Standard retirement age for receiving retirement benefits
For members born on or after January 1, 1950, the standard retirement age for receiving old-age pension benefits is raised by two calendar months per year of birth until the age of 67:
- Members born in 1950 reach the standard retirement age at 65 years and 2 months,
- for those born in 1951, it is 65 years and 4 months,
and so on, until the maximum standard retirement age of 67 years is reached. This applies to all members born in 1961 or later.
Note: The calculation and payment of pension benefits can only take place after all documents have been received and the final settlement of the contribution account has been completed, provided that the account is in good standing.
For employed members, this means:
- The electronic employer reports must be correct and complete.
- The corresponding payments must have been received in full in the member’s account with the Saxon Medical Pension Fund.
1. Mandatory retirement pension
Members are eligible to receive a mandatory retirement pension once they reach the standard retirement age (67 for those born in 1961 or later). We will send you the application materials well in advance. The application must be submitted no later than three months after reaching the standard retirement age. Contributions to the pension fund are no longer required once you begin receiving your pension.
2. Early retirement benefits
You are eligible for early retirement benefits starting at age 62, but with reductions. For each full calendar month that you take early retirement before reaching the standard retirement age, your benefit will be reduced by 0.4%. Once you begin receiving your pension, we will no longer collect contributions. Therefore, the decision to take early retirement benefits is final.
3. Deferred retirement benefits
If you wish to continue working, you may defer your retirement until you reach the age of 70 at the latest and apply for a deferred
old-age pension. To compensate for the delayed start of benefits, the old-age pension increases by 0.6% for each full calendar month that you defer receiving it. We need to receive your application documents before your desired pension start date.
Different retirement ages under the German Federal Pension Insurance Scheme
For members of the Saxon Medical Pension Fund born between 1957 and 1963 who also have pension entitlements with the German Pension Insurance (DRV), different retirement ages apply under the two pension systems. Watch the video to learn more.