The old-age pension is paid to those entitled to it from the moment they reach the age defined as the eligibility age. The pension is paid from that moment for life.

this is usually the retirement age as defined in the Retirement Age Law. The retirement age is the age at which the employee is entitled to retire from his job. On the other hand, mandatory retirement age (67) is an age at which the employer may terminate the employee’s work.

different pension plans allow the retirement date to be brought forward or postponed. In the case of early retirement – the retirement date will be brought forward before the normal retirement age, usually while reducing the pension rate. In the case of a late pension – the retirement date will be postponed after the normal retirement age, usually with an increase to the pension rate.