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UBS launches pension product with insurance cover
UBS has launched a new addition to its range of pension products. UBS Fiscalife combines tax-privileged retirement savings via pillar 3a with disability and term life insurance.
UBS's strategy is to provide insurance products in Switzerland that cater to capital accumulation and retirement savings needs. To answer this need, UBS has now launched Fiscalife, a product which combines tax-privileged retirement savings via pillar 3a with disability and term life insurance.
Fiscalife clients choose the savings target they would like to achieve on reaching AHV retirement age. On retirement, the client receives the value of his/her UBS Fiscalife securities investments as a lump sum. In the event of disability or death - due to accident or sickness - before reaching AHV retirement age, the savings target agreed upon opening the account is paid out immediately as a lump sum payment. This provides a major advantage over conventional retirement savings insurance, which in the event of disability normally only grants a premium waiver for the residual term to maturity. The insurance cover may be terminated at any time at no extra charge, i.e. there is no loss of surrender value.
Fiscalife clients pay an agreed annual contribution. The client is free to determine the timing and level of payments over the course of the year. Contributions to Fiscalife benefit from all the tax advantages under pillar 3a. Clients can choose from among the four UBS Fiscainvest securities investments involving equity allocations of 12, 25, 40 or 50% for the savings portion of the annual contribution, and the investment strategy can be altered at any time.
UBS has linked up with Zurich Financial Services for the insurance component of Fiscalife. There is an online Fiscalife calculator on the UBS website which can be used to calculate annual contributions (savings portion and insurance premium) on an individual basis. Accounts may be opened starting 15 November.
Zurich/Basel, 8 November 2004
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