Old-age
ALBANIA ARMENIA AUSTRALIA AZERBAIJAN
Law No. 7703, dated 11.5.1993 “For the social - Act of November 19, 2002 on “State - Social Security Act 1991; - Social Security Pension Law 1993 (amended 1997 and
Applicable statutory insurance in Republic of Albania” (since Pensions”.lGovernment resolution No. 793 of (Administration) Act 1999 and 1992;- 1998);Social Insurance Law (18 February 1997)
basis amended May 29, 2003.- Government resolution No. 1987 Superannuation Guarantee laws. Law on Pension Provisions for military
-N of 13 October, 2005. servicemen (1992) Labor Pension Law (2006)
Social allowance law( 2006)Decree of the
President of the Republic of Azerbaijan on “The
increasing of pensions” (1 August 2003).
Page 1 / 80
Old-age
BOSNIA AND HERZEGOVINA CANADA CROATIA GEORGIA
Federation of BiHLaw on Pension and Invalidity Old Age Security Act 1952.lCanada Pension First Pillar:Pension Insurance Act 1998, (in force Law of Georgia concerning “state pension”
Applicable statutory Insurance of FBiH (Official Gazette of FBiH Plan 1965.Act relating to the Quebec Pension 01.01.99).Second Pillar: Act on Compulsory and 23.12. 2005.Law of Georgia concerning “State
basis 29/98), amended in 2000, 2001 and 2006 Plan 1965. Voluntary Pension Funds 1999 (in force compensation and state academic stipendy”
(Official Gazette of Federation BiH 49/00, 32/01 01.02.02), and Act on Pension Insurance 27.12.2005.Law of Georgia concerning “Pension
and 59/06)Republika Srpska-Law on Pension Companies and Pensions Payment 1999 (in Provision to Persons Retired from Military
and Invalidity Insurance of Republika Srpska force 01.01.02). Service and Law Enforcement Bodies and their
(Official Gazette of RS 106/05), amended in Family Members” 16.10.1996.
2007 and 2008 (Official Gazette of RS 20/07 and
33/08)Brcko District- Employees chose whether
to be affiliated with the system in the Federation
of BiH or Republika Srpska
Page 2 / 80
Old-age
MOLDOVA NEW ZEALAND RUSSIAN FEDERATION SERBIA
- Law No. 156-XIV, of 14.10.1998, on benefits New Zealand Superannuation and Retirement Russian Federation Law “About State Pensions Law on Pension andDisability Insurance,
Applicable statutory provided by the State social insurance scheme; Income Act 2001; War Pensions Act 1954; in the Russian Federation” dated 15.12.2001 No. 2003.Revised 2004/2005/2006/2009Law on
basis entered into force on 1.1.1999.- Law No. 489- Social Security Act 1964 166-FZ.Russian Federation Law “About Labour Labour, 2005Law on Employment, 2003.Revised
XIV, of 8.7.1999, on the public social insurance Pensions in the Russian Federation” dated 2004Law on Compulsory Social Insurance
scheme.- Law No. 443-XIII, of 4.5.1995, on 17.12. 2001 No. 173-FZ (amended in 2005) Contributions, 2004Revised 2005/2006/2009
public employment. Russian Federation Law “About Obligatory
Pension Insurance in the Russian Federation”
dated 15.12.2001 No. 167-FZ.“On Changes in
the Legislative Acts of the Russian Federation
and Loss of Validity of Some Legislative Acts of
the Russian Federation in Connection with
Adoption of the Federal Laws”, “On Changes in
the Federal Law “About the Basic Principles of
the Legislative and Executive State Power
Bodies of the Russian Federation Constituents”
and “About the Basic Principles of the Local Self-
Governance Organisation in the Russian
Federation”. Federal Law dated 22.08. 2004 No
122- FZFederal Law “On the Budget of the
Pension Fund of the Russian Federation for
2008 and for the planning period of 2009-2010””
dated 21.07. 2007 No182–FZ.
Page 3 / 80
Old-age
THE FORMER YUGOSLAV TURKEY UKRAINE
REPUBLIC OF MACEDONIA
Law on pension and disability insurance 80/93, Civil Servants:Insured before 01.10.2008:• Civil Law of Ukraine “On mandatory State Pension
Applicable statutory (amended in 3/94, 14/95, 71/96, 32/97, 24/00, Servants’ Retirement Pensions Act of Insurance”, # 1058-IV dated July 9, 2003
basis 96/2000, 50/2001, 85/2003, 50/2004, 4/2005, 08.06.1949 No. 5434 amended.• Civil Servants
84/05, 101/05, 70/06, 153/07, 152/08, 161/08) Act of 14.07.1965 No. 657, amended.Insured
Law on Mandatory Fully Funded Pension after 01.10.2008:Social Insurance and Universal
Insurance 29/2002, 85/03, 40/04, 113/05, 29/07, Health Insurance Law No: 5510 (same as
88/2008) workers)Workers:• Social Insurance Act of
1964/506, amended.• Social Security for
Agricultural Workers Insurance and Universal
Health Insurance Law No:5510
Page 4 / 80
Old-age
Page 5 / 80
Old-age
ALBANIA ARMENIA AUSTRALIA AZERBAIJAN
Social insurance scheme financed by Old Age Insurance Pension: Social insurance A dual system is in operation providing a means Social insurance type scheme providing periodic
Basic principles contributions, with entitlement conditional upon a providing a benefit based on duration of service. tested periodic benefit unrelated to previous earnings-related benefits financed according to a
minimum period of contributions. The benefit earnings and a mandatory occupational pay-as-you-go solidarity system, with extensive
consists of a basic amount designed to ensure a (earnings-based) lump-sum benefit. provisions for early retirement
minimum standard of living and an increment
reflecting the duration of insurance and previous
earnings. All occupations are classified into one
of three categories to reflect how
dangerous/arduous it is to work within that
occupation, the third category being the least
arduous and the first category the most.
Page 6 / 80
Old-age
BOSNIA AND HERZEGOVINA CANADA CROATIA GEORGIA
Federation of BiH and Republika Srpska- Old Age Security Provides a basic income for Periodic benefit based on social insurance Old-age pension monthly benefit paid from State
Basic principles Compulsory pension and invalidity insurance seniors and income supplements for those with principle and determined by previous earnings budget.Non-State Pension Schemes are paid
based upon employment and solidarity. Includes low incomes.Canada and Quebec Pension Plans and employment history. The first pillar is from the Insurance Companies.
the rights in the event of old age, impairment or Social insurance system, essentially financed on financed on a pay as you go system and is
loss of working capacity and death of an insured a “pay as you go” basis. supplemented by a second pillar based on a
person. The aim is to secure the social safety of funded system.
insured persons and members of their
families.Funds are secured from insured people,
employers as well as the budgets of the
Republika Srpska or the Cantonal budgets in
Federation BiH. District of Brcko- The people of
the District of Brcko do not have their own
separate pension system but choose to be
affiliated to the scheme in either the Federation
of BiH or Republika Srpska.
Page 7 / 80
Old-age
MOLDOVA NEW ZEALAND RUSSIAN FEDERATION SERBIA
A social insurance type system based on the The principal old-age benefit is New Zealand A new system of old age pension was introduced System of social protection financed by
Basic principles principles of equality and solidarity. The Superannuation. This is a flat-rate cash benefit on 01.01.02. It provides for an amount based contributions (pay as you go) with any deficit
schemes are managed independently of the funded from general revenues and based on mainly upon the employers contributions (part of covered by central budget. Defined conditions
government and the benefits are not subject to universal entitlement from the age of 65 Unified Social Tax) and transfers from Federal relating to age and minimum period of
taxation. years.An alternative benefit, payable at the same Budget. contributions. Level of benefits depends on
rate, is Veteran’s Pension, available to certain previous working activities (length and level of
eligible war veterans. Veteran’s Pension confers salary).
some additional advantages on recipients.For
those who are not eligible for NZS or VP, a
means-tested Emergency Benefit is available.
Page 8 / 80
Old-age
THE FORMER YUGOSLAV TURKEY UKRAINE
REPUBLIC OF MACEDONIA
Compulsory pension insurance consisting Civil Servants: Insured before 01.10.2008:social Insurance is mandatory for individuals employed
Basic principles of:1st Pillar: Pay as you go scheme providing insurance based system providing benefits that under a labour agreement (contract) or on any
earnings related benefit based on the length of are indirectly earnings related and financed by other legal ground, as well as self-employed
working service (defined benefit)..2nd Pillar: contributions from the state (as an employer) individuals and individual business people.
Fully funded scheme run by private pension and employees.Insured after 01.10.2008:Insured Individuals not subject to the mandatory state
companies supervised by the state providing after 01.10.2008 same systems as pension insurance under the Law of Ukraine “On
benefits linked to the accrued pension capital workers.Workers: social insurance based mandatory State Pension Insurance” have right
(defined contribution). system providing an earnings related benefit to voluntary participation in the mandatory state
financed by contributions from employers , pension insurance system;Pension amount
employees and state. depends on the length of covered service period
and amount of wage (income);Solidarity and
subsidization within the solidarity
systemExpenditures on provision of pensions
and social services are financed from insurance
contributions, budgetary transfers.
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Old-age
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Old-age
ALBANIA ARMENIA AUSTRALIA AZERBAIJAN
- employees,- employers,- self-employed Old Age Insurance Pension: employeesself- Social Security Pension All employees,employers, andself-employed
Field of application persons. employed persons, and owners of agricultural residents;Superannuation Guarantee Employees persons.
land. earning more than $A450.00 per month.
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Old-age
BOSNIA AND HERZEGOVINA CANADA CROATIA GEORGIA
Federation of BiH and Republika SrpskaAll Old Age Security Pension:ResidentsCanada and First Pillar: employed persons, self-employed All old age people (men 65, women 60)
Field of application insured persons: - employed- self-employed - Quebec Pension Plan retirement pension:All persons, andself-employed farmers.Second
farmers, and- persons in religious services employees and self-employed persons. Pillar:members of the first pillar aged under 40
years: compulsory,between January 2002 and
June 2002 members of the first pillar who were
then aged between 40 and 50 years were able to
opt into the second pillar scheme .
Page 12 / 80
Old-age
MOLDOVA NEW ZEALAND RUSSIAN FEDERATION SERBIA
Employees,persons elected or appointed to the All those ordinarily resident in New Zealand. New Pension SystemsEmployees and self- Insured persons:all persons performing an
Field of application judicial system, parliament or government,self- “Ordinarily resident” means someone who is employed persons. economic activity (employed, self-employed
employed persons,persons engaged in normally and lawfully resident in New Zealand, people and farmers); all persons on an income
agriculture as farm owners, employees or and intends to stay in New Zealand ie they replacement benefit (including the beneficiaries
assisting family members, andpersons in receipt consider New Zealand to be their home. of an unemployment benefit),voluntarily insured
of sickness, maternity, unemployment or people.
invalidity benefits.
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Old-age
THE FORMER YUGOSLAV TURKEY UKRAINE
REPUBLIC OF MACEDONIA
1st Pillar:employees, self-employed persons, Civil Servants: civil Servants.Workers: workers All insured persons.
Field of application and farmers2nd Pillar:All those who get
employment for the first time (except farmers
and those working on work positions with
increased service credits like contracted
soldiers, junior officers, officers and civilians in
the Army service, employees in the Ministry of
Interior and in Penitentiary-Corrective and
Educative-Corrective institutions) after 1st
January 2003 are obliged to join the fully funded
scheme, compulsorily. Contributors who were
covered by mandatory pension and disability
insurance before the 1st January 2003 and are
less then 50 years of age (women) and 55 y.
