Qualifying age for old age pensions

In all the Nordic countries, the old-age pension is payable in the form of both a basic/guaranteed minimum pension and a supplementary earnings-related pension.

Denmark

The qualifying age for receipt of the basic pension is 65. For supplementary pensions, it is 60. The qualifying age depends on a person’s year of birth and is set to increase until 2031. It is possible to postpone retirement for up to ten years and thereby accumulate a life-long supplement to the old-age pension. In order to qualify for the supplement, individuals must work at least 1 000 hours a year, cor-responding to just over 19 hours per week, during the period in which the pension is postponed. The ATP is usually paid out when the recipient reaches 65, but individuals may choose to postpone it. It may be postponed until the recipient turns 75.

Faroe Islands

The statutory old-age pension can be drawn from the age of 67. The same applies to the earnings-related pensions.

Finland

In earning-related pensions the qualifying age for an old-age pension is 63–68. In basic pension the age for old age pension is 65 years.

Iceland

The qualifying age for an old-age pension is 67. For those born 1951 or earlier retirement may be postponed until the age of 72. Every month of postponement in-creases the pension amount by 0.5 per cent, up to a maximum additional payment of 30 per cent. For those born 1952 or later retirement may be postponed until the age of 80. Due to the introduction of life-expectancy adjustments, the annual amount payable increases the longer the pension is postponed.

Norway

The qualifying age for an old-age pension is the same as for the basic pension. It is possible to draw an old-age pension from the Folketrygden upon turning 62, if pension rights have been accrued that exceed the minimum level set for the age of 67. Further pension points may also be accrued up to the age of 75.
Individuals may also choose to draw an old-age pension on a flexible basis be-tween the ages of 62 and 75. Due to the introduction of life-expectancy adjustments, the annual amount payable increases the longer the pension is postponed.

Sweden

The longer the pension is postponed, the more the amount increases. Under the old pension system, the income-related pension could be drawn from the age of 60. Under the new Swedish pension system, the qualifying age for the employment pension is flexible, but begins at the age of 61. The guaranteed pension may be drawn from the age of 65, and there is no upper age limit for drawing a retirement pension.

Under the old system, it was possible to draw a statutory old-age pension before reaching statutory pensionable age, albeit at a reduced amount.