Early old age pension

Eligibility criteria for the entitlement to the early old age pension benefit

Entitled to the early old age pension is as of 1^stJanuary 2015 the insuree on condition

1. he/she achieved at least 15 years of pension insurance period,
2. he/she is lacking maximum two years until reaching the pensionable age, and
3. the amount of the early old age pension is on the date when he/she claimed its awarding higher than 1.2 multiple of the minimum subsistence for an adult natural person.

The insuree who has achieved old age saving period is as of 1^st January 2015 entitled to the early old age pension also on condition

1. he/she achieved at least 15 years of pension insurance period,
2. he/she is lacking maximum two years until reaching the pensionable age, and
3. aggregate of sums of the early old age pension and early old age pension under special regulation is on the date when he/she claimed awarding of the early old age pension higher than 1.2 multiple of the minimum subsistence for an adult natural person.

Entitled to the early old age pension is as of 1^stSeptember 2012 the insuree on condition

1. he/she achieved at least 15 years of pension insurance period,
2. he/she is lacking maximum two years until reaching the pensionable age, and
3. the amount of the early old age pension is on the date when he/she claimed its awarding higher than 1.2 multiple of the minimum subsistence for an adult natural person.

The insuree who is a saver is as of 1^st September 2012 entitled to the early old age pension also on condition

1. he/she achieved at least 15 years of pension insurance period,
2. he/she achieved at least 5 years of old age saving,
3. he/she is lacking maximum two years until reaching the pensionable age, and
4. the amount of the early old age pension is on the date when he/she claimed its awarding higher than 0.6 multiple of the minimum subsistence for an adult natural person.

Within the period from 1^st January 2008 to 31^st August 2012 is the insuree who was not the saver entitled to the early old age pension on condition

1. he/she achieved at least 15 years of pension insurance period,
2. he/she is lacking maximum two years until reaching the pensionable age, and
3. the amount of the early old age pension is on the date when he/she claimed its awarding higher than 1.2 multiple of the minimum subsistence for an adult natural person.

The insuree who was a saver, was in the period from 1^st January 2008 to 31^st August 2012 entitled to the early old age pension on condition

1. he/she achieved at least 15 years of pension insurance period,
2. he/she is lacking maximum two years until reaching the pensionable age, and

3. the amount of the early old age pension is on the date when he/she claimed its awarding higher than 0.6 multiple of the minimum subsistence for an adult natural person.

    

Entitlement to the early old age pension benefit occurs the earliest from the day of submitting an early old age pension claim.

Insured person can submit the early old age pension claim not more than twice per each calendar year.

Insured person who was granted the early old age pension benefit will not be entitled to the old age pension benefit as the early old age pension benefit changes into the old age pension benefit after his/her reaching the pensionable age.

Amount of the early old age pension benefit

As of the day of the occurrence of the entitlement to its payment is the amount of the early old age pension benefit determined as follows

1. at first the full amount of the pension benefit is calculated as a product of the average personal wage point, the period of pension insurance achieved as of the day of the occurrence of the entitlement and the actual pension value as of the day of the occurrence of the entitlement to pension benefit payment,

2. then the full amount of the pension benefit is reduced by 0,5 % per each begun 30 days of the period from the occurrence of the entitlement to the payment of the early old age pension benefit until reaching the pensionable age. By the reduction also the periods shorter than 30 days are taken into account, i.e. the pension benefit is reduced also per less than 30 days (for example the amount of the early old age benefit is reduced by 6,5 % per 365 days).

Entitlement to the payment of the early old age pension benefit

Entitlement to the payment of the early old age pension benefit occurs after fulfilling the eligibility criteria for the entitlement to the early old age pension benefit and after submitting the early old age pension claim.

Early old age pension is not paid out during the period in which the insured person is entitled to

• a wage replacement by the temporary working incapacity of the employee or
• sickness benefits,

if the insured person claimed the early old age pension benefit after the date of December 31, 2007 and if he/she became temporarily incapable for work before the date from which he/she claims this pension benefit.

As of January 2011 the entitlement to early old age pension does not occur on condition the insuree is by the day of the entitlement to early old age pension commencement compulsorily insured either as an employee or a self employed.

