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Old 21.03.2014, 12:31
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Getting out of Pillar 3a life insurance policy

Arrived in Switzerland October 2011 and was persuaded by some financial advisors to open a Pillar 3a life insurance policy with Rentes Genevoises.

The Policy is such that if I die before I'm 65 there is a payout of the accrued capital and if I live beyond 65 there is a guaranteed minimum monthly pension payment (I think until I die but could be limited to 20 years - need to check)


To date I have paid in 20103 CHF (6682 CHF in 2011, 6682 in 2012 and 6739 CHF in 2013). The last correspondence received from Rentes Genevoises in Feb. 2014 informs me that the capital accrued on this account is CHF 16712.

If I had opened a simple Pillar 3a savings account this would now be worth more than the 20103 CHF that I have paid in to the life policy Pillar 3a.


Given that I now realise that I have sufficient life insurance cover through my employer, I cannot see any benefit of continuing with this pillar 3a.


Does anyone know :

i) can I transfer the accrued capital into a different pillar 3a product e.g. a simple savings account or a more funds based account

ii) alternatively can I just stop making any further payments into my pillar 3a life insurance policy and then when I reach 65 years, a much reduced monthly pension payment would be made based on the 3 years worth of contributions ?


Any advice from the Pillar 3a experts on the forum much appreciated.
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Old 14.03.2015, 21:00
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Re: Getting out of Pillar 3a life insurance policy

I would also be very much interested in the answer, if anybody has one to offer... :-(
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Old 14.03.2015, 23:12
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Re: Getting out of Pillar 3a life insurance policy

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Arrived in Switzerland October 2011 and was persuaded by some financial advisors to open a Pillar 3a life insurance policy with Rentes Genevoises.

The Policy is such that if I die before I'm 65 there is a payout of the accrued capital and if I live beyond 65 there is a guaranteed minimum monthly pension payment (I think until I die but could be limited to 20 years - need to check)


To date I have paid in 20103 CHF (6682 CHF in 2011, 6682 in 2012 and 6739 CHF in 2013). The last correspondence received from Rentes Genevoises in Feb. 2014 informs me that the capital accrued on this account is CHF 16712.

If I had opened a simple Pillar 3a savings account this would now be worth more than the 20103 CHF that I have paid in to the life policy Pillar 3a.


Given that I now realise that I have sufficient life insurance cover through my employer, I cannot see any benefit of continuing with this pillar 3a.


Does anyone know :

i) can I transfer the accrued capital into a different pillar 3a product e.g. a simple savings account or a more funds based account

ii) alternatively can I just stop making any further payments into my pillar 3a life insurance policy and then when I reach 65 years, a much reduced monthly pension payment would be made based on the 3 years worth of contributions ?


Any advice from the Pillar 3a experts on the forum much appreciated.
On a transfer you may get much much less, it's a shame you did not just invest the money on your own without the tax break, you would have way more money today. Tax saving rarely means good investment.
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Old 15.03.2015, 10:47
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Re: Getting out of Pillar 3a life insurance policy

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On a transfer you may get much much less, it's a shame you did not just invest the money on your own without the tax break, you would have way more money today. Tax saving rarely means good investment.
Perhaps, but I suck at investment, and the 3a was useful for buying our apartment.

However, it is a normal 3a.

Tom
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Old 04.04.2015, 22:13
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Re: Getting out of Pillar 3a life insurance policy

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Arrived in Switzerland October 2011 and was persuaded by some financial advisors to open a Pillar 3a life insurance policy with Rentes Genevoises.

The Policy is such that if I die before I'm 65 there is a payout of the accrued capital and if I live beyond 65 there is a guaranteed minimum monthly pension payment (I think until I die but could be limited to 20 years - need to check)


To date I have paid in 20103 CHF (6682 CHF in 2011, 6682 in 2012 and 6739 CHF in 2013). The last correspondence received from Rentes Genevoises in Feb. 2014 informs me that the capital accrued on this account is CHF 16712.

If I had opened a simple Pillar 3a savings account this would now be worth more than the 20103 CHF that I have paid in to the life policy Pillar 3a.


Given that I now realise that I have sufficient life insurance cover through my employer, I cannot see any benefit of continuing with this pillar 3a.


Does anyone know :

i) can I transfer the accrued capital into a different pillar 3a product e.g. a simple savings account or a more funds based account

ii) alternatively can I just stop making any further payments into my pillar 3a life insurance policy and then when I reach 65 years, a much reduced monthly pension payment would be made based on the 3 years worth of contributions ?


Any advice from the Pillar 3a experts on the forum much appreciated.
If you don't need the money till you're 65, it may be best to keep the depot but not pay in anymore. Then you should not suffer the penalties but only loose the life insurance (if you don't need it also).
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