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I will be leaving my employer shortly and am considering transferring my pension savings to the Substitute Occupational Benefit Institution (Stiftung Auffangeinrichtung BVG). Since I have around 100k of pension savings, I am curious to know just how secure my money would be in that institution. Does this service provider have any form of deposit guarantee?
Hi there,
The Substitute Occupational Benefit Institution is not a bank, so vested benefits managed by the institution are not insured by the depositor protection scheme from Esisuisse like vested benefits accounts at Swiss banks are.
Vested benefits held in the Substitute Occupational Benefit Institution, like those held in vested benefits accounts at banks or vested benefits foundations, are not covered by the LOB guarantee fund. This guarantee fund only covers occupational pension funds.
The Substitute Occupational Benefit Institution is primarily a holding place for vested benefits which have not been claimed by their owners.
Best regards from Moneyguru
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