Secrecy in the contingency funding !

When they calculate the contributions and benefits of the policy-holders, pension funds must constantly manage a significant quantity of data, which can sometimes be related to personal and financial situation of policy-holders and employers.

It can be the amount of one’s wages, the amount needed for housing, or the nature of this housing.

Pension funds can also know which employers are in financial trouble by noticing unpaid contributions.

A well kept secret.

Although pension funds have this kind of data, policy-holders and employers should not worry. The Swiss federal contingency funding Act (LPP) requests secrecy on such data. Should this secrecy not be respected, sanctions are heavy: up to six months in jail or a 20' 000 CHF fine. Therefore, no pension fund will give any information, even to a relative, a lawyer or a bank for instance!

Exceptions.

Should a policy-holder wish some information to be given, he must raise the secrecy by proxy.

However, some exceptions were thought of by the federal Council (the Swiss government),
provided no interest requiring protection for the policy-holder, the employer or else is threatened.

Secrecy is raised for:

• other pension funds if the information is necessary for them to work properly.
• legal authorities when an issue in connection with pension funding must be cleared up.
• the AVS/AI (national retirement and disability fund) if the information is necessary to set and  modify benefits.
• legal beneficiaries, if needed to set their benefits, etc.