Old Age pension

The following insurants are entitled to old age pension in 2018:

Men:

  • Aged 65 and above with at least 15 years of pensionable service
  • Having at least 40 years of pensionable service and aged at least 57 years (Early old age pension)

Women:

  • Aged 62 years and above with at least 15 years of pensionable service
  • Having at least 38 years of pensionable service and aged at least 56 years and four months (Early old age pension)

Both men and women with 45 years of pensionable service, regardless of age.

In 2014 the old age limit shall be decreased to 54 years and four months for workers with accelerated service periods for retirement:

  1. for each five years spent at work for which effective 12 months of work are counted as a 14-month insurance period;
  2. for each four years spent at work for which effective 12 months of work are counted as a 15-month insurance period;
  3. for each three years spent at work for which effective 12 months of work are counted as a 16-month insurance period;
  4. for each period of one year and six months spent at work for which effective 12 months of work are counted as an 18-month insurance period.

Old age limit can be further decreased to the minimum of 50 years of age for insurants with jobs to which a 12/18 service acceleration rate applies.

IMPORTANT NOTES

  • Only the service years with paid contributions are recognized, so please check your M-4 form in a timely manner (web services). Service years and salary data listings can also be obtained in Fund offices free of charge with an identity card.
  • If you meet the minimum pension conditions but your total pensionable service has not yet been settled, you will be given a provisional decision, and the final decision will be made once all contributions have been settled.
  • If you worked abroad, including the former Yugoslav republics, the right to that part of pension will be determined in accordance with the respective country regulations.
  • Regulations specify a two-month time period for making the decision.
  • You can receive pension to your bank account, to your home address (for home address payments, the amount will be reduced by the amount of postal expenses), at the delivery post office counter (without payment-related costs), to the account of the institution where the user resides, to a foreign currency account (for users whose place of residence is outside the territory of the Republic of Serbia) and through authorized persons (authorization is valid for one year and it is renewable).
  • The retiree should report each address change or any other relevant change to the Fund.
  • An old age pension user may, without limitation, re-enter insurance (get re-employed) per work contract, service contract and/or author contract and receive pension.
  • A pension user who has been performing work as a re-employed person or self-employed individual for at least 12 months is entitled to have his/her pension re-calculated.
  • For self-employed individuals who have not settled all pension contributions, the pension amount is decreased by one third until all obligations have been settled. This also applies to farmers and individual contribution payers (pursuant to Article 15 of the Law on Pension and Disability Insurance).
  • Farmers may request insurance suspension due to illness.
  • Pension calculation includes all salaries received from 1 January 1970.