Greece pension rules: Buying imaginary years for retirement

In Greece, the purchase of imaginary years can serve as a tool for individuals nearing retirement to establish eligibility or increase their pension amounts. Recognizable categories for these years include time for child-rearing, periods of study for obtaining a degree, insurance gaps, and military service for men.

For the private sector and the self-employed, the maximum limit for recognizing imaginary years is seven years in total. For child-rearing, one year is recognized for one child, three years for two children, and five years for three or more children. In the public sector, different rules apply; child-rearing years do not count toward the maximum limit, allowing some public employees to reach up to 12 recognized years.

The cost of purchasing these years depends on the timing of the application and the insured person's status. For private sector employees applying after May 13, 2016, the cost is 20% of the earnings from the last month before the application. For the self-employed, the amount is calculated based on insurance contributions. A 2% discount is available for lump-sum payments for each full year purchased, whereas installment payments via pension deductions do not qualify for the discount.