Go Back   English Forum Switzerland > Help & tips > Leaving Switzerland  
Reply
 
Thread Tools Display Modes
  #1  
Old 20.02.2009, 13:04
Newbie 1st class
 
Join Date: Jul 2008
Location: Berg (TG)
Posts: 10
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
yermiyahu has no particular reputation at present
Collecting Pension Fund when leaving Switzerland

Well I dug around and didn't find this posted anywhere.
Maybe I missed it.
Anyway, I worked in Zurich on a 6 month contract in 2006, and then I worked as an employee for over a year 2007-2008.
I have left Switzerland, is there any way to collect my pension fund?
I heard through the grapevine that when I started working foreigners could withdraw their pension early if they left Switzerland (with a penalty) and then after I had been working for some time I heard (just hearsay) that the law had been changed. If so, am I grandfathered?
How does one go about doing such a thing?

Thanks in advance for any help.
Reply With Quote
  #2  
Old 20.02.2009, 13:05
Newbie 1st class
 
Join Date: Jul 2008
Location: Berg (TG)
Posts: 10
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
yermiyahu has no particular reputation at present
Re: Collecting Pension Fund when leaving Switzerland

Oh one bit of info that may be important. The 2nd job was in Thurgau.
Reply With Quote
  #3  
Old 20.02.2009, 13:44
Forum Veteran
 
Join Date: Nov 2008
Location: Richterswil
Posts: 541
Groaned at 11 Times in 4 Posts
Thanked 378 Times in 169 Posts
Breezy has an excellent reputationBreezy has an excellent reputationBreezy has an excellent reputationBreezy has an excellent reputation
Re: Collecting Pension Fund when leaving Switzerland

I left another country to come to Switzerland. I contacted HR who explained everything and gave me the contact details. Try that approach - use email to keep records too.
Reply With Quote
  #4  
Old 20.02.2009, 14:02
Macchiato's Avatar
Forum Veteran
 
Join Date: Oct 2008
Location: Zurich
Posts: 732
Groaned at 22 Times in 15 Posts
Thanked 330 Times in 218 Posts
Macchiato is considered knowledgeableMacchiato is considered knowledgeableMacchiato is considered knowledgeable
Re: Collecting Pension Fund when leaving Switzerland

As far as I know:
-It depends where you go after CH. EU and some other countrise have agreement with CH, so that the money is transferred to your dest. country.
- Until 2 years ago you could easier cash it out but rules are changed.
-To countires without agreement with CH, you can cash it after some months.
- If you stay more than 10 years in CH, then you can get your pension (or part of it) via CH, even living in another country.

Correct me if I am wrong.
Reply With Quote
  #5  
Old 11.03.2009, 04:09
Newbie 1st class
 
Join Date: Jul 2008
Location: Berg (TG)
Posts: 10
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
yermiyahu has no particular reputation at present
Re: Collecting Pension Fund when leaving Switzerland

Thanks for the info. Any idea on how to contact the part of the gov't that handles pension?
Reply With Quote
  #6  
Old 17.03.2009, 19:25
Goldtop's Avatar
Forum Legend
 
Join Date: Feb 2008
Location: Zurich
Posts: 2,844
Groaned at 11 Times in 11 Posts
Thanked 905 Times in 625 Posts
Goldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond repute
Re: Collecting Pension Fund when leaving Switzerland

Quote:
View Post
Thanks for the info. Any idea on how to contact the part of the gov't that handles pension?
Are you asking about the state pension (Pillar 1) or the company pension (Pillar 2)?

Contact your last Swiss employer about the company pension. Either they are holding the assets themselves or have transferred to a "Freizügigkeitskonto" (vested benefits account).
Reply With Quote
  #7  
Old 17.03.2009, 19:26
dakman's Avatar
Forum Veteran
 
Join Date: Oct 2007
Location: NYC (heart is split between Switzerland and the Big Apple)
Posts: 1,872
Groaned at 4 Times in 4 Posts
Thanked 901 Times in 543 Posts
dakman has a reputation beyond reputedakman has a reputation beyond reputedakman has a reputation beyond reputedakman has a reputation beyond reputedakman has a reputation beyond repute
Re: Collecting Pension Fund when leaving Switzerland

Depends on where you went and your nationality.
Reply With Quote
  #8  
Old 18.03.2009, 14:40
Newbie 1st class
 
Join Date: Jul 2008
Location: Berg (TG)
Posts: 10
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
yermiyahu has no particular reputation at present
Re: Collecting Pension Fund when leaving Switzerland

Quote:
View Post
Depends on where you went and your nationality.
I'm an American living in Ukraine now.
Reply With Quote
  #9  
Old 18.03.2009, 14:43
HollidayG's Avatar
Forum Legend
 
Join Date: Jan 2008
Location: Kanton Zürich
Posts: 3,038
Groaned at 50 Times in 35 Posts
Thanked 1,180 Times in 738 Posts
HollidayG has an excellent reputationHollidayG has an excellent reputationHollidayG has an excellent reputationHollidayG has an excellent reputation
Re: Collecting Pension Fund when leaving Switzerland

It is probably best to contact the AHV Organisation directly.

