Thanks
Any advice on where to open a vested benefits account in Schwyz? I live in the UK and would like to withdraw the money in the short term.
Finpension.
From the website this is located in Luzern - not what was asked.
OP just go with Schwyz Kantonal Bank
From https://finpension.ch/en/vested-benefits/faq/
Yes, a tax is payable on both the advance withdrawal and the final withdrawal on retirement. Capital withdrawals are taxed separately from other income and assets at a reduced rate. The cantons have different ways of calculating capital withdrawal tax. If you transfer your residence abroad before you receive your vested benefits capital, a withholding tax is levied at the registered office of the foundation. The registered office of valuepension is located in the Canton of Schwyz. The canton of Schwyz has the lowest withholding tax in Switzerland. The tax on advance withdrawals for owner-occupied residential property is refunded on repurchase into the restricted pension plan.
It is domiciled in Schwyz.
Pillar 2 holdings are separated from the main business, and done by a special foundation. This is even the case with UBS or CS.
Many thanks, do you know how much they charge for a withdrawal?
You can look this up in their fee schedule.
Hi everyone, I am also leaving Switzerland and look for some recommendations on a vested benefit account that I can invest my pension in.
So far from searching the threads I see 3 names that come up consistently -
Valuepension
VIAC
Liberty
Would love to hear your experience on any of these or if there is anything else I should consider?
MAny thanks
Hello all,
I have been in touch with the Kantonalbank and they offered two possibilities:
- Freizügigkeitsstiftung of the Schwyzer Kantonalbank in Schwyz (closing fee of 800 chf when domiciled abroad); possibility of investing in funds
-Swisscanto Freizügigkeitsstiftung der Kantonalbanken in Basel (no closing fee); possibility of investing in funds.
Any recommendations of which one to go for? My pillar 2 isn't very substantial (that of a researcher), so not sure if the 800 CHF is cost-effective. Also don't know if the withholding tax in Basel is greater....
The SZKB work out to be quite expensive and they have just jacked their fees up again effective October 1.
What about libertypension - Is this not the preferred pension withdrawl service on EF for expats
I suppose then just going with my current bank (CS) or the local bank (SGKB) or the Swisscanto would make little difference?
The other option for me would be to move it to the UK, but not sure given the state of the economy.
Here an overview: https://finpension.ch/en/capital-wit...-tax-compared/
Appenzell Innerhoden is also a low tax canton and the Kantonalbank only charges CHF 200. https://www.appkb.ch/private/vorsorg...egigkeitskonto
Edit: The above is the taxation when you live in the canton. If you are abroad the tax at source/witholding tax apply: https://finpension.ch/en/withholding-taxes-pensions/ (As of writing the 2021 rates are listed)
2022 rates as published by the ESTV https://www.estv.admin.ch/dam/estv/d...ungen-2022.pdf
AI, SG, and ZH have all a flat rate of 6%
UR has a flat rate of 4.30 %
NW has a flat rate of 3%
SZ has a flat rate of 2.5%
(+ federal tax in the range of 0 - 2.3% whic is every where the same).
Wow - that is an eye opener!
I made a doodoo and have adapted what I have said.
Thank you so much for all this info!
Perhaps I should line up all fact sheets and decide between Schwyzer Kantonalbank vs AI vs. SG vs. Zug. I had an interesting conversation with one of CS' customer service personnel a while ago - she said that she had no idea about a vested benefits account.
Would you happen to know more about the conditions? For e.g., should a person should be continuously domiciled in the country to maintain this account? And what would happen if they start a new job outside of the country/EU?
(the Swisscanto one suggests that when they start a new job, the pension gets transferred to the new pension fund)
Update: Zug called me. The end conclusion is that I can keep a vested benefits account in CH only if I continue to be taxed in CH. So, in my case, they think it would be too much administrative charges to open the account and close it once I move out of the country.