People from the UK are increasingly seeking to recover cash from dormant pension funds in Switzerland, according to financial advisory firm deVere.
Around £2.85 billion is currently “languishing untouched” in the Swiss retirement investment vehicles.
Daniel O’Leary, deVere area manager in Zurich, said: “It’s known that there are more than 630,000 dormant pension accounts in Switzerland which have been left with no instruction by the account holder. This could just be the tip of the iceberg. Some of these accounts have hundreds of thousands of Swiss francs in them.”
According to O’Leary, it is common for pension funds to get forgotten.
“This is why it can be expected that many of the pensions belonging to people who used to work in Switzerland can lay languishing and forgotten about whilst they now reside in other countries,” he said.
DeVere has seen the trend of UK citizens trying to recover this forgotten cash soar.
“I believe this demand could be attributed to two key driving factors. First, increasing awareness and media coverage of Switzerland’s controversial negative interest rate policy, which has the effect of eroding pension pots,” O’Leary added.
©2020 funds europe