They will have the correct answers for you. The bad thing
now is that you are in Ukraine and cannot just walk down
there.
Reply With Quote
  #10  
Old 18.03.2009, 15:36
dakman's Avatar
Forum Veteran
 
Join Date: Oct 2007
Location: NYC (heart is split between Switzerland and the Big Apple)
Posts: 1,872
Groaned at 4 Times in 4 Posts
Thanked 901 Times in 543 Posts
dakman has a reputation beyond reputedakman has a reputation beyond reputedakman has a reputation beyond reputedakman has a reputation beyond reputedakman has a reputation beyond repute
Re: Collecting Pension Fund when leaving Switzerland

Quote:
View Post
I'm an American living in Ukraine now.

You should be able to take out your company pension, AHV, with a small tax charge, 8% maybe. For Social Security, there is Social Security agreement between the US and Ch, so you won't collect anything on this. You need to contact the AHV office, plus do you know where you company pension money is sitting now? Probably in one of the Vested Funds foundations, so you will need to contact them also, you should find out from your previous employer.
Reply With Quote
  #11  
Old 19.03.2009, 06:47
NotAllThere's Avatar
Mod x2
 
Join Date: Oct 2008
Location: Baselland
Posts: 13,878
Groaned at 245 Times in 216 Posts
Thanked 20,485 Times in 8,326 Posts
NotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond repute
Re: Collecting Pension Fund when leaving Switzerland

Quote:
View Post
As far as I know:
-It depends where you go after CH. EU and some other countrise have agreement with CH, so that the money is transferred to your dest. country.
- Until 2 years ago you could easier cash it out but rules are changed.
-To countires without agreement with CH, you can cash it after some months.
- If you stay more than 10 years in CH, then you can get your pension (or part of it) via CH, even living in another country.

Correct me if I am wrong.
I've a friend who recently asked me this question. She's going to Germany, so I guess the chances of her getting the money, rather than having to transfer it into a German pension fund are pretty low. Is this the case?
Reply With Quote
  #12  
Old 19.03.2009, 16:57
dannyt986's Avatar
Forum Veteran
 
Join Date: May 2005
Location: Wollerau, Schwyz
Posts: 1,835
Groaned at 26 Times in 19 Posts
Thanked 727 Times in 487 Posts
dannyt986 has a reputation beyond reputedannyt986 has a reputation beyond reputedannyt986 has a reputation beyond reputedannyt986 has a reputation beyond repute
Re: Collecting Pension Fund when leaving Switzerland

Please have a look at the relevant section of Swiss pensions consolidated summary

I would be interested to hear other reports of the actual steps to get the money back, I will add this to the sticky.

D
Reply With Quote
  #13  
Old 22.04.2009, 11:57
Newbie
 
Join Date: Apr 2009
Location: gryon
Posts: 6
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
happy has no particular reputation at present
Taking pension out of Switzerland

I'm shortly leaving Switzerland after working here for nine years. My employer tells me my pension will be put into a blocked account until I'm 65. However I have heard rumours that there are ways of getting your pension in a lump sump by moving to a non eu country. Is this true? I've also heard that you can raid your pension for the purpose of buying property. Again, is this true?
Any helpful advice would be much appreciated. Thanks.
Reply With Quote
  #14  
Old 22.04.2009, 12:08
Forum Veteran
 
Join Date: Feb 2008
Location: Zurich
Posts: 1,019
Groaned at 6 Times in 6 Posts
Thanked 345 Times in 262 Posts
bill_door has an excellent reputationbill_door has an excellent reputationbill_door has an excellent reputationbill_door has an excellent reputation
Re: Taking pension out of Switzerland

did you look at the top post in this thread?

http://www.englishforum.ch/finance-banking-taxation/

Swiss pensions consolidated summary

that should cover everything!
Reply With Quote
This user would like to thank bill_door for this useful post:
  #15  
Old 23.04.2009, 17:47
Newbie
 
