The retirement pension, in Faroese Fólkapensjón, consists of a basic amount and a potential supplement. Almannaverkið administers the retirement pension - see the link to their website under quick links.
If you meet the requirements, you will ordinarily become eligible to receive the retirement pension when you turn 67.
The requirements are:
- that you are a Danish citizen or your spouse or your last spouse was a Danish citizen
- that you permanently reside in the Faroe Islands or are employed onboard a Faroese ship
- that you have had a permanent residence in the Danish Kingdom for at least 3 years while between the ages of 15 and 67.
All three requirements must be met. Other conditions or exceptions may apply, contact Almannaverkið to see if you meet the requirements.
You cannot contribute to a work-related pension scheme when you reach pension age and receive the retirement pension. However, if you wish to do so, you can contribute to a private pension saving.
If you are still working after reaching the Faroese state pension age, your employer must pay out the money intended for your pension along with your normal wages.
If you are unsure of whether you qualify for receiving the retirement pension, or if you have other questions, you must contact Almannaverkið. See their website under quick links.