Retirement can begin between the ages of 60 and 80. The pension is independent of other income and is paid monthly for the rest of one’s life in accordance with one’s rights. Unlike private pension savings, retirement pensions do not involve a specific amount that has been saved, but rather are based on the entitlements that people earn over the course of their working lives.
The general retirement age is 67 years. If pensions are withdrawn earlier, they will be distributed over a longer period based on life expectancy, and the monthly payments will decrease correspondingly. Similarly, the monthly payout increases if payments begin after age 67.
Fund members can receive pension payments concurrently with continued employment on the labour market.
Entitlement to retirement pension may be available with more than one pension fund. It is usually sufficient to apply for the payment of a pension from the fund into which the latest payments were made. The application is then sent from the relevant pension fund to other parties if requested.
The application for retirement pension must be sent to Gildi on the 20th of the month if the first pension payment is requested at the end of the following month.
Retirement pension is an allowance that people receive from social security or pension funds when they reach a certain age. It is paid until the end of life, and the amount from the pension fund is determined by the premiums paid by the fund member during their working life and by the fund’s performance.
The amount of retirement pension depends on when receipt of the pension starts. Thus, a person who starts receiving a pension at 60 years of age receives a 44.64% lower amount paid per month than a person who starts receiving a pension at 67 years of age. However, a person who receives a pension at the age of 70 receives a 25.08% higher amount per month than a person who receives a pension at the age of 67.
Here you can see the increase/decrease in pension depending on when you start receiving it:
Age - total decrease:
| Decrease: |
| 7.1% |
| 13.5% |
| 18.9% |
| 23.9% |
| 28.5% |
| 32.7% |
| 36.5% |
Age - total increase:
| Increase: |
| 7.9% |
| 16.6% |
| 26.4% |
| 37.5% |
| 49.9% |
| 64.1% |
| 80.3% |
| 98.9% |
| 120.5% |
| 145.6% |
| 175.2% |
| 210.2% |
Entitlement to retirement pension may be available with more than one pension fund. It is usually sufficient to apply for the payment of a pension from the fund into which the latest payments were made. That fund’s employees are responsible for communicating that information to other funds as appropriate.
In the Pension Portal on Gildi’s fund member website, you can see the rights you have earned in mutual insurance funds that have been paid into.
It is usually sufficient to apply for the payment of a pension from the fund into which the latest payments were made. If the fund member has rights in other pension funds, the application is sent to the relevant parties if requested.
Attention is drawn to the fact that in the pension portal, you can find information about pension rights in other funds, with the exception of private pension savings. You can view the pension portal on Gildi’s fund members website.