Partial Old-age Pension at Age 61

The partial old-age pension replaces the part-time pension. The partial old-age pension offers a flexible way to combine working and a partial pension.

As of 2017, those born in 1949 or later can retire on a partial old-age pension as of age 61. For those born in 1964, the age limit is 62 years, and as of those born in 1965, the age limit will be linked to life expectancy.

The partial old-age pension can be 25 or 50 per cent of the accrued pension. If taken early (before one’s own retirement age), the part of the pension that is taken will be permanently reduced by 0.4 per cent for each month that the pension is taken early. For example, if a person takes out 25 per cent of their accrued pension two years before reaching the retirement age, the part taken out will be permanently reduced by 9.6 per cent.

The partial old-age pension is adjusted with the life expectancy coefficient.

A person retiring on a partial old-age pension can continue to work for as much as they like. The number of working hours or earned wage amount are in no way restricted.