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When you enter the Pillar 3a you basically have 3 options: Savings account, insurance or Securities.
Although securities can generate a high return, they also harbour a certain amount of risk. When it comes to pension assets, many investors therefore feel more comfortable with a savings account. However, with interest rates that are below inflation, you are effectively losing money until you retire.
This is precisely why bench has developed a new solution: Guarantee savings. This is a kind of Savings solution with a capital guaranteewhich is associated with a potential return.
You can find out all about the new offer in the following bench pillar 3a experience report.
bench is a new Pillar 3a appbench offers a kind of intermediate solution between a pure savings account and a securities solution.
With the code FRANKE you will receive a Galaxus voucher for CHF 25 from bench when you open an account!
Similar to other pillar 3a apps, your money is also invested with bench. bench appeals to more cautious investors, however, because on retirement depending on your strategy, you will receive at least one part or your money paid in is guaranteed to be returned.
If you start pillar 3a early, you have a very long investment horizon of at least 30 years. In this case, it is almost impossible to lose money if your pillar 3a assets are invested in ETFs or stable shares. However, there is always a certain risk. bench would like to cushion this risk by Capital protected with a guarantee will.
You can choose how much of your paid-in capital you want to be guaranteed. bench offers 3 guarantee levels an: 80%, 90% and 100%.
The higher your guarantee level, the lower your chance of a return. Bench promises a Return opportunity of 1 - 4% per year. In our example with a term of 30 years, according to the app you have a chance of around 3.6% return with the 80% guarantee. If you want to have 100% of your capital secured, then the return according to the app is more in the region of 2.5%. On their website you can use the calculator to work out your own potential return.
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The bench range offers several Advantageswhich make it particularly interesting, if you are rather cautious and do not want to speculate with your pension provision.
bench does not guarantee a return, but you do have a Return opportunity of 1 - 4%. With bench, your pension assets are also partially invested in securities, albeit rather conservatively.
In contrast to a securities solution hold you however itself no securities. Instead, Glarner Kantonalbank (GLKB), which stands behind bench, invests the money for you. The majority of your pension capital is used for the guarantee you have chosen. This is not invested, but the Bank granted a fixed interest. This allows bench to guarantee you the capital up to 100% and still have a small amount left over which can then be invested.
This Capital invested bench then conservatively in a basket of shares (Swiss shares only) and at the same time protects it with a Value fluctuation control. As a result, a relatively stable return of between 1 and 4% can be achieved without the risk of significant losses.
If you have an investment horizon of around 30 years, you can expect the following returns depending on the guarantee, according to the app:
| bench guarantee level | Expected returns per year |
|---|---|
| 80% Warranty | approx. 3.6% |
| 90% Warranty | approx. 2.9% |
| 100% Warranty | approx. 2.5% |
Behind bench is the Glarus Cantonal Bank. This is responsible for ensuring that your assets are protected in accordance with your chosen guarantee level. This capital also falls under the privileged status with State guarantee. So your Capital even in the event of the bankruptcy of GLKB protected by the canton of Glarus.
Incidentally, you don't need to have an account with GLKB to use bench, as this is opened automatically when you start using the app.
With the code FRANKE you will receive a Galaxus voucher for CHF 25 from bench when you open an account!
Another advantage is that you No minimum deposit you have to pay. You can join from as little as CHF 1.
You can also completely flexible and Pay in up to the maximum annual contribution at any time. Unlike an insurance solution, you are not tied to a fixed amount with bench. You can choose when, how much and how often you want to pay in. For example, if you have a shortage, you can easily skip a month or even a whole year and then start again.
However, in addition to the many advantages, bench also has a few Disadvantages.
The biggest disadvantage of the guarantee solution in the Bench Review Compared to pillar 3a solutions consisting purely of equity investments, the Lower return. If the majority of your pension assets are invested in ETFs or solid equities, the average return over 10 years or more is usually between 5 and 8%.
According to bench 3a, the yield can also rise above 4%. However, this is very unlikely to be the case. Instead, the Yield in most years Depending on the warranty level, probably between 2.5 and 3.6% move.
In view of the fact that, historically speaking, you have a very low risk of capital loss with a long investment horizon for ETFs, you may miss out on some returns in the long term with this solution.
Another point that was noticed in the bench test report is that you choose a guarantee must. You can therefore use your pension capital Do not invest without restrictions and benefit from a return of 4% or more.
Instead, you have to choose whether you want 80%, 90% or 100% of your capital guaranteed. And the higher the guarantee, the more your return suffers. In return, the guarantee offers additional security for your capital.
