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  • Laid off? Voluntarily continue pension scheme.

    06.09.2022 | Priska Schnell
    Since 1 January 2021, under the Federal Law on Occupational Old Age, Survivors’ and Disability Benefit Plans (LOB), people aged 58-plus who are dismissed by their employer can remain with their pension fund voluntarily and at their own cost.
674302086

Laid off? Voluntarily continue pension scheme.

06.09.2022 | Priska Schnell
674302086
Since 1 January 2021, under the Federal Law on Occupational Old Age, Survivors’ and Disability Benefit Plans (LOB), people aged 58-plus who are dismissed by their employer can remain with their pension fund voluntarily and at their own cost.

Art. 47a LOB sets out the minimum requirements for this continued coverage

The law ensures that employees aged 58 and over who lose their job are able to continue building up their pension until ordinary retirement. Where insurance of occupational benefits is continued voluntarily, pension cover is maintained in the event of death or disability as a minimum in all cases.

Points to bear in mind

Voluntary continuation of insurance is only possible for basic pension schemes, i.e. compulsory occupational benefits. Purely supplementary solutions such as a separate cadre benefits scheme cannot be continued. The person dismissed can apply for continued insurance with their previous employee benefit institution and then continue to pay their own contributions and those of their former employer. They thus leave the occupational benefit insurance system but continue to be subject to OASI.

How continued insurance works with Helvetia employee benefit solutions

At Helvetia, dismissed persons can apply for voluntary continuation of insurance from the age of 55. They can also decide whether to continue to insure the entire pension provision (maintenance of pension cover in the event of death or disability, and further build-up of retirement provision) or only the risks of death and disability. The insured person also has the option of adjusting the salary – which is used to calculate contributions – within a certain range. This is helpful if the individual alone cannot cover contributions previously paid by the employer and employee together.

 Notification of interest in continued insurance of occupational benefits after termination by the company must be received by Helvetia at least one month after departure. The insurance will then apply from the first of the month following the date of termination of employment. This prevents any gaps.

For employers. Full detailed info on Art. 47a LOB.

The information sheet, registration form and supplementary provisions regarding continued insurance in accordance with Art. 47a LOB including all important information can be found here at HR administration > Leaving the pension fund.

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