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Private pension insurance can be attained in Switzerland through both tied and free provision. Which model is best for you can be best decided through a detailed analysis of your individual situation and financial requirements. Make an appointment with MoneyPark today to gain an in-depth understanding of what's available to you and to decide on the best strategy possible.
Benefits of private pension insurance
Pension insurance basically consists of the payment of a guaranteed pension until the end of the life of the policy holder. As a general rule, you can choose between different types of incoming payment streams. For example, it's possible to expect payments at the same rate during the entire pension period. Different pension levels are also available. It's possible to reduce the pension level after a few years, if a pensioner wishes to lay out additional funds for their heirs to receive down the line.
In general, come the death of the policy holder, potential capital and over-allotment can then be paid out to beneficiaries. In addition to spouses, beneficiaries can also include common law partners, provided that life cohabitation has lasted for more than five years, along with the parents of the deceased, children, siblings and other named heirs.
Models of financing
Several models are available for the financing of pension insurance in Switzerland. Periodic deposits to a pension account are customary, although not the only method. Regular deposits that occur monthly, quarterly, semi-annually or annually can all be agreed upon. A one-time premium is also a possible option. Some insurers also offer mixed financing. In the beginning, a larger, one-off payment is paid. Then, a further series of smaller premiums follow on a monthly basis. It should be noted however that different time limits for the saving phase. In the case of periodic premiums, you must pay out for a minimum of 36 months. In the case of a one-time premium, a waiting period of at least one month applies.
As the annuity insurer reinstates the amount paid, the profits obtained are paid out in addition to guaranteed pension income. However, since the level of capital income depends on the development of the interest rate and capital market, the surplus payments are not guaranteed and terms are redefined once a year. Two systems of surplus participation are common in private pension schemes. In one variant, each allocation is converted into a life-long pension. This gradually increases. In the second variant, the insurer will aim to keep the amount of the surplus approximately equal. However, due to unforeseeable developments, total amounts can vary from year to year.
Speak to MoneyPark for premium pension insurance in Switzerland, the Euro Zone and the USA
When is the right time to discuss pension insurance\? Depending on your financial situation and individual requirements, the conditions of private retirement and pensions can vary wildly. At MoneyPark, we offer exhaustive independent advice to help you make the best possible decision when it comes to planning for your retirement. MoneyPark can offer you in-depth advice on all aspects of retirement planning, as well offering you insight on whether closing out your pension plans in a foreign currency is a worthwhile strategy. The question arises when paying out pension insurance is not to be conducted in Switzerland, but rather elsewhere in Europe or in the USA. In this case, it may be useful to take out a retirement pension plan in another currency, such as the euro or the US dollar to help avoid currency risks.
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