Depending on demand, bench could also offer other options with more room for manoeuvre in the future. However, if you feel comfortable with securities, you currently enjoy more freedom and higher returns.
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Overall, the use and handling of the app are very Simple, pleasant and clear.
The registration process is Fast and uncomplicated. You have to enter your personal details and have your ID verified, and that completes the registration process. In the test, the whole process was within 5 minutes done. This is possible on weekdays as well as at weekends.
When uploading the ID, we first had an error message, which caused the app to crash. After restarting the app, however, everything worked perfectly.
The app itself is very minimalist and clear designed. On the start page, you will see your pillar 3a account and the corresponding guarantee, called a "product". To start, you must select a product, which is also displayed on the start page.
You can find all your documents in your profile. In addition to the Contract documents you will also find your 3a account statements and Tax certificates find.
Once you have selected the product, you can Deposit money. This process is also clear and uncomplicated. If you click on "Deposit", you can copy the payment information for the deposit directly or have the payment slip sent to you by e-mail. In our test, the money deposited was credited after 2 working days.
If you have your Transfer pillar 3a assets bench will guide you through the process step by step. All you have to do is select your current provider and enter your account or policy number. You will then receive a pre-filled form, which you just need to sign and return to bench.
Your deposits are displayed graphically at the bottom, but you cannot influence the investment strategy. However, you can adjust the selected product at any time. Thanks to the simple user interface, there is little risk of confusion and you will quickly find your way around.
Also modern and pleasant is the biometric loginwhich allows you to log in conveniently using your fingerprint.
bench offers a flat fee of 0.8% of the account value per year is charged. This fee is already included in the return opportunities and the guarantee amount. This means that the fee is not additionally deducted, but you effectively receive the selected guarantee and the return shown.
Although the fees are higher than with most savings account and securities solutions, insurance companies charge significantly higher fees. However, as these fees at bench already factored into the guarantee and return they do not reduce your yield.
As already mentioned, you can expect a different return depending on the guarantee you choose. bench has tested this against various securities portfolios. The results were as follows:
bench 100
If you have chosen a 100% guarantee, your capital will generally perform as follows similar to a fund that consists of 45% of shares. Due to the value fluctuation control, however, your assets fluctuate less, giving you more security.
bench 90
bench has not tested the performance with a 90% guarantee, but it should be pretty much in the middle between Bench 100 and Bench 80. So your capital would have been around 5 to 10% performed better than a fund45% of which consists of shares.
bench 80
With a guarantee of 80%, your capital since 2010 would have averaged around 10 to 20% better than a fund with a 45% equity component. Even in weak years, the performance would have been almost on a par with the fund due to the value fluctuation control.
bench has created a pillar 3a solution that is suitable for you, if you are rather cautious. Especially if you currently have your pension capital in a savings account or perhaps you haven't dared to tackle the whole topic yet, then bench is an exciting provider for you.
Similar to a savings account, you can decide how much of your paid-in capital you want to have available at the time of your retirement. However, as interest rates on savings accounts have usually been below inflation for years, you are effectively losing money. With bench, however, in addition to the Guarantee also a returnwhich, with an average of 2.5 to 3.6% after fees, brings significantly more than a savings solution.
If the fluctuations in the value of shares and other investments scare you or the topic is simply too complicated for you, then bench is a good solution for you. In addition, bench 3a may be suitable for you, if your investment horizon is only a few years until retirement.
With the code FRANKE you will receive a Galaxus voucher for CHF 25 from bench when you open an account!
If, on the other hand, you have already invested your pension capital in securities and feel comfortable with this, then you will be better served. This is because the guarantee may significantly reduce the potential return. With a long investment horizon, you can get much more out of solid shares.
"Intelligent people learn from the mistakes of others".
We have compiled our top selection for you from all our tests and experience reports:
bench is a Modern pillar 3a appwhich is well suited if you want to save up for your retirement capital. want as much security as possible. Especially if you Securities too uncertain or too complicated bench offers a good alternative.
Through the Guarantee granted you have the same security as with a savings account. Bench is also very exciting for a short, time-limited investment period. Because with bench you can benefit from a attractive return which is significantly higher than the usual savings interest rates and still limits your risk.
The bench app is very clear and Easy to operate. Another plus is that Glarner Kantonalbank is a partner bank behind the product and therefore also protects your capital, which also ensures a high level of security.
If you have any questions about the new pension solution, please leave a comment!
With the code FRANKE you will receive a Galaxus voucher for CHF 25 from bench when you open an account!