Build
Align your savings, third pillar and protection needs. Start preparing for your next decisions today.
Lay the foundations ↗FINANCIAL PLANNING · PENSION PROVISION · RETIREMENT
Your retirement
takes planning.
So does your freedom.
You have built your assets.
Now let’s plan what they can do for you.
Income to pursue your plans. Capital to keep your options open. Provision for those who matter.
Plan my retirement ↗Discover our approach ↓
PLAN YOUR NEXT CHAPTER, YOUR WAY.
Your retirement, in the bigger picture.EXCELIS ↗Fiduciary & tax servicesHERITY ↗Pensions & insurance
01 — A FRESH PERSPECTIVE
Saving is not the end goal.
It prepares your next chapter.
Building capital is one step. Deciding how to live on it, how much to keep in cash reserves and what to pass on deserves just as much attention.
Live on it
Turn your assets into income. Coordinate your AHV/AVS state pension, occupational pension, capital and private annuities around your actual budget.
Plan my income ↗Pass it on
Understand what your loved ones receive under different options. Review beneficiaries, death benefits and capital refund provisions.
Understand capital refunds ↗This approach combines Herity’s pension advice with Excelis’s tax analysis.
Explore our complementary expertise ↓02 — TOMORROW’S INCOME
Income for life.
With your loved ones in mind.
A private life annuity can supplement your retirement: part of your capital funds a guaranteed lifetime income. A refund clause may provide for payment of the contractual balance to beneficiaries on death.
See how it works ↓The income continues.
The life annuity continues while the insured person is alive, even after the capital specified in the contract has been used up.
The balance can protect your loved ones.
With a refund provision, the amount passed on depends on the contract and annuity payments already made. It decreases over time and may reach zero.
You do not need to annuitise everything.
Keep a separate reserve for your plans and unexpected costs. Some products no longer allow capital surrender once annuity payments have begun.
03 — UNDERSTAND BEFORE YOU CHOOSE
Your capital over time.
A simplified example showing the relationship between annuity payments and a capital refund on death. This is neither an offer nor a quotation for an annuity available on the market.
Independent inputs, freely selected for illustration. No insurer’s pricing is used.
AFTER 10 YEARS●
Total annuity payments
Illustrative refund
Assumptions and limitations
Illustrative refund = the greater of zero and reference capital less total annuity payments. The example assumes a constant annual annuity. It excludes fees, interest, surplus distributions, inflation and taxes. The actual contract determines the refundable capital, benefits deducted and beneficiaries. A refund is not capital available for surrender and does not guarantee preservation of purchasing power.
04 — FOCUS ON NET INCOME
Tax is part
of the equation.
An annuity amount alone is not enough to compare two options.
Excelis analyses the arrangement proposed by Herity: income tax, any lump-sum withdrawal, taxable wealth and the consequences of death benefits.
Excelis’s role ↗A taxable portion, not a tax rate.
For Swiss contracts governed by the Insurance Contract Act (LCA/VVG) concluded in 2025 or 2026, 4% of the guaranteed annuity is included in taxable income. Surplus benefits are taxable at 70% of their amount.
Wealth tax also deserves attention.
Some arrangements without a surrender value may receive favourable wealth tax treatment. Excelis checks the contract, tax residence and applicable rules before quantifying the effect.
The contract year and type of benefit are decisive. This tax treatment does not apply to state or occupational pensions. Source: Swiss Federal Tax Administration ↗. Information checked in October 2026.
05 — YOUR HOME IN RETIREMENT
Stay in your home.
With a clear plan for what comes next.
Your home is part of your retirement plan. Planning ahead helps you assess your mortgage costs and renovation budget based on your retirement income.
Income changes.
Financing takes planning.
At retirement, the bank reviews affordability: state and occupational pension income, other recognised sustainable income, assets and outstanding debt. Whether a private annuity is accepted depends on its own criteria.
It generally uses notional costs: interest at a prudent assessment rate, maintenance and any required amortisation. A common benchmark is a total of around one third of recognised income. The threshold and method vary by lender.
A benchmark, not a bill.
For a CHF 1 million property with a CHF 500,000 mortgage, an assessment using 5% notional interest and 1% maintenance produces annual costs of CHF 35,000, excluding amortisation. With CHF 110,000 of recognised income, the ratio is about 32%.
Illustrative example. The assessment rate is not the actual interest rate paid, and this result is not financing approval.Repay, keep a reserve,
or combine the two?
Reducing your mortgage can lower costs. But using too much capital can also limit the funds available for your plans, renovation work or unexpected expenses.
- Review your position earlyFuture income, mortgage maturities, planned amortisation and any pledged pension assets.
- Compare different scenariosKeep the debt, repay part of it or arrange additional income: assess the full picture before allocating capital.
- Coordinate decisionsHerity helps with pension planning and finding a mortgage. Excelis assesses the tax implications. The lender decides whether to approve financing.