(men) may voluntarily opt to join and contribute
to the fully funded scheme.
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Old-age
Page 15 / 80
Old-age
ALBANIA ARMENIA AUSTRALIA AZERBAIJAN
None. None Social Security Pension Non-contributory Compulsory for all employees and
Exemptions from pension based on residence.Superannuation employers;Voluntary for self-employed persons
compulsory social Guarantee Employees earning less than A$450
per month.
insurance
Page 16 / 80
Old-age
BOSNIA AND HERZEGOVINA CANADA CROATIA GEORGIA
Federation of BiH and Republika SrpskaNone Old Age Security PensionNoneCanada and None. None.
Exemptions from Quebec Pension Plan retirement
compulsory social pension:Earnings below the Year’s Basic
Exemption (YBE) – C$3,500.
insurance
Page 17 / 80
Old-age
MOLDOVA NEW ZEALAND RUSSIAN FEDERATION SERBIA
None. None. None. persons working under temporary contracts, up
Exemptions from to the age of 26, while in education,
compulsory social andmembers of farming households with at
least one insured farmer.Serbian citizens
insurance employed abroad, if covered during their
employment abroad by mandatory insurance
provided by a foreign insurance
providerRegistered and unregistered
unemployed persons not receiving any
unemployment benefit.
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Old-age
THE FORMER YUGOSLAV TURKEY UKRAINE
REPUBLIC OF MACEDONIA
None. Civil Servants: noneWorkers: none. None.
Exemptions from
compulsory social
insurance
Page 19 / 80
Old-age
Page 20 / 80
Old-age
ALBANIA ARMENIA AUSTRALIA AZERBAIJAN
Conditions
1. Minimum period of Full Basic Pension: 35 years of insurance.Partial Old Age Insurance Pension:5 years insurance- Social Security PensionMinimum period of 10 Men: 5 years of insurance;Women: 5 years of
Pension:Between 15 and 35 years of insurance. service record.(For owners of agricultural land years residence, of which five must have been insurance
membership only the service record before 01.01.2002 is continuous.Superannuation Guarantee No
applicable; the service record after 2002 is minimum period of membership.
currently not taken into account as service
record but amendments in the legislation
relevant for this matter are in progress).
2. Conditions for drawing full See “Legal Retirement Age: Standard Pension” Social Security Pension Satisfaction of residence not available
below and age requirements.Superannuation
pension Guarantee Permanent retirement from work
force.
3. Legal Retirement Age - Category III Old Age Insurance Pension:lWomen: 61 years.l Social Security Pension:Men: 65 yearsWomen: Men: 62 years of ageWomen: 57 years of age
This covers the least dangerous occupations. Men: 63 years.The age limit for women shall be 63 years as of 1 Jan 2007 (increasing gradually
Standard pension The pensionable age has been gradually gradually increased to 63 years by 2011. by 6 months every two years to 65 by 1 July
increased by 6 months each year for men and 2013).Superannuation Guarantee55 years (men
women since 1st July 2002. and women).
The conditions for category III between
Page 21 / 80
Old-age
BOSNIA AND HERZEGOVINA CANADA CROATIA GEORGIA
Conditions
1. Minimum period of Federation of BiH and Republika Old Age Security PensionlFor receipt of a The minimum qualifying period for an old age Old Age Pension:no minimum period of
SrpskaMinimum insurance period of 20 years pension in Canada, 10 years’ residence after pension is 15 years and an age of 65 years for membership.
membership reaching 18 years of age;lFor receipt of a men or 60 years for women is applied.
pension outside Canada, 20 years’ residence in
Canada after reaching 18 years of age.Canada
and Quebec Pension Plan retirement pension 1
valid contribution.
2. Conditions for drawing full Federation BiH - men and women: 65 years of Old Age Security Pension 40 years of residence From the year of 2008 no maximum qualifying Old Age Pension:The right to old age pension is
age and 40 years of working period Republika in Canada after 18 years of age.Canada and period requirement is applied. granted to:lmen who have reached the age of 65
pension Srpska - men and women; 40 years working Quebec Pension Plans.No information available years. lwomen who have reached the age of 60
period, years.
3. Legal Retirement Age - Federation BiH - men and women: 65 years for Old Age Security Pension65 years for both men The pensionable age is currently:men: 65 years Old Age Pension:lwomen: 60 years, andlmen:
allRepublika Srpska: - men: 65 years and and women.Canada and Quebec Pension Plans women: 60 years . 65 years.
Standard pension minimum of 20 years of working period, - Unreduced pension available at 65 years of age
women: 60 years of age and minimum of 20 for both men and women.
years of working period (if they request, not
mandatory)
Page 22 / 80
Old-age
MOLDOVA NEW ZEALAND RUSSIAN FEDERATION SERBIA
Conditions
1. Minimum period of Part-pension: 20 years' affiliation. Not applicable since eligibility is residence based At least five years of insurance period. 15 years of insurance period.
– see Conditions for Drawing Full Pension
membership below.
2. Conditions for drawing full With effect from 2003, the contributory period for Eligibility for NZS and VP requires an applicant Beneficiary should reach the legal retirement Pension based upon years of insurance, all
pension eligibility is 30 years for both sexes. to be resident and present in New Zealand for age years taken into account. Maximum is 45 years
pension ten years since the age of 20, which must of insurance.
include five years’ residence since the age of 50;
andordinarily resident in New Zealand at the
time of application. A veteran who meets the
requirements to receive NZS may qualify for VP
if the veteran has served in a recognised war or
emergency and is in receipt of a War
Disablement Pension of at least 70 percent
3. Legal Retirement Age - In 1999, retirement age was 60.6 years for men NZS and VP: 65 years of age for both men and Men: 60 years.Women: 55 years. Person is entitled to pension if s/he meets one of
and 55.6 years for women. Pensionable age women. the following criteria:aged 65 years (men) or 63
Standard pension increased by 6 months for each subsequent (women) and 15 years of insurance period, aged
year. From 1 January 2003 to 31 January 2007, 64 years (men) or 59 years (women) and 19
the increase in pensionable age has been frozen years of insurance period (valid in 2009),aged at
at the level applicable in 2002, namely 62 years least 53 years (men and women) and insurance
Page 23 / 80
Old-age
THE FORMER YUGOSLAV TURKEY UKRAINE
REPUBLIC OF MACEDONIA
Conditions
1. Minimum period of Men and women: reaching pensionable age, and Civil Servants: Insured before At least five-years of service period is required.
completing 15 years of insurance.A member of 01.10.2008:contributions paid over a period of
membership fully funded pension fund is entitled to an old age 15 years (retiring at 61 years of age).Insured
pension upon fulfillment of the conditions for an after 01.10.2008:Insured after 01.10.2008 same
old age pension from the pay-as-you-go scheme systems as workers.Workers: 5400 days of
contribution after pensionable age.
2. Conditions for drawing full Full pension is paid after completing 40 years Civil Servants: Insured before 01.10.2008:Prior Women: 55 years of age and 20 years of service
(men) or 35 (women) years of pension service. to law no:4447 coming into force, insured periodMen: 60 years of age and 25 years of
pension persons had to satisfy the following conditions service period.
for old-age pension entitlement:• aged 50 years
(women) or 55 years (men) and have paid
contributions for 5000 days, or,• aged 50 years
(women) or 55 years (men), paid contributions
for at least 3600 days and been members of the
social security scheme for least 15 years, or,•
no age restriction for insured persons who have
been members for 20 years (women) or 25 years
(men), and who have paid contributions for at
least 5000 days.Insured persons satisfying the
above conditions before 08.09.1999 and those
who are two years short of satisfying them are
subject to the former provisions detailed above.
As regards to others, the law provides for
gradual transition in accordance with length of
membership.Insured persons who start work
after the commencement date of the new law
(08.09.2000) must satisfy the following
conditions:• aged 58 years (women) or 60
years (men) and have paid contributions for at
least 25 years.Insured after 01.10.2008:See
“Applicable statutory basis” AboveWorkers: For
those first insured after 01.10.2008 9000 days of
contribution, aged 58 years for women, 60 years
for men.For those first insured after 08.09.99
before 01.10.2008 aged 60 years (men) or age
58 years (women) with:7,000 days of
contribution, or 25 years of insurance coverage
with 4,500 days of contributions.For those first
insured before 08.09.1999: aged 55 years (men)
or aged 50 years (women) with:5,000 days of
contribution15 years of insurance coverage with
3,600 days of contributions, or25 years (men) of
insurance coverage or 20 years (women) of
insurance coverage with 5,000 days of
contributions. There is no age condition for this
option.
3. Legal Retirement Age - men: 64 yearswomen: 62years. Civil Servants: The legal retirement age for Civil Women:55 yearsMen:60 years.At least five-
Servants who started working after 08.09.1999, years of service period is required.
Standard pension is 58 for women and 60 for men. For those who
started working prior to this date, the age is
determined gradually as follows:In order to be
entitled to old-age pension before amended by
Page 24 / 80
Old-age
Page 25 / 80
Old-age
3. Legal Retirement Age - 01.07.2009 and 01.07.2010 are: Old Age Insurance Pension:lWomen: 61 years.l Social Security Pension:Men: 65 yearsWomen: Men: 62 years of ageWomen: 57 years of age
women 59 years old and 35 insurance period, Men: 63 years.The age limit for women shall be 63 years as of 1 Jan 2007 (increasing gradually
Standard pension men 64 years old and 35 insurance period. gradually increased to 63 years by 2011. by 6 months every two years to 65 by 1 July
2013).Superannuation Guarantee55 years (men
Category II and women).
The pensionable age shall increase by 6 months
each year commencing 1st July 2004.
The conditions, for category II between
01.07.2009 and 01.07.2010 are:
women 58 years old and 35 insurance period,
men 63 years old and 35 insurance period.
Category I
The covers the most dangerous occupations.
The pensionable age shall increase by 6 months
every year commencing 1st July 2014.
The conditions for category I, between
01.07.2009 and 01.07.2010 are:
women 52 years old and 29 insurance period,
men 58 years old and 30 years of insurance
period
Full and Partial
men : 65 years
women : 60 years
Page 26 / 80
Old-age
3. Legal Retirement Age - Federation BiH - men and women: 65 years for Old Age Security Pension65 years for both men The pensionable age is currently:men: 65 years Old Age Pension:lwomen: 60 years, andlmen:
allRepublika Srpska: - men: 65 years and and women.Canada and Quebec Pension Plans women: 60 years . 65 years.
Standard pension minimum of 20 years of working period, - Unreduced pension available at 65 years of age
women: 60 years of age and minimum of 20 for both men and women.
years of working period (if they request, not
mandatory)
Page 27 / 80
Old-age
3. Legal Retirement Age - for men and 57 years for women. NZS and VP: 65 years of age for both men and Men: 60 years.Women: 55 years. period of at least 40 years (men) or 35 years
women. (women), or45 years of insurance period with no
Standard pension age limitsThe insurance period is adjusted for
some occupations to reflect arduous or
dangerous working conditions (see ‘Early
Retirement’ below)
Page 28 / 80
Old-age
3. Legal Retirement Age - men: 64 yearswomen: 62years. the Law No:4447 entered into force on Women:55 yearsMen:60 years.At least five-
08.09.1999, an insured person must• have years of service period is required.
