How to Retire with Less Than 10 Years of Contributions

Can You Retire with Less Than 10 Years of Work?

Yes, it is possible to retire with under 10 years of contributions, though access to this option is restricted to certain categories of workers.

Typically, the minimum required contributions to qualify for retirement stand at 20 years, which is a prerequisite for old-age pension at the age of 67.
These contributions can be mandatory, as well as figurative, voluntary, or redeemed, making it essential to reach 20 years, which in some limited cases may be reduced to 15 years.

So how can one retire with just 10 years of contributions? There are certain pathways available for those who started working after January 1, 1996, or can utilize the option known as computing in the Separately Managed Fund.

When 10 Years of Contributions Suffice

For individuals who paid all their contributions after January 1, 1996, there exists a contributory old-age pension option allowing retirement after just 5 years of contributions, although a higher age requirement of 71 years is necessary.

Equally, those who began working before January 1, 1996, could also qualify for old-age pension under specific conditions related to the separate management fund.

Pension for Domestic Workers

Members of the Domestic Workers Fund can retire with only 5 years of contributions, gaining entitlement at age 57 if the pension amount is at least 1.2 times the social allowance value.

Pension for Professional Funds

Various professionals may also secure a pension with just 10 years of contributions.
For instance, psychologists and other professional fund members can retire with just 5 years at age 65.

What If You Don’t Fit These Categories?

If you don’t fall into one of the mentioned categories, retirement with 10 years of contributions is not feasible.
Options include giving up the pension and applying for assistance or increasing your contributions to reach the necessary years required.