Beware of phone scams when searching for your 2nd pillar pension assets

14th November 2024

2 min and 30 sec reading time

Beware of phone scams when searching for your 2nd pillar pension assets

Phone scams related to the search for pension assets are becoming more frequent in Switzerland. Here’s what you need to watch out for.

On average, each citizen between 25 and 65 years old has CHF 12’838 in vested benefits!

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Given the complexity of the Swiss pension system, many insured individuals are surprised to discover that they hold unclaimed vested benefits, also known as "2nd pillar assets." In this context, the search for unrepatriated assets becomes a necessity for many. However, the growing popularity of these searches has also attracted malicious individuals who exploit the vulnerability and lack of information of some insured individuals.

A growing phenomenon: phone scams

As highlighted in a recent article published in the magazine Mon Argent in October 2024, phone scams related to pension asset searches are becoming more frequent in Switzerland. Individuals pose as "specialized services" for asset recovery and contact insured individuals by phone, pretending to act on their behalf to find their 2nd pillar funds.

Fraudsters often request personal information or upfront payments under the guise of administrative fees. In some cases, they go so far as to impersonate representatives of official institutions, taking advantage of the trust that insured individuals place in these organizations.

How to protect yourself from such scams?

It is essential for insured individuals to verify the legitimacy of these services before committing. Here are some tips to avoid such traps:

Check the commercial register: A reputable company should be registered in Switzerland and listed in the commercial register. This information is available online and can be accessed for free.
Check the FINMA register: FINMA (Swiss Financial Market Supervisory Authority) publishes a list of companies that may be operating without authorization. Ensure that the provider you are considering is not listed there.
FIDLEG Compliance (Financial Services Act): The company should be compliant with the FIDLEG regulations, which is a quality marker and ensures adherence to legal obligations.

If in doubt, it is recommended to never share personal or bank details over the phone.

Reminder: the 2nd Pillar Central Office, a free public service

The 2nd Pillar Central Office is the official body responsible for re-establishing contact between insured individuals and occupational pension institutions at no cost to the insured. It offers a free search service, which has proven very effective in locating lost funds. However, the process can take some time and does not include assistance with asset repatriation, a crucial step for transferring these funds to an active account.

Why choose Kala for a quick and efficient search?

Kala offers a modern and 100% digital service to search for your 2nd pillar assets. With our app and online forms, you can initiate a search in just a few minutes. If funds are found, we simplify the repatriation process in collaboration with our financial partners, removing much of the administrative hassle that can often be burdensome for users.

Thanks to our secure and digital approach, Kala users benefit from a fast and reliable solution tailored to modern needs. This method reduces the risk of forgetting and dispersing assets across multiple inactive accounts, allowing you to maximize the potential of your vested benefits.