Many people receive second pillar annuities prior to retirement

THE DATA

In 2019, nearly 43% of women and 44% of men chose this option

Many people receive second pillar annuities prior to retirement

Many people receive second pillar annuities prior to retirement

A large number of Swiss are receiving 2nd pillar pensions before the legal retirement age. In 2019, almost 43% of women and 44% of men opted for this option, the Federal Statistical Office (FSO) indicated today, adding that there are still significant differences between the two genders in the amounts of pensions paid.

The median pension paid by the occupational pension plan for the first time in 2019 was 1,160 francs per month for women and 2,144 francs for men. In the case of those who chose a lump-sum payment, the median amount was about 142,900 francs for men and 59,000 francs for women, the FSO pointed out in a note.According to the FSO, the marked differences between the sexes can be attributed in particular to the different career paths taken. Women are more likely to interrupt their careers or work part-time, mainly for family reasons. In addition, the wage difference between men and women results directly in gaps in occupational pension benefits. Domestic and family work, which is more often performed by women, is not compensated and has no effect on retirement pension benefits, the FSO adds.

In the year under review, the median pension for men who started receiving benefits before age 65 was the highest (2,702 francs), followed by those over age 65 (2,143 francs). The lowest median monthly annuities (1,785 francs) were for those who went to the legal age of 65.

For women, however, the trend was slightly different. The average monthly median annuity level was a bit higher for those who received it after reaching the legal retirement age (1,410 francs), followed by those below the legal retirement age of 64 (1,321 francs). As with men, the lowest median monthly annuities were for women who received annuities just after reaching legal retirement age (990 francs). In 2019, nearly half of recipients of new occupational pension benefits received only the annuity (men: 43%, women: 52%). About one-third received only the lump-sum benefit (men: 33%, women: 34%). The remainder of new beneficiaries (24% of men and 14% of women) preferred a combination of annuity and lump sum.

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