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Q: What is the 60% maximum pension right?

A: Under the new Pensions Act (Act 766), you can earn a pension right up to a maximum value of 60% or 0.60 (which is equivalent to 420 months of social security contribution payments in total). In other words, the highest a retiree can be paid is around 60% of your average best salary while working. 

The amount of your monthly pension at retirement is based on the following key parameters:  

  • Age at Retirement (i.e., Full or Reduced Pension)  
  • Earnings/Salaries on which contributions were paid  
  • Actual total number of months of social security contribution payments to the scheme prior to retirement.