2021 Pension Fund regulations
All regulations applicable to 2021 have been published on the website and can be found in the "Download" section. The Pension Fund regulations in particular contain some important new changes.
New changes to the 2021 Pension Fund regulations:
Contribution selection
In the past, insured were able to choose their contribution option – either Basic, Standard, or Top – once a year. It is now possible for insured to determine the amount of the employee savings contribution on a monthly basis (Art. 37(5)).
Voluntary purchases
The final date for voluntary purchases in each calendar year was previously December 1. Insured can now make purchases up to the last bank working day of the calendar year in question (Art. 41(8)). This new regulation is already applicable for 2020.
Due to a regulatory change initiated by the Occupational Pension Supervisory Commission (OPSC), the purchasing options for retirement capital savings will decrease slightly from 2021. Purchasing options for pension capital savings remain the same.
Improvements for cohabiting partners
Cohabiting partners with shared dependent children no longer need to have lived together for five years in order to be entitled to survivors' benefits (Art. 60(2c)).
Continued insurance following termination of the employment relationship by the employer
Insured aged 55 and above whose employment relationship has been terminated by the employer have the option to continue their insurance with the Pension Fund (Art. 18).
Continuation of pension coverage (MyPartTime 58+)
The new MyPartTime 58+ working model has been in force since July 1, 2020. Insured aged 58 and above who reduce their level of employment can request that their pension coverage continue to be based on the salary that was being paid prior to the reduction (Art. 36). The salary may not be reduced by more than 50% and the employer will pay a maximum of 30% of the contributions.