Qualifying age for old age pensions
In Denmark in 2023, you must be at least 67 years old to receive old age pension and ATP (The Danish Labour Market Supplementary Pension). The qualifying age depends on a person’s birth year, and it is currently set to increase until 2035, with plans of increasing it every 5 years until 2070. It is possible to postpone retirement for up to ten years and thereby accumulate a life-long supplement to the old-age pension.
Individuals must work at least 750 hours a year during the pension’s postponement period to qualify for the supplement. Some retirees are also able to get supplementary pensions (efterløn) from the age of 65 if they have paid into the supplementary pension plan.
Persons born before 1 July 1957 can draw statutory old-age pension from the age of 67. Persons born between 1 July and 31 December 1962 can draw statutory old-age pension from the age of 67½, and persons born later than 1962 can draw statutory old-age pension from the age of 68. The same applies to the earnings-related pensions.
In earning-related pensions the retirement age will rise by 3 months per age cohort for those born in 1955 and later from 63 years until it is 65 years. . In basic pension the age for old age pension is 65 years.
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.
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.
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, and has been gradually raised. From 2023, the qualifying age for the employment pension is 63. The qualifying age for the guaranteed pension has been raised from 65 to 66 in 2023. 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.