Pillar 3a: more and more people are taking their retirement into their own hands
Seven out of ten working people in Switzerland save with pillar 3a. That’s almost 10% more than four years ago. What’s more, they manage their investments more actively. This was shown in a survey conducted by Comparis.
22.04.2022
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1. The analysis in a nutshell
More and more Swiss people are saving for retirement with a pillar 3a.
They increasingly distribute their savings into multiple 3a accounts.
2 out of 5 respondents use a digital provider for 3a savings, or have plan to do so this year.
2. Key findings
Significantly more people are saving for retirement using pillar 3a today than in 2018. Four years ago, 63.1% people were using pillar 3a. Today, 69.8% use this tax-privileged private pension plan. This was shown by two surveys conducted by Comparis in 2018 and 2022.
Respondents increasingly distribute their 3a funds in multiple accounts in order to later be able to use the tax advantages of staggered withdrawal. 49.3% of respondents have more than one account. Four years ago, this number was just 40.4%.
Click here for the complete pillar 3a survey.
3. What surprised us
Women are catching up with 3a savings. More men than women take advantage of pillar 3a savings. Currently 75.6% of men have pillar 3a savings (2018: 70.1%). However, the number of employed women with pillar 3a savings has risen sharply since 2018, from 55.9% to 63.9%.
And 2 out of 5 pillar 3a savers indicate that they have already chosen a digital provider for their 3a deposit, or plan to do so this year. 53% of 20-29 year olds choose this kind of investment solution.
4. What the Comparis expert says
“The Swiss are increasingly aware that they will not be able to make ends meet with the OASI state pension and their occupational pension, and are therefore relying on additional voluntary pension options,” explains Comparis pension expert Leo Hug on the increased number of 3a savers.
“Instead of comparing the low interest rates of various savings accounts, many investors would rather put their 3a savings in investment funds. Rightly so: if you are under the age of 55, you can consider your money in the restricted pension plan as a long-term investment. This justifies the purchase of equity-heavy funds,” says Hug.
This article was first published on 18.12.2018