Compare Pillar 3a Providers & Switching Costs

Compare structures before brand names

A useful third-pillar comparison begins with the purpose: retirement saving, protection for dependants, income protection, or a combination. A bank account, securities arrangement and life-insurance policy do different jobs. Compare the investment exposure, contractual guarantees, insurance benefits and commitment to future payments. A recognised pillar 3a product is not automatically the cheapest or most suitable option. The Federal Tax Administration’s provider list concerns recognised tax treatment, not a performance ranking. For a new plan, start with a sustainable contribution and an accessible emergency reserve. For an existing policy, add a separate question: what changes financially and contractually if you replace it now?

Obtain a dated surrender value first

Ask the current insurer for the surrender value on the intended transfer date, the relevant calculation and the benefits that would end. Keep the policy, annual statements and applicable conditions together. The premiums paid, the investment-account value, a projected maturity value and the surrender value are different figures. Do not compare one insurer’s projection with another’s guaranteed amount. FINMA’s investigation published on 23 August 2023 highlighted both optimistic illustrations and costs associated with early termination and new contracts. That finding is a reason to examine the actual documents, not a current fee quotation for any particular insurer. A contract’s age alone cannot establish that switching is advantageous.

Put three options on the same page

Request written figures for continuing the current policy, adapting it, and transferring to a new arrangement. An adaptation might involve lower premiums, a payment pause or paid-up status, where the contract allows it; none should be assumed available without confirmation. For each option, record the amount retained or transferred today, future contributions, acquisition and administration costs, investment charges, insurance costs, guarantees, death/disability benefits and exit conditions. Ask how the adviser is remunerated on a replacement and whether the recommendation includes that remuneration. A lower investment-management charge does not establish a lower total cost when other charges and insured benefits differ.

Compare the future from today

Consider a purely illustrative policy with CHF 18,000 of premiums already paid and a current surrender value of CHF 12,000. The CHF 6,000 difference is not automatically an exit fee: request the breakdown, including protection costs, charges and investment performance. Past spending alone is also not a reason to keep an unsuitable contract. The decision compares future outcomes from today. At CHF 300 monthly for ten more years, each full-contribution option uses CHF 36,000 of new payments. Require the same horizon and investment assumptions, clearly separated guarantees and projections, and comparable protection. The largest projected final balance is not enough to settle the choice.

Protect the insurance and the transfer process

Before cancelling, obtain the new insurer’s final acceptance, exclusions, benefits and start date. Swiss Life’s own termination guidance notes that a replacement generally involves a new health assessment and that existing death cover can end. Confirm these consequences for your policy. For a provider change within pillar 3a, arrange a direct transfer within the recognised 3a system; do not treat it as freely available cash. AXA’s switching guidance expressly distinguishes that process from ordinary cancellation. Ask both institutions to confirm the receiving arrangement, amount, date and any costs. Review a pillar 3b policy separately because its contractual and tax treatment differs.

Ask for clarification before signing

If the surrender calculation remains unclear, ask the insurer first. FINMA can check surrender and paid-up values free of charge after the insurer has provided them, verifying compliance with approved methods. This does not determine whether the level of charges is appropriate or whether switching suits you. FINMA also states that individual life-insurance tariffs are not approved by it. Bring the dated values, both contracts, the three-option comparison and your protection needs to a review. General information checked on 23 October 2026; no provider is ranked and no saving or return is guaranteed.