LOOKING AHEAD TO 1 JANUARY 2029
Imputed rental value ends.
Deductions change too.
For owner-occupied homes, the reform changes the balance between debt, taxation and maintenance. Its impact will depend on your circumstances.
Current rules remain in force: taxable imputed rental value and permitted deductions for maintenance, debt interest and certain energy improvements, subject to the applicable conditions.
Imputed rental value and maintenance deductions for owner-occupied homes are abolished. Debt interest deductions become heavily restricted, with specific rules including those for rented properties and first-time buyers. Energy improvements will no longer be deductible for direct federal tax; cantons may retain a temporary deduction until 2050 at the latest.
Renovate at the right time, for the right reasons.
Excelis distinguishes maintenance, value-enhancing improvements and energy measures: not all work receives the same tax treatment. Timing is assessed alongside the building’s actual needs, quotations, grants and liquidity. The aim is to plan useful work without rushing expenditure solely for a tax deduction.
Any tax reduction improves your actual budget; it does not replace the bank’s affordability assessment.
Sources and benchmarks — checked in October 2026
Reform: Geneva Tax Administration and Federal Department of Finance. Renovation work: deductible expenses in Geneva. Future cantonal arrangements must be checked when advice is provided. Maintenance costs for rented or leased properties retain separate treatment.
Example of a bank’s assessment method: retirement affordability benchmarks. Assessment rates, recognised income, thresholds and amortisation requirements depend on the lender’s policy.
06 — START WITH YOUR LIFE
Every retirement
has its own story.
“I want to know where I stand.”
Bring together your assets, estimate your future budget and identify decisions to prepare for, without waiting until the final year.
“I want to secure my income and provide for my children.”
Assess benefits after pension splitting, death benefit entitlements and the role of a capital refund for beneficiaries.
“An annuity, a lump sum… or both?”
Compare scenarios for net income, liquidity and the transfer of assets. Replacing an occupational pension with a private annuity is not automatically beneficial.
Illustrative situations, not client testimonials.
07 — COMPLEMENTARY EXPERTISE
An informed decision.
Two coordinated perspectives.
HERITYPENSION PROVISION & INSURANCE
Build your solution.
Herity analyses your pension position and goals. It compares annuity and lump-sum options, their guarantees and refund conditions.
- Review of needs and existing benefits
- Analysis of scenarios suited to your situation
- Presentation of insurers and terms during the advice process
EXCELISACCOUNTING & TAX
Assess the tax implications.
Excelis examines the tax consequences of the arrangement and prepares a personalised analysis based on the agreed assumptions.
- Income, lump-sum withdrawal and wealth taxes
- Comparison of the position before and after
- Property taxation and timing of renovation work
- Confirmation sought from the tax authority where needed
3piliers.ch is a brand owned by Excelis SA, a shareholder in Herity SA.
Services, professionals involved and fees are specified before any engagement. Excelis’s analysis is not a ruling binding on the tax authority.
AND BEFORE RETIREMENT?
Build wisely,
for better choices later.
The third pillar remains important: saving, protecting loved ones and preparing future income. We connect today’s decisions with how you want to use your assets tomorrow.
Pillar 3a and 3bFamily protectionWithdrawal timingAvailable reserves
Review my pension provision ↗YOUR QUESTIONS
Useful guidance.
Does an occupational pension really leave nothing to loved ones?
It generally does not leave a capital balance to distribute among heirs. However, spouse, partner or orphan pensions and other benefits may be available under the law and pension fund rules. Each situation must be checked.
Does a refund guarantee the full capital to heirs?
No. Under a typical arrangement, the refundable balance decreases with annuity payments already made. The clause specifies the calculation and beneficiaries. If refundable capital is exhausted, the life annuity continues while the insured person is alive, but no refund may remain on death.
Can I recover my capital while receiving the annuity?
It depends on the contract. Some products offer surrender during the deferral period but cannot be surrendered once annuity payments start. This is separate from a refund on death. Keeping an available reserve outside the contract is therefore essential.
Should I withdraw my second pillar to fund a private annuity?
Not necessarily. A comparison must consider the pension fund annuity, survivors’ benefits, tax on the lump-sum withdrawal, private annuity terms and household budget. Tax alone is not enough to decide. A combined approach can also be considered.
Is the annuity protected against inflation?
Not automatically. Increases and surplus distributions depend on the contract and may not be guaranteed. Planning must take changes in the cost of living into account.
When should I start?
From your fifties, an initial review helps anticipate pension fund deadlines, organise savings and explore different scenarios. It remains useful later, including after retirement has begun.
THE FIRST STEP
Let’s discuss your next chapter.
Your way.
What are your plans? An initial conversation helps clarify your goals and the support you may need.
Joël Théodoloz
Partner and CEO of Herity SA
Independent insurance intermediary
FINMA register · F01170784 ↗