Pension age

What it means

Pension age is the age at which a person becomes entitled to an old-age pension, provided they also have at least 15 years of pension insurance. In Slovakia there is no single figure for everyone: it depends on the year of birth and rises gradually for people born later.

For women who raised children, pension age is lowered according to the number of children raised. The rules for increases have changed several times in recent years and are linked to life expectancy, so the safest way to know the exact date is to check with the Social Insurance Agency.

Pension age also determines the early retirement pension, available at most two years before it, and other rights, such as the retirement allowance on the first termination of employment after entitlement to a pension arises.

How it works in practice

For employers, pension age matters when planning departures and succession, calculating the retirement allowance and contributions. An employee drawing an old-age pension does not pay unemployment or disability insurance, which changes the contribution burden on their pay.

Reaching pension age is not in itself a reason to end employment. The employee can keep working and draw the pension at the same time. For employing pensioners special rules on contributions and agreements apply, which we track in payroll.

We advise entrepreneurs and directors to look at their pension age at least five to ten years ahead. It can affect decisions on a sole trader’s assessment base, voluntary insurance or when and how to hand the company over to a successor.

What to watch out for

A common mistake is planning retirement on outdated information about pension age. As the rules have changed, a date calculated some years ago may no longer apply. Before giving notice or agreeing a termination, it is wise to have a current calculation from the Social Insurance Agency.

The second risk is missing insurance periods. If someone lacks years, for example from a period of self-employment without contributions or work abroad, entitlement at pension age may not arise or the pension will be lower. It is worth checking the pension insurance record well in advance.