Cyprus
Worked in Cyprus? Any pension you built up here is yours to keep and can usually be paid to you abroad — but you have to claim it; it won't start automatically. The full state pension age is 65, with early access from 63. On totalization, Cyprus has bilateral totalization agreements, so the years you worked here may combine with other countries you've worked in. Below is Cyprus's system at a glance and what expats should check.
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Overview
Cyprus operates a mandatory General Social Insurance Scheme (GSIS) under Social Insurance Law 59(I)/2010, providing earnings-related old-age, invalidity, and survivors' pensions on a PAYG basis, financed tripartitely by employees (8.8%), employers (8.8%), and the state (5.2%). The statutory retirement age is 65, with early retirement available at 63 subject to a permanent 12% actuarial reduction. The 2026 annual insurable earnings cap is €68,904 (up from €66,612 in 2025). A 13th monthly pension instalment is paid each December. From January 2026, the full basic pension is €529.82/month and the minimum pension is €450.35/month, following a 3.38% increase in the basic component.
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The second pillar comprises the Government Employees Pension Scheme (GEPS — closed to new entrants since October 2011), occupational pension funds for semi-government bodies, and private-sector provident funds (defined contribution, lump-sum on exit). Provident funds are the dominant supplementary vehicle in the private sector, covering an estimated 22% of the workforce, with joint employee-employer contributions typically around 5–10% of earnings. The third pillar consists of voluntary private pension plans and individual savings products regulated under the IORP II Directive.
A comprehensive pension reform of the first pillar is at an advanced stage. The government's draft bill was finalised in early August 2026 and sent to social partners (trade unions and employers) for consultation, with two Labour Advisory Board meetings scheduled for August 19 and 28. The bill is intended to be submitted to parliament by September 20, 2026, with the first measures targeted to come into force on January 1, 2027. Key proposals include redesigning the basic pension as a fixed per-month-of-registration amount (ranging from €1.1 at age 63 to €1.5 at age 67), raising minimum pensions, and reducing (but not abolishing) the 12% early-retirement penalty. The government has confirmed no increase in the statutory retirement age or contribution rates. The 2026 tax reform (in force from January 1, 2026) raised the foreign pension flat-rate threshold from €3,420 to €5,000, with a flat 5% applying on amounts above that threshold.
~37–41% for average earner under current system (reform proposals target 64–66%)
Pillar 1: General Social Insurance Scheme (GSIS) — mandatory, PAYG, defined benefit; Pillar 2: GEPS (closed DB scheme for pre-2011 civil servants) + occupational provident/pension funds (DC, private sector); Pillar 3: Voluntary private pension plans and individual savings (IORPs, life insurer plans)
Bismarckian (earnings-related, contributory PAYG)
Employee
8.8
Employer
8.8
Self-Employed
16.6
Notes
Rates effective 1 January 2024 under Social Insurance Law 59(I)/2010 as amended. Total employee+employer+state rate: 22.8% (8.8% + 8.8% + 5.2%). Self-employed total: 21.8% (16.6% + 5.2% state). Voluntary contributors: 19.7% total (15% contributor + 4.7% state). The 8.8% rate applies for both employee and employer from 1 January 2024 for five years; thereafter rates increase every five years, reaching 10.3–10.7% (employees/employers) and 19.6–20.4% (self-employed) by 1 January 2039, subject to actuarial studies. 2026 annual insurable earnings cap: €68,904 (monthly: €5,742; weekly: €1,325) — up from €66,612 in 2025. Social Cohesion Fund: additional 2% employer on total emoluments (no cap). Redundancy Fund: 1.2% employer. Industrial Training Fund: 0.5% employer. GeSY (national health): 2.65% employee / 2.90% employer / 4.00% self-employed on earnings/pensions up to €180,000/year.
Common questions
What is the retirement age in Cyprus?
The full state pension age in Cyprus is 65. Early retirement may be possible from 63. Deferring can raise your pension up to age 68.
Can I claim a Cyprus pension if I live abroad?
Yes. A pension you've earned in Cyprus stays yours wherever you retire, and can usually be paid into an overseas account once you reach pension age. It won't start automatically, though — you need to claim it, typically a few months in advance, through Cyprus's pension authority.
Do totalization agreements affect my Cyprus pension?
Cyprus has bilateral social-security (totalization) agreements. These can let you combine the years you worked in Cyprus with years in partner countries to meet a minimum qualifying period, so short stints aren't wasted. Which partners and rules apply depends on your own work history.
How is the pension system structured in Cyprus?
Bismarckian (earnings-related, contributory PAYG) Pillar 1: General Social Insurance Scheme (GSIS) — mandatory, PAYG, defined benefit; Pillar 2: GEPS (closed DB scheme for pre-2011 civil servants) + occupational provident/pension funds (DC, private sector); Pillar 3: Voluntary private pension plans and individual savings (IORPs, life insurer plans) It includes 8 schemes in our directory.
How do I get a copy of my Cyprus pension record?
Ask Social Insurance Services (gov.cy) for your Κατάσταση Ασφαλιστικού Λογαριασμού (the Social insurance contribution statement). It's free and you can request it yourself — our step-by-step guide on this page walks through the portal, what to have ready, and what to do if the login fails.