PENSIONS IN PORTUGAL
If you work in two or more EEA countries you can combine the state pension contributions paid in each state to qualify for a state pension. Further information can be obtained to your local CRSS office or National Pension Centre as follows:
Centro Nacional de Pensóas
Campo Grande 6
1771 Lisbon
Portugal
Tel: 00 351 21 790 3752
Fax: 00 351 21 790 3788
There is also a special information department for foreign nationals:
Departamento de Relaçôes Internacionais e Convençôes da Seguranç Social
Pua da Junqueira 112
1300 Lisbon
Portugal
Tel: 00 351 21 362 1633
Fax: 00 351 21 363 2725
If you pay into Portugal's national insurance scheme then you will be entitled to a state pension. Because there has been no cap on pension entitlements this has had an adverse effect on the system. Before reforms were introduced in 2002 the maximum state pension was 80% of the final salary. It is now based on the best ten year's salary. As both the major political parties agree the current system is too expensive to sustain they are thinking about extending the retirement age which currently stands at 65 years for both men and women.
The new laws of 2002 enabled people earning more than ten times the national minimum wage of €336 a month to contract out of the state system. For those earning between six and ten times the minimum monthly wage there is a third pillar system to supplement their state pension. Those remaining under the lowest threshold will be fully funded by the state system with entitlements now capped at 45% of earnings.
Portugal needs to introduce some radical reforms to this system and are currently trying to reach agreement on this.
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