Inclusion, Equality and Social Welfare

The Contributory Retirement Pension is paid every four (4) weeks in advance.

There are 3 categories of pensions a person can receive:

• TTP - Two-Thirds Pension which is earnings related according to the social security contribution average
• RP - Retirement Pension which is based on flat rates and is paid to claimants in receipt of a Service Pension
• NMP - National Minimum Pension which is paid to claimants paying a low rate of social security contributions.

The maximum pension weekly rate for pensioners in receipt of maximum pension rate prior to 2006, is higher than the maximum pension weekly rate for pensioners who started receiving maximum pension rate after 2006. The reason being that those pensioners who were in receipt of a pension before 2006, and at the time were entitled to a one-time grant, are now having this incorporated to the rate of pension, and are still being paid for it for each coming year.

There is the possibility that, if you remain in employment till the end of the current calendar year, you may be entitled to a better pension rate. This may be due to not having the full Pensionable Income and/or not having a full contributions average when you are about to reach your retirement. Upon receiving the notification letter to apply for your pension, the Department of Social Security may inform you if you may benefit if you remain in employment till the end of the current calendar year.

Please click here for a Schedule of Benefits Rates.

You may make use of an online Calculator to calculate your potential Contributory Retirement Pension entitlement.

General eligibility criteria:

A person may be eligible to a Contributory Retirement Pension if the following criteria are fulfilled.

1. If a person is born:
• Between 1952 and 1955, the pension age is sixty-two (62) years – for employed persons, pension will be calculated on the best 3 consecutive years in the last eleven (11) years. While for self-employed/self-occupied persons, pension will be calculated on the best ten (10) consecutive calendar years in the last eleven (11) years.
• Between 1956 and 1958, the pension age is sixty-three (63) years – for employed persons, pension will be calculated on the best three (3) consecutive years in the last twelve (12) years. While for self-employed/self-occupied persons, pension will be calculated on the best ten (10) consecutive calendar years in the last twelve (12) years.
• Between 1959 and 1961, the pension age is sixty-four (64) years – for employed persons, pension will be calculated on the best three (3) consecutive years in the last thirteen (13) years. While for self-employed/self-occupied persons, pension will be calculated on the best ten (10) consecutive calendar years in the last thirteen (13) years.
• Between 1962 and 1968, the pension age is sixty-five (65) years – for employed, self-employed or self-occupied persons, pension will be calculated on the best ten (10) calendar years out of the full forty (40) years.
• On or after the 1st January 1969, the pension age is sixty-five (65) years – for employed, self-employed or self-occupied persons, pension will be calculated on the best ten (10) calendar years out of the full forty-one (41) years.

However, a person who reaches sixty-one (61) years of age can opt for an earlier pension entitlement provided that this person will not remain in any gainful occupation and has paid the stipulated contributions between age eighteen (18) and date of retirement, as follows:

• Thirty-five (35) years, paid or credited contributions for a person born during calendar years 1952 to 1961. Total number of Social Security Contributions required for this period is one-thousand, eight-hundred and twenty (1820).
• Forty (40) years, paid or credited contributions for a person born during calendar years 1962 to 1968. Total number of Social Security Contributions required for this period is two-thousand and eighty (2080).
• Forty-one (41) years, paid or credited contributions for a person born on or after 1st January 1969, of which thirty-five (35) need to be paid contributions. Total number of Social Security Contributions required for this period is two-thousand and thirty-two (2132).

A person who opts for an early pension opt-out (sixty-one (61) years of age) may have a gainful occupation after reaching his pension age as indicated above.

2. Claimant has been employed or self-employed prior to retirement/pension age.
3. On the date of retirement/pension age, claimant satisfies the relevant Social Security Contribution conditions.
4. A Contributory Retirement Pension is awarded as from the day following date of retirement/pension age.

Three months prior to pension age, a notification letter is sent to the prospective pensioner requesting certain details for the award of a Contributory Retirement Pension. This notification letter is to be signed and returned to the Department of Social Security, so that the pension will continue to be processed. In the case where a claimant chooses an early opt-out pension, claimant is to apply from his / her end, as no letter of notification is issued in such cases where person decides to retire before his / her pension age.

The claim for retirement pension must be completed within six (6) months of the retirement date or pension age. When the claim is not completed within this period, the pension will be payable with effect from the date on which the claim is submitted.

Fill in and submit the application online.

For other Incentives for Persons keeping their employment beyond their Pension Age, click here.

Documentation required

General documentation:

• FS3 for year prior retirement – example – retiring in 2022 – FS3 2021, in the case of being employed.
• Profit and Loss accounts and the respective social security contribution receipts for year prior to retirement in the case of being self-occupied.
• Applicants who choose the Early Opt Out at age sixty-one (61), are to make sure that they have terminated all their employments through JobsPlus.
• Government employees may have the NI 13 already inserted on system but if not, a Termination of Employment certificate is required.
• If in receipt of another pension, including a foreign pension, a copy of an official document showing original yearly amount is to be provided.
• Ensure that your banking details held by the Department of Social Security are updated to receive payments by direct deposit in a bank account. The IBAN number should be a local savings or current account, but not a loan account. The indicated account must be in the name of the beneficiary only. Banking details may be updated on mySocialSecurity.