Pension systems are different in each country: retirement age, minimum years of contributions, amount of pension (or rather: percentage of salary). The rules are different depending on the number of years (or trimesters) accumulated and on whether you have contributed in other countries.
Summary
Pension rates as a percentage (Europe)
Pension rates differ from country to country. Let us focus here on different cases in the European Community. The graph below is derived from analyses of official OECD data and depicts net pension replacement rates in the EU.
Note that these percentages imply having contributed the number of years (or trimesters) required to obtain a full pension. The details of this compiled information can be found in the table below.
Retirement ages
| Country | Net replacement rates | Retirement age |
| Germany | 51,9% | 65 years + 8 months |
| Austria | 89,9% | Men: 65 years old Women: 60 years old |
| Belgium | 66,2% | 65 years old |
| Bulgaria | 89,3% | Men: 64 years + 3 months Women: 61 years + 6 months |
| Cyprus | 82,8% | 65 years old |
| Croatia | 53,8% | Men: 65 years old Women: 62 years + 6 months |
| Denmark | 70,9% | 66 years old |
| Spain | 83,4% | 65 years old |
| Estonia | 53,1% | 63 years + 6 months |
| Finland | 64,2% | 63 years + 3 months |
| France | 73,6% | 62 years old |
| Greece | 51,1% | 62 years old |
| Hungary | 84,3% | 64 years + 6 months |
| Ireland | 35,9% | 66 years old |
| Italy | 91,8% | 67 years old |
| Latvia | 54,3% | 63 years + 9 months |
| Lithuania | 31% | Men: 64 years old Women: 63 years old |
| Luxemburg | 90,1% | 65 years old |
| Malta | 48,2% | 63 years old |
| The Netherlands | 80,2% | 66 years + 4 months |
| Poland | 35,1% | Men: 65 years old Women: 60 years old |
| Portugal | 89,6% | 66 years + 5 months |
| Czech Republic | 60,3% | Men: 63 years + 8 months Women: betsween 59 years + 8 months and 63 years + 8 months |
| Romania | 41,6% | Men: 65 years old Women: 61 years old |
| Slovakia | 65,1% | 62 years + 6 months |
| Slovenia | 57,5% | 65 years old |
| Sweden | 53,4% | 61 years old |
How to find out more?
Several factors must be taken into account when calculating the amount of the pension:
- The number of years or trimesters accumulated in your country of residence
- The number of years or trimesters worked abroad (in some countries, such as Luxemburg, Germany and many others, a certain number of years must be accumulated to be entitled to claim the contributions for those trimesters worked)
- The official retirement age in your country of residence and in the countries where you have worked (if you retire at the age of 62 in France and have worked for 7 years in Denmark, you will not receive your Danish pension until you reach retirement age in Denmark, that is to say, 4 years later)
- The total number of trimesters accumulated during your career entitles you to a certain percentage of (partial, total) retirement.
Some useful links to find out more about retirement in the different countries of the European Community:
- The government and official websites of the countries in which you have worked
- OECD Data – Public Pensions
- The CLEISS (Centre for European and International Liaison on Social Security) website
Illustrations: Shutterstock
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