The occupational benefit schemes’ safety net – competence you can rely on
The Substitute Occupational Benefit Institution is unique: on behalf of the Confederation, the non-profit organisation is the only occupational benefits institution in Switzerland to insure all employers and individuals willing to join the mandatory occupational pension scheme (BVG/LPP) and looks after over 1.4 million clients in the area of vested benefits accounts. The foundation under private law, which is supported by employee and employer associations, is thus an important cornerstone in the second pillar and contributes significantly to the stability of the system.
The Substitute Occupational Benefit Institution is growing constantly and manages assets in excess of 20.7 billion Swiss francs. With offices in Zurich, Lausanne and Bellinzona, the institution employs over 200 people.
What are the duties of the Substitute Occupational Benefit Institution?
- Membership for employers who cannot join an occupational benefits scheme.
- Membership for employers who do not meet their obligation to insure their employees (compulsory membership).
- Acceptance of individuals who wish to be insured voluntarily under the 2nd pillar, such as:
- the self-employed;
- employees who work for more than one employer;
- employees and the unemployed who leave a compulsory occupational benefits scheme but would like to continue this cover.
- Provision of the compulsory benefits for an employee or his bereaved family if his employer has failed to join an occupational benefits scheme despite its legal obligation to do so.
- Compulsory occupational benefits for unemployed persons against the risks of death and invalidity for as long as they are receiving unemployment benefit.
- Continuation of risk insurance for the unemployed who leave a compulsory occupational benefits scheme but would like to continue this cover (see also "Occupational benefits").
- If an occupational benefits agreement between an occupational benefits organisation and a company is terminated, our office supports the companies in question that have staff who are subject to LOB until they join a new occupational benefits scheme. If an employer with staff who are subject to LOB does not voluntarily join a new occupational benefits scheme promptly, the employer will be subject to compulsory membership of the Substitute Occupational Benefit Institution.