Taxation:
With Pillar 3a income tax savings

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The right old-age provision is needed to guarantee a relaxed and worry-free retirement but the three-pillar principle of Swiss pension provision also offers the possibility of tax savings. In the case of income tax, for example, there are some advantages that can be obtained with Pillar 3a. Anyone who pays into an account or an insured-linked 3a pension scheme can claim the amount on their tax return and receive corresponding deductions from their income tax. There is a statutory maximum amount which can be paid into the Pillar 3a. Depending on the personal marginal tax rate, the annual tax calculation can be reduced and you can double your savings for old age.

Deducting Pillar 3a contributions from taxes

Private retirement provision is voluntary and it is up to each individual to decide whether they would like to save for retirement in addition to the mandatory Pillars 1 and 2. However, additional capital in old age isn't the only advantage; significant tax savings can also be made if you make a regular deposit in Pillar 3a. In order to make contributions to an insurance policy or savings account within the framework of the pillar 3a in the case of taxes, insurance companies and banks issue a deposit certificate of the previous year's contributions, which can be attached to the tax return. Subsequently, the corresponding amount is deducted from the taxable income, depending on the personal marginal tax rate and the sum of the payments made. With a Pillar 3a computer, individual tax savings can be calculated in advance.

No taxation of Pillar 3a interest income

During the term of the pension accounts, the interest income is completely tax-exempt, so no withholding tax is deducted. The interest earned does not need to be stated in the tax declaration. Under Pillar 3a, income from securities settlements or insurance policies is also tax-exempt. What applies to interest and income also applies to the capital itself, which is built up in the pension plan of Pillar 3a - it is excluded from wealth tax during the entire term.

The more investments in Pillar 3a, the greater the tax savings

The most sensible strategy is to combine several 3a pension schemes such as accounts, securities and insurance policies. The number of Pillar 3a accounts is not restricted by the tax authority, only the maximum amount is calculated annually and limits the amount of the deposit. It is worthwhile in any case to make a Pillar 3a comparison, to choose the best offers from savings accounts and life insurance policies and distribute one's capital across several forms of investment. In this way, you can benefit not only from various offers with the best Pillar 3a interest rates but also from additional tax savings by not paying out the different pension products in the same calendar year. In contrast to asset building, income tax is subject to income taxation and must be declared accordingly. For further information, please refer to our Info Page with reference to Pillar 3a.

MoneyPark helps you make the most of Pillar 3a tax savings

It is not always easy to find the best pension and the greatest possible benefits from taxation through Pillar 3a. At MoneyPark, we are happy to assist you with an independent consultation with our experienced team of experts. Together, we will find the best solution for your old-age provision, which will meet your individual needs and allow you to save taxes. Simply make an appointment with a MoneyPark team in your area.

Säule 3a Steuern

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