Client Information Liberty Foundation for Vested Pension Benefits

Client Information Liberty Foundation for Vested Pension Benefits

Company Profile Liberty Foundation for Vested Pension Benefits is an independent foundation established in Schwyz in 2005. Liberty safe-keeps and manages vested pension benefits; it also provides guidance and consulting, in particular with regard to the new regulations which came into effect between Switzerland and the EU/EFTA on 1 June 2007 which are of particular relevance for the BVG/LPP. Liberty offers the holders of vested benefit accounts and policies a unique opportunity of relocating their vested pension benefits, including any pension assets held in the form of securities, at attractive terms and conditions and in a favourable tax environment easily and risk free. Liberty s clients can maximise their advantages today while maintaining the option of cashing out their pension assets later at a favourable tax rate. Clients may choose which bank to place their accounts and securities deposits with. Our partner banks include Sparkasse Schwyz AG, Credit Suisse AG, Bank Valiant AG as well as other prestigious banks and a variety of Swiss investment funds. Liberty also offers an attractive comprehensive range of services for pension fund managers, employers and consultants. Employers can arrange the opening of a vested benefits account with Liberty directly online for employees exiting their company s pension fund. And vested benefits can be transferred to a new pension plan just as easily. In addition to its personal, customised service, Liberty offers the following advantages: Attractive interest rates Vested benefits accounts on a non-charge basis A unique online platform The option of two vested benefits accounts which can be cashed out in two different calendar years Customised asset management from CHF 100,000 Best terms and conditions for persons leaving the country permanently No minimum duration, no minimum amount Josef Dittli, Chairman of the Board of Directors, since 2010 financial director of the Canton Uri. Oliver Bienek, a former manager of J.P.Morgan and Morgan Stanley, has been entrusted with the management of the Foundation. Liberty Foundation for Vested Pension Benefits is under the supervision of the BVG/LPP Regulatory Authority for Central Switzerland (Zentralschweizer BVG- und Stiftungsaufsicht - ZBSA), Lucerne. 10.2016 page 2

Fact Sheet Liberty Saving The fixed-rate account If you wish to place your vested termination benefits temporary on an account with an attractive interest rate. Vested benefits accounts can now also be opened online, securely and free of charge, at www.liberty-pension.ch. If a client so requests, his vested termination benefit may be collected from his previous pension fund. Free of charge. Pension assets may also be transferred to a new pension plan via our user-friendly platform, and payment instructions can be transmitted electronically. This service is unique in Switzerland. Fees Account opening CHF 0 Keeping of the account CHF 0 Receipt of vested pension benefits CHF 0 Transfer of vested pension benefits to other pension institutions CHF 0 Transfer in case of retirement CHF 0 Flat fee in case of emigration Standard service ( Transfer within 30 business days ) CHF 475 Premium service ( Express transfer within 10 business days ) CHF 950 All other transfers CHF 250 ( in accordance with our current schedule of fees and commissions ) Interest rates 01.01.2007 30.04.2007 1.50 % p.a. 01.05.2007 31.08.2007 up to CHF 499,999 1.50 % p.a. from CHF 500,000 1.625 % p.a. 01.09.2007 29.02.2008 2.00 % p.a. 01.03.2008 31.03.2009 2.30 % p.a. 01.04.2009 31.10.2010 2.00 % p.a. 01.11.2010 31.10.2011 1.75 % p.a. 01.11.2011 31.08.2012 1.375 % p.a. 01.09.2012 31.08.2013 1.00 % p.a. 01.09.2013 31.07.2014 0.70 % p.a. 01.08.2014 31.01.2015 0.50 % p.a. 01.02.2015 31.03.2015 0.30 % p.a. 01.04.2015 30.06.2015 0.20 % p.a. 01.07.2015 31.01.2016 0.15 % p.a. 01.02.2016 30.06.2016 0.10 % p.a. 01.07.2016 30.09.2016 0.05 % p.a. from 01.10.2016 0.00 % p.a. 10.2016 page 3

