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UBS Vitainvest - new funds for Pillar 3a
UBS is now offering its clients the perfect way to save for their retirement with securities investments: Vitainvest public investment funds. These funds combine the tax advantages of investing in Pillar 3a with the flexibility of investment funds.
UBS is launching four new public investment funds in Switzerland on 20 January: UBS Vitainvest 12, 25, 40 and 50. They replace the Fiscainvest 12, 25, 40 and 50 sub-funds of the Fiscainvest Investment Foundation of UBS. The change of legal form will enable those saving for their retirement to extend their investment horizon beyond the statutory retirement age, as well as enhancing the attractiveness of retirement saving with an equity element.
UBS Vitainvest funds offer substantial advantages over the investments in investment foundation sub-funds that UBS has offered up to now. Unlike holdings in a Pillar 3a investment foundation, for example, UBS Vitainvest fund units do not need to be sold when the investor reaches retirement age, and this extends the investment horizon. UBS Pillar 3a securities investments feature an equity component of up to 50%, which makes for higher earnings potential but naturally results in exposure to price fluctuations. Clients can now retain all or part of the securities investments they have built up in their Pillar 3a even after they reach retirement age, transferring them to a normal UBS custody account. There are no restrictions on the time of sale of the investments, so earnings can be optimized. The tax advantages for clients are identical until they reach retirement age.
UBS Vitainvest funds comply with the legal requirements relating to Pillar 3a, and their investment policy is identical with the Fiscainvest 12, 25, 40 and 50 sub-funds of the Fiscainvest Investment Foundation of UBS. They are designed as funds of funds, with investments being managed by UBS Global Asset Management and other leading domestic and foreign asset management companies.
Existing investments in UBS Fiscainvest 12, 25, 40 and 50 will automatically be converted into UBS Vitainvest fund units on a 1:1 basis on 20 January 2006. There is no requirement for clients to take action, and they will not incur any extra costs.
Zurich / Basel, 5 January 2006