In its federal finance consolidation program, presented on September 20, the Federal Council announced that it could consider increasing taxation on capital withdrawals in the 2nd and 3rd pillars. This measure should allow it to collect around 220 million francs more per year from 2028.
For the moment, this proposal is part of a set of measures, which will be submitted for consultation at the beginning of 2025. But in the world of pension provision, the alarm is ringing, because for all retirees, this could mean thousands of francs, which will be deducted from their capital to go into the state coffers.
Currently, capital withdrawals in the 2nd and 3rd pillar are already taxed. As shown on the VermögensZentrum website, the rate varies depending on the cantons. So, in Lausanne, for example, a married person will pay around 15,000 francs in federal, cantonal and municipal taxes on a sum of 250,000 francs, or around 6%. A single person will pay 2,400 francs more.
The taxation of capital withdrawal varies greatly from one canton to another. Thus, in Schwyz, it is 3.7% for 250,000 francs, compared to 8% in Basel. It is also progressive. For a capital of one million francs, it reaches 10.3% in the cantons of Valais and Fribourg, 8.7% in Lausanne, while it is 5.3% in Zug or Appenzell for the same amount. .
Generally speaking, the Swiss are not equal when it comes to the taxation of their retirement assets. For an amount of 500,000 francs, a resident of Sion will pay 20,000 francs more in taxes than a resident of Appenzell. Or a resident of Friborg will pay almost 10,000 francs more than in Geneva.
In its project, the Federal Council wants to increase its share of these amounts to balance its accounts. The upcoming consultation will say what is going on. And further, Parliament should have its say.
But the PLR has already reacted negatively to these plans to tax retirement capital more, even if the idea could be supported by their own Finance Minister, Karin Keller-Sutter. “The Federal Council’s projects undermine the principle of good faith,” writes the PLR in a press release published Monday, “for those who have voluntarily contributed to the 2nd or 3rd pillar in recent decades. They must not be betrayed with the introduction of a higher tax than what was promised to them.
The left says it is more favorable to the project. “This measure will more attack the upper middle class and very high incomes,” national councilor Emmanuel Amoos (PS/VS) declared on RTS. The debate promises to be tense.
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