Standard pension reached the age of 50 if female and of 55 if male
and have paid contributions for at least 5000
days,• have reached the age of 50 if female
and of 55 if male and have completed insurance
period of 15 years and paid contributions for at
least 3600 days,• have been insured for 20
years if female and 25 years if male even though
the insured person has not reached the age of
50 if female and of 55 if male and have paid
contribution for at least 5000 days (in this choice
age is disregarded). Through the Law No: 4447,
for the persons who have started to work after
08.09.1999, right for retirement without regarding
the age has been annulled. The rights of the
insured persons who have been entitled to the
retirement before that date or the persons who
have less than two years for their retirement
have been maintained. A gradual transition
period has been envisaged in order to protect
the worst effected of the other insured persons.
To this effect, insured persons who have started
to work after 08.09.1999 for the first time shall be
entitled to old- age pension provided that they
should;• have reached the age of 58 if female
and of 60 if a male and paid contribution for at
least 9000 days, or• have reached the age of
58 if female and of 60 if male and have
completed an insurance period of 25 years and
paid contribution for at least 4500 days.The
persons who have been entitled old-age pension
under the previous conditions as of 08.09.1999,
may retire whenever they want after that date.
The persons who have completed insurance
period of 18 years if female and 23 years if male
may retire when they fulfill the conditions in force
before the mentioned date. The persons who
have fulfilled the conditions below on 08.09.1999
may retire whenever they want after that time;•
They should have reached the age of 50 if
female and of 55 if male and have completed an
insurance period of 15 years and paid
contribution for at least 3600 days.Insured
persons who have not fulfilled the above
mentioned:• conditions on 08.09.1999 is
awarded old-age pension upon they request
provided that they should have completed the
age of 52 if female, and of 56 if male and have
completed an insurance period of 15 years and
paid contribution for at least 3600 days.
Conditions to grant old-age pension in
accordance with provisional Article 81 of the Law
are in the last chapter.Workers:• Women: 58
years,• Men: 60 years.
Page 29 / 80
Old-age
Page 30 / 80
Old-age
ALBANIA ARMENIA AUSTRALIA AZERBAIJAN
4. Legal Retirement Age - Early pension for mothers of large familiesPaid Old Age Insurance Pension:-at least 55 years of Social Security Pension Not Early pensions are provided to mothers who
to mothers aged 50 with 30 years of insurance age (men) and 50 years (women)and at least 25 available.Superannuation Guarantee have raised more than 3 children until the age of
Early pension who have at least 6 children (all aged at least 8 years insurance record, 15 of which actually Accumulated funds only accessible at 55. 8 years:
years old). employed in extremely dangerous or arduous Number of children
conditions (miners, crane operators, etc.). The Minimum period of service
age limit shall be gradually increased to 55 years Retirement age
for women by 2015;-at least 59 years old with at 10 and more 10
least 25 years of insurance record, 20 of which 44 (if she has 10 years of service period
actually employed in dangerous or arduous retirement age no required )
conditions (excavator operator, electrician, etc.). NC MPS RA
The age limit for women shall be gradually
increased to 59 years by 2013;-sufferers of 10 5 years 44
pituitary dwarfism aged at least 45 years with a 95 years 45
service record of at least 20 years;-at least 55 85 years 46
years of age and at least 12 years of 75 years 47
employment in certain positions in the 65 years 48
educational or cultural field;-at least 50 of age 55 years 49
and at least 12 years of employment in certain 45 years 50
occupations in theatres:-at least 62 years old 3 5 years 51
and at least 35 years insurance record.The
occupations classified as “extremely dangerous Mothers who have cared for congenitally
or arduous” and “dangerous and arduous” are disabled children until these children reach 8
listed in Government Resolution No. 1987-N of years of age may retire at 50 years if they have
13 October, 2005. at least 5 years service
Early pensions available to a number of specific
professions such as underground workers,
especially those who have worked in poisonous
and arduous conditions including occupations on
a list of enterprises approved by the Cabinet of
Ministers.
Men aged 57 years with at least 25 years of
service of which at least 12.6 years are spent in
the above-mentioned conditions.
Women aged 52 years with at least 20 years of
service of which at least 10 years are spent in
the above-mentioned conditions
5. Legal Retirement Age - Deferment is permitted, no maximum age Old Age Insurance Pension : No maximum age. There is no mandatory retirement age. The age None
applied. shown is the earliest at which benefit is payable.
Deferred pension
Page 31 / 80
Old-age
BOSNIA AND HERZEGOVINA CANADA CROATIA GEORGIA
4. Legal Retirement Age - Federation BiH: The Canada and Quebec retirement pension can Early retirement age is being gradually increased Old Age Pension:none
For all professions be paid as early as age 60 with an actuarial in 1999 it was:men: age 55 and 35 years of
Early pension - men 60 years of age and 35 years of working reduction (some work restrictions). qualifying periods.women: age 50 and 30 years
period, of qualifying periods.Since 1999 the age it has
- women 55 years of age and 30 years of been gradually been increased by 6 months
working period every year and this shall continue until 2008.
Republika Srpska: From 2008 on when it is:men: age 60 and 35
For woman years of qualifying periods.women: age 55 and
- minimum of 35 years of working period (upon 30 years of qualifying periods.
request of woman)
For men-40 years of working period and no age
limit
5. Legal Retirement Age - Federation of BiH and Republika SrpskaNone Old Age Social Security PensionWhen someone Possible to work until 65 years of age (men and Old Age Pension:
has less than the required number of years of women). Pension may only be deferred after
Deferred pension residence, pension might be deferred to this age according to an agreement between the
qualify.Canada and Quebec Pension employer and the employee.
PlansRetirement pension can be deferred until
age 70; benefit is actuarially increased. Receipt
could be deferred past age 70 but with no further
actuarial increase.
Page 32 / 80
Old-age
MOLDOVA NEW ZEALAND RUSSIAN FEDERATION SERBIA
4. Legal Retirement Age - Available for mothers who have raised 5 or more Not applicable – but see Early Retirement below An early labour pension is granted in respect of People working in dangerous and unhealthy
children up to the age of 8 years. In 1999, their unhealthy working conditions:On reaching the occupations are subject to special provisions.
Early pension pensionable age was 50 years 9 months. Each age of 50 (men) or 45 (women) if they have When calculating their pensionable age,
subsequent year, the pensionable age is worked for no less than 10 or 7.5 years insurance period and pension amount, 12
increased by 9 months. As from 1 January 2004, respectively underground, under unhealthy months of labour will be counted as up to 18
Pensionable age is 54 years. It is the same in working conditions or in hot workshops and their months. The age limit (65 for man or 60 and
January 2006The General Law on pensions respective total insurance period is no less than women) is lowered accordingly. The age limit
prescribes early pension for persons working 20 or 15 years; On reaching the age of 55 (men) could be reduced to between 53 and 50 years of
under arduous or unhealthy conditions. In 1999, or 50 (women) if they have worked for no less age.Dangerous and unhealthy occupations
their pensionable age was 50 years 9 moths for than 12.5 or 10 years respectively under heavy include: miners, transport workers and work
men and 45 years 9 months for women. Each working conditions, in geological parties, railway carried out under water. This category also
subsequent year, it increased by 9 months. As service, as drivers in the mines, as dock includes occupations that cannot be performed
from 1 January 2004, it is 54 years for men and workers, sailors, in the aircraft ground service by older persons, such as ballet
49 years for women. and their total insurance period is no less than dancing.Authorised officials employed in Police,
25 or 20 years respectively.An early labour Ministry of Foreign Affairs, penitentiaries and
pension is granted for certain categories of Tax Police, as well as members of the Security
employees:Women who have given birth to 5 or Information Agency shall acquire the right to
more children and raised them until or the age of receive an old age pension upon reaching 53
8 years: benefit paid upon reaching the age of years of age and 20 years of insurance of which
50, provided claimant has a total insurance a minimum of 10 years of effective service is
period of no less than 15 years; Women who spent in professions subject to extended
have given birth to 2 or more children and raised insurance periods.
them until the age of 8 years. Paid upon
reaching the age of 50 provided claimant has
worked in the northern regions of the country no
less then 12 years and their total insurance
period is no less than 20 yearsTeachers working
with children for 25 years (without age
limit);Medical workers employed in health care
institutions for no less then 30 years in the cities
or 25 years in the country side; Degree 3rd
invalids on reaching the age of 55 (men) or 50
(women) if they have worked for no less than
12.5 or 10 years respectively
5. Legal Retirement Age - No maximum. No special provisions. State employees have a certain age limit for Persons fulfilling pension criteria can defer the
service. This maximum age limit can be pension and continue to work indefinitely, upon
Deferred pension prolonged for 5 years (in that case the pension agreement with their employer.
would be deferred).
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Old-age
THE FORMER YUGOSLAV TURKEY UKRAINE
REPUBLIC OF MACEDONIA
4. Legal Retirement Age - No specific scheme, the requirement of 15 years Civil Servants:The following staff are entitled to Retirement age of 50 years for:hero-mothers
insurance period applies to everyone. However, draw their pension early, that is to say before the who have raised 5 or more children 5 to 10 years
Early pension those engaged in certain professions will receive legal retirement age:• members of the security prior to pensionable age mothers who have
additional credit for the time spent working in services,• armed forces personnel,• customs cared for congenitally disabled childrenminers,
those occupations. For example:12 months of and excise personnel,• miners,• Employee andpersons who responded to the Chernobyl
employment as professional drivers or medical who have been exposed to radiation, and• accident and those equated to them.
personnel in the institutions for people with agricultural pest control employee, • Quarantine
mental handicap will be treated as 14 months of employee.Although, the minimum entitlement
insurance period;12 months of employment in period remains 25 yearsWorkers: Early
the police will be treated as 16 months of retirement available for persons who: have
insurance period;12 months of employment as a worked underground in mines, were disabled
miner will be treated as 18 months of insurance before they started to work under insured status,
period.The same approach is used when benefit from tax reduction due to disablement,
calculating the amount of benefits. and have grown old prematurely and are old
aged.
5. Legal Retirement Age - Deferment possible until reaching the age of 65. Civil Servants: deferment possible up to 65 Deferment is permitted (no limits).
years of age.Workers: deferment possible there
Deferred pension is no provision concerning minimum or maximum
age requirement
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Old-age
Page 35 / 80
Old-age
ALBANIA ARMENIA AUSTRALIA AZERBAIJAN
Benefits
1. Determining factors - Basic amount,- Insurance period, and - Old Age Insurance Pension: insurance record Social Security Pension Income and assets Length of service
Contribution based assessment basis. and pensioner’s personal coefficient tested.Superannuation Guarantee - total Earnings
contributions, - interest, and - administrative
fees.
