Paying out

The balance of your pension account is normally paid out as soon as you retire – though not before the month following the one in which you turn 60 years of age, or 62 if you commenced employment after 31 December 2011. If you are of working age and a disability leaves you unable to work or if you die, this will be grounds for early benefits – in these cases, your pension balance will also be paid out.

However, your pension is not paid out automatically. You need to make an informal request for a payout – and that is done most easily by email. To request your payout, email vtpensionsgermany@wtwco.com

Pensions are normally paid out on 31 January of the following year. This usually works out better for your tax. It is not a problem if you would like to be paid out earlier. Simply contact Vantage Towers in good time.

How much will I get?

Your company pension is made up of all the contributions you and Vantage Towers have paid in plus performance-based earnings from the investment funds. You can see your current balance, including investment returns, on the portal at any time.

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Payout options

Depending on your pension balance, your benefits can be paid out as a lump sum, in instalments or as a lifelong pension. You decide which based on your own financial planning.

Lump sum option

Lump sums are the most simple and straightforward option for you. It will be paid out on 31 January of the year following the one during which you retire, which usually benefits your tax.

Instalment option

This option allows you to receive your pension balance in a maximum of ten annual instalments. The instalment amount is calculated by dividing the remaining balance of your pension account by the number of outstanding instalments that remain. If you pass away while these instalments are still being paid out, your surviving dependants will receive the outstanding instalments.

Pension option

You can also opt for a lifelong pension. For this, your capital will be invested in a life insurance policy and converted into monthly pension benefits according to the relevant insurer’s rates. Your pension will increase by one per cent every year. You can also have your surviving dependants included: in the event of your death, your spouse will continue to receive pension payments at a rate of 60 per cent of your pension. However, to finance your surviving dependants, your own pension will decrease.

Risk coverage from Vantage Towers

Excellent protection if you need benefits early

Not only do the Pension Plan and the Risk Plan give you safety for your later years, they also cover you if you are unable to work due to disability or if you die. In the former case, Vantage Towers will pay a monthly disability pension of up to 25 % of your salary to you – and you won’t have to end your employment contract with Vantage Towers. If you die, your surviving dependants will receive your contributions, including performance-based earnings from the investment funds, any entitlements from old Pension Plans and an additional death benefit that amounts to approximately two years' base salary (approximately four for SLT).

More information about risk coverage

About to retire?

What to do next

Your pension balance will not be paid out to you automatically – you have to request it informally. You can make this request up to three months before you retire. The easiest way to do it is to send an email to vtpensionsgermany@wtwco.com

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Making a decision about payouts

Whether you are in your prime working age or about to retire, find out about the most important aspects of your pension balance payout.

Checklist

Here is what you should do:

As soon as possible: if you are unmarried and do not have any children eligible for government benefits for families (Kindergeld), you can also nominate your cohabiting partner as a recipient – simply download the relevant form from the portal and fill it in. Do not forget: you will need to notify us of any changes to your marital or family status.
Three months before retiring: request your payout – you can do it by email without having to complete a form.

Your payout method:

Lump sum, instalment or regular pension? Start thinking in good time about what suits your finances best and what is most important to you. Having capital available? Receiving secure, lifelong payments? Obtaining tax benefits? Choosing yourself who inherits your money? Protecting your partner?
If you opt for a regular pension, decide whether it is with or without benefits for your surviving dependants. Please note: your own pension payment will be reduced if you want to cover your surviving dependants.
Time of payout: do you need your payout before 31 January of the following year?
Time of payout: do you need your payout before 31 January of the following year?

Request payout

Important dates

You can request your payout up to three months before you retire. You will usually receive the balance of your pension account on 31 January of the year following your retirement or the event that qualifies you for early benefits.

Your payout and its implications for tax and social security

The various payout options and times we offer all have a different impact on your tax. Ideally, you should seek advice from your tax adviser or accountant before deciding. More information is available here:

More information about tax and social security deductions