Pilla 3a Review 2026 – Pros & Cons
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(Disclosure: Some of the links below may be affiliate links)
Pilla 3a is a new digital third pillar offered by CA next bank. They aim to make investing in the third pillar straightforward. They also want to focus on sustainability.
But should you use Pilla 3a for your third pillar account? This is the question we will answer in this review by looking at this product in detail, its pros and cons, and comparing it against alternatives. By the end of the article, you will know whether you should use this service or not.
| Total Fee | 0.69% per year |
|---|---|
| Maximum portfolios | 5 |
| Stock allocation | Up to 95% |
| Maximum foreign exposure | 30% |
| Maximum investment in cash | 100% |
| Investment Strategy | ESG index funds |
| Fund providers | iShares, Vanguard, Swisscanto, and UBS |
| Languages | English, French, German, and Italian |
| Sustainable option | Sustainable-only |
| Mobile Application | Yes |
| Web Application | No |
| Custodian Bank | CA next bank |
| Customers | N/A |
| Established | 2025 |
| Foundation’s domicile | Schwyz |
Pilla 3a
Pilla 3a is a new third pillar account offered by CA next bank in collaboration with the Liberty Foundation. The Pilla 3a account is separate from CA next bank; a Pilla 3a account does not make you a customer of CA next bank.
Pilla 3a is a digital-only third pillar. The Pilla 3a account is available through a mobile application, available on the App Store and Google Play. This account will not be available on a computer or at CA next bank offices.
CA next bank is a Swiss bank with headquarters in Geneva. It is a subsidiary of Crédit Agricole, a French bank.
Pilla is also available as a vested benefits account, but we will only focus on the Pilla 3a product in this review.
So, we can delve into Pilla 3a in detail.
Investment strategies
It is essential to understand how a product invests before using it.
Pilla 3a invests in index funds from various companies: iShares, Vanguard, UBS, and Swisscanto. It is good that they are only using index funds, which are aiming to replicate the market performance and not trying to beat it. Passive investing is the most efficient form of investing.
Pilla 3a only invests in sustainable index funds. Each of the funds is either ESG-rated or responsible. Currently, there is no option to opt in or opt out; this is the only default available.
You can create up to five portfolios, which is great for staggering withdrawals (for saving taxes).
Pilla 3a has 6 different strategies, with one strategy being 100% cash. The non-cash strategies are managed by Liberty. Each of these strategies is a collection of index funds.
Here are the six strategies:
- Risk-averse: 100% cash
- Conservative: 20% in stocks, 70% in bonds, 5% in real estate, and 5% in cash
- Balanced: 35% in stocks, 55% in bonds, 5% in real estate, and 5% in cash
- Dynamic: 55% in stocks, 35% in bonds, 5% in real estate, and 5% in cash
- Growth: 75% in stocks, 15% in bonds, 5% in real estate, and 5% in cash
- Capital gains: 95% in stocks and 5% in cash
Overall, these portfolios are good. I would prefer going higher in stocks, but 95% in stocks is already a good start.
Pilla 3a is very transparent and shares the details of each fund. For instance, we can look at the composition of the portfolio with 95% stocks:
- 49% in UBS Index Fund – Equities Switzerland All ESG NSL A-acc
- 20% in Swisscanto Index Equity Fund World (ex CH) Responsible
- 16% in Vanguard ESG Developed World All Cap Equity Index Fund – CHF Hedged Acc
- 10% in Swisscanto Index Equity Fund Emerging Markets Responsible
This portfolio does not entirely convince me. The first issue is that 49% in Swiss stocks is too high. The Swiss stock market is 3% of the entire world stock market, so 49% is a massive bias. 36% in world stocks and 10% in emerging markets is okay but is still biased towards emerging markets for me.
The second issue is the currency hedging. The portfolio has 49% in Swiss stocks, 5% in cash, and 16% in CHF-hedged funds. This gives a total of 70% in CHF. Since we cannot change that, I believe it is too much.
It is worth mentioning that they have a 0.5% interest rate on the cash strategy. If you do not want to invest your money, this is currently an above-average interest rate.
Overall, the investment strategies are good. However, they could improve if we could opt out of currency hedging or could reduce the home bias. It would be great if we could create custom portfolios.
