The 3a tier you envisioned needs to be rethought.

Published on 2026-03-26

Financial Planning & Taxes

On March 8, 2026, Switzerland voted 54.3 percent in favor of individual taxation. The law has passed. It will come into effect by 2032 at the latest. Anyone who continues their retirement planning unchanged is basing it on a foundation that will significantly change in the coming years.

What Changes Fundamentally

Currently, married couples are taxed jointly. Income and wealth are combined, and the tax progression applies to the total household income. This has far-reaching consequences for decisions regarding how much someone works, when someone retires, and especially: when and how capital from the pension fund or pillar 3a is withdrawn. With individual taxation, each partner is taxed separately. Income and wealth are considered separately. It sounds simple – but it fundamentally changes many planning logics. What is already known at the federal level: Tax rates for low and middle incomes will be lowered, while those for high incomes will be slightly increased. What remains open: the rates at the cantonal level. Each canton continues to set its own rate – and this is where the crucial planning uncertainty lies.

The Staggering Strategy: What Applies Today and What Changes

One of the most important tools in retirement planning is the temporal staggering of capital withdrawals. The logic behind it: Pension fund capital and 3a savings are taxed separately from other income upon withdrawal – but the higher the amount, the higher the tax rate. Therefore, many couples spread their withdrawals over several years. Today, it often works like this: First, one partner withdraws their capital. A few years later, the other does. This keeps the progression on each individual withdrawal lower than if everything were taken at once. This strategy makes sense – but it is tailored to the current joint taxation system. With individual taxation, the starting point fundamentally changes: Since each partner is taxed separately anyway, the previous staggering logic could partially fall away or be replaced by new optimization opportunities. How exactly depends significantly on the cantonal rates. And these have not yet been established. Anyone planning a rigid strategy today is building on a foundation that could still change significantly by 2032.

Who Benefits and Who Needs to Be Cautious

Not all couples are equally affected. The impacts depend heavily on the income distribution within the couple:

• Similar High Incomes: Couples where both partners earn comparable incomes are generally relieved. This also applies to many couples in retirement age.

• Large Income Disparities: Caution is advised here. Couples with very unequal income distribution tend to pay more direct federal tax under individual taxation than they do today – especially if children are present.

• Second Earners: Those who have not increased their workload due to the tax burden will find new incentives with individual taxation. The additional income will no longer be added to the already high tax rate of the partner.

What This Means for Your Planning

The answer is not: “Wait until you know more.” The answer is: Build your strategy in a way that allows for adjustments. Specifically, this means:

• Avoid rigid commitments regarding withdrawal timing as long as the cantonal rates are unknown.

• Choose vehicles that allow you flexibility, not those that require a specific payout logic.

• Calculate multiple scenarios, not just the optimal plan based on the current situation.

• Check which decisions can still be revised later and which cannot.

Flexibility in a transitional period is not a weakness – it is the actual strategy.

Which Areas Are Particularly Affected

Four topics deserve special attention until 2032:

• Withdrawal from the Pension Fund: The timing, order, and amount of withdrawals will be assessed differently under individual taxation than today. The previous staggering logic needs to be recalculated.

• Pillar 3a: Those who wanted to stagger the dissolution of multiple 3a accounts should check whether this strategy still has the same effect under the new cantonal law.

• Partial Retirement: If one partner reduces their workload, their tax progression decreases separately. This could make partial retirements more attractive for many couples.

• Workload Increase: For second earners, increasing their workload is significantly more beneficial tax-wise than it is today. This could open up a new option, especially for couples over fifty.

The Honest Message

The law has been adopted. The direction is clear. What is still missing are the cantonal rates and the exact design at the cantonal level. This is the crucial uncertainty factor that will likely accompany us for a few more months. Those who start rethinking now have a real advantage. Not because everything is already clear, but because they know what is still open and build their planning accordingly flexibly.

Note: The federal law on individual taxation was adopted on March 8, 2026, and will come into effect by 2032 at the latest. The cantonal rates have not yet been established. The statements are based on the current information status and are intended for general information, not as individual tax advice.

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