What can I do if I want to take early retirement?
If you retire early, the period during which you pay into thee occupational retirement provision scheme is reduced by up to seven years. This leads to noticeably lower retirement provision assets and a smaller pension. You can find the exact value of how much the retirement provision assets differ for regular and early retirement on your pension certificate. Depending on the amount of retirement provision assets, the general financial situation and the demands you place on your own retirement, this decrease is bearable - and you don't have to do anything else for the time being.
However, insured persons have the option of financing their early retirement with a voluntary purchase into the pension fund. Your pension certificate will tell you the maximum amount you can pay in. However, it is important to note that a purchase cannot be undone. If you have exceeded the regulatory benefits goal by more than 5 per cent and still continue to work until regular retirement, your payment will lapse.
Last but not least, there are various tax aspects that need considering when retiring early. We therefore advise insured persons to contact the competent tax authority as well during pension planning.