Retirement: pension or lump sum - or both?
Retirement savings can be paid out on retirement either in full or in part as a lump sum or as a lifelong pension.
Ordinary retirement age in the Syngenta Pension Fund at present is 65 for men and women. Early retirement is possible from the age of 60. On retirement, the retirement savings may be converted into a pension and taken in whole or in part as a lump sum.
Retirement can be taken in one or more steps (partial retirement).
How is a retirement pension calculated?
The existing retirement savings are converted into a lifelong pension by means of the conversion rate.
Example: retirement age at 65.
Available retirement savings: CHF 600 000
Conversion rate: 5,3%
Annual retirement pension: CHF 600 000 x 5.3% = CHF 31 800
How high is the conversion rate?
The level of the conversion rate depends on the age at retirement.
Is it possible to pay extra contributions to make up for a reduced pension?
If you retire before the age of 65, it is possible to pay extra contributions to make up for the reduction in pension resulting from early retirement.
What are the conditions for a partial retirement?
In the case of partial retirement, the employment contract must be reduced by at least 30 percent. Partial retirement is only possible with the agreement of the employer.
What benefits do I receive in the case of partial retirement?
The retirement savings are split in line with the reduction in the level of employment. The capital selected for the partial retirement may be converted into a pension. It is also possible to take it wholly or in part as a lump sum.
When does a lump-sum option have to be registered?
The Pension Fund must be notified of the decision to opt for a lump sum payment three months before retirement at the latest.
Why is the spouse’s signature needed in the case of a lump-sum payment?
If a lump sum is taken, the co-insured pension of the spouse is also reduced with the retirement pension.
Download the file 'Regulations of Syngenta Pension Fund' and refer to 'Flexible retirement, Art. 11'