Securing payments within the 2nd pillar
To guarantee that transfers of vested benefits are transferred to the correct account: BVG Exchange Payment Validation provides affiliated occupational benefits institutions with verified payment details for their transfers within the 2nd pillar.
The Substitute Occupational Benefit Institution has an up-to-date and verified database of payment details of pension funds and vested benefits institutions. BVG Payment Validation provides this database to its affiliated members within the 2nd pillar for the secure transfer of vested benefits. Small and medium-sized occupational benefits institutions in particular are often not aware of all payment details of other pension funds or even the pension funds themselves. In contrast, the Substitute Occupational Benefit Institution maintains a lively dialogue with practically all pension funds and vested benefits institutions. Pension funds that are unknown or payment details that have not yet been entered are validated with the relevant bank or pension fund to ensure that the payee is a 2nd pillar institution.
BVG Exchange Payment Validation enables occupational benefits institutions to benefit from this database and thus prevent incorrect payment details from being used.
BVG Exchange Payment Validation is currently being developed and will be available at the beginning of 2025.
BVG Exchange Payment Validation services
- Connection of pension providers to a validated payment details database within the 2nd pillar.
- Validation of unknown payment details of occupational benefits institutions or banks.
- Support for secured transfers of vested benefits from the previous occupational benefits institution to the new one.
In preparation
- The service is expected to be available from 2025.