Old-age pension


You can retire at the age of 63–68, depending on your choice, regardless of the duration of your employment at sea. If you have been employed in a position insured in accordance with the Seafarer's Pensions Act long enough to earn the lower retirement age of the crew or the officers, you can check your retirement age in the Loki service.

You can also calculate an estimate of the amount of your retirement pension in the Loki service.

Log in to the Loki service with your online banking credentials or an electronic ID card.

If you retire after turning 68, your pension will be raised by 0.4% per each month you postpone your retirement.

Your employment relationship must end in order for your retirement pension to start. However, you can work during your retirement. This work income will accumulate new pension which you can collect for payment when you turn 68.
Old-age pension
Flexible partial old-age pension
Disability pension
Years-of-service pension
Vocational rehabilitation
Survivors' pension
  • Does pension begin automatically?

    Since the commencement of old-age pension is flexible and generally up to each individual to decide, the payment of pension does not begin automatically. For this reason, it is a good idea to submit your pension application for old-agepension approximately one month before your desired retirement date. 

     

    Old-age pension can begin at the start of any month as long as you have reached your minimum retirement age and you have stopped working. 
  • What is a pension record?

    The earnings and benefits you receive throughout your working life are entered in your pension record. According to the law, a paper version of the pension record only shows the six years preceding the year in which the pension record was issued. 

    he electronic version also contains earnings from the current year if the data has been registered in time. As a result, the private sector employment pension record is not required to show the early years, although the earnings have been included in the estimated total pension amount.

    Check your pension record via the Loki on line service.

  • How much pension?

    The length of your working life, the amount of your earnings and the accrual rate affect how much pension you will receive. Estimate your pension amount via Loki on line service with the pension calculator.

  • I live in Finland - How to apply for pension for work carried out abroad?

    out in EU and EEA member states, Switzerland, Great Britain and social security agreement countries with the same application that you use for applying for pension for work carried out in Finland. If you have accrued pension from a country other than the ones mentioned above, apply for pension directly in the country in question. 

    With the Appendix U, you provide more detailed information about residence abroad, such as information about your employer and the periods you worked and lived abroad. You should fill in the Appendix U carefully as the information will always be delivered abroad and the information you provide affects the time it takes to process the information abroad. 

    The Seafarers Pension Fund delivers your pension application and its appendices (Appendix U and potential other appendices, such as employment certificates) to the Finnish Centre for Pensions. 

    The Finnish Centre for Pensions takes care of sending your pension application and its appendices to EU and EEA member states, Switzerland, Great Britain and social security agreement countries. 

    The foreign pension institution processes and makes the decision on your pension application according to their local legislation and, if necessary, contacts you to request additional details. The foreign pension decision will be sent directly to you.
  • I live abroad - How do I apply for a Finnish pension?
    The claim process varies depending on in which country you reside. As a rule, if you live outside of Finland, you must apply for your pension from Finland through the pension authority of the country in which you reside. The pension authority will forward your claim to Finland. In Finland, your application will be forwarded to your earnings-related pension provider and/or the Kansaneläkelaitos (Kela), depending on which pension benefit you are claiming. 
  • I have worked while receiving old-agepension. Does the payment of the additional accrual begin automatically?
    If you have worked after the commencement of old-age pension, you can apply for the payment of the additional pension accrual when you have reached your maximum retirement age. You can opt to continue working even after this date, but then the work will no longer accrue additional pension funds for you. Your maximum retirement age depends on your year of birth. 

     

    Note! You can apply for the payment of pension funds accrued from work done alongside partial early old-age pension once you reach your minimum retirement age and the work has ended. The same is applicable to pension accrued while working alongside disability pension or partial disability pension.

  • Working while on a pension – Is there a specific income amount?

    You can work as much as you like alongside your old-age pension and partial old-age pension, without it affecting the gross pension that you are receiving. If you work while on a disability or years-of-service pension, you can only earn a specific amount. To find out your personal earnings limit, please contact our customer service.

    If you work while on a pension, you need two tax cards, one for your pension income and one for your earned income.
  • How can I follow the progress of my case?
    When the application has been registrered in the system, we send out a general information letter/e-mail to the applicant, which contains e.g. the name and contact details of the pension specialist that is handling your case.
    This info message is only a sign that your application has been received. There is no need to respond to this general message unless you have specific questions. Salary information is automatically visible through Finnish registers, but in the case of old-age pension applications, the pension specialist may have to wait for the final salary before the actual calculation can be carried out. A waiting period may occur  if the applicant has worked under the Finnish flag uptil retirement.
    The pension specialist will contact you if any specific information is missing.
    If you have Finnish bank codes, you can follow the progress of your application via our electronic Loki-service.
  • Payment and taxation of pensions
    Pension is paid on the last banking day of each month. Pension is taxable income. You need, if you reside in Finland, to order a tax card for pension from the Finnish tax authority.  
    You can also then ask the tax authorities to send a copy of the tax card for pension directly to the payer of pension (the Seafarers' Pension Fund).

  • If you are entitled to a lower earned retirement age and you are faced with a possible temporary layoff - how does the layoff affect the Seafarer’s Pension Act earned retirement age?
    A temporary layoff has an impact on the individually earned lower Seafarer’s Pension Act (MEL) retirement age. If you have received information about a temporary layoff or you are about to be laid of and you are close to your individually earned old-age retirement, or mayby you have already decided to retire, please contact the Seafarer’s Pension Fund. We will review your situation based on your current work history and your temporary layoff situation.