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Old 15.01.2019, 11:00
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Vested benefits account fees

I worked in Zürich for a few years and had to leave part of the retirement money in a vested benefits account. Managed by Rendita in a PostFinance account, this was a little over 4 years ago.



I received a letter now that they have to charge me a management fee every quarter. If the fee doesn't go up, I stand to lose 10% of the savings by retirement age.
It seems that not being allowed to move the savings (out of CH), and having no say in the fees unilaterally introduced, means there's more disaster ahead.


Am I out of luck or are there alternatives?
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Old 15.01.2019, 11:27
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Re: Vested benefits account fees

You can move to a bank account, CIC or WIR are ones I like for such services. These do not charge and will pay out interest, all be it very low these days. So you will gain a small amount rather than lose a bit.


The accounts are free to open and very easy to organise. The only thing I do not know in your case, is you will be setting it up from outside the country. It would have been better to do it when the fund left the company fund and you asked them to direct it to your choice, but I understand hindsight is a wonderful thing.


Try and contact CIC (Suisse), WIR, or a bank someone else reccomends. If they accept your money as a foreign resident its very easy to move from Rendita to the new one, and then you will just get a yearly Statement how its doing.
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Old 15.01.2019, 12:01
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Re: Vested benefits account fees

WTF. Postfinance charges CHF 36 per / year and pays 0.05%
https://www.postfinance.ch/en/privat...nd-pillar.html

Options:

You can move it to another vested benefit bank account.

WIR has ''good"conditions (no ongoing fees, 0.2% interest) but they might not accept people living abroad.

AFAIK Chais (0.1% interest) takes anyone as it is the default place if you did not specify one when you left. Opening an account with them is as simple as to instruct your current bank to transfer the money to them
http://www.chaeis.net/en/fzk-vested-...t-account.html

OR

You might invest it into a fund based vested benefit option.
See for an overview what is possible https://www.liberty.ch/en/vested-ben...iberty-invest/

OR

You might pay it out depending on your current residency and nationality.
See https://www.liberty.ch/en/vested-ben...ty-emigration/
http://www.chaeis.net/en/fzk-vested-...migration.html
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Old 15.01.2019, 13:42
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Re: Vested benefits account fees

If you have left CH, just withdraw the money and close the account. Conditions apply - see links in previous post.
As far as I know you can't add to the money, unless you work and stop working here again, so the money, short to medium-term is not really going to be of any benefit stuck there.
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Old 17.01.2019, 09:10
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Re: Vested benefits account fees

Hello,


In addition, you can also with a free vested benefits account (savings) with PensExpert which manages 2 vested benefits foundations (split possible). The fondations are domiciled in Schwyz, the lowest tax rate in Switzerland, witholding tax (max 4.8%). They have 2 types of accounts:


- Savings (free)
- investment (with fees but higher performance potential)


See link below:
https://www.pens-expert.ch/en/index.php
https://www.pens-expert.ch/en/pensfree/index.php
https://www.independent-foundation.ch/en/index.php


If you need a contact name, please tell me again


Pierrine
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Old 18.01.2019, 23:08
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Re: Vested benefits account fees

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In addition, you can also with a free vested benefits account (savings) with PensExpert
what's the catch?
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Old 18.01.2019, 23:16
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Re: Vested benefits account fees

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Hello,


In addition, you can also with a free vested benefits account (savings) with PensExpert which manages 2 vested benefits foundations (split possible). The fondations are domiciled in Schwyz, the lowest tax rate in Switzerland, witholding tax (max 4.8%). They have 2 types of accounts:
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what's the catch?
Advertising? No idea, couldn´t find any of the data on registration in Switzerland
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Old 18.01.2019, 23:44
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Re: Vested benefits account fees

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what's the catch?
Well I could find any mention of them in the Swiss Financial Market Supervisory Authority list of companies authorised to offer financial services?
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Old 21.01.2019, 15:53
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Re: Vested benefits account fees

That's the experiences done from some of my friends when they left Switzerland. It depends always what you are looking for and what is the amount of your vested benefit. What I have been told is that there is only a tax advantage for amounts higher than 100k swiss francs.

By the way, here are the links regarding the official registration as a vested benefit foundation in the canton of Schwyz:

PensFree: https://www.pens-expert.ch/en/pensfree/index.php

Independent: https://www.independent-foundation.ch/en/index.php

Thx

Pierrine
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Old 12.03.2019, 10:20
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Re: Vested benefits account fees

Thank you all for your help.


In conclusion, I didn't manage to contact CIC, WIR only serves people in Switzerland or direct neighbors thereof, which excludes Belgium. In the end I managed to transfer the account to chaeis, which turned out painless to do.



Also, withdrawing is not an option is what I am told, the money needs to stay in Switzerland until my retirement age.
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Old Yesterday, 14:24
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Re: Vested benefits account fees

It's only the minimum BVG/LPP needs to stay in Switzerland.

Extra-obligatory it's possible to cash out
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Old Today, 00:20
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Re: Vested benefits account fees

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Also, withdrawing is not an option is what I am told, the money needs to stay in Switzerland until my retirement age.
There is a workaround for that, you need to become un-employed/un-insured, get a paper confirming that, post it to Bern and the'll pay out your pillar money. That's what I've heard.
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Old Today, 01:03
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Re: Vested benefits account fees

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That's the experiences done from some of my friends when they left Switzerland. It depends always what you are looking for and what is the amount of your vested benefit. What I have been told is that there is only a tax advantage for amounts higher than 100k swiss francs.

By the way, here are the links regarding the official registration as a vested benefit foundation in the canton of Schwyz:

PensFree: https://www.pens-expert.ch/en/pensfree/index.php

Independent: https://www.independent-foundation.ch/en/index.php

Thx

Pierrine
Neither of those links states they are approved by the Swiss Financial Market Supervisory Authority and so are authorised to offer financial services in Switzerland?

Here is the link to the authorised companies.
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