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Old 25.06.2014, 18:14
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Second pillar pension cash withdrawls to be banned

Bundesrat propsed changes in the withdrawl rules today! Idid not add to the sticky because Iwas not sure if it is a plan or already in action.

Basically no more cash withdrawls for house deposits, for starting a business, or when you reach retirement age
Not sure if this impacts foreigners when they leave the country.

The reason given was to reduce the risk of pensioners needing to ask for support from the social services.
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Old 04.07.2014, 12:55
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Re: Second pillar pension cash withdrawls to be banned

Bonjour!

Yes, they are voting and once the new rule is in place, you will only be able to have 10% if you would like to:

-become independent (owning your own business)
- leave the country
- buy a property

as opposed to before, where you could have the totality.
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Old 04.07.2014, 12:57
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Re: Second pillar pension cash withdrawls to be banned

So what happens when you reach retirement age? I thought that was the point that you get the lump sum when you retire
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Old 04.07.2014, 13:05
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Re: Second pillar pension cash withdrawls to be banned

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So what happens when you reach retirement age? I thought that was the point that you get the lump sum when you retire
Who knows what the rules will be when your 60 or whatever min Swiss retirement age is then.
As I always said, pensions are a con, I should have been able to take my UK pension from age 50, when I was 49 they changed the min age to 55.
Goalposts move & tax rates in CH are low, so no point IMHO to pay anymore than legally required.
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Old 04.07.2014, 13:08
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Re: Second pillar pension cash withdrawls to be banned

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Who knows what the rules will be when your 60 or whatever min Swiss retirement age is then.
As I always said, pensions are a con, I should have been able to take my UK pension from age 50, when I was 49 they changed the min age to 55.
Goalposts move & tax rates in CH are low, so no point IMHO to pay anymore than legally required.
I'm more concerned about the withdrawals when leaving the country. Has someone got a link to this proposed ban (French or English)?
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Old 04.07.2014, 13:28
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Re: Second pillar pension cash withdrawls to be banned

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So what happens when you reach retirement age? I thought that was the point that you get the lump sum when you retire
I don't fully understand it, but I guess the goal is to stop people from taking everything out, blowing it on whatever (failed business, holiday around the world, etc.), and then coming back to live on the dole. Not sure there are any actual cases out there, but this seems to be at least one motivation?
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Old 04.07.2014, 13:32
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Re: Second pillar pension cash withdrawls to be banned

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I don't fully understand it, but I guess the goal is to stop people from taking everything out, blowing it on whatever (failed business, holiday around the world, etc.), and then coming back to live on the dole. Not sure there are any actual cases out there, but this seems to be at least one motivation?
Seems like they just want to keep money in the banks and not in peoples pockets. Because the banks are so responsible!
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Old 04.07.2014, 13:51
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Re: Second pillar pension cash withdrawls to be banned

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Bonjour!

Yes, they are voting and once the new rule is in place, you will only be able to have 10% if you would like to:

-become independent (owning your own business)
- leave the country
- buy a property

as opposed to before, where you could have the totality.
First post and all, welcome, etc, etc. Could you provide a citation to the above? Thank you muchly.
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Old 04.07.2014, 13:55
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Re: Second pillar pension cash withdrawls to be banned

Well, that's going to put the stoppers on the housing market then.
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Old 04.07.2014, 14:07
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Re: Second pillar pension cash withdrawls to be banned

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Well, that's going to put the stoppers on the housing market then.

I wouldn't be so certain. The rules introduced in 2012 were supposed to cool the housing market. It didn't work, debt is still rising faster than GDP. So, another round of new rules in September: http://www.finma.ch/e/aktuell/Pages/...-20140702.aspx

Can't see anything about the new restrictions on 2nd pillar pensions though...
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Old 04.07.2014, 14:12
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Re: Second pillar pension cash withdrawls to be banned

Found a reference to the new pension rules on reuters here:

http://uk.reuters.com/article/2014/0...0P65K220140625

However it just says that things will be tightened, and the proposal has not got parliamentary approval...
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Old 04.07.2014, 14:13
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Re: Second pillar pension cash withdrawls to be banned

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I wouldn't be so certain. The rules introduced in 2012 were supposed to cool the housing market. It didn't work, debt is still rising faster than GDP.
Paddy was being sarcastic.


cheers
SC
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Old 04.07.2014, 14:18
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Re: Second pillar pension cash withdrawls to be banned

What about using the 3rd pillar?

Tom
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Old 04.07.2014, 14:21
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Re: Second pillar pension cash withdrawls to be banned

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Paddy was being sarcastic.


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Not really. We certainly wouldn't be homeowners now if the proposed rules were in place 5 years ago.
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Old 04.07.2014, 14:32
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Re: Second pillar pension cash withdrawls to be banned

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What about using the 3rd pillar?

Tom
That stays unchanged. When buying a property 3rd pillar is treated like cash.
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Old 04.07.2014, 14:38
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Re: Second pillar pension cash withdrawls to be banned

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Not really. We certainly wouldn't be homeowners now if the proposed rules were in place 5 years ago.


Then I win the fail of day award.


cheers
SC
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Old 04.07.2014, 14:53
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Re: Second pillar pension cash withdrawls to be banned

Not sure what is the affect when ones leaves CH - anybody have more info on this?
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Old 04.07.2014, 15:20
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Re: Second pillar pension cash withdrawls to be banned

Adding to my previous comment. What about the additional contributions that one might have been putting in? I always thought I was saving for when I leave CH.
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Old 04.07.2014, 15:43
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Re: Second pillar pension cash withdrawls to be banned

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Then I win the fail of day award.


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Again?
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Old 04.07.2014, 16:12
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Re: Second pillar pension cash withdrawls to be banned

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Seems like they just want to keep money in the banks and not in peoples pockets. Because the banks are so responsible!
Pretty much. You know, the banks need to keep plenty of money in reserve to pay the billion-dollar fines for bilking people out of money and lying to get them to invest in sketchy "instruments"...oh wait, it's just the cost of doing business these days. And of course you need enough money on hand to pay out bonuses.
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