Pension: age limits, insurance years and what we check before applying

The basic framework

Pensions are calculated today based on Law 4387/2016, as amended mainly by Law 4670/2020: national pension and contributory portion, with replacement rates that scale according to insurance years.

As a general rule, the full old-age pension is granted at age 67 with at least 15 years (4,500 days) of insurance, or at age 62 with 40 years (12,000 days). The reduced pension is granted, as a rule, at age 62 with 15 years of insurance, with a permanent reduction in the contributory portion.

Exceptions are the rule in practice

This is why two people with the same years of work may retire at different ages and with significantly different amounts.

• Heavy and unhealthy occupations with special day and age requirements.
• Mothers of minor children, with conditions depending on the year of entitlement.
• Insured in special funds (e.g. NAT, bank employees, utilities) with particular regimes.
• Beneficiaries of disability and survivor's pensions, with different criteria.
• Successive and parallel insurance, where it's determined which fund is competent and how time is credited.

What we check before the application

• Full insurance record through the ATLAS system, for each fund separately.
• Insurance gaps, unregistered stamps and old booklets not yet submitted.
• Possibilities for recognizing notional time (military service, studies, children) and whether buyout is worth it.
• Debts to e-EFKA that can be offset or settled.
• Scenarios: full now, reduced now, or full later — with net amount comparison over time.

Submission, temporary pension and timeline

The application is submitted digitally through e-EFKA's electronic services. After submission, a temporary pension is provided until the final decision is issued, so the insured doesn't go without income.

The time to issuance depends mainly on the number of funds where insurance existed and the completeness of the file. Successive insurance cases and special funds generally require more time.

Employment after retirement

Law 5078/2023 changed the employment regime for pensioners: instead of the previous pension reduction, a special contribution to e-EFKA is levied on employment earnings, with the pension paid in full. There are special provisions and exceptions per category, as well as an obligation to declare employment.

If you plan to continue working, this scenario must be factored in from the start — it affects the net result.