29 December 2023

What changes will occur with the Reform AHV 21

From 1 January 2024, we have been referring to «reference age» instead of «retirement age» and in written documents to «reference age (ordinary retirement age)». The reference age corresponds to the age at which pensions (1st and 2nd pillar) can be drawn without deductions or supplements.

The reference age for women will be gradually increased until 2028. Women born in 1960 will still retire at the age of 64. The first women whose reference age will be increased are those born in 1961. Women born in 1964 will be the first to reach the reference age at 65 in 2029:

The increase will be made in stages:

Women born in

Reference age for women


64 years (no increase)


64 years + 3 months


64 years + 6 months


64 years + 9 months

From 1964​​

65 years


Opportunities for retirement

A flexible retirement is possible in several steps. In the first step, a reduction of at least 20% of the annual salary must be made. This reduction applies to both a pension and a lump-sum withdrawal. The Substitute Occupational Benefit Institution does not impose any restrictions on the drawing of a pension. However, lump-sum withdrawals can only be made three times. A combination of lump-sum and pension withdrawals is also possible.

Early and deferred retirement (without savings contributions) are possible with certain pension plans. You can find further information here.