2. Calculation method or Full Pension:Composed of a basic amount, the Old Age Insurance Pension: P = B + Maximum Pension.Single person: A$562.10 per The labor pension for age also has 3 parts: basis
“Basic Pension” is equal to 10276 leks per n*X*G,where-P: Pension-B: Basic Pension fortnight as at 1 January 2009.Couple: A$469.50 part + insurance part + saved part.basis part
calculation basis month and an increment of 1% of the person’s ( 6800 drams per month)-n: Insurance record (in (each) per fortnight as at 1 January approved by the President of the Republic of
insurance record per year of insurance multiplied years)-X: Supplement for each complete year of 2009.Amount of pension actually paid is Azerbaijan – 75 AZNinsurance part=insurance
by the insured person’s contribution based insurance (395 drams)-G: Pensioner’s personal determined by income and asset testsIncome part+(savings accumulated in the insurance part
assessment basis.Partial Pension:Calculated as coefficient (1 + (n-25) x 0.02) Test: fortnightly income over the following of the individual account/ estimated number of
a portion of the full pension. Full old age pension amounts reduces the rate of pension payable by months of pension payment)saved part =savings
is multiplied by the number of years for which the A$A 0.40 for every dollar (single person) or by accumulated in the saved part of the individual
claimant was actually insured and then divided A$A 0.20 for every dollar (each partner). The account/ estimated number of months of pension
by 35. figures in (brackets) indicate the level of income payment)This method is available for a person
at which the pension ceases to be paid:Single: who retired after January 01 2006
A$138 (A$1558.25)Single + 1 child: A$162.60
(A$1582.85)Couple (combined): A$240
(A$2602.50)Asset Test: Assets over these
amounts reduce pension by A$3 per fortnight for
every A$1,000 above the limit (single and couple
combined). Figures in (brackets) indicate the
level of assets at which the pension ceases to be
paid:Single home-owner: A$171,750 Single non-
home owner: A$296,250)Partnered (combined)
home-owner: A$243,500Partnered (combined)
non-home owners: A$368,000.
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Old-age
BOSNIA AND HERZEGOVINA CANADA CROATIA GEORGIA
Benefits
1. Determining factors Federation of BiH - duration of working period, Old Age Security Pension; age, period of First Pillarprevious earningsemployment None.
and- amount of previous earningsRepublika residence,legal residence historyquotient determined by Pension Insurance
Srpska-duration of working period-amount of status.Canada/Quebec Pension Plans Institute.Second Pillarindividual savingsunisex
previous earnings-war veterans have Contributions. actuarial tables.
guaranteed pension minimum
2. Calculation method or Federation of BiHThe old age pension is Old Age Security Pension:40 years’ residence in First PillarThose entitled to the first pillar pension Fixed amount. plusadditional amount for years
determined as a percentage of the pension base Canada since age 18: C$491.93 per only: personal points x pension factor x actual of servants
calculation basis according to the length of the pension service month;lproportionately reduced pension if less value of pension.Personal points: average value
period:- For 20 years of the pension service than 40 years’ residence (each year of residence points x total qualifying period. Value points:
period, it is equal to 45% of the pension base. It in Canada is equivalent to 1/40th of the Old Age gross or net earnings of individual in each
is then increased by 1,5 2% for each additional Security Pension).Canada and Quebec Pension calendar year divided by the national average
year of insurance up to a maximum of 75% of Plans retirement pension:l25% of average gross or net annual earnings of all employed
the pension base.Republika Srpska:The old age monthly pensionable earnings during persons in the same year. Average value points:
pension is determined as a percentage of contributory period;maximum pension for total of value points divided by the respective
pension basis, depending on the length of persons at age 65: : C$863.75 per month. period for which value points are taken into
pension insurance record, gender of the insured account (earnings history after 1970, which may
pension and calendar year in which the pension be shorter than the total qualifying period).
is first granted.- For 20 years of pension Pension factor: 1.Actual value of pension: the
insurance record either 45% of the pension basis amount of one personal point is determined
(men) or 55% (women) It is then increase by twice annually by the Management Board of the
1,5% for each additional year of insurance Pension Insurance Institute Those entitled to a
period up to maximum of 75% of the pension pension from both the first and the second pillar
base. will receive the first pillar pension for the
insurance period completed before the
introduction of the second pillar. For the
insurance period completed after the introduction
of the second pillar they receive the first pillar
Basic Pension:0.25% of the national average
gross salary of all employed persons in the
preceding year for every year of qualifying
periods completed after the introduction of the
second pillar insurance + 0.25% of actual value
of pension for personal points realised after the
introduction of the second pillar
insurance.Second PillarCalculated according to
the amount of funds saved in the individual’s
account and the actuarial unisex tables. The kind
of pension payment will be agreed in the form of
the contract concluded between the pension
insurance fund company and the
beneficiary.Pensions Supplement Act („Official
Gazette“ no 79/07) introduces from November
2007 the pension supplement to all types of first
Page 37 / 80
Old-age
MOLDOVA NEW ZEALAND RUSSIAN FEDERATION SERBIA
Benefits
1. Determining factors Age on retirement,insured earnings, andperiod There are three non-means-tested benefit rates New Pension Systembase amount fixed by ?arnings during working period,periods of
of affiliation. of NZS and VP according to living government,number of dependents,amount of insurance/employment,gender, andworking
arrangements:Married, civil union or de facto individual compulsory contributions,period of condition risks.
couple rate, Single Sharing Accommodation insurance, andgeneral level of life expectancy.
rate, and Single Living Alone rateThere is also a
means-tested rate optionally available to a
person eligible for NZS or VP who has a spouse
or partner not entitled to NZS or VP in their own
right. The qualified spouse or partner may claim
a special couple rate instead of the Married, civil
union or de facto couple rate. Unlike the other
three rates, this is income-tested against the
couple’s joint income, and hence the couple’s
financial circumstances will determine which
option is preferable.
2. Calculation method or Full pensionBased on the following formula: P= The rates of NZS and VP are set by statute and The new pension system was put into operation Monthly pension = PC x GCPC= PS*
[1,2%*35+2%*(Vt-35)+2%*(R-Rn)]*Sawhere:P: set out in a Schedule to the relevant Act. from 1 January 2002.The pension consists of a (( Wpi/Wi)/rs)Where:Wpi: average gross/net
calculation basis amount of pension Vt: actual affiliation period (at The legislation requires the net of tax Single base part and an insured part (these are annual income of the person in the year ‘i’ (the
least 35 years) Sa: average monthly insured Sharing Accommodation rate and Single Living supplemented by an accumulated part financed ratio must include same definitions – either
earningsRn: statutory retirement ageR: actual Alone rate to be 60% and 65% respectively of from voluntary contributions).Base Part: flat-rate gross/gross or net/net), Wi: average annual
age on retirementPart-pensionProportionate to twice the net of tax Married, civil union or de amount fixed by government for different wage in republic in year ‘i’, PS: pension period in
period of affiliation according to the formula: P= facto couple rate – that is, they are respectively categories of beneficiaries:Basic amount (as of years, rs: effective working/contribution period in
1,2%* Vt * Sa set as 1.2 and 1.3 times the Married, civil union 1.08.2008): Individual, no dependants 1794 years. PS calculated pension period, equal to
or de facto couple rate. roubles per month aged 80 years or older: 3588 the insurance period increased for extras for
An annual Order in Council is made to alter the roubles per monthfor those with one dependant: certain categories of insured persons:PS is
Schedule to reflect the annual adjustments – see 2392 roubles per month Insured Part (IP): the increased by 15% for all women, plus 2 years
the description set out below in Adjustment. amount is calculated with special formulae:IP = extra on top for women with three or more
CPC ÷ NM whereCPC: the amount of calculated children,PS is increased by specific coefficient
Weekly rates as at 1 January 2009, before and pension capital of the insured person, based on for certain professions (e.g. for those employed
after tax at the standard rate, are as follows: all the compulsory contributions made by the in high risk workplaces it can be increased by up
individual claimant,NM: number of months of the to 50%),PS is increased for persons that are
Married, civil union or de facto couple: $528.74/ expected duration of payment, based on eligible for invalidity pensions using a scale in
$462.74 actuarial calculations of general life expectancy function of age/remaining years until age
(currently 228 months=19 years).Accumulated pension eligibility.GC: set for first quarter of 2003
Single Sharing Accommodation: $320.11/ part will be paid after 2013 to those who were and indexed quarterly up to the end of 2005.
$275.80 born in 1967 or later. Compulsory contributions Starting from 1 January 2006 adjustments are
to finance this part of pension scheme will also six-monthly (on 1 April and 1 October) based on
Single Living Alone: $347.77/$297.79 be paid by this generation. The total amount of the principle explained in ‘Adjustment below.‘ If
the base part and insured part should not be less average annual income cannot be determined,
Married, civil union, or de facto couple (Non than 660 roubles per month. the average salary in the republic in the year ‘i’ is
Qualified Spouse included): $502.84/$440.10 taken (Wi).Value of the GC is 604.51 RSD
(January 2009).
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Old-age
THE FORMER YUGOSLAV TURKEY UKRAINE
REPUBLIC OF MACEDONIA
Benefits
1. Determining factors 1st pillar:insurance period, andreference Civil Servants first insured before 01.10.2008:• Wage(income) over any 60 successive calendar
earnings (for self-employed it is the income on Index + supplementary index,• Salary months before 1st July 2000, irrespective of any
the basis of which the pension and disability coefficient,• Basic salary coefficient,• Seniority breaks, and the entire covered service period
insurance was paid).2nd pillar:Accumulated pay,• Allowances and supplements,• Salary- from the 1st July, 2000.If the service period is
income plus returns ofaccumulation minus costs related allocation rate.Civil Servants first insured less than that specified above, taken into
(operating,investments etc.) of fund selectedby after 01.10.2008:Insured after 01.10.2008 same account shall be wage (income) over the actual
insured person. systems as workers.Workers:• Index,• covered service period. At the option of
Coefficient,• Rate,• Average annual income. applicant, up to 60 successive months shall be
(Also average monthly earnings) excluded from pensionable period, provided that
these months account for more.
2. Calculation method or 1st Pillar:Paid as a percentage of reference Civil Servants first insured before The old age pension is determined by the
earnings (the pension basis) according to the 01.10.2008:Formula for calculating monthly old formula:P=W x A,WhereP is pension amount in
calculation basis length of insurance period (coefficient (% ) X age pension (FCMOAP:FCMOAP: (A+B+C+D) x UAHW is pensionable wage (income) of the
number of years of insurance X reference E%where:• A = (Index + supplementary index) insured person in UAH and A is accrual
earnings). The pension is calculated differently x Salary coefficient,• B= Basic salary rate.Accrual rate used in pension calculation
for three groups.For those with at least 15 years coefficient,• C= Seniority pay,• D= shall be determined by the formula: M x SA=
of pension service completed prior to the 1st Allowances and supplements,• E= Salary- -------- 100% x 12where A is accrual rateM is
September 2001 the pension is based on their related allocation rateExplanations:• Index: months of covered service periodS is percentage
reference earnings and length of pension service Figures determined according to civil service score determined pursuant to the above
as follows:15 years of insurance periodmen:35% grades.• Supplementary index: Variable figures mentioned Law for one year of covered service
of the pension basiswomen:40% of the pension relating to category, function and grade.• Basic period.
