At the end of 2022, 62% of the 1.4 million vested benefits accounts managed by the BVG Substitute Occupational Benefit Institution were contactless. These accounts hold CHF 5.6 billion, which corresponds to CHF 34% of the total assets of CHF 16.2 billion. In 2015, the figure was still around CHF 3.2 billion, as SRF reported at the time. In every 4th enquiry, credit is usually found that has been forgotten. The current figures for 2023 are not yet known, but the trend is still rising.
One possible reason for contactless accounts may be a change of job. If employees leave a job and do not immediately take up a new one, their 2nd pillar savings capital is transferred to a vested benefits account with the BVG Substitute Occupational Benefit Institution, at the earliest six months after termination of the employment relationship. If you then change your place of residence, this can easily be forgotten, as the Substitute Occupational Benefit Institution does not know your new address. As Max Meili, former head of the Substitute Occupational Benefit Institution, emphasised in the SRF report, employees don't bother much with the pension fund documents when they change jobs. In addition, the Swiss trust the pension system and often believe that everything is taken care of automatically. Similar to the 1st pillar and the IK extract it is advisable to take the initiative and take care of this yourself.
As mentioned above, 8 years ago around CHF 3.2 billion in forgotten balances were reported, now the figure is CHF 2.4 billion higher. The reasons for the increase in contactless accounts can only be surmised, as the Foundation has no data on this. Possible reasons include the young age of the occupational pension scheme, modern mobility and increasingly frequent job changes.
The foundation manages contactless assets for up to ten years after the owner reaches AHV retirement age. If the money is not collected by then, it is transferred to the BVG Guarantee Fund. However, the owners can make claims until their 100th birthday.
It is advisable not to wait until retirement planning or your 100th birthday, but to take action early.
We will be happy to support you in your search for any credit balances and at the same time take care of your enquiry with the LOB Guarantee Fund and the LOB Substitute Occupational Benefit Institution. The enquiry via FINBERG is free of charge and only takes a few minutes. Effortlessly via video call or in person on site.