017 is provided for the people, who were born from 1954 to 1960. For those people, the retirement age will be gradually increasing by 3 month for every year of birth, and reaches the age 65 in 2026. The amendment shall take effect on 01.01.2017.

Calculation of old-age pension

Old-age pension consists of three components:
- the base amount (120.2069 € );
- a component calculated on the basis of years of pensionable service, the amount of which equals the number of years of pensionable service multiplied by the value of a year of pensionable service;
- an insurance component, the amount of which equals the sum of the annual factors of an insured person multiplied by the value of a year of pensionable service.

The value of a year of pensionable service is 4.515 €.

To apply for old-age pension one should contact the local pension office.