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Pension planning 2026

Swiss retirement providers — the honest comparison from an insurance-3a-selling firm.

Banking 3a apps (VIAC, frankly, finpension, traditional bank 3a) and insurance 3a contracts (Swiss Life, Helvetia, Allianz, etc.) compete on different planes. Disclosure first: we sell insurance 3a, not banking apps. The comparison below is honest because we have nothing commercial to gain from a banking-app recommendation.

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In brief

Banking 3a apps (VIAC, frankly, finpension): low TER (0.0–0.5%), flexible contributions, market-tracking ETF allocations. Traditional bank 3a (UBS, ZKB, Raiffeisen, cantonal banks): higher TER, broader product range, in-branch service. Insurance 3a contracts (Swiss Life, Helvetia, Allianz Suisse, AXA, Zurich, Generali, Pax, Mobiliar, Vaudoise, Baloise): higher cost; add premium waiver in disability and guaranteed death benefit. The fit depends on coverage-gap analysis — see bank vs insurance.

Disclosure (read first)

What we sell — and what we don't.

We are an independent insurance advisory regulated under Article 45 VAG, FINMA-registered F01067278. We sell insurance 3a — life-insurance-wrapped pillar 3a contracts. We do not sell banking 3a apps (VIAC, frankly, finpension, traditional bank 3a). We earn no commission on banking-3a recommendations. The comparison below is honest because we have nothing commercial to gain from a banking-app recommendation.

Banking 3a — fintech apps

VIAC · frankly · finpension.

  1. VIAC
    VIAC — held by WIR BankBroad ETF allocation range (Global 100 strategies). 0% TER on cash; 0.44% TER on equity-heavy allocations. Sustainability options. Strong UI; Switzerland's largest fintech-3a app by AUM.
    →
  2. frankly
    frankly — held by ZKB (Zürcher Kantonalbank)ZKB-backed brand, strong cantonal-bank reputation. Similar TER bands to VIAC. Sustainable World allocation. Behavioural-fit choice for households who value cantonal-bank affiliation.
    →
  3. finpension
    finpension — zero-TER index funds + flat admin feeDifferent cost structure: 0% TER on the underlying funds + a flat 0.39% all-in admin fee. Scales well at higher balances. Up to 99% equity quota — the most aggressive option in the market.
    →
Traditional bank 3a

UBS · ZKB · Raiffeisen · cantonal banks.

Traditional bank pillar 3a sits alongside the fintech apps. Higher TER (typically 0.5–1.5%); broader product range (bond-only, fixed-deposit, balanced funds); in-branch service.

Suits households who value in-person banking relationships, who already have a primary bank relationship, or who want non-ETF allocations (bond-only 3a). For households who don't need in-branch service, the cost gap is rarely justified — fintech apps achieve the same investment exposure at lower cost.

Insurance 3a contracts

Swiss Life · Helvetia · Allianz · Pax · others.

Insurance 3a wraps the pillar-3a tax framework around a life-insurance contract. Adds premium waiver in disability + guaranteed death benefit. Higher cost; suits households with an actual coverage gap (single-earner with dependent children, self-employed without robust pillar-2 cover, existing life-insurance need).

Major Swiss life insurers offering insurance 3a wrap: Swiss Life, Helvetia, Allianz Suisse, AXA, Zurich, Generali, Pax. Smaller / mutual: Mobiliar, Vaudoise, Baloise. Each has product variants — premium waiver thresholds, death benefit structure, surrender penalties — that vary materially. We work across the market and recommend based on fit, not brand. See bank vs insurance for the architecture decision.

3a cost comparison

What each route actually costs.

Indicative annual cost band per route, plus 5-year and 20-year cumulative cost on a representative balance. Cost compounds — a 0.5% TER advantage over 20 years on a CHF 200,000 balance is roughly CHF 20,000 of foregone capital.

