What you need to know about pensions, and how IMI can help you to save.
A pension plan allows you to build up savings for your future. It will give you an income when you retire or become disabled. Both you and your employer pay money in and the money is invested to help it grow. In the IMI Swiss Pension Fund you have the option of an early retirement from age 58. On retirement you can take your savings either as a lump sum, as regular pension payments for the rest of your life, or as a combination of the two.
By saving in a pension plan, you have the security of knowing that you will not need to survive on the old-age, survivors’, and disability insurance (AHV and IV) alone.
In Switzerland, there are three pillars to the system of retirement and social insurance:
There are two mandatory insurances for anybody living or working in Switzerland – old age, survivors’, and disability insurance (AHV and IV). These cover your basic needs in old age or in the event that you become disabled.
Employee pension funds are provided by employers such as IMI, so that you can have an income in retirement and in case of disability for a comfortable life. By the Swiss Federal Law on Occupational Retirement (BVG), employers have to offer a minimum level of contributions. These are levied by income, up to a certain ceiling.
In addition to basic security provided by AHV and IV and from the pension plan provided by your employer, you can also invest in private saving plans. These are offered by insurance companies and banks, and are very tax efficient.
The IMI Swiss pension fund offers two plans to new employees - the Base Plan and the 1e Plan. The Base Plan covers your salary up to a certain level. The part of your salary that exceeds that level is covered by the 1e Plan. Within the Base Plan, each year you can choose one of two contribution options to suit your circumstances on the Employee Benefits Center.
In both plans your account builds up from contributions from you and IMI, and investment returns – so how much money you will have when you retire depends on:
As a member of the IMI Swiss Pension Fund, you will receive a benefit statement each year, which will give you – among other information - an idea of how much your account will be worth at the regular retirement age (65) and at the early retirement age of 58. You can access your account and view your latest benefit statement on the Employee Benefits Center.