Fact Sheet Liberty Emigration Service The advantageous tax rate only applies if the beneficiary can show that he has left the country permanently and is already living abroad when he cashes out his 2nd pillar pension assets. The payment will then be subject to withholding tax instead of capital tax, and the withholding tax rate is generally lower than the capital tax rate. What is decisive is the tax rate in the canton where the pension foundation or vested benefit institution has its registered office, not the tax rate at the beneficiary s place of residence. Withholding tax is levied at the applicable rate at the registered office of the foundation holding the beneficiary s pension assets. Using the indications on their insurance certificate, clients can calculate their potential savings online. The account opening procedure can also be initiated online. This ensures efficient processing which enables us to keep charges low. Withholding tax rates in several cantons ( as at 01.01.2015) Calculation bases: Assets of CHF 150,000 for a married beneficiary Canton Cantonal WT WT Schwyz Liberty Savings Grisons 19,225.00 4,975.00 14,250.00 Glarus 13,575.00 4,975.00 8,600.00 Thurgau 11,725.00 4,975.00 6,750.00 Bern 11,725.00 4,975.00 6,750.00 Schaffhausen 10,500.00 4,975.00 5,525.00 St. Gallen 10,225.00 4,975.00 5,250.00 Zurich 10,225.00 4,975.00 5,250.00 Basel City 9,975.00 4,975.00 5,000.00 Lucerne 8,867.45 4,975.00 3,892.45 Aargau 7,200.00 4,975.00 2,225.00 Fees Account opening CHF 0 Keeping of the account CHF 0 Receipt of vested pension benefits CHF 0 Flat fee in case of emigration Standard service ( Transfer 99within 30 business days ) CHF 475 Premium service ( Express transfer within 10 business days ) CHF 950 ( in accordance with our current schedule of fees and commissions ) 10.2016 page 4

New rules since 1 June2007 ( EU / EFTA Treaty ) Liberty Emigration Service In accordance with the treaty on the free movement of people between Switzerland and the EU/EFTA, new regulatations for pension assets came into effect on 1 June 2007. The treaty applies to all insured persons moving to an EFTA member state or to the EU after 1 June 2007. The new rules provide that a person who leaves Switzerland permanently is not entitled to cash payment of his compulsory savings under a pension scheme if he is subject to compulsory social insurance in the EU / EFTA country of destination. Insured persons leaving Switzerland permanently for any other country are still entitled to cash out the full amount of their vested benefits. The new rules also permits the use of pension assets for the purchase of an own home anywhere in the EU / EFTA area ( previously only in the areas adjacent to the Swiss border ). Visit www.liberty-pension.ch to see what options are available after 1 June 2007 and which documents are necessary for cash withdrawals. After you fill in the eform, you will receive a one page PDF containing a summary of the pertinent information. 10.2016 page 5

Fact Sheet Invest Solutions Cash Invest The fixed-rate investment solution If you wish to place your vested pension benefits on an investment account or invest in certificates of deposit or time deposits. Term deposits Certificates of deposit 0.25 % p.a. 0.25 % p.a. SecureBond Invest The gilt-edged investment solution You can choose to invest in Swiss bonds with a direct or indirect federal or cantonal guarantee and in Swiss mortgage bonds. Bonds issued by a cantonal bank which has an unlimited guarantee from the canton qualify as bonds with an indirect guarantee, for example. Foundation fees With asset management/consultancy 0.30 % p.a. max. 0.70 % p.a. Bank charges and stamp duties are additional BVG/LPP Fund Invest The standard collective investment fund solution If you wish to invest your pension assets individually in BVV2/OPP2-compliant investment products of reputed providers, this is the appropriate solution. You have the choice between a wide range of favourably-priced products. Foundation fees With asset management/consultancy 0.40 % p.a. max. 1.00 % p.a. Fund fees, bank charges and stamp duties are additional Multi Fund Invest The customised fund solution Invest your pension assets independently in collective investment funds regulated by FINMA and approved by FINMA for distribution in Switzerland orissued by Swiss investment foundations. You may use institutional investment products wherever possible. Foundation fees With asset management/consultancy 0.45 % p.a. max. 1.20 % p.a. Fund fees, bank charges and stamp duties are additional Mandate Invest The securities solution for FINMA licensed asset managers Mandate Invest basically offers asset managers licensed by FINMA who manage third-party pension assets all the investment possibilities contemplated under Articles 49 to 58 BVV2/OPP2. Foundation fees Asset management mandate 0.45 % p.a. max. 1.45 % p.a. Bank charges, stamp duties and bank charges are additional. For large trading volumes (active trading), the Foundation reserves the right to charge a fee of CHF 50 per transaction. 10.2016 page 6

