Retirement
The various retirement options that are open to you are listed below.
Regular Retirement At The Final Age Of 65
The entitlement to retirement benefits arises upon termination of the employment relationship due to retirement (age 65) and expires at the end of the month of death.
The amount of the retirement pension is determined by the retirement savings available at the final age, less any lump-sum withdrawal, and the conversion rate.
Voluntary Early Retirement
Voluntary early retirement is possible from the age of 58 and presupposes the end of the employment relationship. The Pension Fund must be informed in writing of the intention to retire in accordance with the notice period under the employment contract, but at least three months before the intended retirement date.
Insureds may take regular or early retirement only with effect from the end of a month.
Reduction In Working Hours From Age 58
Insured persons whose applicable salary is reduced by no more than half after the age of 58 may continue to insure their previous salary, but at the latest until retirement age. The employer will cover both the employer’s and employee’s contributions on the portion of the salary that is lost due to the reduction of the applicable annual salary.
However, continuing to insure the previous salary excludes the possibility of partial retirement (pension payments).
A second reduction of the applicable annual salary is also possible, but at most to half of the original applicable annual salary.
If you wish to make use of this option, please discuss it with your supervisor and contact us for the administrative processing.
Continued Insurance Beyond The Final Age Of 65
If the insured remains employed by the company even after they have reached the final age, they remain insured up to the end of their employment relationship, but no longer than their 70th birthday. At this age, you can take partial retirement if you decide to reduce your working hours.
Partial Retirement
Partial retirement is possible from the age of 58 and presupposes a reduction in the contractual hours worked by the insured, in agreement with the company.
A partial retirement is possible with us in up to three stages. For a partial retirement step to be valid, you must reduce your salary by at least 20% for a minimum of one year. You have full flexibility at each of these stages: you can choose to draw the respective retirement assets as a pension or have them paid out, in whole or in part, as a lump-sum capital payment.
If you reduce your working hours and are not dependant on benefits from the Pension Fund, you might be eligible to remain insured up to the level of your current insured salary. For more information, please refer to the section on reducing working hours from age 58.
Lump Sum Or Regular Pension
If an insured terminates their employment relationship after the age of 58, they may withdraw some or all of their accrued retirement assets as a lump sum. If this is what you wish to do, you must inform the Pension Fund in writing at least three months before the date of retirement. If you are married, you may only withdraw a lump sum if your spouse has given their written consent, and their signature has been officially notarised.
AHV Bridging Pension
If they are not yet eligible to draw an AHV retirement pension, and providing the accrued retirement assets are sufficient, recipients of a retirement pension may apply to receive an AHV bridging pension amounting to no more than the AHV retirement pension.
If you claim an AHV bridging pension, the retirement assets that you have available at regular retirement age will be reduced, which will also lower your retirement pension and the other benefits that are insured with it.
Pensioner’s Child’s Pensions
Recipients of retirement pensions are entitled to a child's pension for each child who would be entitled to an orphan's pension in the event of the insured's death. Children who are still in education can continue to claim a pension up to their 25th birthday. The term "children" refers to both biological and adopted children, as well as foster children who are entitled to receive pension benefits under AHV/IV regulations.
For further provisions governing the retirement options described above, please refer to Article 11 of the Pension Fund Rules – "Retirement Benefits"