Retirement age
The retirement age corresponds to the OASI retirement age, i.e. 65 years of age for men and 64 years of age for women. 

Retirement
The normal retirement age is specified in the pension plan. It corresponds to the age at which the retirement benefits are automatically paid out unless the employee in question makes a declaration to the contrary.

Old-age pension
The pension annuity is arrived at by converting the old-age credit balance at the corresponding age, applying the conversion rates.
The conversion rates can be found here.

Your anticipated old-age benefits (pension / capital) are shown on your insurance certificate. However, this is only a provisional summary of your expected benefits. It cannot be taken as a basis for any legal claims. The benefits are based on the Pension Fund Regulations applicable at the given time.

Voluntary contributions to the pension fund will improve your old-age benefits but are subject to certain restrictions. You can read more about this here.

Lump sum payment
Deadline for notification: 3 months before retirement
When you reach retirement age, you can opt for all or part of the pension to be paid out in a lump sum. There is a deadline of 3 months before retirement by which you need to express a preference for a lump sum payment. The old-age pension and the other insurance benefits will be reduced accordingly if a lump sum is withdrawn. The lump sum will be remitted within 10 days of taking retirement. You can use form P "Notice of Retirement" to specify the amount you would like. If you are married or living in a registered partnership, the Notice of Retirement must be co-signed by your spouse or registered partner. The notice must be accompanied by a clearly legible copy of an official form of identification of the spouse or registered partner (passport, identity card, driving licence, foreign national identity card). We reserve the right to ask for the signature to be legally authenticated, if need be. 

Retirement-linked children’s pension
A person drawing an old-age pension is entitled to a pension for every child still under the age of 18. Moreover, the children’s pension entitlement lasts until the age of 25 if documentary evidence is provided that the child is still in education or training or is at least 70% disabled. The children’s pension for each child eligible for the benefit is 1/6 of the old-age pension. 

Partial retirement
If an active insured person reaches an agreement with their employer whereby they are permitted to reduce their workload by at least 20% of a full-time position after they turn 58 but before reaching the normal retirement age, they can request partial retirement. The remaining workload must amount to at least 20% of a full-time position and the salary may not be lower than the minimum salary required for insurance cover. A maximum of two such partial retirement steps may be taken.

Payment
Pensions: Pension payments are made monthly on the 10th day of each month or on the preceding bank working day.
The pension is paid in full for the month in which the entitlement expires.

Lump sum payments: The lump sum payments are made excluding interest within 30 days of their due date insofar as we have received the necessary information.

What now?
Would you like a provisional forecast of your old-age benefits at a specific date? Please make your request known to us by email or over the telephone. 

We must be notified of the intention to take retirement via form P at least 3 month before retirement. If notification is received later, it can lead to delays in processing the paperwork. 

Tips: 

• Prepare for your retirement in good time! Planning is best started years before retirement. Speak to your insurance broker or bank advisor and, in due course, speak to your superiors and the personnel department in your undertaking.
• Find out about seminars on preparing for retirement.
• A flexible retirement scheme allows you to decide when you want to retire.
• Talk to your employer and take the option of partial retirement.
• Use the option of making additional voluntary contributions to the pension fund. Improve your old-age benefits or vested pension benefits in this way. You will also be eligible for tax relief!