12.1. A fund member is entitled to begin drawing a pension, as provided for in Art. 11, from the age of 60 to the age of 80 years.
12.2. The annual retirement pension of a fund member who begins drawing a retirement pension at age 67 is equal to the sum of their entitlement, calculated according to the provisions of Articles 11.1 and 11.16 and Table I in Annex A, cf. however, the provisions of Art. 12.8. on reciprocal and equal
division of retirement pension entitlement.
12.3. If the drawing of a pension begins before or after age 67, the retirement pension changes as provided for in Art. 11.1, i.e. is reduced if the drawing of the pension begins before the age of 67 and is increased if the drawing of the pension begins after the age of 67, according to Table II in Annex A.
12.4. A fund member’s decision to begin drawing their pension is final. Entitlement to a disability pension is therefore cancelled from the time retirement pension payments begin.
12.5. If a fund member continues to earn entitlement after beginning to draw a pension, their pension shall be recalculated annually at the beginning of each year of the fund member's age in accordance with Table I in Annex A.
Division of retirement pension between spouses
12.6. A fund member may conclude an agreement with their spouse to have up to half of the retirement pension payments to which the member is entitled paid to their spouse or former spouse. The pension fund shall then divide payments in accordance with the fund member's decision; they conclude, however, upon the death of the member. Should a spouse or former spouse who receives such payments, however, die before the fund member, all payments shall accrue to the latter.
12.7. A fund member can, on the basis of an agreement concluded with their spouse but no later than at age 65 years and if illness or ill health does not reduce life expectancy, decide that up to half of the value of the member’s accumulated pension entitlement shall be used to create an independent retirement
pension entitlement for their spouse or former spouse; in such case the fund member’s entitlement is reduced accordingly. The spouse's retirement pension shall be determined by an actuary's assessment ensuring that the fund's total liabilities do not increase as a result of this decision by the fund
member
12.8. An agreement between a fund member and their spouse, as referred to in the third paragraph of Art. 14 of Act No. 129/1997, cf. Articles 10.11, 12.6 and 12.7 of these Articles of Association, shall include, as appropriate, a reciprocal and equal division of the earned retirement pension entitlement of both parties as long as the marriage, registered partnership or registered cohabitation has
existed or exists.
Authorisation to draw half a retirement pension
12.9. A fund member who has not begun to draw a retirement pension from the fund may decide to begin drawing 50% of their retirement pension at any time after reaching the age of 60 years, and is then regarded as having allocated that portion of the pension, cf. Article 12.4. The provision of Art. 12.3 shall apply to that portion which is allocated before the age of 67 years. The provision of 12.3 shall apply to the deferred portion after the age of 67 years.