Quit my job at the end of January. I like the work. Now I’m planning to start my own business with some former co-workers (AG) by the end of next year (possibly earlier).
I’m looking for advice regarding my 2nd pillar. I have about 200k in there that my current employers 2nd pillar institution has asked me about where to transfer.
I do not have another job lined up and I’ve been reading some about vested benefit accounts like Finpension and VIAC. Ideally I’d transfer all of it to one of them and invest it in a high stock portfolio.
Some things are making me hesitate:
I plan to start a business maybe as early as Jan 27. By that time I’d be employed by my AG, so I’d have to have a 2nd pillar institution for me and my employees. There I will surely have to transfer my second pillar to them.
Has anybody here ever done that? Fully invested in a vested benefits account and then not told their new 2nd pillar about it?
So then I thought about splitting it and keeping half in Finpension and half in VIAC (because they don’t charge for transfer in the same year) and then transfer the VIAC half to my new 2nd pillar instutition once I find one (I’m quite excited to be able to compare them and find the best one for me and my employees).
Would my new instutition be able to ask me to transfer all of it? From what I’ve read so far not really, but maybe some things have changed.
Splitting and investing both in 100% stocks (or as close as possible) seems risky at the moment given the current world events if I have to transfer all of it to a new instutition in a year. So I might transfer half to Finpension and fully invest for the future and half to VIAC but keep the VIAC half in a low risk portfolio so it keeps it’s value more or less to transfer to my new institution. Any thoughts?
Yeah, that’s where I’m at at the moment. Any advice would be appreciated. Regarding the compulsory and non-compulsory part I have no idea how much of these 200k is one and how much is the other. I’m still trying to find that out.
@s0974748 You seem to have researched the topic quite thoroughly already.
My take: I would split the 2nd pillar into compulsory and non-compulsory part with the idea to only transfer the compulsory part to the new pension fund. As there are no enforcement mechanisms for such cases, you can transfer your non-compulsory part once they actually start to enforce it. My guess is that worst case there will be some kind of administrative fee from your pension fund to deal with this additional money.
More reading on this topic: Second pillar split
If I remember correctly, only up to the maximum of the new pension fund/plan. The maximum is often higher than the current assets. However, as @s0974748 is planning to start their own business, they might start with a relatively low salary, in which case the pension plan maximum may be lower than the current assets (and they are expected to have a hand in selecting pension fund/plans).
@s0974748 If you were to first start your business as self-employed, you could withdraw (part of) the pillar 2 assets for that purpose. It would still be possible to incorporate a bit later. Probably too much hassle, especially as you’re not starting your business alone, but if you really want to take your current pillar 2 assets out, it’s theoretically an option.
Indeed the new pension provider can refuse part of the assets. That said afaiu the limit isn’t just the buy-in limit (at least I did transfer assets that where above the regular buy-in limit and they didn’t say anything). Might depend on the actual fund rules (or practice).
The move from employee to self-employed to employee of its own SA/SARL is something the tax authorities are following and challenging if the person was not really self-employed. They will tax the 2nd pillar withdrawal as regular income.
Interesting. If the person was not really self-employed first, I guess that makes sense. Actually starting as self-employed and then incorporating later is perfectly fine, though, or that’s what I thought. It can also make sense - at least for a single person.
Just make sure to subscribe to a modern pension fund with a good asset allocation, such as Profonds. As owners of the AG, it will be in your control and interest to hire whatever pension fund you seem fit, I would think.
I wouldn’t go into the gray area of withholding part of the pension capital just because you like 100% stocks.
I’m having a hard time figuring out how much funds I have in the compulsory and non-compulsory part… I asked the pension fund to clarify this for me and will probably do just that once I get feedback. Thank you!
I actually asked our (companies) Treuhänder about this and they also said (like the poster below you) that the authorities will check this.
We are quite young and need capital to start our business so I figured I just might be self employed to get the money out of the 2nd pillar and be a contractor of my AG, then later join the AG Maybe I should look for less rule following advisors
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Hope I do right by my employees and myself.