Now that we know a new pension plan is on its way, we often get asked, “When's the best time for me to retire?” Unfortunately, there's no clear-cut answer to that question. But we can give you some tips.

In general, the advantage of working longer is that your pension will be higher. If you retire early or part-time, you will ultimately accrue less pension and the pension will have to be paid out over a longer period. This means that your monthly pension will be lower.

Looking at the upcoming new plan, it is not yet clear what this will mean for everyone personally. This will only become clear in the last quarter before the new plan comes into effect. If you are a member in the ARP/ASP plan, your pension will remain with Mars Pension Fund, because in the new pension plan, Mars Pension Fund will pay out the pensions.

This means you will no longer need to go to an external party to purchase your pension. Until the transition to the new plan, this will still be possible.

It is also true that taking early retirement will affect the compensation you receive at the start of the new pension plan. As long as you are employed by Mars, you will receive compensation for future accrual in the pension plan. Once you retire, you will no longer accrue pension and will not receive this compensation.

But ultimately, you decide when the best time for you to retire is. When will you be ready? And will you have enough pension? To find out, take a look at MyMarsPension.

Would you like to know more about the choices you can make when you retire? Then take a look at Pension 1-2-3 (Final Pay Plan or ARP/ASP Plan).