Old-age pension: everything you need to know
Who is entitled to an old-age pension?
Only taxpayers who make monthly contributions to Social Security throughout their active life, through a percentage of their salary or professional and business income, are entitled to this pension. Thus, the old-age pension can be claimed by:
- Employees (on contract);
- Self-employed (on green receipts) or domestic service workers;
- Beneficiaries of Voluntary Social Security;
- Members of Statutory Bodies of legal persons (directors, managers and administrators).
Old-age pension requirements
There are two fundamental elements to take into account when applying for the old-age pension:
- Applicant’s age (66 years and 4 months in 2023);
- The history of contributions to Social Security.
In the case of Social Security contributions, the so-called guarantee period requires:
- 15 years of discounts at least, consecutive or not, for employees and self-employed workers;
- 144 months with registration of remuneration for beneficiaries of the Voluntary Social Security.
But if you do not gather the necessary years of discounts, you may be entitled to the old-age social pension.
How much do you receive?
The exact amount of the pension will only be determined at the time of application, but to get a more or less approximate idea, you can venture out to do the math yourself (in this article we explain how the calculation is done), or even easier, use the simulator available at Social Security Direct.
With this simulation, you will not only know the estimated gross amount of the pension, but also the estimated retirement age. The closer you are to retirement age, the more reliable the value of the estimate presented.
If you wish, you can even choose another date for retirement, if you want to know, for example, what penalty you suffer if you anticipate the pension request. Likewise, you will have an estimate of the bonus to be received if you intend to continue working beyond retirement age.
When and where to apply for old-age pension?
Access to the old-age pension can be done in several ways, but with different waiting times for granting it:
If you have reached the age for access to retirement without penalties, have the necessary number of years of discounts to access the pension and have only made them only in Social Security, be covered by the normal regime without having special careers, reside in Portugal and do not If you have Social Security debts (if you are self-employed), you can apply for the pension right away.
The instant pension is a service available from Social Security Direct since February 26, 2021, which allows you to apply for the old-age pension, find out how much you will receive, as well as receive an answer in less than 24 hours.
But if you do not fit the above conditions, when you want access to the old-age pension, you can apply through Direct Social Security.
Or if you intend to do it in person, you must request it from Social Security or the National Pensions Centre. In either case you will need to fill in the form RP 5068-DGSS.
If you decide to send the form by post, duly accompanied by the documents indicated therein, do not forget to include an addressed envelope with a stamp so that the services can return the delivery receipt.
The application can be made about three months before the date when you want to start receiving your pension.
If you live abroad, the pension application is submitted to the Social Security institution in the country of residence, if there is an international Social Security agreement. Otherwise, you should direct it to the National Pension Center.