Effective Retirement Age
Slightly rising effective retirement age
In 2017, the expected effective retirement age within the earnings-related pension system was 61.2 years. It rose by 0.1 years compared to the previous year, as was forecasted. Changes in the effective retirement age are measured by the expected effective retirement age, which is based on starting pensions for different age groups.
The number of new retirees on an earnings-related pension was an ample 75,000, slightly lower than in 2016. A total of 57,000 persons retired on an old-age pension, which is roughly the same number as in 2016.
The number of new disability pension recipients in 2017 was 18,600 persons. The number of new retirees on a disability pension has remained unchanged in the last few years, but the share of retirees on a part-time disability pension has grown.
Expected effective retirement age for 25-year-olds and 50-year-olds
Statistical tables and figures:
- Presentation on effective retirement age (pdf)
- Statistical database of the Finnish Centre for Pensions
- Press release 28 Feb 2018: Effective retirement age slightly higher in 2017
- Statistical Report: Effective retirement age in the Finnish earnings-related pension scheme
- Statistical Report: Expected effective retirement age in the Nordic countries
Statistical services provides further information:
Effective Retirement Age
Producer: Finnish Centre for Pensions
Subject area: Social security
Part of the Official Statistics of Finland (OSF): No
The statistics includes the central parameters that depict the effective retirement age on an earnings-related pension. The release also includes a description of the calculation principle of the expected effective retirement age.
The central parameters are the expected effective retirement age for 25- and 50-year-olds, the average age and the median age.
Private and public sector, gender and age, pension benefit
Methods of data collection and source
The data are based on the registers of the Finnish Centre for Pensions.
Once a year
Time of completion or release
The statistics is released in February. For a more detailed schedule, consult the Release Calendar http://wp-prod-etk.soft.ware.fi/en/statistics-2/statistics/release-calendar/
Figures for the entire earnings-related pension scheme are available as of the year 1996. The time series for the private sector begins in 1983.
social insurance, pension, earnings-related pension, retirement, effective retirement age
+358 29 411 2232, jari.kannisto(at)etk.fi
Concepts and Definitions
Indicator of Effective Retirement Age
The Finnish Centre for Pensions has developed an indicator to measure the effective retirement age which is not affected by the age structure of the population. The indicator is called expected effective retirement age.
The indicator describes the development in the effective retirement age. Introduced in 2003, the indicator reacts immediately and in the right direction to changes in retirement risk. As regards the private sector, the expected effective retirement age has been calculated from 1983 and, as regards the whole earnings-related pension scheme, from 1996.
The expectancy is calculated for both 25-year-olds and 50-year-olds. The expectancy for 25-year-olds describes the effective retirement age for the whole population insured for earnings-related pension benefits, and it is used as the official indicator to describe changes in effective retirement age. The expectancy for 50-year-olds is calculated based on insured who have reached the age of 50. Since persons who have retired under the age of 50 are not included in the calculation, the expectancy for a 50-year-old is always higher than that of a 25-year-old. The difference depicts the impact that retirees between the ages of 25–49 have on the effective retirement age. Annually, approximately 10 per cent of those who retire are less than 50 years.