Glossary

The sum of money that corresponds to the (discounted) present value of future benefits or contributions at a given time.

Swiss Civil Code

Official confirmation of inheritance and heirs.

A type of benefit for children who would be entitled to an orphan's pension if the insured person died. Child pensions are usually seen as supplementary to retirement and disability pensions.

Swiss Code of Obligations

Principle of numerically equal representation of employees and employer in the most senior governing body (Board of Trustees) of a registered pension fund.

Insurance contracts with collective cover that extends to a group of persons and premiums that are calculated according to uniform tariffs. The policy holder is usually a benefits institution (e.g. also a collective foundation)

Legal minimum level of benefits as defined by the Federal Occupational Pensions Act (OPA)

Stipulated staggering of contribution rates for savings as defined in the regulations. Under certain conditions a selection of different contribution scales may be provided for.

The (minimum) percentage defined in the regulations or fixed by the Federal Council for calculating the annual pension on the basis of the accrued pension capital. This is used in pension funds with defined contribution plans.

A sum that is deducted from the overall remuneration in order to determine the insured (pensionable) salary. The OPA coordination offset corresponds to seven eighths of the maximum OASI retirement pension.