The Swiss Old Age Pension
Reaching retirement age – What to do? The Swiss old age pension isn’t paid automatically when you reach statutory retirement age. The Central Compensation Office (CCO) in Switzerland recommends submiing your pension claim no later than three months prior to reaching the statutory retirement age, as this will give the compensation office sufficient time to gather the information needed to calculate your pension. The applicable form can be downloaded from the website of the CCO: hps://bit.ly/3cXLOS0
Annual Life Certificate – Why? Every year the Swiss Compensation Office (CCO) sends a life and civil status certificate to all Old Age Pension recipients. This is to check that beneficiaries are still alive. The form must be completed, signed and witnessed by a competent authority (e.g. Honorary Consul) before returning it to the CCO within 90 days. Failure to meet the deadline may lead to an interruption in benefit payments. New pension recipients first receive the form 12 months aer their benefit entitlement begins. The blank life certificate can also be downloaded online: hps://bit. ly/3f5RTNZ, completed and then returned via email to oaie@zas. admin.ch
Tax deduction from ATO – How to claim? Once you are receiving an income from the Swiss Social Insurance (AHV/AVS or IV/AI) you may be entitled to claim a deduction, to reduce the amount of tax you pay in Australia. The deduction applies to your personal contributions towards your Swiss Social Insurance in Switzerland (including voluntary contributions made while residing outside of Switzerland). In order to allow the ATO to determine your eligibility, you will need to request a statement from the Swiss Compensation Office, which certifies the total amount of your personal contribution paid into the Swiss Social Insurance. Follow the steps below to lodge your claim:
Step 1: Request a statement from the CCO in Geneva relating to your personal contributions into the Swiss Social Insurance. Click on hps://bit. ly/2yQshEl for the Swiss request form. The Swiss Compensation Office will check the request and send you a statement via mail that contains your personal contribution figure.
Step 2: Submit the statement from Switzerland to the ATO along with a request to determine the deductible amount. Click on hps://bit. ly/2VLTVeK for the Australian request form. The ATO will advise you on the amount you may claim as deduction in a private ruling.
Further links: Central Compensation Office, Geneva, Switzerland hps://bit.ly/35qCiEm Consulate General of Switzerland, Sydney, Australia hps://bit.ly/35qCiEm
Please note that this article provides general information and should not be regarded as legal or tax advice. Separate advice relating to your individual circumstances should be obtained from a professional.
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CARMEN TROCHSLER | CSA OCEANIA, ADELAIDE and BEAT KNOBLAUCH | CSA OCEANIA, SYDNEY published in the Swiss Revue June 2020/No. 3