Amount and payment

The full amount of the guarantee pension is EUR 784.52 per month. The full amount is payable if you have no other pension income. The gross (i.e., before-tax) value of your other pension income is deducted from the guarantee pension.

The amount of the guarantee pension is affected by the recipient's other income from pensions. Other pension income is factored in at its exact amount (down to the cent).

National pension Earnings-related pensions, total Guarantee pension Total pension
Examples of the amount of guarantee pension payable to persons living alone, 2019 (EUR/month)
- - 784.52 784.52
628.85 - 155.67 784.52
628.85 50.00 105.67 784.52
606.60 100.00 77.92 784.52
581.60 150.00 52.92 784.52
535.35 242.49 6.68 784.52
464.27 384.63 - 848.90
456.60 400.00 - 856.60

 

National pension Earnings-related pensions, total Guarantee pension Total pension
Examples of the amount of guarantee pension payable to persons in a couple relationship, 2019 (EUR/month)
- - 784.52 784.52
557.79 - 226.73 784.52
557.79 50.00 176.73 784.52
535.54 100.00 148.98 784.52
510.54 150.00 123.98 784.52
464.29 242.49 77.74 784.52
393.21 384.63 6.68 784.52
385.54 400.00 - 785.54

If the amount of the guarantee pension is less than EUR 6.68 per month, it is not paid out.

Index adjustment

Kela annually adjusts the guarantee pensions in line with the index. The pension amount can be either increased or reduced. The customer does not have to take any action due to the index adjustment. Kela will change the amount automatically.

Early old-age pension reduces the guarantee pension

Taking the old-age pension early reduces the amount of the guarantee pension or may prevent it from being paid at all.

  • If you have taken out an early old-age pension before the normal retirement age of 65 years, your guarantee pension will also be paid out at a reduced rate. The percentage by which the guarantee pension is reduced is equal to that applicable to your national pension.
  • If you have taken only your earnings-related pension or self-employed person's pension early, the guarantee pension will in any case be reduced by the percentage that applies to the relevant pension.

Example of early old-age pension and guarantee pension

A person living alone will reach the age of 63 years in February 2019, and wishes to retire. She will not qualify for any earnings-related pensions.

Kela will grant her an early national pension and guarantee pension starting 1 March 2019. Each pension will be reduced by 9.6%, or 0.4% for each month it is brought forward from the standard age of retirement.

The amount of the national pension is EUR 568.48 per month and that of the guarantee pension EUR 140.73 per month. The total amount is EUR 709.21 per month. Her pension income will thus be permanently EUR 75 lower than it would be had she retired at age 65.

 

Payment

Guarantee pensions are paid on the 22nd of each month. If banks are closed on the scheduled payment date, the pensions are paid on the nearest preceding banking day.

National pensions are paid on the 7th of each month. The authorised pension providers usually pay the earnings-related pensions at the beginning of each month.

Further information