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Here is a simple 30-second explanation of the Swiss 3 pillar pension system
Pillar 1 is the mandatory state pensions. The Swiss Government is responsible for this and it is designed to take care of your most basic needs.
Pillar 2 is your compulsory occupational benefits insurance. This includes retirement pensions and capital. If you are employed this is the responsibility of your employer. It is your responsibility if you are self-employed.
Pillar 3 is for individually tailored, flexible private pensions. These schemes are voluntary and designed to encourage further investment in retirement funds. There are, therefore, benefits attached to saving within this system. Pillar 3 pensions are more complex, they have two options; 3a and 3b.
Tied Pillar 3a pensions are long-term plans where capital is locked into a retirement plan. Flexible Pillar 3b pensions are plans that do not have a prescribed term, where the capital is available at any time.
In 3.5 seconds
Pillar 1 pensions are mandatory and Pillar 2 compulsory for employed persons.
Pillar 3 is where you get the chance to make lifestyle decisions about funding your time after retirement.
Have more pillar pension system questions?
We have a couple of options for you. You can download our Pillar 3 pensions guide or you can read our selection of pension blogs available on the website.