basis20 years of insurance periodmen\:44% of salary (Basic salary is calculated by multiplying
the pension basiswomen:53% of the pension the civil servant’s salary indicator with the basic
basis30 years of insurance periodmen:62% of salary coefficient): coefficient determined by the
the pension basiswomen:71% of the pension General Finance Act(1000 x basic salary
basis35 years (women), i.e. 40 years (men) of coefficient).• Seniority pay: relates to length of
insurance periodmen:80% of the pension service. (20 x salary coefficient). Basic salary is
basiswomen: 80% of the pension basis1.8% calculated by multiplying the civil servant’s salary
increase of pension basis for each additional indicator with the basic salary coefficient x length
year of pension service (after 40 years of of service.• Allowances and supplements:
pension service for men, i.e. 35 years for These are determined in terms of figures from
women) completed after 1st September the supplementary index and expressed as
2007.For those with less than 15 years of salary rates by the Secretary of State in the
pension service completed prior to the 1st Prime Minister’s Office.• Pension allocation
September 2001 the pension is calculated as a rate: This rate is 75% for Civil Servants with 25
percentage of their reference earnings for each years of service. For each additional year, the
year of service before and after that date as rate is increased by 1% and reduced by 1% for
follows: 2.33% (men) and 2.60% (women) for each year less than 25. The minimum pension
every year of pension service completed prior to allocation rate is 60%.Civil Servants first insured
1 September 2001, 1.80% (men) and 2.05% after 01.10.2008:See “Applicable statutory basis”
(women) of the reference earnings for each AboveWorkers:Calculation of the full rate old-
additional year of pension service completed age pension for those under the previous
after 1st September 2001. . For those who have system:Index X Coefficient X RateCalculation of
joined the pension scheme for the first time since the reduced rate old-age pension for those under
1st January 2003 (and are obliged to join the the previous system :Old full rate pension X
fully funded pension insurance) the pay-as-you- number of days’ contributions prior to 2000 / total
go pension shall be calculated as a percentage number of days’ contributions.Revalorization: the
of the reference earnings as follows: for every amount above is increased by the ratio of the
Page 39 / 80
Old-age
Page 40 / 80
Old-age
2. Calculation method or Full Pension:Composed of a basic amount, the Old Age Insurance Pension: P = B + Maximum Pension.Single person: A$562.10 per The labor pension for age also has 3 parts: basis
“Basic Pension” is equal to 10276 leks per n*X*G,where-P: Pension-B: Basic Pension fortnight as at 1 January 2009.Couple: A$469.50 part + insurance part + saved part.basis part
calculation basis month and an increment of 1% of the person’s ( 6800 drams per month)-n: Insurance record (in (each) per fortnight as at 1 January approved by the President of the Republic of
insurance record per year of insurance multiplied years)-X: Supplement for each complete year of 2009.Amount of pension actually paid is Azerbaijan – 75 AZNinsurance part=insurance
by the insured person’s contribution based insurance (395 drams)-G: Pensioner’s personal determined by income and asset testsIncome part+(savings accumulated in the insurance part
assessment basis.Partial Pension:Calculated as coefficient (1 + (n-25) x 0.02) Test: fortnightly income over the following of the individual account/ estimated number of
a portion of the full pension. Full old age pension amounts reduces the rate of pension payable by months of pension payment)saved part =savings
is multiplied by the number of years for which the A$A 0.40 for every dollar (single person) or by accumulated in the saved part of the individual
claimant was actually insured and then divided A$A 0.20 for every dollar (each partner). The account/ estimated number of months of pension
by 35. figures in (brackets) indicate the level of income payment)This method is available for a person
at which the pension ceases to be paid:Single: who retired after January 01 2006
A$138 (A$1558.25)Single + 1 child: A$162.60
(A$1582.85)Couple (combined): A$240
(A$2602.50)Asset Test: Assets over these
amounts reduce pension by A$3 per fortnight for
every A$1,000 above the limit (single and couple
combined). Figures in (brackets) indicate the
level of assets at which the pension ceases to be
paid:Single home-owner: A$171,750 Single non-
home owner: A$296,250)Partnered (combined)
home-owner: A$243,500Partnered (combined)
non-home owners: A$368,000.
3. Reference earnings or The assessment basic is a proportion of sum of Benefits are flat-rate benefits and so unrelated to Social Security PensionNon-contributory Basic fixed part and accumulated savings
wages, for which during the insurance period previous earnings. scheme, benefits unrelated to previous
calculation basis contributions have been paid, with insurance income.Superannuation Guarantee Based on
period.For the period before 1.1.1994 reference total contributions.
wages are takes as determined by the Council of
Minister. In case a person has an insurance
record before and after 1.1.1994, the
assessment basis is calculated as progressive
arithmetic average of the assessment parts that
stem from both periods.
Page 41 / 80
Old-age
2. Calculation method or Federation of BiHThe old age pension is Old Age Security Pension:40 years’ residence in pillar pensions acquired from 1999 on, by adding Fixed amount. plusadditional amount for years
determined as a percentage of the pension base Canada since age 18: C$491.93 per 4% of the pension acquired in 1999, to 27% of of servants
calculation basis according to the length of the pension service month;lproportionately reduced pension if less the pension that will be acquired in 2010 on. The
period:- For 20 years of the pension service than 40 years’ residence (each year of residence supplement is adjusted in the same way as
period, it is equal to 45% of the pension base. It in Canada is equivalent to 1/40th of the Old Age pensions. The aim was to balance the level of
is then increased by 1,5 2% for each additional Security Pension).Canada and Quebec Pension pensions acquired according to the old pension
year of insurance up to a maximum of 75% of Plans retirement pension:l25% of average legislation applied before 1999, with pensions
the pension base.Republika Srpska:The old age monthly pensionable earnings during acquired according to the new first pillar
pension is determined as a percentage of contributory period;maximum pension for legislation introduced from 1999 on.
pension basis, depending on the length of persons at age 65: : C$863.75 per month.
pension insurance record, gender of the insured
pension and calendar year in which the pension
is first granted.- For 20 years of pension
insurance record either 45% of the pension basis
(men) or 55% (women) It is then increase by
1,5% for each additional year of insurance
period up to maximum of 75% of the pension
base.
3. Reference earnings or Federation of BiH- The old-age pension is based Old Age Security PensionFlat rate benefit First PillarAnnual wage of the individual is put in Flat rate benefit unrelated to previous earnings
on the average monthly gross salary during the unrelated to previous earningsCanada and relation to the national annual average wage of
calculation basis most favorable consecutive period of 15 years of Quebec Pension Plans Retirement all employed personsThe result is a value point
insurance since 1st January 1966 (or 1st pensionAverage monthly earnings subject to for every year of working history. All the value
January 1970 if the information is not available)- contributions over the entire contributory period points are then totalised and divided by the
Salary paid in the year in which the insured which begins at age 18 or January 1966 and number of years for which they have been taken
person claims the old-age pension is not taken ends when the person receives a Canada into account. The result is the average value
into account for determining pension base.- The Pension Plan retirement pension, reaches age point which is then used in the pension
salaries from the previous years are adjusted to 70 or dies (whichever is the earliest). formula.Second PillarBenefits not directly related
reflect the 0fluctuations of the average salaries to previous earnings.
of all employed persons in the Federation
territory.Republika Srpska- Based on the
average net salary of the insured person since
the 1st January 1970, (the salaries and
insurance basis from 1992-1993 are not taken
into consideration when determining the pension
basis).- Salary paid in the year in which the
insured person claims the old age pension is not
taken into account for determination of pension
basis. - The salaries are adjusted to reflect
changes in the average salaries of Republika
Srpska.
Page 42 / 80
Old-age
2. Calculation method or Full pensionBased on the following formula: P= The rates of NZS and VP are set by statute and The new pension system was put into operation Monthly pension = PC x GCPC= PS*
[1,2%*35+2%*(Vt-35)+2%*(R-Rn)]*Sawhere:P: set out in a Schedule to the relevant Act. from 1 January 2002.The pension consists of a (( Wpi/Wi)/rs)Where:Wpi: average gross/net
calculation basis amount of pension Vt: actual affiliation period (at The legislation requires the net of tax Single base part and an insured part (these are annual income of the person in the year ‘i’ (the
least 35 years) Sa: average monthly insured Sharing Accommodation rate and Single Living supplemented by an accumulated part financed ratio must include same definitions – either
earningsRn: statutory retirement ageR: actual Alone rate to be 60% and 65% respectively of from voluntary contributions).Base Part: flat-rate gross/gross or net/net), Wi: average annual
age on retirementPart-pensionProportionate to twice the net of tax Married, civil union or de amount fixed by government for different wage in republic in year ‘i’, PS: pension period in
period of affiliation according to the formula: P= facto couple rate – that is, they are respectively categories of beneficiaries:Basic amount (as of years, rs: effective working/contribution period in
1,2%* Vt * Sa set as 1.2 and 1.3 times the Married, civil union 1.08.2008): Individual, no dependants 1794 years. PS calculated pension period, equal to
or de facto couple rate. roubles per month aged 80 years or older: 3588 the insurance period increased for extras for
An annual Order in Council is made to alter the roubles per monthfor those with one dependant: certain categories of insured persons:PS is
Schedule to reflect the annual adjustments – see 2392 roubles per month Insured Part (IP): the increased by 15% for all women, plus 2 years
the description set out below in Adjustment. amount is calculated with special formulae:IP = extra on top for women with three or more
CPC ÷ NM whereCPC: the amount of calculated children,PS is increased by specific coefficient
Weekly rates as at 1 January 2009, before and pension capital of the insured person, based on for certain professions (e.g. for those employed
after tax at the standard rate, are as follows: all the compulsory contributions made by the in high risk workplaces it can be increased by up
individual claimant,NM: number of months of the to 50%),PS is increased for persons that are
Married, civil union or de facto couple: $528.74/ expected duration of payment, based on eligible for invalidity pensions using a scale in
$462.74 actuarial calculations of general life expectancy function of age/remaining years until age
(currently 228 months=19 years).Accumulated pension eligibility.GC: set for first quarter of 2003
Single Sharing Accommodation: $320.11/ part will be paid after 2013 to those who were and indexed quarterly up to the end of 2005.
$275.80 born in 1967 or later. Compulsory contributions Starting from 1 January 2006 adjustments are
to finance this part of pension scheme will also six-monthly (on 1 April and 1 October) based on
Single Living Alone: $347.77/$297.79 be paid by this generation. The total amount of the principle explained in ‘Adjustment below.‘ If
the base part and insured part should not be less average annual income cannot be determined,
Married, civil union, or de facto couple (Non than 660 roubles per month. the average salary in the republic in the year ‘i’ is
Qualified Spouse included): $502.84/$440.10 taken (Wi).Value of the GC is 604.51 RSD
(January 2009).
3. Reference earnings or Average monthly insured gross earnings Not applicable. The Base Part is a flat-rate benefit and so See ‘ Method of calculation ‘ above.
throughout the beneficiary's working life, based unrelated to previous earnings and the Insured
calculation basis on total contributions paid during the period of Part is not directly related to previous earnings.
affiliation.
Page 43 / 80
Old-age
2. Calculation method or year of pension service the coefficient (accrual increase in the latest basic annual urban The old age pension is determined by the
rate) shall be 0.75% (men) and 0.86% (women). consumer price index (CPI) announced by the formula:P=W x A,WhereP is pension amount in
calculation basis Maximum amount of the 1st pillar pension is Statistical Institution of Turkey as of December UAHW is pensionable wage (income) of the
30% of the reference earnings (after 40 years of of each year and by the development rate of the insured person in UAH and A is accrual
pension service).For the contributors who gross national product in constant rate.Accrual rate used in pension calculation
voluntarily joined the fully funded scheme the prices.Explanation of elements used in the shall be determined by the formula: M x SA=
completed pension service and earnings prior to calculation under the previous system:• The -------- 100% x 12where A is accrual rateM is
contributing to the 2nd pillar, are taken into index in the old-age pension calculation is months of covered service periodS is percentage
account for calculation of the pension basis.2nd determined by taking average annual income score determined pursuant to the above
Pillar:The pensioner uses the accumulated over the last five years to constitute the basis for mentioned Law for one year of covered service
assets in his/her personal account either to the payment of contributions for invalidity, old- period.
purchase an annuity, which then pays a periodic age and death, prior to stopping work.• The
benefit for life time or for schedule withdrawals.coefficient is determined by decision of the
Council of Ministers.• The rate is equal to 60%
but this may be increased by 1% for all 240 days
of contributions paid each year after age 55 for
men and 50 for women. Calculation of the full
rate pension under the new system: Average
annual salary X Rate /12Calculation of the
reduced rate new pension:New full rate pension
X number of days’ contributions after 2000 / total
number of days’ contributions.The rate used for
the new system is calculated using the insured’s
average annual indexed earnings, on the basis
of 2%. The mixed system:Pensions for the
appropriate periods under the old and the new
system calculated separately and then added
together.