As of January 1, 2013, the entitlement to the early old age pension pay out does not commence also to the early old age pension claimant who is compulsorily pension insured as an employee based on the Agreement on Execution of Work or the Agreement on Labour Activity. As of November 1, 2013, the early old age pension entitlement does not occur neither to the claimant who is by the day of the entitlement commencement a natural person free from the obligation to pay social insurance contributions. (§ 4(1 )(d) of Act No. 461/2003 Coll. of laws).

A natural person free from the obligation to pay social insurance contributions is a natural person in a labour relation entitled to a regular monthly income, on condition

• before the labour relation commencement was long -time unemployed and due to the occurrence of the labour relation has been de-registered from the list of employment services (from November 1, 2013);or before the labour relation commencement was listed in the registry of the unemployed at least 6 successive months and is residing in the least developed district (from, December 15, 2015),
• the monthly amount of income from the labour relation is at most 67 % of the average monthly wage determined for the calendar year which by two years precedes the calendar year in which the labour relation has occurred,
• compulsory pension insurance of an employee has not occurred due to the fact the income is higher than 67 % of the average monthly wage determined for the calendar year,
• as of the day of labour relation occurrence, no social insurance premium receivable or old age saving premium receivable against the employer of this natural person which can be prescribed and which is due by the last day of the calendar month in which the labour relation has occurred, is registered with the Social Insurance Agency,
• employer of this natural person has not decreased due to hiring this natural person the number of staff, and
• as of the day of the labour relation occurrence has not lapsed more than 12 months.  

Limitation of action for the payment of the early old age pension benefit

Entitlement to the payment of the early old age pension or its part comes under the statute of limitation after the expiration of three years from the day per which the insured person was receiving the early old age pension benefit or its part. The given period does not flow during the early old age pension proceeding and during the period in which the participant of this proceeding is dependant on the guardian but this guardian has not been appointed yet.

Termination of the entitlement to the early old age pension and its payment

Entitlement to the old age pension benefit and the entitlement to its payment ends with the day of the death of the natural person who met the eligibility criteria for the early old age pension benefit and the eligibility criteria for its payment unless the Law No. 461/2003 Coll. on Social Insurance as amended by later regulations states otherwise.

Claiming the pension benefit

Pension proceeding from the pension insurance system of the Slovak Republic begins on the basis of the written claim of a natural person (claimant) who claims the pension benefit and its payment.

If the claimant has a residence in the territory of the other state which is subject to the EU coordination regulations or in the territory of the contracting state, pension claim from the pension insurance system of the Slovak Republic is generally submitted through the social insurance institution of that state even if he/she does not claim pension benefit from the pension insurance of the state in the territory of which he/she has a residence.

If the claimant has a residence in the territory of that state which is not the state which is subject to the EU coordination regulations or the contracting state the pension claim from the pension insurance system of the Slovak Republic is submitted in the Social Insurance Agency Headquarters in Bratislava or it can be submitted through the form “Pension claim submitted abroad” (see the Forms on Slovak page: http://www.socpoist.sk/formulare-ohc/48016s).

 Documents necessary to claim the pension from the Pension insurance scheme of the Slovak Republic
 Declaration of Honor

Transfer of the pension benefit

Pension benefits are paid out to the states which are subject to the EU coordination regulations in advance in the regular monthly periods, always in the regularly repeated periodicity pay dates. Pension benefits are paid out abroad which is not the state which is subject to the EU coordination regulations backwards in the three monthly periods always after submitting the “Life certificate of the pension beneficiary”.

Periodicity pay date is determined to each person who is granted pension benefit by the Social Insurance Agency Headquarters.

Pension benefit may be transferred

• on the account of the pension beneficiary in the bank or in the foreign bank branch or
• in cash, if the pension beneficiary chooses this way of pension transfer or
• on the account of husband (wife) of the pension beneficiary in the bank or in the foreign bank branch but only provided that the pension beneficiary submits a written claim, husband (wife) as an account holder agrees with this type of transfer and the pension beneficiary has a right of disposal to this account during the time of receiving the pension benefit.