Guide: The 8 SOS before you retire

Guide: The 8 SOS before you retire
Guide: The 8 SOS before you retire

The insured can now receive larger pensions in a shorter time. The “key” to shortening the time of awarding the pension is the issuance – before the pension application – of insurance time certificates. With the insurance certificates, the time that the insured have spent in one or more Funds is certified, thus ensuring the rapid completion of the time summary for issuing the final decision.

At the same time, permanent increases were now established for pensioners with 30 years of insurance and more with Law 4670/2020 (Vroutsi Law). Increases range from 0.56% to 7.21% (depending on years of insurance) in the contributory part of the main pension.

At the same time, insured persons who will extend their working life can receive a larger pension from 26.2 euros to 254 euros. The biggest winners of the new pension system, compared to the Katrougalou law, are those who retire with 40 years of insurance and paid contributions. In 40 years the “profits” peak compared to today’s rates.

“TA NEA” for the most complete information of prospective retirees lists the 8 SOS points that the insured must know before their retirement:

1. The pre-retirement certificate certifies the insurance period of the prospective pensioners in the private sector Funds (IKA, OAEE, NAT, OGA, etc.) as it has been formed two years before they reach the age limit to retire, with the aim of when they reach the retirement age limit, it is not necessary to count all marks, but only those that have been made since the issuance of the pre-retirement certificate and after. The application for the granting of a pre-retirement certificate is mandatory for insured persons who have more than one insurance fund, i.e. for all insured persons who will retire under the provisions of successive insurance. The pre-retirement certificate is submitted with the retirement application.

2. A well-founded pension right exists when the insured completes, cumulatively and cumulatively, both the minimum required insurance period and the age limit set for that age (where this is provided for), which is required for the submission of the pension request. The established pension right can be exercised at any time and the insured has the right to continue working, as he is not obliged to retire. Vested pension right is the possibility of the insured person to retire under the terms and conditions that are formulated, in the year of completion of the required period of insurance or age limit as the case may be.

3. Right to retirement. The possibility of retirement, in accordance with the current regulations, moves on three levels:

A. Those insured who did not establish or secure a pension right until December 31, 2021, do not fall under the transitional age limits, and from this year (2022) retire according to the following basic rules:

  • At age 67 with at least 15 years of insurance or 4,500 days of insurance.
  • At age 62 with at least 40 years of insurance or 12,000 days of insurance.
  • At the age of 62 and the respective insurance days required for a reduced pension, where this is provided for.

B. Those insured persons who established the right to retire until August 18, 2015, may submit their retirement request at any time without any restriction or increase in age limits.

C. Those insured persons who reserve the right to retire between August 19, 2015 and December 31, 2021, can also exercise their right at any time.

4. A reduced pension with a “penalty” of up to 115 euros per month can be received by those who retire early, with the reduction being imposed on the amount of the national pension and not the compensatory one (ie the contributions paid by each insured person).

This means that the reduction is imposed to 345 euros (national pension for 15 years of insurance) or 384 euros (for at least 20 years of insurance). This excludes the remunerative part, which even in cases with a few years of insurance at medium levels covers about 50% of the total remuneration. Therefore, the upper limit of pension reduction in case of retirement with a reduced pension is 115.2 euros, i.e. 30%. Under no circumstances can the reduction exceed this amount.

5. There are four conditions that mothers of minors must meet in order to obtain a pension earlier than 67 with a full pension and earlier than 62 with a reduced one. In particular you should:

  • Have a minor child until 2012.
  • To be old insured, i.e. to have been insured for the first time before 1993.
  • To have completed the required time conditions, i.e. the 5,500 days of insurance until 2012.
  • To register the new age limit as the case may be within the transitional period 2015-2021, regardless of whether they complete it after 1/1/2022.

6. The right to recognition of fictitious periods of insurance continues to apply as normal. The vast majority of policyholders use dummy years to retire earlier than normal. Requests for redemptions or recognition of fictitious years for the purpose of establishing a right can be submitted at any time, either together with the pension application or later or even earlier than it. Repayment can be made either in one lump sum with a discount or in installments or even withholding from the pension.

7. For the first time, thousands of insured persons can now retire after 15 years by recognizing the months they are missing, even the days. Now it is possible for those who have not secured the “basic” 15 years (4,500 HA) to get a pension, to be able to redeem up to 6 months (150 marks) or to be subject to optional insurance up to 36 months (3 years).

8. It is now possible to submit a request for retirement even if the debts to the EFKA exceed those stipulated (20,000 euros for employees and freelancers – self-employed and 6,000 euros for farmers). Immediately after the submission, there will be an automated check of the existence of the insured’s debts to the e-EFKA, and if the debts are above the limit, which excludes retirement, a two-month repayment period will be provided, at least of the excess amount. Thus, the insured person will acquire the right to retire, with the balance of the debt, as provided by law, being withheld from his pension.

Source: Print Edition “The News”

The article is in Greek

Tags: Guide SOS retire

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