3. Reference earnings or 1st pillar:Average earnings over entire insurance Civil Servants first insured before Wage (income) over any 60 successive calendar
period (after 1st January 1970).2nd pillar:Funded 01.10.2008:Pension is calculated according to months before 1st July , 2000, irrespective of
calculation basis system where pensionbenefits depend upon seniority payment, coefficient (determined by the any breaks, and the entire covered service
individualcontribution account and are not linked Council of Ministers), and replacement rate.Civil period after 1st July 1,2000.If service period is
to earnings. Servants first insured after 01.10.2008:Insured less than that specified above, then income
after 01.10.2008 same systems as over the entire service period shall be taken into
workers.Workers: Replacement rate, account. At the option of applicant, up to 60
development rate of national income, consumer successive months shall be excluded from
price index, average salary, revalorization rate pensionable period, provided that these months
are taken into consideration. account for more 10% of the total service
period.
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Old-age
Page 45 / 80
Old-age
ALBANIA ARMENIA AUSTRALIA AZERBAIJAN
4. Non-contributory periods Periods of insurance shall include all periods:- Only after 5 years of proper insurance (work) Social Security Pension Non-contributory The following are classified as employment
for which contributions were paid - during which record are the following periods included in scheme, benefits unrelated to previous periods for the purpose of entitlement: military
credited or taken into a benefit was awarded by social insurance, insurance record: military service;care of a income.Superannuation Guarantee Based on and alternative national service;care for Group I
consideration including the period over which a partial disability disabled person of Group I invalidity or-and a total contributions. invalids, disabled children aged below
pension was awarded. The Council of Ministers disabled child under 18 years of age living in the 16;periods in receipt of unemployment allowance
may declare other periods as credited insurance household (maximum 10 years per or during retraining and education of the
periods, provided it reimburses the Social claimant);care of children below 2 years of age unemployed; duration of pension for non-working
Insurance Fund from the State Budget. (maximum total credited period for this is 6 years invalids of Group I and II who were incapacitated
per claimant);period for which unemployment as a result of military/civilian national service or
benefit is paid;period for which sickness benefit an occupational disease
is paid;periods of custody for those who have
been subjected to repression or groundlessly
convicted in criminal proceedings (and later
exonerated);periods during which the spouse of
a member of the military was living in an area
with no opportunity for them to find appropriate
employment (maximum 5 years per
claimant);periods of living abroad for spouses of
diplomats (maximum 5 years per claimant).
5. Supplement for Spouse: None.Children: None. Spouse: None.Children: None. None
dependants : spouse,
children, other dependants
Page 46 / 80
Old-age
BOSNIA AND HERZEGOVINA CANADA CROATIA GEORGIA
4. Non-contributory periods Federation of BiH and Republika Srpska- Canada and Quebec Pension Plan:periods when Periods of receipt of sickness benefit,Periods None.
absence from work, in accordance with not working or earnings reduced due to raising a completed in wars as military personnel or
credited or taken into regulations on working relations;- temporary child under the age of 7 years; llow earning servicemen,Periods of war and post-war
consideration incapacity for work;- period during which a months after the age of 65; lany month of receipt imprisonment.
partially incapacitated person is able to continue of a Canada/Quebec Pension Plan disability
working;- periods of military services pension; l15% of claimant’s lowest earning years
in contributory period.
5. Supplement for Federation of BiH and Republika SrpskaNone SpouseOld Age Security Pension:A person is First and Second PillarSpouse: None.Children: Spouse: None.Children: None.
eligible for a Guaranteed Income Supplement None.
dependants : spouse, (GIS) if they have little or no income. The GIS is
children, other dependants C$620.91 per month (single pensioners) and
C$410.04 per month (for a person living in a
couple, a spouse or partner aged 60-64) may be
eligible for a benefit of up to C$ 901.97 per
month. An allowance may also be paid to a
survivor aged 60 to 64 (maximum: C$ 999.81
per month).Canada/Quebec Pension Plans
retirement pension:None.ChildrenNone.
Page 47 / 80
Old-age
MOLDOVA NEW ZEALAND RUSSIAN FEDERATION SERBIA
4. Non-contributory periods Activity as a member of a kolkhoz before Not applicable in the sense that NZS and VP are military service as a conscript,receipt of If insured person is a female with 3 or more
01.01.99 (the kolkhoz was a farmers not contribution based. However, certain unemployment benefit, andmaternity leave. children the pension period (PS) is increased by
credited or taken into organisation in the soviet union),creative activity absences are allowed to be counted as 2 years (see the ‘Calculation Method ‘ above).
consideration of members of creative art unions,activity as residence in New Zealand in order to meet the
ministers of religion from 1 April 1992,care of a residency requirements. These include
category I invalid, of a disabled child under 16 absences for medical or vocational reasons,
years of age or of a person over 75 years,non- while serving in the armed forces, as a mariner
residential higher education studies,compulsory engaged in trading, Volunteer Service Abroad,
military service. and missionary work. In addition, a person who
is overseas but still paying tax in New Zealand
on income earned is deemed to be present
during that period. Under social security
agreements with other countries, periods of
contributions in the agreement country are
counted as periods of residence in New Zealand.
5. Supplement for Spouse: None.Children: None. Not applicable for NZS.Survivors of a veteran’s Supplements for dependants included within the Spouse: None.Children: None.
pensioner may receive a lump sum payment on pension calculation formula (Base part, see
dependants : spouse, the death of the veteran’s pensioner under “Calculation method or calculation basis” above).
children, other dependants certain circumstances.
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Old-age
THE FORMER YUGOSLAV TURKEY UKRAINE
REPUBLIC OF MACEDONIA
4. Non-contributory periods None. Civil Servants:Non-contributory periods for military servicematernity leave;period during
calculation of the amount of benefit are given for which a parent (or an adoptive parent) has taken
credited or taken into the following, provided that the parties (only the care of a disabled person or old person in need
consideration employee) concerned subsequently pay of permanent assistance
employer and employee contributions for these
periods• periods of unpaid leave taken by
women for the birth of a baby, and• periods of
unpaid leave for the spouses of civil servants on
diplomatic assignment.Workers: Periods of
compulsory military service, unpaid maternity
leave. The insured person has to pay both the
employer and employee contributions for this
period.
5. Supplement for Spouse: None.Children: None. Civil Servants: none Workers: none. Spouses and Children: Non-working pensioners
with dependants who are unable to work: 100%
dependants : spouse, of minimal old age pension for each dependant.
children, other dependants
Page 49 / 80
Old-age
Page 50 / 80
Old-age
ALBANIA ARMENIA AUSTRALIA AZERBAIJAN
6. Special supplements None. None. Rent assistance Available to Family Assistance disabled persons of group I and disabled
customers who are receiving more than the base children under 16 are entitled to an additional
rate and paying private rent. It is not available to payment of 50% of the minimum old age
single people under 25 years, without pension.those who have been rehabilitated after
dependants who live with parents or guardians. being subjected to political repression are
It is payable if the rent is more than A$98 per entitled to an additional payment of 50% of the
fortnight – maximum assistance rate for single minimum old age pension.war veterans who
person is A$110.20 per fortnight. Other rates operated in the Field Force (including enrolled
depend on marital status and number of children civilian personnel), partisan forces and military
but maximum rate for couple with 3 or more servicemen who have conducted military
children is A$146.30 per fortnight. It is income operations: additional payment of 30% of the
tested but not assets tested. The base rate is minimum old age pension.war invalids of group I
reduced by 30 cents for every dollar of family are entitled to an additional payment of 100% of
income over A$94,316 per annum (plus $3,796 the minimum old age pension. war invalids of
for each child after the firstRemote Area group II are entitled an additional payment of
Allowance: Tax-free allowance for 70% of the minimum old age pension.war
pensioners/benefit recipients payable at the rate invalids group III are entitled to an additional
of A$18.20 per fortnight for a single person, payment of 50% of the minimum old age
A$15.60 per fortnight each for a couple plus pension. members of families of deceased
A$7.30 per fortnight for each dependent. This National Heroes of Azerbaijan are entitled to an
Allowance is based on residence in specified additional payment amounting to 100% of the
remote Tax Zones. There is no income/assets minimum old age pension; the members of
test.Bereavement Payment: Payable as a lump families of other people who have fallen for their
sum payment of up to seven payments of country are entitled to an additional payment
pension when one member of a pensioner amounting to 50% of the minimum old age
couple dies. The purpose is to provide financial pension.If the recipient is a war veteran (active in
assistance to a surviving partner to facilitate the Field Force, partisan forces etc) and a group
adjustment to changed financial I war invalid then only the highest of these two
circumstances.Telephone Allowance: A non- pensions is available.
taxable payment of A$23 per quarter payable to
pensioners, certain allowees, and eligible
Commonwealth Seniors Health Card (CSHC)
holders and has a private phone connected in
their home in their name.Pharmaceutical
Allowance: An amount of A$6 per fortnight,
single or couple (combined) payable to
recipients of social security payments.Seniors
Concession AllowancePaid to holders of the
Commonwealth Seniors Health card (CSHC) to
assist in meeting household expenses. The
payment is made twice per year in June and
December. The current rate is $514 per
year.Utilities Allowance (UA)UA is paid to
Australians of Age pension age in receipt of
income support and to people who are receiving
Mature Age Alllowance, Parenting Allowance or
Widow Allowance. The Payment is made twice
a year in March and September and the current
annual rate is $514 for a single person and $257
each for a couple.
Page 51 / 80
Old-age
BOSNIA AND HERZEGOVINA CANADA CROATIA GEORGIA
6. Special supplements Federation of BiH and Republika SrpskaNone None. No special supplements. Old Age Pension: supplement in relation to the
number of survent years
Page 52 / 80
Old-age
MOLDOVA NEW ZEALAND RUSSIAN FEDERATION SERBIA
6. Special supplements None. Means-tested supplements are available. Bonuses for war veterans, families with many None.
Principal benefits:The Accommodation children and those who have been engaged in
Supplement is a non-taxable benefit that the long service of the state in either a military or
provides assistance towards a person’s civil capacity.
accommodation costs. It is income and cash
asset tested. The amount that a client receives
depends on: their actual accommodation costs;
the entry thresholds for accommodation
supplement; family composition; and the area of
the country in which they liveDisability Allowance
– refer Table V – InvalidityThe Special Needs
Grants provide one-off recoverable and non-
recoverable financial assistance to meet
essential and immediate needs – it is income
and asset tested.
Page 53 / 80
Old-age
THE FORMER YUGOSLAV TURKEY UKRAINE
REPUBLIC OF MACEDONIA
6. Special supplements None. Civil Servants: none Workers: none. For single pensioners who need care: 50% of
minimum old age pension (see “ Minimum
Pension ” below).
