What does a vested benefits foundation do?
Irrespective whether you leave a company due to losing your job, taking a career break, pursuing further education or travelling: You will have to leave your previous pension fund and transfer your accumulated pension assets to a vested benefits account.
A vested benefits account is an account with a vested benefits foundation. The foundation invests your retirement assets and manages them as a pension fund would. The purpose of the vested benefits foundation is to preserve the pension assets accumulated in the area of occupational pension provision.
Once you start a new job you are legally required to transfer your vested benefits to the pension fund to which your new employer is affiliated.