SWITZERLAND - The federal department of home affairs will present its calculations for the lowering of the rate of conversion for occupational pensions by November this year.
The Swiss federal council announced it was appointing the home affairs department to carry out the calculations that will see the conversion coefficient being lowered from 6.8 to 6.4% over the course of three years.
The new structure is due to come into force on 1 January 2008. Four reductions will be taking place between 2008 and 2011.
The rate will be reduced at a more accelerated pace than had been outlined in the first revision of the Swiss federal law on occupational old-age (LPP).
This is being done due to long term returns on the financial markets having taken a turn for the worse.
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