Would you retrospectively pay into pillar 3a?

Dec 18, 2023.

In order to boost your personal pension plan, it should be possible to close any pension contribution gaps in pillar 3a by making retrospective payments. The Federal Council recently initiated a consultation process regarding this legislative amendment. But what do the Swiss think about this option? Generali Switzerland asked for their opinions.

Adliswil – Anyone who has paid less than the maximum amount into pillar 3a in the past should be able to retrospectively supplement their contributions covering a period of up to ten years. These retrospective payments would also be taxdeductible.


Generali addressed this topic in its latest survey by asking 354 people what they think about the option of retrospective payments and their opinion of private pensions in general.


The survey was conducted between 27 November and 1 December 2023. The sample was representative of the overall Swiss population.


Lukewarm response to possible legislative amendment

Only 30 percent of respondents would be interested in optimising their retirement provision by means of retrospective contributions. However, 44 percent regarded retrospective payments as an opportunity to pay less tax. Of the respondents, 17 percent said that they always contribute the maximum amount and would therefore be unable to benefit from this legislative amendment. One in seven is simply not convinced of the pillar 3a approach and therefore has no specific opinion about it.


Retirement provision gaining importance

People are generally preoccupied with the topic of retirement provision. For 86 percent, the topic is rather (46 percent) or extremely important (40 percent). For a third (32 percent), retirement planning has become even more important over the past year. 62 percent already pay into pillar 3a or 3b. The media and the people they associate with also play a role in the relevance of this topic: for example, at least 18 percent had read about pension poverty in media reports and a quarter of respondents also discuss this with the people around them.


Changes in behaviour and living standards

In the last two years, 16 percent of respondents have invested more in their private pensions. One in five has actively researched the topic. The same percentage of people will need to adapt their personal standard of living to a lower income after retirement. The latter is probably due to the fact that at least 42 percent said that they do not have the financial resources for their private pension. At the same time, a third of them said that they already have adequate pension cover.


The Generali Group one of the largest global insurance and asset management providers. Established in 1831, it is present in over 50 countries in the world, with a total premium income of EUR 81.5 billion in 2022. With 82,000 employees serving 69 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. At the heart of Generali’s strategy is its Lifetime Partner commitment to customers, achieved through innovative and personalised solutions, best-in-class customer experience and its digitalised global distribution capabilities. The Group has fully embedded sustainability into all strategic choices, with the aim to create value for all stakeholders while building a fairer and more resilient society.


Generali’s roots in Switzerland date back to 1887. Today, Generali (Switzerland) Holding Ltd. operates throughout Switzerland, with two head offices – one in Adliswil and one in Nyon – and a wide network of agencies. The insurer has more than one million customers and offers products for every situation in life. These include property, legal protection, life insurance and pension solutions. Generali Switzerland is part of the DACH Business Unit, which includes Generali Germany, Austria and Switzerland. With EUR 19.4 billion of premium income and around 13 million customers, this Generali Group business unit is one of the leading primary insurance companies in Germany, Austria and Switzerland.