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The purpose of the guarantee pension is to provide residents of Finland with a minimum pension (EUR 784.52 per month) if their total pension incomes before taxes are less than EUR 777.84 per month. However, the income limit and the minimum pension are lower if the recipient has taken early retirement on an old-age pension.
A full guarantee pension is payable only if you have no other pension income.
The amount of the guarantee pension is reduced by any other pension income the recipient may receive from Finland or from abroad. Other pension income is deducted fully from the full amount of the guarantee pension. The Act on Guarantee Pensions includes a detailed list of the pensions deducted from the guarantee pension. These pensions include, for instance, earnings-related pension, national pension, spouse's pensions and pensions payable under a statutory workers compensation scheme.
The guarantee pension is not reduced by
- care allowance for pensioners
- front-veteran’s supplement
- child increase to the pension
- capital income
- informal care allowance paid by the municipality.
Just as other pensions, the guarantee pension affects both the amount of housing allowance payable and the amount of social assistance being paid to a family.