Page 54 / 80
Old-age
Page 55 / 80
Old-age
ALBANIA ARMENIA AUSTRALIA AZERBAIJAN
7. Minimum pension The minimum pension is 10276 leks per month. None. Social Security PensionNone.Superannuation 75 AZN per month
Guarantee None.
8. Maximum pension The total amount of pension shall be subject to a None. Social Security Pension see “Calculation Method No maximum amount
maximum of twice the basic amount or 75% of or Pension Formula” above.Superannuation
the net average wage of 3 consecutive years in GuaranteeNone.
the last 10 years of the insured persons’
employment; whichever is less.
9. Early pension An early person is granted to a mother who Old Age Insurance Pension: Early pensions are Social Security Pension None.Superannuation The reduction applied to early pensions varies
raises 6 children or more in case the children are calculated in the same way as the normal GuaranteeProvisions for early retirement but from profession to profession, for example the
all older than 8 years of age. The pension is pension. generally not before age 55. The contribution is early pension is reduced by 2% for each year
granted when the mother reaches the age of 50 payable in case of death, retrenchment or that it is taken prematurely for workers in the
years on condition that she has an insurance permanent disablement before age 60. field of civilian aviation.
record of 30 years.
10. Deferment Supplement of 0.34% of the full pension for Deferred pensions are calculated in the same A person who qualifies for an old age pension None
every month deferred.The pension should be no way as the normal pension, calculation method but defers claiming that pension may be able to
more than 80% of the individual’s average net reflects longer period of service. get a single lump-sum bonus when they receive
wage over 3 consecutive years chosen from last their first old-age pension payment. This bonus
10 years before retirement for the purposes of increases for each year that retirement is
calculating old age pension. deferred up to a maximum of 5 years.
Page 56 / 80
Old-age
BOSNIA AND HERZEGOVINA CANADA CROATIA GEORGIA
7. Minimum pension Federation BiH- 179,00 KM per month, None. First PillarDepends on the national average Old age pension 75 GEL
increased by coefficient of 1,65 (December wage, indexation percentage, qualifying period
2008)Republika Srpska - 160,00 KM per month and the kind of the pension: the full number of
qualifying years x 0.825% of the national
average wage of employed persons in 1998 x
indexation x pension factor. Persons whose
regularly calculated pensions are below the
minimum pension are eligible. Applicable to all
pensions (old age, invalidity, survivors’). Second
Pillar: None.
8. Maximum pension Federation BiH- The final amount of old age Old Age Security PensionSee “Calculation First pillarThe average value point may not None.
pension may not amount to more than the Method or Calculation Basis” above.Canada and exceed 3.8, that is, the personal average wage
average wage paid in December of the previous Quebec Pension Plans Retirement Pension from the entire work history taken into account
year, multiplied by 2, and adjusted according to C$863.75. per month at 65 years. may not exceed 3.8 average wages of all
the percentage of pension increase for the year employed persons, taken into account for the
in which the old age pension is being determined same period of working history. The final amount
(currently 844,00 KM per month)Republika of the maximum pension then depends on the
Srpska- No maximum period of insurance and of the kind of pension
(old-age, invalidity, survivors’) see “Calculation
method, pension formula or amounts”.Second
pillarNone.
9. Early pension Federation BiH- Permanent reduction of 0,5% Old Age Security PensionNo First PillarPermanent reduction of the amount of Pension amounts do not vary.
from what would be paid for a full pension provision.Canada/Quebec Pension Plans old-age pension: 0.15% per month of
entitlement for each year for women and 1% for retirement pensionearly pension payable from 60 anticipation. Maximum 9% for maximum 5 years
each year for menRepublika Srpska- Permanent years provided employment has ceased wholly of anticipation.
reduction of 1,33% from what would be paid for or substantially;reduction of 0.5% for each month
a full pension entitlement for each year for of early pension taken before 65 years of age.
women and 1,5% for each year for men
10. Deferment None Old Age Security PensionA person who does not No additional benefit. Wages and extra period of No special provisions.
meet the residency requirement, might have to employment are taken into account in the
defer the pension.Canada and Quebec Pension calculation of the pension see “Calculation
plans retirement pensionIncrease of 0.5% for method or formula” above.
each month of deferment after 65 years of age
but before reaching 70 years.
Page 57 / 80
Old-age
MOLDOVA NEW ZEALAND RUSSIAN FEDERATION SERBIA
7. Minimum pension 175,08 per month for farmers, and 196,98 lei per Not applicable The total amount of the base part and insured Minimum pension paid in January 2006 from the
month for other recipients. part of the labour old-age pension should be no Employees Fund and the Fund of Self-Employed
less than 660 roubles per month. was set at the level of 25% of the national
average salary in 2005. Thus determined
minimum pension is adjusted in the same
manner in which other pensions are adjusted. As
of 1 January 2008, three separate pension funds
have been consolidated into single pension fund
but there are still three different groups of
pensioners according to the type of the previous
insurance. Minimum pension paid for retired
employees or self-employed n January 2009
amounted to 11,088 RSD (38.4% of net average
wage). Minimum pension for retired farmers
amounted to 8,384 RSD in January 2008 (29%
of net average wage).All minimum pensions are
adjusted as other pensions; see ''Adjustment’’
8. Maximum pension No information available. Not applicable None. 102,766 RSD per month in January 2009 (356%
of net average wage in that month). The amount
of the maximum pension is calculated according
to the maximum value of the personal point of 4,
and to the maximum value of the PS (pension
period) of 42,5.
9. Early pension Mothers who have raised 5 or more children up A veteran, who has not reached the legal No reduction of early pensions. The pension for authorized officials employed in
to the age of 8 years. The period of the retirement age above, may qualify for VP if the the Police, Ministry of Foreign Affairs,
children’s education is considered as a veteran has served in a recognised war or penitentiaries and Tax Police, as well as
contribution, and therefore they receive the emergency, and is unable to work for a members of the Security Information Agency, is
normal amount of the pension.The General Law substantial period due to either a physical or calculated on the basis of the income earned in
on pensions prescribes early pension for psychological disability.A person eligible for NZS the year before retirement, at least when the
persons working under arduous or unhealthy or VP who has a spouse or partner under age outcome of this calculation is better than the one
conditions. They receive the normal amount of 65, may apply to receive the special income- applied in the regular scheme.
the pension. tested Married, civil union or de facto couple rate
instead so as to include their non-qualified
partner. See Determining Factors and
Calculation Basis above.
10. Deferment Beneficiaries affiliated for more than 35 years Application may be deferred, but no financial Increased employment period is reflected in Every additional year over 40 years of insurance
are entitled to a supplement representing an adjustment is made. As rates (other than the calculation of the new pension scheme. is calculated as ½ year of insurance. Additional
increase of 2% in reference earnings for each special Married, civil union or de facto couple years over 45 years of work will not be counted
year of deferment. No maximum amount rate) are not means-tested, there is no particular (45 years of insurance is the calculation
imposed. need to defer application. maximum).
Page 58 / 80
Old-age
THE FORMER YUGOSLAV TURKEY UKRAINE
REPUBLIC OF MACEDONIA
7. Minimum pension For beneficiaries with pension service of more Civil Servants: varies according to length of Minimum old age pension for men having 25
than 35 years (men) and more than 30 years service and position but no less than: 741,30 TL years and women having 20 years of covered
(women) it is set at the level of 41% of the for 2008.Workers: The minimum pension service period shall be set at the minimum
national average net wage for all employees in calculated using the old system may be no less subsistence level for not-able-to-work individuals
the republic (5.861,50/ 95€. on 01.01.2009)For than 35% of the average monthly salary, (%40 if set specified by the Law(366 UAH per month).
beneficiaries with pension service of more than insured has spouse or children) obtained. 576
25 years (man) and more than 20 years TL for 2008.
(woman) it is set at the level of 38% of the
average net wage for all employees in the
republic (5.446,00/ 88€.as of 01.01.2009)For
beneficiaries with pension service up to 25 years
(man) and up to 20 years (woman) it is set at
the level of 35% of the average net wage for all
employees in the country (7,298,50
denars/118€.as of 01.01.2009
8. Maximum pension For the contributors who do not join the Civil Servants: This varies according to length of 4392 UAH per month
mandatory fully funded pension insurance the service and function. But a reference pension is
maximum old-age pension may not exceed 80% that of the Under Secretary of the Prime Ministry
of 2.7 times the national average net wage for by which other pensions are calculated (3566,6
the year before the entitlement to a pension. In TL for 2008).Workers:Pensions awarded prior to
2008 maximum pension equaled 33,197,50 2000 must not exceed 90% of the claimant’s
denars/538€. previous average salary.(1.967,4 TL for 2008)
9. Early pension See above ‘Legal Retirement Age - Early Civil Servants: Civil servant working under Early pensions are calculated in same way as
pension and Calculation method or calculation hazardous and dangerous conditions may the normal pension.
basis’ receive retirement pension earlier than
pensionable age. Workers: working under
hazardous and dangerous conditions may
receive retirement pension earlier than
pensionable age.
10. Deferment Increased period of employment is reflected in Civil Servants first insured before Years of retirement deferment from 1 to
the pension formula by taking into account all 01.10.2008:For each additional year worked 10.Percentage increase in pension from 3% to
periods of participation into the pension scheme beyond the legal retirement age, pension is 85.32%.
and reference earnings. increased by 1%.Civil Servants first insured after
01.10.2008:Insured after 01.10.2008 same
systems as workers.See “Maximum Pension”
above.
Page 59 / 80
Old-age
Page 60 / 80
Old-age
ALBANIA ARMENIA AUSTRALIA AZERBAIJAN
The basic old age and disability pensions are Unilateral decision of Government taken on Twice annual adjustment in line with movements Social security benefits may be increased if
Adjustment annually indexed, according to the change in the irregular basis; depending upon available in the Consumer Price Index. Full pension rate there is an increase the basis part of pension
price of a basket of goods, which is considered resources for single person cannot drop below 25% of the
essential for a minimum standard of living. The Male Total Average Weekly Earnings (MTAWE)
partial old age and partial disability pensions are figure, full pension rate for couples is increased
annually indexed in proportion to the full old age as a proportion of the single rate.
pension.Survivors pensions are annually
indexed in proportion to the old age and
invalidity pensions.The individual assessment
basis for the pension increment, awarded to
employed persons, is annually adjusted by the
Council of Ministers according to the
development of the national average
contributions paid in that year.
Page 61 / 80
Old-age
BOSNIA AND HERZEGOVINA CANADA CROATIA GEORGIA
Federation BiH- The old age pension is adjusted Old Age Security Pension: Adjusted quarterly, Twice annual adjustment determined by adding None
Adjustment every three months by a percentage up to the according to increases in the Consumer Price 50% of the increase in consumer prices and
average wage growth in the year for which the Index by taking into account any increase in the 50% of the increase in national average gross
adjustment is carried out Republika Srpska - cost of livingCanada Pension Plan: Every 1 earnings in the preceding half year period.
Adjusted on monthly basis according to January, according to increases in the consumer
variations in the salary of all the employed price index by taking into account any increase
people in the RS in the month preceding the in the cost of living
month for which processing and payment of
pensions is done.
