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Pension Planning in Switzerland
The Three Pillars
In 1972, the Swiss 3-pillar principle was enshrined in the Federal Constitution. A clear concept was developed to provide the resident population with insurance protection against the risks of disability, old age and death. One part is collectively insured, i.e. Old Age and Survivors' Insurance (AHV), Unemployment Insurance (ALV) and Disability Insurance (IV). The other part is based on capital accumulation, i.e. the pension fund and private savings.
Switzerland's Pension System
The Three Pillars explained
First Pillar/AHV: State Provision
The Old Age and Survivors' Insurance (AHV) is the so-called first pillar of old age provision. It is intended to cover the subsistence needs in old age and is compulsory for everyone in Switzerland. In addition, there is Invalidity Insurance (IV), Compensation for Military Service and Maternity (EO), and Unemployment Insurance (ALV).
Second Pillar: Occupational Pension Plans
The occupational pension plans should help to maintain the standard of living after retirement as far as possible. Generally known as a pension fund, everyone saves and pays directly for their own benefits, with the employer paying at least half of the contributions. The capital saved belongs to the employee and can be taken along in the form of vested benefits credit if the employer changes or if the employee stops working before retirement.
Third Pillar: Private Povisions
In order to make saving attractive, the legislator grants tax breaks for payments into private pension solutions. Private saving is becoming increasingly important because, on the one hand, the first two pillars are only intended to cover 75% of the maximum salary of CHF 85,000 and, on the other hand, the return on the capital saved is virtually zero.
The Old Age and Survivors' Insurance (AHV) is the so-called first pillar of old age provision. It is intended to cover the subsistence needs in old age and is compulsory for everyone in Switzerland. In addition, there is Invalidity Insurance (IV), Compensation for Military Service and Maternity (EO), and Unemployment Insurance (ALV).
The occupational pension plans should help to maintain the standard of living after retirement as far as possible. Generally known as a pension fund, everyone saves and pays directly for their own benefits, with the employer paying at least half of the contributions. The capital saved belongs to the employee and can be taken along in the form of vested benefits credit if the employer changes or if the employee stops working before retirement.
In order to make saving attractive, the legislator grants tax breaks for payments into private pension solutions. Private saving is becoming increasingly important because, on the one hand, the first two pillars are only intended to cover 75% of the maximum salary of CHF 85,000 and, on the other hand, the return on the capital saved is virtually zero.
Vested Benefits - Our Approach, Your Benefit
Vested Benefits Explained
On leaving an employment relationship, the contributions and income paid into the occupational pension scheme of the former employer are transferred to the pension fund of the next employer. If this is not possible, they are transferred as so-called vested benefits to an account with a foundation or bank. Since this is a restricted pension plan, these funds can only be paid out in full or in part in very specific cases with restrictions, e.g. if the funds are drawn for home ownership, self-employment or early retirement. The so-called supplementary portion is subject to fewer restrictions.
Individual Investment Solution
By choosing an investment solution for your vested benefits, you are not only taking advantage of the upside of market movements versus low to zero interest rates, you are doing so in a highly regulated environment. Within the strict parameters Banque Heritage can provide an investment portfolio to you that will suit your individual needs best, also taking into account the time frame until retirement or expected withdrawel. It is also your individual portfolio - your profit is yours and not shared among the other insured persons. Due to the character of the actual investments, costs are low and transparent.
Risk Coverage Solution
One of the benefits of Banque Heritage's solution for vested benefits is the possibility to cover risks in a similar way a pension fund would. This can be a an essential contribution to your peace of mind when it comes to securing your immediate family members - coverage lost when moving funds from an employer's pension plan to a vested benefits account. A life insurance policy will cover the risk of death with a lump sum payment, but this additional coverage can also include disability benefits as well as coverage for accident and illness.
Flexibility
Since the investment solution consists of your individual portfolio, you can choose your strategy and change it over time. When the time comes to withdraw your pension investment you have the liberty of choosing between a full redemption or a combination with a pension in order to better suit your actual needs. Another plus is the possibility to receive the payout abroad.
On leaving an employment relationship, the contributions and income paid into the occupational pension scheme of the former employer are transferred to the pension fund of the next employer. If this is not possible, they are transferred as so-called vested benefits to an account with a foundation or bank. Since this is a restricted pension plan, these funds can only be paid out in full or in part in very specific cases with restrictions, e.g. if the funds are drawn for home ownership, self-employment or early retirement. The so-called supplementary portion is subject to fewer restrictions.
By choosing an investment solution for your vested benefits, you are not only taking advantage of the upside of market movements versus low to zero interest rates, you are doing so in a highly regulated environment. Within the strict parameters Banque Heritage can provide an investment portfolio to you that will suit your individual needs best, also taking into account the time frame until retirement or expected withdrawel. It is also your individual portfolio - your profit is yours and not shared among the other insured persons. Due to the character of the actual investments, costs are low and transparent.
One of the benefits of Banque Heritage's solution for vested benefits is the possibility to cover risks in a similar way a pension fund would. This can be a an essential contribution to your peace of mind when it comes to securing your immediate family members - coverage lost when moving funds from an employer's pension plan to a vested benefits account. A life insurance policy will cover the risk of death with a lump sum payment, but this additional coverage can also include disability benefits as well as coverage for accident and illness.
Since the investment solution consists of your individual portfolio, you can choose your strategy and change it over time. When the time comes to withdraw your pension investment you have the liberty of choosing between a full redemption or a combination with a pension in order to better suit your actual needs. Another plus is the possibility to receive the payout abroad.
Contact us
For more information regarding Vested Benefits you can request contact through the following link:
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