Mars Pension Plan

Death

Coverage in case of death.

With the Mars Pension Plan, your family is also provided for: should something happen to you, your family will be paid a survivor’s benefit. Laws determine exactly who may receive this benefit: spouse, registered common-law partner or children entitled to a child allowance. Background: this benefit is deemed to provide for your immediate family members that live from your salary. Therefore, it is not inheritable.

In case of death before entering retirement, the survivor’s benefit consists of two parts: a benefit from Mars and a benefit based on your own contributions.

The benefit from Mars encompasses paying your spouse or registered common-law partner 60% of your reduced earning capacity pension, which at the time of your death could have theoretically been claimed by you. To find out how the reduced earning capacity pension is calculated, go here. Children entitled to a child allowance receive 20% of the reduced earning capacity pension, if a survivor’s benefit is paid to a partner/ spouse at the same time, or 40% if there is no benefit being paid to a partner/ spouse. As a rule, the benefit will be paid as a monthly pension and increased year on year by 1%.

Then there is the additional survivor’s benefit resulting from the accrued balance of your contributions in Steps 1 to 3: Your family as a minimum will receive double of what you had deposited in contributions so far – and if the value of your contributions has not at least doubled – taking into account interest and Mars contributions in Step 2 – then Mars tops up the amount (the same as with the reduced earning capacity benefit). Here too, we want to provide especially for younger associates who have not yet been able to accumulate substantial assets.

The survivor’s benefit from your own contributions can be paid – same as with the retirement or reduced earning capacity benefits – as a one-off lump sum, in installments or (for an accrued balance over and above 50,000 euro) also as a regular pension. Combining all three payout methods is possible as well.

The benefits described here give your family financial security, should something happen to you during your working life. Even after entering retirement you can provide for the event of death by deciding in favor of a pension that includes survivor’s benefits. To find out more, go to Payout.