Page 62 / 80
Old-age
MOLDOVA NEW ZEALAND RUSSIAN FEDERATION SERBIA
Benefits are indexed on 1 April each year. Adjustment of NZS and VP rates under statute Regularity and ratio of adjustment depends on In 2008 indexations took place on a regular
Adjustment Annual indexing is based on the year's increase occurs as at 1 April each year in a three-step the rate of inflation and increase in average basis; based upon the changes of the average
in consumer prices and on the increase in process. wage (e.g. if the rate of inflation exceeds 6% per wages and the changes in the cost of living
average earnings nationally over the previous Firstly, the Married, civil union or de facto couple half a year then adjustment must take place during the previous six months (resp. in a
year. The indexing coefficient for 2009 is 20%. rate, net of tax at the standard rate as if no other once a year). E.g. in February 2008 the insurred proportion of 12,5% and 87.5%). In October an
income was being earned, is increased by the part of the labour pension and labour invalidity extra indexation of 10% was decided. In 2009 no
increase in consumer prices for the year ending pension was increased 12% and in April 2008 indexation foreseen. From 2010 onwards
the previous December. Note however that was again enlarged 7.5% within the frame of pensions will be indexed every six months (April
rates can not be reduced if consumer prices fall. annual indexation . and October) on the basis of changing living
Secondly, twice the resulting weekly Married, costs.
civil union or de facto couple net rate is then
tested against a statutory floor and ceiling of
65% and 72.5% of the average ordinary time
weekly earnings rate as at the previous
December, after deduction of income tax and the
Accident Compensation Corporation (ACC) levy.
The rate is then adjusted if required to fit
between the floor and ceiling. Special note: at
the present date, the statutory floor of 65% has
been raised to 66% as the result of an election
commitment by the current Government.
Thirdly, the other rates are then changed pro
rata. This preserves the requirement that the net
of tax Single Sharing Accommodation and Single
Living Alone rates be respectively 60% and 65%
of twice the net of tax Married, civil union or de
facto couple rate.
The maximum net of tax special Married, civil
union or de facto couple rate is broadly 95% of
the net Married, civil union or de facto couple
rate, noting however that this will be reduced by
70c for every non-benefit dollar of income
received by the couple concerned in excess of
$80 per week.
Net rates as calculated are grossed up for
income tax as if there was no other income
being received. Where both partners or spouses
are receiving a benefit (Married, civil union or de
facto couple rate, special Married, civil union or
de facto couple rate), grossing up is done
separately for each individual.
Page 63 / 80
Old-age
THE FORMER YUGOSLAV TURKEY UKRAINE
REPUBLIC OF MACEDONIA
Adjustment takes into consideration 50% of the Civil Servants first insured before Actualization: every 2 years by individual’s
Adjustment changes in the costs of living over the previous 6 01.10.2008:Benefits are adjusted per 6 months declarations of a pensioner (recalculation on the
months and 50% of the changes in national according to income salary coefficient for civil basis of amount of wage at the present
average net wages over the previous 6 months. servants (determined by the Council of moment).
It takes place twice a year on the 1st January Ministers).Civil Servants first insured after
and 1st July.In 2008 the average amount of 01.10.2008:Insured after 01.10.2008 same
pensions increased by 21,66 % compared to systems as workers.Workers: Pensions are
2007. adjusted per six months according to the
consumer price index.
Page 64 / 80
Old-age
Page 65 / 80
Old-age
ALBANIA ARMENIA AUSTRALIA AZERBAIJAN
Partial pension for old age men at 65 years and No special provisions. No special provisions. Working pensioners (including invalids) receiving
Partial pension women at 60 years with 15 to 35 years basis and insurance part of their pension
insurance. Calculated as a portion of the full
pension. Full old age pension is multiplied by the
number of years for which the claimant was
actually insured and then divided by 35.
Page 66 / 80
Old-age
BOSNIA AND HERZEGOVINA CANADA CROATIA GEORGIA
Federation of BiH and Republika SrpskaNo No special provisions. No special provisions.
Partial pension special provisions
Page 67 / 80
Old-age
MOLDOVA NEW ZEALAND RUSSIAN FEDERATION SERBIA
It is permitted having achieved 20 years of Not applicable. No specific scheme but working pensioners No special provisions.
Partial pension affiliation. allowed to receive pension in full.
Page 68 / 80
Old-age
THE FORMER YUGOSLAV TURKEY UKRAINE
REPUBLIC OF MACEDONIA
Not applicable Civil Servants: No special scheme.Workers: No No special provisions.
Partial pension special scheme.
Page 69 / 80
Old-age
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Old-age
ALBANIA ARMENIA AUSTRALIA AZERBAIJAN
The old age pension shall be suspended during Unlimited. Social Security Pension See “Calculation Income does not affect the amount of the
Accumulation with periods of employment or other economic Method or Pension Formula” pension
earnings from work activity. However, during a transitional period (to above.Superannuation Guarantee Can be paid
which no limit has currently been set) the concurrently with other income.
Council of Ministers may allow those engaged in
the private sector to continue to receive their
monthly pension while still paying contributions
for periods during which they are engaged in an
economic activity.
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Old-age
BOSNIA AND HERZEGOVINA CANADA CROATIA GEORGIA
Federation of BiH and Republika SrpskaNo Old Age Security Pension:When net income over No accumulation allowed. Old Age Pension:Income does not affect the
Accumulation with special provisions C$63,511 per year the recipient must repay amount of the pension.
earnings from work pension at a rate of 15% of the amount by which
their net income exceeds C$63,511.. Repayment
is made through the personal income tax
system. At C$102,865, the pension stops
completely.Canada Pension Plan and Quebec
Pension Plans retirement pension:no restrictions
on earnings for pensioners aged 65 or over;for
those aged 60-64, earnings from employment for
the 2 months before the pension begins cannot
exceed C$863.75. Once the pension is payable,
there is no limit on the income that can be
earned. However, he/she can no longer make
contributions to the Plan on those earnings.
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Old-age
MOLDOVA NEW ZEALAND RUSSIAN FEDERATION SERBIA
The law allows the accumulation of an old age For those receiving Married, civil union or de Working pensioners allowed to receive both their No limitations unless pension recipient is
Accumulation with pension with a salary without any reduction of facto couple rate or either of the single rates, salary and their pension in full. working abroad: pension is suspended during
earnings from work the pension there is no reduction due to any other income this period.
from any source, and their entitlement to NZS or
VP is unaffected by income from continued
employment.For those receiving income-tested
payments such as supplementary benefit and
the special Married, civil union or de facto couple
rate, income from continued employment may
affect the rate of payment in these cases.
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Old-age
THE FORMER YUGOSLAV TURKEY UKRAINE
REPUBLIC OF MACEDONIA
Old age pension is suspended if a person Civil Servants first insured before 01.10.2008:If a Full accumulation possible (earnings do not
Accumulation with receives earnings from employment/self- pensioner begins to work again in any affect the pension rate).
earnings from work employment. The person (including self- organization subject to pension fund rules or in
employed persons) can continue to work after the private sector, the pension ceases to be paid
fulfilling the conditions for the old age pension until retirement from this new occupationCivil
but is not entitled to pension during this period. Servants first insured after 01.10.2008:Insured
Increased period of employment may result in after 01.10.2008 same systems as
increased pension amount, which takes into workers.Workers first insured before
account insurance period accrued after 01.10.2008:If an insured person restart work and
retirement and the reference earnings. Additional submits a request in writing, payment of pension
participation period may not be less than a year. will not be suspended. However, a specific
contribution of 30% called ’Social Security
Support Contribution’ will be deducted from
his/her salary. Workers first insured after
01.10.2008:If an insured person restart work, the
pension is suspended.
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Old-age
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Old-age
ALBANIA ARMENIA AUSTRALIA AZERBAIJAN
Taxation and social
contributions
1. Taxation of cash benefits Not subject to taxation. Not subject to taxation. Benefits subject to taxation. No subject to taxation
2. Limit of income for tax relief Not applicable. Not applicable. Tax rebates apply to Old Age Pension as they Not applicable
do to other social security payments. Tax
or tax reduction rebates operate to ensure that no tax is payable
where a person’s only income during the
financial year is their taxable pension or
allowance.
3. Social security None. None. None. None
contributions from pension
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Old-age
BOSNIA AND HERZEGOVINA CANADA CROATIA GEORGIA
Taxation and social
contributions
1. Taxation of cash benefits Federation of BiH and Republika Srpska- Not Subject to taxation. Benefits subject to taxation. Not subject to taxation.
subject to taxationDistrict Brcko- Subject to
taxation
2. Limit of income for tax relief Federation of BiH and Republika Srpska- Old Age Security pension:When net income over ExemptionsIndividual tax exemption for Not applicable.
NoneBrcko District: - Tax relief of 240.00 KM + C$63,511 per year the recipient must repay pensioners: 3,200.00 HRK per month.Dependant
or tax reduction 50.00 KM (life expenditures) and a further pension at a rate of 15% of the amount by which child exemption: depending on number of
120.00KM for each supported member of the their net income exceeds C$63,511. This children - 50% of general exemption amount for
family. The rest of the individual’s income is payment is made through the personal income one child up to 590% for 10th and following
subjected to taxation in amount of 10% tax system. At C$102,865, the pension stops children (general exemption: 1,800.00 HRK per
completely. month).Exemption for disabled persons and for
living with disabled person: 1,800.00 HRK.Extent
of taxation – general system for pensioners
(gross taxable income per month):After reduction
of the tax exemption:15% of the tax base up to
3,600.00 HRK per month,25% of the tax base
between 3,600.00 HRK and 9,000 HRK per
month,35% of the tax base between 9,000 HRK
and 25,200 HRK per month,45% of amounts
exceeding 25,200 HRK per month.
3. Social security Federation of BiH - Recipient of pension 1,2% of None. Pensions exceeding the average national wage None.
benefit for health careRepublika Srpska- in the preceding year (5,108.00 HRK in 2008)
contributions from pension NoneDistrict Brcko- Contributions paid on are decreased by the health insurance
benefits in same way as on wages contribution rate of 3% of the gross amount of
pension.
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Old-age
MOLDOVA NEW ZEALAND RUSSIAN FEDERATION SERBIA
Taxation and social
contributions
1. Taxation of cash benefits Not subject to taxation. NZS and VP are taxable as ordinary income, Not subject to taxation. Not subject to taxation.
with tax being deducted by the Ministry of Social
Development prior to the client receiving
payment. Accommodation Supplement and
Special Needs Grants are non-taxable.
2. Limit of income for tax relief Not applicable. With one minor exception, there is no difference Not applicable. Not applicable.
in tax treatment from any other form of income.
or tax reduction The one exception occurs where somebody
receiving NZS or VP has total taxable income
below $NZ9,500 pa; but since the bottom rate of
NZS is now in excess of $NZ12,000 pa, this
exception has extremely limited application.
3. Social security None. None. None. Pension funds pay 12.3% contribution on
pension, for health insurance of retired person.
contributions from pension
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Old-age
THE FORMER YUGOSLAV TURKEY UKRAINE
REPUBLIC OF MACEDONIA
Taxation and social
contributions
1. Taxation of cash benefits Pensions are subject to taxation. Civil Servants: Not subject to Not subject to taxation.
taxation.Workers:Not subject to taxation.
2. Limit of income for tax relief General taxation rules. No special relief for Civil Servants: not applicable.Workers: not Not applicable.
pensions. applicable.
or tax reduction
3. Social security Pension and Disability Fund pays contributions Civil Servants: none.Workers: A specific None.
for health insurance on behalf of the pensioner. contribution of 30% called “Social Security
contributions from pension Support Contribution” will be deducted from the
pension of insured persons who restarts
working.
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Old-age
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