Those who were insured before 1993 are doubly benefited, as by adding notional time, they can create more favorable retirement conditions to retire before 67 or even before 62.
New post-1993 insureds are helped by the notionals to turn 40 and thus lower the retirement age from 67 to 62, also earning a larger pension.
Notional periods are used to fulfill the following pension conditions:
*The 40 years, in all funds at any time from old (up to 1992) and new (from 1/1/1993) insured.
*35 years in IKA, OAEE, ETAA until 2012.
*25 years in the State until 2010.
*The 25 years in the State for 2011 and 2012, as well as the 36 or 37 years after 2012.
*The 21 and 23 years in the State for the parents of three children in the years 2011 and 2012.
*The 25th year until 2012 in DEKO or bank funds for mothers.
*The 5,500 days of insurance until 2012 for mothers with a minor child.
Insured persons of the IKA and other private sector funds should request fictitious years to increase the pension, but also to establish a pension right.
In the State, the insured, since they have established a right with the real pensionable time they have in their service, have the right to recognize fictitious time only for pension supplement.
By adding notional time, policyholders can gain three things:
1. To lower by 5 years the general retirement age limit (to 62 instead of 67) and by 9 years the special age limits such as mothers with a minor for pension with fictitious years to 58 instead of 67.
2. To get an increase in the main pension as the times recognized increase the total insurance time and replacement rates, but also in the auxiliary.
3. To transfer the notionals with a separate application to the supplementary insurance, achieving the award of their supplementary insurance with a higher amount.
The acquisition cost for employees is 20% of the salary during the month of submission of the application or of the last 12 months if there is no stable employment. In cases of unemployment or part-time employment, it is calculated with a contribution of 20% of the minimum wage. With the minimum wage at 830 euros from April 2024, the minimum purchase cost of fictitious time is 166 euros per month for applications from 1/4/2024 onwards.
In the State, for applications submitted from 1/1/2020 onwards, the redemption is made with a contribution of 20% of the salary. For applications as of 31/12/2016, the cost is 6.67%, for 2017 applications the cost is 10%, for 2018 it is 13.34%, and for 2019 16.67%.
For freelancers and farmers each month of recognition costs as much as the monthly contribution for the pension sector.
How to earn as much as 252 euros in retirement
Here are three typical examples of profiting from notional years:
1. Insured with 35 years of insurance and pensionable earnings of 1,580 euros, he will receive a pension of 1,015 euros gross. If he recognizes 2 years, he will come out with 37 years and a pension of 1,095 euros, that is, a profit of 80 euros per month, or 7.9% due to fictitious years.
2. Insured with 37 years of insurance and pensionable earnings of 1,580 euros, he will receive a pension of 1,095 euros gross. If he recognizes 3 years, he will come out with 40 years and a pension of 1,216 euros, i.e. a profit of 121 euros per month or an 11.17% pension increase due to fictitious years.
3. Insured with 37 years of insurance and pensionable earnings of 3,300 euros, he will receive a pension of 1,824 euros gross. If he recognizes 3 years to come out with 40 years, he will get a pension of 2,077 euros, that is, he will retire with a larger pension by 252 euros per month due to fictitious years.
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An extra 3 years for a pension with 15 years
With a special provision of the law, an extra time of up to 3 years with optional insurance was provided for the insured persons who have completed 500 days of insurance in the last 5 years before submitting an application to establish the right to an old-age pension with the minimum conditions. This possibility can be used by those who have exhausted the notional periods and still do not complete the 4,500 days of insurance or 15 years to get a pension. The right to optional insurance for a pension according to the general rule is for those who have completed at least 3,000 days of insurance, at any time or 1,500 days of which 300 in the last 5 years. With the new provision, those who have completed 500 days of insurance in the last 5 years and are missing up to 3 years to complete the 15-year old-age pension will be able to apply for optional pension insurance.
R&D
When is the application made and how are the notional years paid?
The application for notional time recognition can be made now and activated later, closer to retirement. The redemption is advantageous to be done early and in any case to be paid in one lump sum because upheavals are coming that will also affect those who have requested redemptions, but have not paid the full amount.
One-time payment discount
Redemptions can be paid either in one lump sum from the retroactive pension or in installments and withholding of 25% of the pension until payment.
For example, with a notional time purchase cost of €5,000 and a pension of €1,100, the withholding (25%) is €275 per month, which means that for 18 months until the €5,000 is paid out the pension will be €825.
