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UBS to offer new Pillar 3b retirement accounts
UBS is offering its clients new products with preferential conditions in the form of the unrestricted retirement account 3b and unrestricted retirement custody account 3b. The unrestricted retirement account 3b and the unrestricted retirement custody account 3b allow clients to save over the long-term for individual needs, such as financing their own home and pension planning, or to invest in selected funds.
UBS launches its new unrestricted retirement account 3b and unrestricted retirement custody account 3b. As the first to offer these accounts in Switzerland, UBS is giving its clients the opportunity to save over the long-term and for retirement whilst enjoying the same preferential conditions in Pillar 3b as in Pillar 3a, including, a higher interest rate (currently 1.875%) and no issuing commission on fund investments or custody account fees. Contributions to Pillar 3b are generally not tax-privileged.
In line with the preferential conditions of the unrestricted retirement account 3b and the unrestricted retirement custody account 3b, UBS clients can make annual contributions of up to double the amount contributed to Pillar 3a with UBS. This means that employees can contribute over CHF 12,000 per annum and, depending on their income, self employed workers can contribute up to CHF 64,000. In launching these new products, UBS is taking into account the demographic changes in Switzerland and the growing need for private retirement savings necessary to maintain the accustomed standard of living following retirement.
The unrestricted retirement account 3b and the unrestricted retirement custody account 3b are suitable for people who have funds available and would like to invest them over the long-term. As is the case with Pillar 3a, the preferential conditions are subject to the withdrawal conditions. Ordinary withdrawals are thus possible, for example, upon reaching AHV retirement age, to finance an owner-occupied property, to buy into a pension fund or to make a contribution to Pillar 3a with UBS. Extraordinary withdrawals can be made at any time. In this case, however, the investor will not benefit from all the preferential conditions.
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