Fact Sheet Liberty Online Service 10.2016 page 7

Curriculum Vitae Josef Dittli Chairman of the Board of Trustees Date of birth 11 April 1957 Profession Council of States of Canton Uri Education Teacher training college Altdorf and Rickenbach SZ: graduated as elementary school teacher ETH Zurich: professional officer training with the Swiss Army General Staff course to the rank of colonel and regimental commander NATO Defense College Rome: International studies in security policy Professional career 8 years Elementary teacher in Attinghausen/UR 19 years Career officer and commander in the Swiss Army 2004 2016 Member of the government of Canton Uri, 6 years as security director 2010 2016 Financial director of Canton Uri 2012 2014 Landammann (Chief Councillor) of Canton Uri Since 2015 Council of States of Canton Uri Current offices and memberships Member of various boards of directors and boards of trustees 10.2016 page 8

Curriculum Vitae Thomas Aeschmann Vice President of the Board of Trustees Date of birth 8 January 1949 Profession Independent and professional Board of Trustee and Board of Administration member Education Civil engineering and additional studies in informatics and business administration Professional career 17 years Director of Schwyz Spital (hospital of Schwyz) 13 years Administrative Director of Zurich District Court 10 years Project manager in various functions with Schweizerischen Kreditanstalt and Mettler Instrumente AG Current offices and memberships Chairman of the Board of Schweizer Unternehmerverband (Swiss employers organisation) Medicine Member of the Board of Trustees, Spital Muri (hospital of Muri) President of the Board of Rettungsdienst Schwyz AG (search and rescue services, Schwyz) Former town councillor, member of the Municipal Council of Meilen 10.2016 page 9

Curriculum Vitae Stephan Hegner Member of the Board of Trustees Date of birth 18 March 1951 Profession Independent and professional Board of Trustee and Board of Administration member Education Law degree (lic. iur.) Bar examination Professional career More than 25 years experience in the occupational benefits industry, including various positions with one of the large Swiss banks and a major insurance company (as Head of collective insurance foundations) Member oft he Board of Trustees Bernische BVG- und Stiftungsaufsicht (BBSA) 10.2016 page 10

Curriculum Vitae Beat Stalder Member of the Board of Trustees Date of birth 14 September 1977 Profession Partner and member of the executive committee of Bommer + Partner Treuhandgesellschaft, Bern Education Commercial apprenticeship with a bank, business economist (FH), training a s a certified public accountant Professional career 10 years with Baloise Bank SoBa in Solothurn: Client relations and controlling and finance department 6 years as auditor with PriceWaterhousCoopers in Bern: Audit of SMEs and occupational benefits institutions Since 2008: Partner and member of the executive committee of Bommer + Partner Treuhandgesellschaft in Bern (bookkeeping, payroll administration, financial and tax consulting, auditing) Current offices and memberships Member of the Chamber of Accountants HSO lecturer 10.2016 page 11

Curriculum Vitae Oliver Bienek Manager of Liberty Foundation for Vested Pension Benefits, Schwyz Date of birth 27 March 1966 Profession CEO Training Commercial bank apprenticeship MBA from the Business School of Lausanne Professional career since 2014 CEO of Liberty Pension Ltd., Schwyz (successor of swissclear ag) 2003 2014 CEO of swissclear ag, Schwyz 2000 2002 Head of Operations, Morgan Stanley Schweiz AG, Zurich 1997 2000 Member of the Operations Management Team of J.P. Morgan Investment Management, London 1987 1997 Head of Operations, J.P. Morgan (Suisse) SA, Geneva Current offices and directorships Chairman of the Board of Directors of swissclear ag, Schwyz 10.2016 page 12