2. Who is entitled to old age pension out of the Social Insurance Scheme?
Old age pension is payable to an insured person who completes the pensionable age, which is the age of 65, and satisfies the relevant contribution conditions which are the following: (a) the person concerned has paid contributions for at least 3 years and his insurable earnings are not less than 156 times the weekly amount of the basic insurable earnings and (b) has weekly average of insurable earnings (paid and credited) for the period from 5.10.1964 or from 7.1.1957, whichever is more favourable for the person concerned, or from the contribution year in which he attained the age of 16, to the last completed contribution week before the week in which he reaches pensionable age, equal to at least 25% of the weekly amount of the basic insurable earnings. An insured person, however, is entitled to old age pension at the age of 63 if he satisfies the first contribution condition, mentioned above, and has a weekly average of insurable earnings equal to 70% if the weekly amount of basic insurable earnings. The weekly amount of the basic insurable earnings for the year 2004 is £73,47 per week or £3.820 per year. Based on the above, an insured person who completes today the age of 65 is entitled to old age pension provided that he has paid or credited contributions for at least 10 years from 5.10.1964 or 12 years from 7.1.1957. An insured person however, who completes today the age of 63 is entitled to old age pension if he has paid and credited contributions for 27,5 years contributions from 5.10.1964 or 33 years from 7.1.1957.