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Old 19.09.2016, 14:27
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3rd Pillar insurance - how to get rid of it?

Hi,

I signed for a 3rd pillar insurance two years ago, and regretted immediately after. I totally misunderstood what it was. Please no reproach here, I am really not writing in that purpose.

I did not understand that I will get so little money if I ever want to move abroad or decide to purchase a house here. And I did not understand either that to "pause" it, I'd have to pay more than Fr.-600 per year. I contacted them only a few days after signing, but they did not care. Anyway, they are right, I am the fool there...

Well, I am looking for a way to get rid of it without losing everything. Transferring it, buy it for a lesser price, or whatever... If anybody had an advice, you'd make my day.

Thanks for reading.
M.
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Old 19.09.2016, 14:32
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Re: 3rd Pillar insurance - how to get rid of it?

How much did you put in and how much is the repurchase value at this very moment?
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Old 19.09.2016, 14:34
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Re: 3rd Pillar insurance - how to get rid of it?

I put Fr.-12 000 now, and purchase is 0.
Next year would be Fr.-18 000 and purchase Fr.-10 000.

And anyway, the only way to get the money would be to leave the country or buy a house in Switzerland. I cannot just withdraw it.
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Old 19.09.2016, 14:36
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Re: 3rd Pillar insurance - how to get rid of it?

Name of company and product.
Are you married, do you have children?
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Old 19.09.2016, 14:39
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Re: 3rd Pillar insurance - how to get rid of it?

I don't have children and I am about to get married.

The company is Pax (I would not recommend, communication with them is 0) and the product is called ThirdComfort.
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Old 19.09.2016, 14:39
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Re: 3rd Pillar insurance - how to get rid of it?

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And anyway, the only way to get the money would be to leave the country or buy a house in Switzerland. I cannot just withdraw it.
I think you are also allowed to get the money for buying into the 2nd pillar (if you have a "gap", which is the case for most people that moved to Switzerland after the age of 25 or so).

Keyphrease for searching (in German): Einkauf in die Pensionskasse mit Geld aus der gebundenen dritten Säule 3a
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Old 19.09.2016, 14:49
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Re: 3rd Pillar insurance - how to get rid of it?

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dritten Säule 3a
Would that be Pillar 1a? Or 9a, I can't quite decide.
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Old 19.09.2016, 14:49
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Re: 3rd Pillar insurance - how to get rid of it?

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And anyway, the only way to get the money would be to leave the country or buy a house in Switzerland. I cannot just withdraw it.
You can transfer it into an other 3dr Pillar account. But 0 from 0 is 0.

An insurance product w/o having children or wife is just plain stupid. Who should profit? Your parents or siblings?


Sorry, I could not find a Pax product by the name ThirdComfort. Are you sure this is the right name?
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Old 19.09.2016, 14:51
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Re: 3rd Pillar insurance - how to get rid of it?

TerzaComfort

>>> https://asvm.ch/produkte/vorsorge/kl...3%A4ule-3a.pdf
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Old 19.09.2016, 14:53
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Re: 3rd Pillar insurance - how to get rid of it?

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An insurance product w/o having children or wife is just plain stupid. Who should profit? Your parents or siblings?
^ There are 3a insurance products that offer a yearly pension sum if you become too sick to work.
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Old 19.09.2016, 14:55
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Re: 3rd Pillar insurance - how to get rid of it?

Did you sign anything to say that you would contribute the maximum CHF 6,000+ per year? It looks like your minimum contribution is only CHF 1,200. Mind you, that will all go on insurance and you'll get zip back if you cut your contribution down now.
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Old 19.09.2016, 14:57
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Re: 3rd Pillar insurance - how to get rid of it?

O.k. Here a bit "more" information.

https://www.pax.ch/Private-Vorsorge/...COMFORT_de.pdf

Looks like there is a 5 year minimum contract period.

Do you know the forcasted repurchase values for the next 10 years? If not ask a PAX representativ (not an "indepentend" broker) about it.
https://www.pax.ch/Private-Vorsorge/...e-der-Schweiz/
They should calculate it for the next ten years. For each and every of them. Once considering minimum contribution, once with max contribution per year, and once something in between.
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Old 19.09.2016, 14:58
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Re: 3rd Pillar insurance - how to get rid of it?

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^ There are 3a insurance products that offer a yearly pension sum if you become too sick to work.
There are such products outside 3a which are mor flexible, cheaper, and have better payouts.
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Old 19.09.2016, 15:23
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Re: 3rd Pillar insurance - how to get rid of it?

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I'd have to pay more than Fr.-600 per year. I contacted them only a few days after signing, but they did not care. Anyway, they are right, I am the fool there...
By law (VVG) you had 14 days to change your mind and cancel contract.

Of course they weren't very willing to take your cancellation, they'd be losing big bucks. You should've pressed them harder! At least you should have sent a clear cancellation request by registered post, then you could've done something later with lawyers if they weren't cooperative.
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Old 19.09.2016, 15:46
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Re: 3rd Pillar insurance - how to get rid of it?

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By law (VVG) you had 14 days to change your mind and cancel contract.

Of course they weren't very willing to take your cancellation, they'd be losing big bucks. You should've pressed them harder! At least you should have sent a clear cancellation request by registered post, then you could've done something later with lawyers if they weren't cooperative.
Art. 89a applies to crossborder contracts with foreign insurers in case of a life insurance only.
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Old 19.09.2016, 16:34
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Re: 3rd Pillar insurance - how to get rid of it?

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Art. 89a applies to crossborder contracts with foreign insurers in case of a life insurance only.
Ok yeah it's looks indeed that right is restricted to these particular cases.

There's still Art 3-3a, which give even 4 weeks cancellation possibility for being incompletely informed, like not being informed about how much you can withdraw, but it'd be hard to argue if the written documents have everything, and you were misinformed only verbally (so, not proofs of what was discussed)
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