Multiple Pillar 3a accounts: save taxes with 3a splitting
Pillar 3a already lowers your taxes when you contribute. With multiple accounts, you save additionally at withdrawal. Compando explains 3a splitting and how many Pillar 3a accounts are sensible in your situation.
1. How many Pillar 3a accounts may I have?
In Switzerland, there is legally no upper limit on the number of Pillar 3a accounts, also with different providers. Most banks and pension foundations internally cap the number at a maximum of five accounts per person.
The reason lies at withdrawal: a single Pillar 3a account must always be fully closed, partial withdrawals are not possible. Precisely for this reason, many savers deliberately open several accounts in order to withdraw in a staggered way at retirement.
2. Why do multiple Pillar 3a accounts make sense?
The biggest advantage of multiple accounts lies with the capital withdrawal tax. When saving taxes, the contribution acts on your current income tax; splitting only takes effect later, at the withdrawal. The capital withdrawal tax is progressive: the more capital you withdraw in one tax year, the higher the rate. Because an account must always be withdrawn in full, a staggered withdrawal over several years spreads the sum and lowers the progression.
Example of the effect on the tax burden:
Variant | Withdrawal | Possible tax burden |
|---|---|---|
1 account | CHF 300'000 in one year | around CHF 22'000 |
5 accounts | CHF 60'000 over 5 years | total around CHF 14'000 |
The result is thousands of francs less tax with identical pension capital. The tax per withdrawal year can be calculated for each canton of residence at the Federal Tax Administration.
Besides tax optimisation, multiple accounts bring further advantages. For each account you can choose a separate investment strategy, for example aggressive with a high equity share for a long horizon and more defensive shortly before retirement. And those who spread their assets across several providers additionally diversify the loss risk.
3. How many Pillar 3a accounts are sensible?
How many accounts are sensible depends above all on the number of possible withdrawal years. Under OPO 3, Pillar 3a can be withdrawn five years before and after the ordinary reference age, that is over around ten tax years. Within this window, one account can be closed per year.
Example calculation: A 45-year-old notary from Schaffhausen distributes her pension capital over 20 years deliberately across four Pillar 3a accounts. At retirement, she withdraws them one year apart and reduces the capital withdrawal tax by a total of around CHF 8'000 compared with a one-off payout.
Opening five accounts but only paying into one creates unnecessary complexity without an additional tax benefit. More important than the maximum number is a well-thought-out distribution of the pension capital with realistic amounts on each account.
4. From what amount should I open a new Pillar 3a account?
As a rule of thumb, around CHF 50'000 per account applies: up to this amount, the capital withdrawal tax usually stays low. The exact value depends on the canton of residence. Cantons with a flat progression still tax higher withdrawals favourably; in cantons with a steep progression, the distribution pays off earlier and more strongly.
Guideline by pension capital:
Pension capital | Guideline |
|---|---|
under CHF 50'000 | 1 account suffices |
CHF 50'000–150'000 | often 2–3 accounts |
CHF 150'000–300'000 | frequently 3–5 accounts |
over CHF 300'000 | detailed planning pays off |
Compare providers for a second Pillar 3a account
For a new Pillar 3a account, fees and minimum deposit matter above all. The direct comparison shows which provider fits.
5. Can I split Pillar 3a accounts retroactively?
No. An existing Pillar 3a account cannot be split retroactively; you cannot transfer partial amounts from one account to another. Those who want later withdrawal flexibility build up several accounts early and distribute new contributions deliberately, ideally with different providers.
Partial withdrawals from restricted Pillar 3a are only possible in certain cases: when purchasing owner-occupied home ownership, when taking up self-employment or when permanently leaving Switzerland.
