Pension plans leak out Even higher earners can retire at 63 at the earliest
Retire at 58? This should also be the end for high earners. The Federal Council only wants to release pension fund assets from 63 in future - for everyone. In return, working past 65 will become more attractive.
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- The Federal Council wants to allow early withdrawal of pension fund and third-pillar benefits only from the age of 63.
- Exceptions will remain in the case of early retirement due to redundancy.
- At the same time, continuing to work beyond the age of 65 is to be encouraged by making it easier to continue insurance in the second pillar.
Taking early retirement is something that high earners in particular can afford, ideally retiring at the age of 58. However, the Federal Council wants to put an end to this: In future, it should be possible to draw benefits from the pension fund and the third pillar from the age of 63 at the earliest, reports the Tages-Anzeiger newspaper, citing internal documents relating to the office consultation.
The Federal Council had already approved corresponding plans by Social Affairs Minister Elisabeth Baume-Schneider in November. Details have now become known. It was unclear, for example, whether the new age limit would only apply to mandatory pension fund savings or also to capital in excess of this. If so, high earners would still be able to afford to retire at the age of 58.
Early retirement the same for everyone
The Federal Council is now apparently putting a stop to this. There should be no two-tier society when it comes to early retirement. The Federal Social Insurance Office confirmed to the Tages-Anzeiger newspaper that pension fund benefits can only be drawn from 63 onwards, regardless of whether this is from compulsory savings or from extra-mandatory capital, and expects resistance from the conservative camp.
Exceptions will continue to be made in the case of early retirement due to redundancy: However, the minimum retirement age will increase from 58 to 60. In the construction industry, early retirement should still be allowed at 60.
Continued insurance in the second pillar
While early retirement is to be made more difficult, the Federal Council also wants to promote continued employment for people over 65 - without raising the retirement age. Anyone who wants to continue working after reaching retirement age should be able to continue to insure themselves in the second pillar in future.
Pension funds should now be obliged to do so. Until now, continued insurance was only possible up to the age of 70 and only if it was provided for in the pension fund regulations. This proposal has met with bipartisan approval. FDP National Councillor Andri Silberschmidt has submitted a proposal along the same lines.
The motion, supported by MPs from the SP, Center Party, GLP and SVP, demands that second pillar insurance should continue automatically if employees work longer. Previously, this had to be announced in good time, which Silberschmidt sees as an "outdated way of thinking". It should also be possible to re-enter the second pillar. However, unlike the Federal Council's proposal, the measures should not be mandatory for pension funds, but should only take effect if they are covered by the regulations.
