When we no longer receive income from gainful employment in old age, our retirement provision ensures that we can continue to live our lives in financial independence and without falling into existential hardship. On 1 January 1948, the OASI came into force and the first pensions were paid out. Today, the demand for retirement provision goes beyond mere subsistence levels. Older people should be able to run their lives after employment and participate in society in financial independence. The Swiss pension system has therefore been expanded over the years and is now based on three pillars: The first pillar is the state pension, the second pillar is employee benefits, and the third pillar is private retirement planning.
