FUTURA A to Z

What does flexible retirement age (FAR) mean?

Some employees in the construction industry can make use of flexible retirement, i.e. early retirement, and draw a bridging pension from the FAR Foundation.

During the bridging pension period, FUTURA offers to continue the retirement capital free of charge until the normal retirement age. However, the risk insurance is canceled. Likewise, no more savings contributions will be made. However, interest will continue to be paid on the retirement capital.

The transfer must be notified using the "FAR transfer notification" form:

TO THE FORM

What is a vested benefits account?

If you change jobs or leave the pension fund without a new employer, the existing retirement assets are generally transferred to a vested benefits account. This serves to secure pension entitlements until retirement or until a new employment relationship is established. It can be opened at any bank and closed from the age of 60. Until then, the funds are tied up.

What is the vested benefit?

The vested benefits, also known as termination benefits, are the assets that every insured person in Switzerland accumulates with their pension fund. These assets are made up of the employee's and employer's savings contributions and interest.

If an insured person terminates their employment relationship and has no new employment, the vested benefits are transferred to a vested benefits account or a vested benefits policy (insurance solution) is opened at the request of the insured person. If the person takes up gainful employment again, the vested benefits account can be closed and the balance transferred to the new pension fund. This must be arranged by the account holder.