Working life doesn't always go according to plan. More and more people are taking the opportunity to relocate their workplace and centre of life abroad within the European Union. A few planned months abroad can quickly turn into years. Many stay in the country of their choice until they retire and beyond.
EU-wide regulation
No matter where you end up and how long you stay there: You have earned your retirement. Pension entitlements are earned by paying contributions in every EU country in which you have worked. However, the pension application must be submitted in the country where you live or last worked.
Complex calculations
If you live in a country where you have never worked, your application will be forwarded to the country where you last worked. Your insurance periods from all the countries in which you have worked will be enquired about and summarised there. Each national pension authority calculates your pension based on the contribution periods and determines the pro rata benefit for the period in the respective country.
Our tip: Start gathering information on applying for a pension around six months before you retire. The more countries involved, the longer it may take to compile the insurance periods. Please note that the retirement age is different in each EU country.
Pension entitlement in Spain
In Spain, the retirement age is 67. To be entitled to a pension, you must have paid contributions into the pension fund for at least 15 years. The payments do not have to have been made in Spain - contribution periods from other EU countries are taken into account. Spain will pay your pension if you have paid contributions into the Seguridad Social for at least 24 months in the last 15 years before starting your pension. The last 25 years of contributions are taken into account for the pension amount.
Anyone retiring from 2027 will receive 50 per cent of their pension after 15 years of contributions. Each additional month (up to the 248th) brings an additional 0.19 per cent, from the 249th to the 264th month there is an increase of 0.18 per cent. The full pension is paid out after 37 years of contributions.
Spain INSS
(Instituto Nacional de la Seguridad Social)
Calle de la Cruz 5
03071 Alicante
+34 965 12 57 12
www.seg-social.es
Germany
German Pension Insurance
Ruhrstr. 2
10709 Berlin
+49 30 8650
www.deutsche-rentenversicherung.de
Norway
NAV (Norwegian Labour and
Welfare Administration)
Postboks 5, St. Olavs Plass
0130 Oslo
+47 55 55 33 33
www.nav.no
Austria
Pension insurance institution
Friedrich-Hillegeist-Strasse 1
1021 Vienna
+43 1 71705
www.pensionsversicherung.at
The Netherlands
Sociale Verzekeringsbank (SVB)
Van Heuven Goedhartlaan 1
1181 KJ Amstelveen
+31 20 656 56 56
www.svb.nl
Start planning your pension early and take advantage of the counselling services offered by the pension insurance companies in your country. In this way, you can ensure that your transition to retirement goes smoothly and that your entitlements are optimally taken into account.
