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Old 10.06.2015, 22:33
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Pension Slip for Previous Pension Fund (forwarded?)

Hello english forum!

This is an awkward question. We are almost set to move to Zurich from England (London) where my husband has been working for few years now (6). He ha already told at work that he is leaving and such. And the new company in Zurich is requesting the following among other documents (which we are completing):

"Payment Slip for Previous Pension Fund", and then they ask for the slip to be "forwarded".

Has any one done something similar before or has an idea on how to proceed? do it? or how is it done? He certainly has a pension fund,... but we are in the limbo in knowing how to forward it or get it... perhaps there is something we are missing, some silver linings, if anyone could bring some light on it, it would be very much appreciated! Thanks! (Can't wait to reciprocate later on in the forum!)

Kind regards!

Babel
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Old 10.06.2015, 22:49
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Re: Pension Slip for Previous Pension Fund (forwarded?)

When moving to a new employer in Switzerland it is normal to transfer your company pension to the new company, hence you have been given the paperwork to achieve this. However, this does not apply if coming from a non-swiss company.
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Old 10.06.2015, 22:57
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Re: Pension Slip for Previous Pension Fund (forwarded?)

There are 3 pensions here, you could compare them to
UK government pension
UK company pension
UK private pension

The new employer is asking husband to transfer his UK company pension assets to his company pension here.

useful information
Swiss pensions consolidated summary
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Old 10.06.2015, 23:42
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Re: Pension Slip for Previous Pension Fund (forwarded?)

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There are 3 pensions here, you could compare them to
UK government pension
UK company pension
UK private pension

The new employer is asking husband to transfer his UK company pension assets to his company pension here.

useful information
Swiss pensions consolidated summary
Hi Sbrinz ! Thank you for your message.

For what you are saying, I am establishing that 1. My husband has a government pension and 2. a Company pension. (after your message we checked it, and yes.

Therefore, are we assuming correctly that:

1. for the Gov. Pension he will have to fill in a "QROPS"? form? or how does one proceed to ask for a transfer?

2. For the company pension fund, does he have to speak with Human Resources in his company here in London and/or themselves forward it to Switzerland?

I know these questions probably seem simple, but at this moment and all the move, this sounds like Chinese to us.

Thanks in advance!
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Old 11.06.2015, 00:18
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Re: Pension Slip for Previous Pension Fund (forwarded?)

There is loads of info on this site - just use the search.

State pension (Pillar 1)
--------------------------
This is (in part) what your UK national insurance payments contribute to. There is nothing to transfer. Your entitlement remains in the UK until retirement age. Assuming enough entitlement has been accrued you will claim this at retirement from UK government regardless of where you live at the time. Subject to rule changes between now and then, of course. Whilst you are employed in Switzerland you will similarly contribute to the Swiss system (AHV/IV) and accrue an entitlement, although the terms are very different. This entitlement remains in Switzerland until you retire, at which time you claim it from the Swiss government (alongside what you claim from the UK).

Company pension (Pillar 2)
------------------------------
This is your existing UK company pension(s). As mentioned, you do not have to transfer this to your Swiss employer. There are options to transfer to a QROPS scheme if you wish, but you would need to take advice (not sales pitch!) if considering this. Whilst working in Switzerland it is mandatory to be enrolled in your employers Pillar 2 (BVG) pension unless you work very short hours/very low earnings. Unlike the UK (where you can accrue company pensions with many companies) this is transferred to your next employer when you change jobs. Depending on the level of your contribution and your status/destination when leaving Switzerland, some or all of this can be cashed in if you leave the country. You can also draw on it for property purchase (own residence). Otherwise it will sit in a special locked account until retirement.

Additional pension savings/investments (Pillar 3)
-------------------------------------------------------
Regulated (usually tax efficient) schemes e.g. UK ISAs. There is a similar scheme in Switzerland called Pillar 3a which is a bit like an ISA (can be cash or fund based). However, again there is no need to transfer anything from the UK. Indeed your Pillar 3a contribution is meant to come from earnings (although in reality all this means is you must earn more than you contribute). Like ISAs, you can build up many 3a accounts over time. They are intended to be drawn down as income to supplement your pension when retired, however they can be cashed in if you leave Switzerland (fewer restrictions that Pillar 2) or purchase property (own residence).
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Old 11.06.2015, 15:39
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Re: Pension Slip for Previous Pension Fund (forwarded?)

Dear Jaudi,

Thank you very much for the info. We had been and are continuously looking and your explanation helped a lot.

Thanks Sbrinz and Jaudi for your comments. If youhave any other thoughts, you are welcome. And i hope to be soon able to reciprocate in the forum. Have a nice day!
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Old 10.06.2015, 23:34
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Re: Pension Slip for Previous Pension Fund (forwarded?)

Thank you Jaudi! I have some more questions which will post below! you guys are very nice.
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