A clear benefit target is pursued with the fixed savings contributions. The expected old-age pension, assuming the full contribution period, is 60% of the final insured salary at the age of 65. Together with the benefits accruing from the old-age and surviving dependents’ insurance (OASI) - and from the 3rd pillar if applicable - the persons insured should be able to carry on living at the standard to which they are accustomed after taking retirement.

The reference age is defined in the pension plan. It corresponds to the age at which, without any other explanation from the employee, the age-related benefits are automatically triggered.

Men and women can retire between 58 years of age and the reference age. The insured person has the option of deferring retirement until the age of 70 subject to the agreement of the undertaking.

The applicable annual salary is generally equivalent to the annual salary specified in the employment contract in accordance with the level of employment.

The insured salary is equivalent to the applicable annual salary less the coordination sum. The insured salary forms the basis for the benefits on death or invalidity and for the calculation of the contributions. The coordination sum takes account of the fact that part of the income is already insured by the 1st pillar (OASI / disability), thus preventing excess insurance. In case of part-time employment it is reduced according to the level of employment.

The conversion rates can be found here.

Old-age benefits

• Old-age pensions
• Retirement-linked children’s pensions
• Lump sum pension payments
• Partial retirement schemes 

Disability benefits

• Disability pensions
• Disability-related children’s pensions

Survivors’ benefits

• Spouse / life partner pensions
• Orphans’ pensions
• Death / survivor benefits

Termination benefits

• Remittance of vested benefits on withdrawal from service under employment contract

• Encouragement of home ownership (advance withdrawal/pleging)
• Divorce