You can withdraw your vested benefits held in a vested benefits account subject to certain conditions.
You can withdraw your vested benefits no more than five years before reaching the statutory retirement age (currently 64 for women [in future 65] and 65 for men) but also no more than five years afterwards. However, under certain circumstances you may also use your vested benefits for other purposes. When you can withdraw your vested benefits is regulated by law and is explained below.
If you want to make a withdrawal from your vested benefits account, you must always send us a copy of your identity document and, where applicable, that of your spouse or registered partner. Additional documents which may be required depend on the reason for the withdrawal and are listed in the lump-sum withdrawal form.
If the pension assets are in your vested benefits account, you don’t have to pay tax on them. If you withdraw your assets, you will be subject to capital gains tax. The capital here is taxed separately from other income at a reduced rate. If capital withdrawals are made from the 2nd and 3rd pillars in the same year, they are added together. It is therefore worthwhile not to withdraw everything in one year and to plan a staggered withdrawal. According to the law, you may hold up to two vested benefits accounts at the same time. However, splitting your benefits into two accounts is only permitted when leaving the pension fund, and is not permitted afterwards.
You can open your vested benefits account quickly and easily in frankly Web – entirely online and without any paperwork. Register online now and get started immediately.
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