Join Date: Apr 2009
Location: gryon
Posts: 6
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
happy has no particular reputation at present
Re: Taking pension out of Switzerland

Thank you so much, I'm starting to get my head around it. One more question or two. Can I sort all this out before I leave Switzerland? My employer has fairly inept or lazy accounts dept and they tell me that I can't do anything until my contract officially ends. Finally the sum for working out how much I can take... I'm a little slow. It's my age minus 20 to the power of 4, which equals the percentage I can take, minus the compulsory part. Correct?
Reply With Quote
  #16  
Old 23.04.2009, 18:51
Jim2007's Avatar
Forum Legend
 
Join Date: Jun 2006
Location: Kt. Bern
Posts: 4,555
Groaned at 220 Times in 173 Posts
Thanked 7,504 Times in 3,313 Posts
Jim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond repute
Re: Taking pension out of Switzerland

Out of interest, what do you plan to do with the cash?

I'm not at all sure of the wisdom of taking the cash out of the system. For instance lets say you have about 200K in the fund right now and you move it out of the system, allowing for interest growth alone, that would mean you have just burned off about 50K of the capital sum of your future pension......

Just my 2c,

Jim
Reply With Quote
  #17  
Old 24.04.2009, 10:58
Newbie
 
Join Date: Apr 2009
Location: gryon
Posts: 6
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
happy has no particular reputation at present
Re: Taking pension out of Switzerland

Uhh spend it? Could you expand on the wisdom of leaving it in?
Reply With Quote
  #18  
Old 24.04.2009, 20:19
Jim2007's Avatar
Forum Legend
 
Join Date: Jun 2006
Location: Kt. Bern
Posts: 4,555
Groaned at 220 Times in 173 Posts
Thanked 7,504 Times in 3,313 Posts
Jim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond repute
Re: Taking pension out of Switzerland

Quote:
View Post
Uhh spend it? Could you expand on the wisdom of leaving it in?
I just did!!! When do you want to retire? Are you going to be happy to live on less than others in the future? What happens if you develop some illness and are unable to work in the future?

I know a couple of people that did exactly what you are suggesting, they are now in their mid forties and are crying at the amounts they now have to pay into the pension in order to be able to have a decent pension when they retire and they will be working to 65....

The back of a napkin calculation would suggest that you need to have saved between 700,000 and 1,000,000 in order to enjoy a pension of around 4,000 per month... at that point there will probably be two of you to support, non insured medical stuff, helping out your kids with their finances and what not.

The bottom line is that the sooner you stand saving the earlier you can retire and the better the pension you can expect....

Jim
Reply With Quote
  #19  
Old 27.04.2009, 12:12
Newbie
 
Join Date: Apr 2009
Location: gryon
Posts: 6
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
happy has no particular reputation at present
Re: Taking pension out of Switzerland

Ok, another question. Bear with me Jim. If I'm leaving CH then the money goes into a blocked account earning 1.5% not much above the rate of inflation, correct, this is why I thought about extracting it. Can I continue to put money into my 1st and 2nd pillars and thereby keep my pension pot alive whilst living and working in the eu? or do I need to transfer the pension to another pension scheme in my eu country of residence?
Reply With Quote
  #20  
Old 27.04.2009, 16:59
bigblue2's Avatar
Forum Legend
 
Join Date: Mar 2009
Location: Glarus
Posts: 8,082
Groaned at 484 Times in 403 Posts
Thanked 14,715 Times in 5,780 Posts
bigblue2 has a reputation beyond reputebigblue2 has a reputation beyond reputebigblue2 has a reputation beyond reputebigblue2 has a reputation beyond reputebigblue2 has a reputation beyond reputebigblue2 has a reputation beyond repute
Re: Taking pension out of Switzerland

You would have to check with your pension company, generally it stays in the 'pot' so goes up along with everyone else (or down). You can also transfer your pension to another pension company either here or the uk etc.

On the flip side, I had a quite large pension in the uk which I kept there, every year since its gone down by about 6k gbp, I'd have been better off sticking the cash in my matress
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Pension - Moving my UK pension to Switzerland movingtozug Finance/banking/taxation 94 28.04.2010 12:47
Taking Philips TV to Switzerland MaryMc TV/internet/telephone 4 10.04.2008 19:19
Taking pension out of CH back to US shpadre Finance/banking/taxation 1 11.07.2007 21:23


All times are GMT +2. The time now is 14:59.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0