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As soon as you retire, you can decide how you want to draw your retirement benefits under the 2nd pillar; in other words, your pension fund benefits. You can decide between a lump-sum payment, a lifelong retirement annuity, or a hybrid form. If a retirement pension in the form of an annuity is chosen, a partner pension amounting to 60 percent of the retirement pension is generally also insured, with this being paid out in accordance with the occupational benefits fund regulations in the event of death.
If the recipient of a retirement pension dies, the partner is entitled to a partner pension under the 2nd pillar provided the requirements set out in the occupational benefits fund regulations are met. In the event of death, the partner pension then replaces the retirement pension that has been paid out until that point and is in turn paid out to the surviving partner.
With the AXA Foundation for Supplementary Benefits, from 2025 you will have the option of adjusting the amount of your retirement pension/partner pension in line with your particular circumstances and financial means.
The pension plan generally stipulates that the partner pension amounts to 60 percent of the retirement pension paid out to the deceased. The respective employer sets out the pension plan for their employees. You can deviate from this standard option and adjust the amount of the partner pension, which will have an effect on the amount of your own pension.
Everyone has to decide for themselves what the best option is for them. This is a very personal decision, and one which depends on a number of factors. Key elements are, for example, whether you are living in a partnership or not and what the overall financial situation looks like.
Single people often choose the “maximum retirement pension” option with a reduced partner pension, since they have no-one they need to take into consideration when they retire and can thus set the maximum level for their own retirement pension.
Many insured members whose partners are financially independent increase their own pension and reduce their partner’s pension in the event of death to allow them to benefit from a higher pension inter vivos. Should they die, their partner then does not receive a partner pension.
In situations where the partner has no 2nd pillar provision of their own and financial means are also somewhat tight, many insured members choose to put better protection in place for their partner. They do this by selecting the “maximum partner pension” option, themselves accepting a lower retirement pension in return.
This is a decision you will take just before you retire, at the point when you are also deciding which form you want to draw your retirement benefit in (lump sum, annuity, or hybrid).
You can notify us of the option you select when you register for retirement.
If you choose to withdraw the full amount in a lump sum, there will be no partner pension, so no decision has to be taken as regards the amount for this.