If the payment is made in one lump sum, a discount of 2% is provided for each year recognized, i.e. the 5 notional years if paid in one installment have a discount of 10%.
The 12 categories of fictitious insurance years
| Virtual time category | What is recognized | Method of identification |
| Military service | All the time | Acquisition |
| Parental leave | All the time | |
| Acquisition | Children’s time | 1 to 5 years |
| Acquisition | Sickness allowance | Up to 300 days (200 as of 2010) |
| Free | Unemployment OAED | Up to 300 days (200 as of 2010) |
| Free | Education license (Government) | Up to 2 years |
| Acquisition | Study time | The time of each school |
| Acquisition | Blank Intervals of Unemployment | All the time |
| acquisition | Time of pregnancy and delivery | All the time |
| Free | Strike days | All days |
| Acquisition | Apprenticeship time | Up to 2 years |
| Acquisition | Time before registration OAEE – ETAA | Up to 5 years |
Acquisition
*With 20% of the salary, or with the current monthly contribution for freelancers
| The redemption cost of notional years | TENANTS | ||
| Acquisition cost | Monthly earnings (gross) | 1 month | 12 months |
| 24 months | 830 | 166 | 1.992 |
| 3.984 | 1.400 | 280 | 3.360 |
| 6.720 | 1.900 | 380 | 4.560 |
| 9.120 | 2.300 | 460 | 5.520 |
| 11.040 | 2.800 | 560 | 6.720 |
| 13.440 | 3.500 | 700 | 8.400 |
| 16.800 | EL PROFESSIONALS | ||
| Acquisition cost | Monthly pension contribution 2024 | 3 months | 12 months |
| 24 months | 175,83 | 527,49 | 2.110 |
| 4.220 | 211 | 633 | 2.532 |
| 5.064 | 267,72 | 803,16 | 3.213 |
| 6.425 | 336,91 | 1.010,73 | 4.043 |
| 8.086 | 418,59 | 1.255,77 | 5.023 |
| 10.046 | 567,19 | 1.701,57 | 6.806 |
| 13.613 | FARMERS | ||
| Acquisition cost | Monthly pension contribution 2024 | 3 months | 12 months |
| 24 months | 103,23 | 309,69 | 1.239 |
| 2.478 | 124,78 | 374,34 | 1.497 |
| 2.995 | 157,68 | 473,04 | 1.892 |
| 3.784 | 198,52 | 595,56 | 2.382 |
| 4.764 | 247,30 | 741,9 | 2.968 |
| 5.935 | 334,65 | 1.003,95 | 4.016 |
8.032
| Increases in pensions with fictitious years | Pensionable salary | Pension with 35 years | Pension with 37 years | Increase due to fictitious years | Pension with 36 years | Pension with 38 years | Increase due to fictitious years | Pension with 37 years | Pension with 40 years |
| Increase due to fictitious years | 1.100 € | 837 € | 892 € | 56 € | 864 € | 920 € | 56 € | 892 € | 976 € |
| 84 € | 1.220 € | 881 € | 943 € | 62 € | 912 € | 974 € | 62 € | 943 € | 1.036 € |
| 93 € | 1.340 € | 926 € | 994 € | 68 € | 960 € | 1.028 € | 68 € | 994 € | 1.096 € |
| 103 € | 1.460 € | 971 € | 1.045 € | 74 € | 1.007 € | 1.082 € | 74 € | 1.045 € | 1.156 € |
| 112 € | 1.580 € | 1.016 € | 1.095 € | 80 € | 1.055 € | 1.136 € | 81 € | 1.095 € | 1.216 € |
| 121 € | 1.700 € | 1.060 € | 1.146 € | 86 € | 1.103 € | 1.190 € | 87 € | 1.146 € | 1.276 € |
| 130 € | 1.940 € | 1.150 € | 1.248 € | 98 € | 1.198 € | 1.297 € | 99 € | 1.248 € | 1.396 € |
| 148 € | 2.060 € | 1.195 € | 1.299 € | 104 € | 1.246 € | 1.351 € | 105 € | 1.299 € | 1.456 € |
| 158 € | 2.300 € | 1.284 € | 1.400 € | 116 € | 1.342 € | 1.459 € | 117 € | 1.400 € | 1.576 € |
| 176 € | 3.300 € | 1.657 € | 1.824 € | 167 € | 1.740 € | 1.908 € | 168 € | 1.824 € | 2.077 € |
252 €
Average gross monthly earnings from 2002 to retirement. Gross pension amounts
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