Social Insurance Administration
Effects of postponing old-age pension for those born in 1958 or later
17th March 2025
It is possible to postpone receiving old-age pension from the Social Insurance Administration, as with pension funds, and receive an increase in payments due to the postponement. The postponement goes hand in hand with receiving a pension from pension funds. Once the receipt of a pension from pension funds has begun, there is no longer a right to an increase in old-age pension from the Social Insurance Administration. This applies to those born in 1958 or later.
Example:
An individual born in 1958 or later starts receiving payments from a pension fund at age 67. Applies to the Social Insurance Administration at age 70. - Does not receive an increase as they are already receiving a pension from a pension fund.
An individual born in 1958 or later starts receiving payments from the Social Insurance Administration at age 68 and at the same time from a pension fund. – Receives an increase for 1 year, as they are not utilizing their right either with the Social Insurance Administration or the pension fund since they could have started receiving old-age pension at age 67.
The above came into effect from January 1, 2025.