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Old 15.05.2008, 18:27
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What pensions become

Dear all,

Firstly - this is one of the best forums I have come across. It is really impressive - both in terms of content and also the attitudes people have posting on it. I have trawled through a lot of the content and it has been very, very useful. That said, everyone's position is individual and therefore I do have some unanswered questions that I would really appreciate some help with!!

Basically, I am in the middle of negotiating my contract for a job in Geneva. I will be taking a pay cut, but I believe that will be compensated for by the non-financial benefits of being in such an amazing country/city etc. However, I still need to work out my bottom line. Most of my questions do relate to this topic board, but I'm going to split them up to keep them more focussed.

First question concerns Pensions - I've been doing all my own retirement planning up until now, having spent most of my time in the field and tax free. I am trying to get an idea of what the pension payments I will find deducted will equate to in terms of what I am currently 'spending' on investments.

I understand about the payments (1, 2 and 3) but I have not been able to find any information on the forum about what format these pensions end up as (particularly regarding the occupational pillar 2 pension): are they final salary? annuity? managed by a fund manager? should I expect my employer to contribute/match my contributions? are they taxed on drawdown? do I have any say in how they are invested (like the UK self-trade pensions)? does anyone know of a link where I can investigate this more?

In terms of percentages, the contract offer details approximately 7.6% pillar 2 and the standard 5.05% pillar 1.

Thanks for any assistance with these questions!
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