The payout of their supplementary pension benefits is a significant event in the life of your staff members. As an employer, you no longer have to notify AG when you know that a staff member will be retiring. The Federal Pensions Service (FPS) now provides AG with all the necessary information so that we can start the process of releasing the group insurance entitlements.
You can still help them out with all the formalities. So why not take a look at our step-by-step details on how to claim supplementary pension entitlements?
Do you have to notify AG when a staff member will be retiring?
As indicated above, you do not need to report your staff member's retirement date to AG. The Federal Pensions Service (FPS) now sends the retirement date to AG directly, which automatically triggers the payment process.
You will receive an e-mail of AG if the FPS informs us of the retirement date of at least one of your employees.
Once the process has been initiated, you can review the steps below to find out what your staff members need to do next.
What steps do your staff members need to take to collect their supplementary pension benefits?
1. Your staff members will receive various forms from AG to fill out
Your employees will receive a letter from us covering all of the plans they have with AG (i.e. both active and dormant plans) at the earliest two and a half months before their retirement date. In this letter, we will request certain types of information such as the bank account number to use to make the payment.
There are two ways to provide AG with this information:
- via our My Global Benefits platform: this is by far the easiest and most efficient option
- by e-mail or by ordinary mail
Need more information about the process for claiming supplementary pension benefits? Be sure to take a look at our key moment "The time has come for one of your staff members to cash out of your group insurance plan."
2. When will AG release the supplementary pension benefits?
Once we have all the information we need, we will double-check it and, in some cases, ask for additional details.
If we receive all the correct information three weeks before the retirement date, we will pay the supplementary pension proceeds into your staff member's bank account in the month following his/her departure date at the latest.
Want to help your staff members navigate the process of claiming their supplementary pension benefits?
Encourage them to log on to My Global Benefits, where they can already check the many FAQs about their supplementary pension payout. When they are ready to retire, they can also claim payment of their supplementary pension benefits online via My Global Benefits. Want to help your staff members with their request for payment? Take a look at our handy guide where we give you step-by-step details on the payment of supplementary pension benefits.