Pensions abroad, how does it work?

Greece

The Greek pension system consists of three parts: public pensions, occupational pensions (offered by some employers) and private savings. If you work in Greece, both you and your employer pay into the public pension system. You need to have paid contributions for around 40 years to receive the full benefits. But there's good news if you want to travel around the EU: the Greek system works with other EU countries, so contributions apply across borders. While the state pension is independent of where you work, the additional benefits from the company pension can vary depending on your employer. And remember, it is always smart to have some private savings on the side.

Portugal

The Portuguese pension system includes the state social security system, optional occupational pensions and personal savings plans. The state pension depends on how much you earn and have paid in, then you can retire around 66. If you have worked in different EU countries, your contributions can be combined to provide you with a pension. Statutory pension insurance benefits are the same for all employers, but the additional benefits provided by occupational pensions may differ. To be prepared for the future, we advise adding private savings to your plan.

Spain

Spain offers a mandatory state pension as well as optional occupational pensions and private savings plans. The state pension depends on how long you have worked and what you have earned, with full benefits being paid after around 37 years of contributions. The retirement age is around 65. In Spain, you can also combine contributions from other EU countries. State pensions are the same regardless of employer, but occupational pensions can vary. As pension systems can change, it is smart to build up additional savings so that you don't miss out on your retirement.

Malta

Malta has a public pension system, optional occupational pensions and private pension plans. The amount of the public pension depends on how long you have contributed and how high your salary is. As a rule, you will receive full benefits after 35 years of contributions. The Maltese pension system recognizes contributions made in other EU countries, so you won't suffer any disadvantages if you move. State pensions are standardized, but occupational pensions can vary depending on your profession. To be prepared for future changes, make sure you save up some money!

Bulgaria

The Bulgarian pension system includes a state pension, compulsory occupational pensions for certain professions and private pension plans. The state pension depends on how long you have worked and your average earnings. You have to prove around 40 years of contributions to receive the full benefits. The Bulgarian system works together with other EU countries, so your contributions add up regardless of which country you work from. State pensions are the same for all employers, while occupational pensions can vary. As in the other countries, it’s best to have additional savings in order to be well provided for when you retire.

Understanding how pensions abroad work can help you make informed decisions about your career and retirement plans abroad. Each country offers unique benefits and systems that can work together across borders, making your contributions count no matter where you go. When you apply for a job abroad via Yobbers, you get your own Relocation Expert, making sure you’re advised on all topics like this! 

If you’re ready to explore new opportunities and start building your future in one of these beautiful countries, check out our vacancies for Greece, Portugal, Spain, Malta, or Bulgaria, and let us help you take the next step in your international career journey! ✈️🌍