Fintech 3a

VIAC · frankly · finpension

Annual TER (typical band)
0.30–0.50%
5-year cost · CHF 50k balance
~CHF 1,000
20-year cost · CHF 200k balance
~CHF 16,000
20-year cost · CHF 500k balance
~CHF 40,000

No insurance overhead. ETF-allocated. Best fit when there's no specific coverage gap.

Traditional bank 3a

UBS · ZKB · Raiffeisen · cantonal banks

Annual TER (typical band)
0.50–1.50%
5-year cost · CHF 50k balance
~CHF 2,500
20-year cost · CHF 200k balance
~CHF 40,000
20-year cost · CHF 500k balance
~CHF 100,000

In-branch service, broader product range (bond-only, balanced funds). Cost rarely justified vs fintech.

Insurance 3a

Swiss Life · Helvetia · Allianz · others

Effective annual cost (typical band)
1.00–1.50%+
5-year cost · CHF 50k balance
~CHF 3,000
20-year cost · CHF 200k balance
~CHF 50,000
20-year cost · CHF 500k balance
~CHF 125,000

Includes premium waiver in disability + guaranteed death benefit. Cost earns its keep only when there's an actual coverage gap.

How to read this: the 20-year CHF 500k row is the leverage line. The fintech-vs-insurance gap on that scale (~CHF 85,000 of foregone capital) is the cost of insurance 3a's wrap. That cost earns its keep only if you actually use the premium waiver or death benefit features. Without an actual coverage gap, the same CHF 85,000 sits in your retirement balance instead of paying for unused insurance overhead.

The hybrid pattern

Most clients hold both.

A typical hybrid for a household with one specific coverage gap: insurance 3a sized to cover the gap (CHF 2,000–3,000/year on a wrapped contract with the right death benefit), banking 3a takes the rest of the annual cap. Both qualify for the federal tax deduction; total contributions stay within the federal cap. Account count + provider mix is the architecture conversation.

Some of the people we've advised

Households reading the same pension architecture, since 2017.

Illustrated portraits — clients we've worked with on Swiss pension architecture since 2017.

Who reads your contract

Pension architecture with Hans.

Illustrated portrait of Hans Steiner

Hans Steiner

Financial Planner IAF & Federal Diploma of Higher Education

Pension, 3rd pillar, life insurance, cross-border situations. Independent under Article 45 VAG, FINMA-registered (F01067278). The 45-minute pension review runs gap analysis, tax-effect modelling per canton, and architecture decisions (insurance vs banking 3a, account count, withdrawal staging). Written summary within 3 working days. Languages: German, English, French.

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Frequently asked — pension providers — comparison.

