Swiss pensions consolidated summary - Page 20

fatmanfilms · #**381** 09.11.2020, 08:39

	Quote:	chillout
	Hi All, I have left CH at the end of April 2020 to work for 1 year in Hong Kong for the Swiss company's Chinese office, hence they would keep paying the Swiss social security for me in CH until I returned, then would go back to my prev job in Bern. The Allianz guy told me that I could keep my 3a and 3b pillars with them for 1 year, even though I relocated abroad. Now I signed a contract to stay for good in Hong Kong so I am not coming back to CH. The new Allianz person (the one from before left) sent me the paperwork to close these 3a and 3b pillars, together w the amounts I should be getting. 3b Pillar: I opened it in 2016 and paid 250 chf each month = 12k +/- Allianz is telling me they can give me 5.2k chf 3a Pillar: I opened it in 2018 and paid 250chf each month = 6k +/- Allianz is telling me they can give me 1.8k chf How is it possible that I lost 11k (12 + 6 - 7)? Is this for sure a mistake from their side? Or is there any chance I actually signed any paper (which of course I was not aware of) which made this possible to happen? As I relocated to another continent for sure I don't have the original contract with me. I have replied to Allianz explaining the above, but no reply yet. I understand that with an insurance company I signed up for 3a and 3b pillar, as well as life insurance and a basic income in case of accident/disability. Have the 11k gone for that and therefore they're not refundable? Much appreciated any kind of support on this case. Thanks in advance.

Essentially you bought a long term insurance plan, your money went in commission. Never invest in any insurance product.

chillout · #**382** 09.11.2020, 09:23

	Quote:	fatmanfilms
	Essentially you bought a long term insurance plan, your money went in commission. Never invest in any insurance product.

If you can chose to set up a 3rd pillar from either an insurance company or bank, what does it mean? That with the insurance u waste ur money (unless u have an accident, or buy a house, or die) and with the bank u hold on to it without any insurance service?

chillout · #**383** 09.11.2020, 09:28

	Quote:	fatmanfilms
	Essentially you bought a long term insurance plan, your money went in commission. Never invest in any insurance product.

And also, 11k out of 18k of commission? Is that even legal?

fatmanfilms · #**384** 09.11.2020, 09:30

	Quote:	chillout
	And also, 11k out of 18k of commission? Is that even legal?

You probably signed a long term contract with all the commission up front, thats why you should never invest with insurance savings plans. You signed the contract.......

rgc · #**385** 09.11.2020, 12:07

Unfortunately what they say is true. The initial years amount goes for commision. It makes sense only if you pay until 10+ years, then money goes to your 3rd pillar ( that too because of compoung interest).

Maybe an option would be to still pay them 3b for 10 years ( or 15) and get the money out after that without tax. Maybe someone can shed light into it. But I am not sure if it makes sense to pay for another 6 more years when you do not plan to come back.

ChrisSCA · #**386** 17.11.2020, 17:38

If you had legal insurance (assurance juridique) it would be worth call to ask them to send a letter to your provider. Unfortunately most legal insurances do not cover securities and investments litigation...

Otherwise an official complaint letter may help get you back some of your premiums.

Going forwards, best to use 3a accounts with a flexible investment policy that you control (or a financial advisor) to try to benefit from rare market corrections as this we saw this past march. These are usually not offered by banks or insurance companies though... Same with your vested benefits account btw.

3b only provides limited tax benefits in a couple of cantons (GE and FR). Stay away from mixed investments and insurance solutions. The wrappers used are very expensive for clients as you have seen.

For pure life insurance, Switzerland is very pricey, there are international solutions from the major companies that are less than local providers.

rgc · #**387** 18.11.2020, 08:43

	Quote:	ChrisSCA
	For pure life insurance, Switzerland is very pricey, there are international solutions from the major companies that are less than local providers.

Can you name a few ? Thanks.