Hello all,

I have been approached by my boss regarding where I would like to recieve my money when I leave Switzerland. I have left my job and will be finished my contract end of the month.
Can anyone tell me the name of the pension funds I will be getting back when I leave the country? I was told there was 3. One you get back right away, one you do not get back, and one you get back when you turn 65.
Also, any idea how long it takes to actually get your moola?
Is any of this correct?

THANKS!

It all depends where you will go from Switzerland. If you live in EU you will not be able to get the lump sum cash payout until you turn official pension age.

But you can have the lump sum - any taxes if you settle down away from the EU.

I am going to Canada.

I think Canada would be the same as the US so you have at least 2 options for the Company pension scheme I think its "pilar 2":

1. Take the cash with you, they will withhold between 3% to 9% (depends on the amount you withdrawl). The cash will be deposited to the bank account of your choice (probably even a foreign account if you want). Not sure when you get the cash but I would guess within a month of leaveing the company. With this option you need to be sure to report this income and obviously Canada will tax you, however, the tax witheld by Basel can be released back to you with the approval of your local tax authority in Canada (they need to sign some form approving the release of the withheld tax)
2. Roll the amount into another "vested pension" scheme account in Switzerland, most banks will offer this and you will continue to earn interest but obviously no more contributions are made. Once you turn retirement age you can begin to withdrawl.

I am leaving as well and at my company we have a pension department who I met with and they explained my options so I would also ask to speak with someone in HR or the pension and they can give you the forms etc.

For the "pilar 1" I think that is the AHV for a US person you have to leave it there until you reach retirement age and then they will pay you a monthly payment for it.
I dont have the pilar 3 so have no clue about that one but I would assume it is similar to the pilar 2 option 1 above or just leave it.

Hope this helps....its great to leave but the Swiss do make it tough with canceling everything!

I was under the impression from my boss (we dont have an HR department...just an accountant who I have never met) that the money could either go into my swiss account or my canadian bank account. I just have no idea what name the pension that you get before you leave is called.
How can I report it to the Canadian tax authorities if I am not going to be a Canadian resident in this year?

Hi, does anyone have specific information on the following: if you leave Ch going back to the US and have a pillar 3 retirement account. When you close this account and go back to the US, do you pay a tax withholding in CH? I understand the lumpsum retirement from your employer will be taxed at a rate 2-9%, just not sure about the 3rd pillar.

This is not quite true, below is an extract I got from my pensions advisor:
1) If you will leave Switzerland and take residence in a country of the EU region you can request for a cash payment for the extra-mandatory part of your termination benefit. The mandatory part has to be parked on a blocked Swiss bank account of your choice. If you are not sure to stay or come back to Switzerland in some years you may park the whole termination benefit.