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In order to receive your AHV pension (1st pillar), and your occupational (2nd pillar) and private (3rd pillar) pension assets when you retire, you need to take certain steps.
The AHV pension is not paid automatically. To receive it, you must send a written request to the compensation office where you paid your last contributions.
You must send your request at least 3 months before reaching the statutory retirement age in order to give your office enough time to gather all the information needed to calculate your pension.
Applications to receive your pension early, must be submitted to the compensation office by the last day of the month during which you reached the age allowing you to take an early retirement (63 or 64 for men, 62 or 63 for women). Retroactive applications are not accepted.
To receive your pension after your retirement age, you need to submit an application a year after having reached the statutory retirement age at the latest.
The 2nd pillar is generally paid in the form of an annuity. The insured person may, however, request to be paid a quarter of his/her OPA retirement savings as a lump sum. The compensation office may provide in its regulations for the payment of a higher lump sum or the payment of a lump sum instead of a pension. Terms depend on the pension scheme’s regulations, so make sure you meet the deadline for requesting a lump sum payment.
There are advantages and disadvantages to both variations (annuity or lump sum payment) depending on your personal situation and on your pension needs. For further information, contact your pension scheme. If necessary, your employer can provide you with contact information.
The Occupational Pensions Act (OPA) does not provide for early retirement. It is possible to retire early if your pension scheme’s regulations expressly provide for early retirement. The minimum age for early retirement is 58. Contact your pension scheme at least a year before reaching the age of 58 to organise your retirement.
If your pension scheme’s regulations provide for postponed retirement, you also have the option to postpone the payment of your pension until 70 at the latest. Contact your pension scheme for information about what you need to do.
You can generally withdraw the full amount of your 3rd pillar pension all at once at the earliest 5 years before your reach the statutory retirement age and at the latest at the end of the month during which you begin to receive your AHV pension. However, if you continue to be gainfully employed, you may postpone receiving your 3rd pillar pension up to 5 years after the statutory retirement age.
Contact your third pillar scheme for the amount of money saved and the terms of withdrawal.