When your working life is over, your life as a pensioner has only just begun
Retirement
A major stage in your life is coming to a close. When you reach retirement age, your working life is over. A new phase in your life begins. For the pension fund, this means that you change from a customer making contributions to a customer receiving a pension.
Retiring
With BVK, men and women can retire from the age of 59 or work until they turn 70. Discuss when you want to retire with your employer. There are also a number of exceptions, such as for professors, university lecturers, teachers and other selected people. Ask your employer when you are allowed to retire.
In the absence of a special regulation, the pension will be paid out once normal AHV retirement age is reached (65). BVK must receive the application for this well in advance. BVK also offers the option of retiring in stages. Find out more here: Partial retirement.
Before you retire, you should give some thought to your situation and what capital you need. BVK offers a number of different models for drawing your pension.
- «Norm»: the standard pension
- «Dyna»: a more substantial starting pension that falls slowly, levelling out from the age of 75.
- «Kombi»: drawing pension benefits as a lump sum while retaining survivors' benefits
- «Flex»: drawing some or all of your capital as a lump sum
- «Plus»: a higher conversion rate but reduced survivors' benefits
Which one should you choose? Clicking on the blue box in the bottom right-hand corner will take you to the decision-making guide, which will help you choose the right model for your golden years. (here)
Would you like a consultation? Get in touch.
The most important issues relating to retirement
When we retire, we face difficult questions: should we have our savings paid out as a lump sum, receive an annuity until the end of our lives, or choose a mix of the two in the form of a pension model. Find out more
Not every working person is lucky enough to be able to work all the way up to retirement. If this happens after the age of 58 and your employer has not ruled out «age-related dismissal», a pension will be paid out. Find out more
Do you feel like working until the age of 63 is long enough? Not a problem. There are ways for you to retire at any time after turning 60. Find out more
Are you retiring, or being made to retire, early? Bridging benefits can help. Find out more
Pensioners can also emigrate. Find out more
BVK offers the option of retiring in three stages. Find out more
BVK grants its pensioners mortgages for properties they live in themselves on the basis of attractive market conditions.
Frequently asked questions regarding old-age benefits
From age 65, continuation of insurance at BVK is optional. There are exceptions for teachers and professors, for whom continuation of insurance from the end of the school year in which they turn 65 is optional. Would you like to continue the insurance cover and save additional retirement capital? In this case, you and your employer will continue to pay savings and any restructuring contributions on the annual salary that is subject to BVG. The amounts for risk insurance (disability, death) are no longer due.
Please note that continued insurance is only possible if you have agreed to continue working for the same employer.
Would you prefer to forgo continued insurance cover? The contribution payments will be suspended and BVK will determine your retirement benefits. You will then receive a monthly retirement pension (in addition to your salary). Please note that drawing the retirement pension cannot be deferred in this case.
If you would like to waive continued insurance cover, you must inform BVK of this by submitting the form «Waive savings insurance after reaching the normal retirement age» at least 30 days before the desired retirement date.
Please register the desired retirement date with your employer, not BVK. The end of the employment relationship will result in a pension entitlement on the first day of the following month.
The amount of your retirement pension depends on your personal savings capital. Please see your pension fund statement, which we send to you each year. You will find information about your savings capital there. In order to calculate your annual retirement pension, your savings capital at the time of retirement are multiplied by a conversion rate to determine your retirement pension for life. The conversion rate is calculated exactly for whole months and depends on the retirement age and year of birth of the insured person:
In the following circumstances, the conversion rate for the insured person may increase: Insured persons can choose between a higher old-age pension or higher survivor benefits (widow's/widower's pension, orphan's pension, etc.). This does not apply to insured persons who have already partially retired after 1st January 2019 and who are entitled to a pension (conversation rate already selected) or have already made a choice.
If you opt for a higher old-age pension, your savings balance will be at the time of retirement with a higher conversion rate of 4.89% instead of 4.66% (age 65, born 1958). They get a higher annual pension. In return, in the event of death, you will receive a lower survivor benefits. The spouse's pension, for example, then amounts to 1/3 instead of the standard 2/3 of the previous pension, which is paid to the surviving partner. How the amount of the conversion rate affects your personal pension in concrete terms can be playfully simulated on www.mybvk.ch.
You may be entitled to a bridging subsidy. The bridging subsidy is intended to compensate for a missing AHV retirement pension if you retire early. Insured persons who are employed by the canton or whose employer has not excluded payment of a bridging subsidy in their employment contract are entitled to a BVK bridging subsidy.
For more information, please read our explanation in the «Retirement pension bridging subsidy» information sheet.
You will find the necessary application form «Application for lump-sum withdrawal» on our website www.bvk.ch under «Services/Downloads/Formulare».
In addition to the application form, the following documents must also be submitted:
- Unmarried insured persons: current proof of their civil status.
- Insured persons who are married or living in a registered partnership: certified signature of their spouse or registered partner.
The amount corresponding to the buy-in, including interest, may not be drawn as a lump sum (advance withdrawal to purchase a residential property, lump-sum withdrawal upon retirement or cash payment of the termination benefits) for the next three years.
As a rule, personal pension fund buy-ins may be deducted from taxable income. This tax advantage will be retroactively disallowed by the tax authorities if application for a lump-sum withdrawal is made within three calendar years of the buy-in. We recommend that you clarify the tax consequences with the relevant tax authority in a timely manner.
Please note:
All claims against BVK will be reduced in the amount of the lump-sum withdrawal, specifically the entitlement to a bridging subsidy.
At most, retirement can be taken in three steps. Lump sum payments can be requested twice.
In the case of a partial retirement, a retirement pension is paid in proportion to the reduction in insured salary. A bridging subsidy in the amount of the reduction in the level of employment can be drawn if your employer has not excluded payment of a bridging subsidy in the employment contract (see the «Retirement pension bridging subsidy» information sheet).
Information about the AHV contribution requirement and the amount of the AHV contributions is provided by the competent compensation office. Further information can be found in AHV/IV information sheet 2.03 «Nonemployed contributions to Old-Age and Survivors’ Insurance (OASI), Disability Insurance (DI) and Income Compensation Insurance (IC)» at www.ahv-iv.info. BVK will not deduct any AHV contributions from the retirement benefits
Yes. This is subject to the condition that you commence a new job or register with the regional employment office (RAV) as unemployed. The termination benefit will be payable on the date you leave BVK. As a result, all claims to benefits against BVK by the insured person or his or her family no longer apply, including entitlement to a bridging subsidy (see «Retirement pension bridging subsidy» information sheet).
After BVK receives notification from your employer that you have resigned, BVK will send you the retirement pension application form. Please request the «Application for termination benefits» as well. The application to draw the termination benefits must be submitted to BVK in writing.
Yes, from the perspective of the pension fund it is possible to work again after taking early retirement. However, from a certain minimum income pension fund insurance is generally required again.