What's the cheapest pillar 3a provider?
Banking 3a apps are typically the cheapest. VIAC offers 0% TER on the cash account and 0.44% on the Global 100 ETF allocation; frankly offers similar bands; finpension uses zero-TER index funds with a 0.39% all-in admin fee. Traditional bank 3a (UBS, ZKB, Raiffeisen) is typically more expensive. Insurance 3a is the most expensive route because of the insurer overhead — but that overhead pays for the premium waiver and death benefit features.
Should I use VIAC, frankly, or finpension?
All three are well-run, FINMA-supervised, with similar TER and product range. Differences: VIAC is held by WIR Bank with broad ETF allocations and sustainability options; frankly is held by ZKB (Zürcher Kantonalbank) with strong in-Switzerland brand recognition; finpension uses zero-TER index funds with a flat admin fee that scales well at higher balances. The choice between them is typically marginal; we don't favour one over the others. Disclosure: we don't sell any of them and earn no commission on a banking-3a recommendation.
Which insurer should I use for insurance 3a?
Major Swiss life insurers offering insurance 3a wrap: Swiss Life, Helvetia, Allianz Suisse, AXA, Zurich, Generali, Pax. Smaller / mutual: Mobiliar, Vaudoise, Baloise. Each has product variants — premium waiver thresholds, death benefit structure, surrender penalties — that vary materially. Hans's review covers the specific product fit; the brand alone doesn't decide.
Can I switch pillar 3a providers?
Yes — one transfer per calendar year, no tax penalty. The receiving provider handles the transfer paperwork; you don't liquidate to a regular bank account and re-contribute (which would trigger withdrawal). Banking-3a-to-banking-3a is straightforward; insurance-3a-to-banking-3a requires the insurer's surrender process (may include exit penalties depending on contract age).
Are pillar 3a balances safe at fintech providers?
Yes — the fintech apps are accounts at FINMA-supervised banks. VIAC custody sits at WIR Bank; frankly at ZKB; finpension at Credit Suisse / UBS (varies). Pillar 3a balances are protected by Swiss depositor-protection rules where applicable, and the underlying ETF holdings are held in segregated custody. The fintech is the front-end; the regulated bank is the back-end.
What's a sustainability option in pillar 3a?
Most banking 3a apps offer ESG / sustainability ETF allocations — VIAC's 'Global 100 Sustainable', frankly's 'Sustainable World', finpension's 'ESG' index funds. These exclude tobacco, weapons, and (varying by provider) fossil fuels. The sustainability option typically has a slightly higher TER (10–20bps) than the standard global allocation. Returns track close to the standard option over multi-year horizons.
Can I have multiple pillar 3a accounts?
Yes — and it's a known optimisation for higher balances. Total contributions across all your 3a accounts must not exceed the annual federal cap. At withdrawal, each account is withdrawn in full as a separate event — staggered across multiple tax years to flatten the privileged-rate progression. Many households split between banking 3a (bulk) + insurance 3a (specific coverage gap).
Does the provider matter for tax purposes?
No. The federal tax deduction applies to any pillar 3a contribution to any FINMA-supervised provider. The cantonal capital-benefit tax at withdrawal applies regardless of provider. The provider matters for cost (TER), product range, and feature fit — not for tax treatment.
Why doesn't Expat Savvy sell banking 3a?
Regulatory scope. We are licensed under Article 45 VAG as an insurance intermediary — we sell insurance products. Banking 3a is sold by banks (VIAC at WIR Bank, frankly at ZKB, finpension via custody banks), not by insurance intermediaries. The two licenses don't overlap. We can recommend banking 3a; we just can't intermediate the contract. Most clients open the banking 3a account directly with the provider.
How does Hans help with provider selection?
Hans's review covers: (1) banking-vs-insurance architecture decision (the prior question); (2) within banking, the VIAC / frankly / finpension / traditional-bank choice based on cost, sustainability preference, and behavioural fit; (3) within insurance, the insurer + product variant selection based on coverage gap, household structure, and contract terms; (4) hybrid sizing if both make sense. Written summary within 3 working days.
What about traditional bank pillar 3a (UBS, ZKB, Raiffeisen)?
Higher cost, but in-branch service and broader product range. Traditional bank 3a typically charges TER 0.5–1.5% (vs 0.0–0.5% on fintech apps). Suits households who value in-person banking relationships, who already have a primary bank relationship, or who want bond-allocated 3a (some fintech apps offer ETF-only). For households who don't need in-branch service, the cost gap is rarely justified.
How much does a provider review cost?
Our 45-minute first review is free. Where we recommend insurance 3a, we earn commission disclosed under Article 45 VAG. Where we recommend banking 3a (most cases), we earn no commission. The reader pays nothing for the consultation in either outcome.

Pension architecture, read properly.

We've been running provider reviews since 2017. Banking 3a vs insurance 3a; VIAC vs frankly vs finpension; Swiss Life vs Helvetia vs Allianz. The recommendation is fit-driven, not commission-driven — disclosed honestly because the math says so. Free, 45 minutes, in English, with Hans.

Book your provider review with Hans

Free · 45 minutes · In English · With Hans