Pilla 3a Fees
If you want to increase your returns in the third pillar, it is important to reduce your fees. Since we cannot beat the market, we can try to replicate its performance, minus the fees and the tracking errors. So, we must look at the fees of Pilla 3a.
The fee structure of Pilla 3a is rather simple. There is a 0.50% custody fee for all invested portfolios. The 100% cash portfolio has no fees. Since Pilla 3a currently only uses index funds, there should not be any stamp duty. They would be due if they were using ETFs.
Only one thing is not included: The fees of the funds themselves.
Each strategy has a different fee:
- Conservative: 0.21% TER
- Balanced: 0.22% TER
- Dynamic: 0.22% TER
- Growth: 0.23% TER
- Capital Gains: 0.19% TER
So, in total, we can expect a total fee of 0.69% to 0.73% for using Pilla 3a. This is a decent fee, much better than most traditional banks. However, it is not the best fee available. The best digital third pillar accounts have significantly lower fees (around 0.45%).
Sustainability
Pilla 3a is only available as a sustainable option. If you want to invest sustainably, this is great, but some people prefer full diversification, so it is a bit disappointing there is no option to opt out.
Pilla 3a invests in ESG funds. ESG stands for Environmental Social Governance. These 3 factors are used for selecting the companies that belong in the fund. The fund will only invest in companies that do well in these factors. This mostly means avoiding fossil fuel companies or companies that use child labor.
ESG is a good start, but it does not mean it only invests in companies that are really sustainable. In practice, very few companies are excluded from the index. For instance, the funds used by Pilla 3a include companies like Nestlé and Amazon, which are not that sustainable in my opinion. The reason is simple: people want sustainability, but they also want returns, so fund managers do not exclude many companies from the indexes.
Overall, the sustainability of Pilla 3a is the standard level of sustainability provided by ESG funds. It is not not top-grade, but top-grade is very difficult to achieve.
Alternatives
It is essential to compare a third pillar account with other alternatives. In this case, we will compare it against three alternatives with different strategies and focuses.
Pilla 3a vs Inyova 3a
We can start by comparing Pilla 3a with Inyova 3a, a third pillar entirely aimed towards sustainability.
While Pilla 3a is using index funds, Inyova 3a has a different approach by investing directly in stocks. This is the only third pillar in Switzerland doing that. Inyova handpicks the stocks themselves for sustainability and returns.
You can invest fully in stocks with Inyova 3a. And if you do not, you will be invested in a bonds ETF.
Pilla 3a charges a 0.69% yearly fee, while Inyova 3a charges 0.80%. This makes Pilla 3a cheaper than Inyova 3a.
Overall, Pilla 3a is likely less sustainable than Inyova given the standard use of ESG funds but will save you money. So, if you want to opt for maximum sustainability, Inyova 3a will be better, but if you would like to opt for a cheaper and more balanced approach, Pilla 3a will be better.
If you want further information, you can read our review of Inyova 3a.
Pilla 3a vs Selma 3a
We can also compare Pilla 3a with Selma 3a, a third pillar from a robo-advisor.
Selma 3a is using ETFs to invest, while Pilla 3a uses index funds. The reason Selma 3a is using ETFs is so that they can be transferred into a standard robo-advisor account once retirement age is reached.
Selma 3a lets you invest up to 97% in stocks, while Pilla 3a lets you invest up to 95%. Selma 3a does not have a sustainable option, while Pilla 3a is sustainable only.
Pilla 3a costs 0.69% per year. Selma 3a costs 0.90% per year by default. However, Selma has degressive fees. Indeed, if you reach 150,000 CHF in assets, you will get a 0.69% fee, the same as Pilla 3a.
If you are looking for a sustainable third pillar, Pilla 3a is better since Selma 3a does not let you invest sustainably. If you are seeking the cheaper option, Pilla 3a is also better (unless you have more than 150,000 CHF).
For additional information, you can read our review of Selma 3a.
Pilla 3a vs Finpension 3a
Finally, we can also compare Pilla 3a with Finpension 3a, the third pillar we are using.
Both are using portfolios of index funds. Finpension has some solid default portfolios like Pilla 3a. On the other hand, Finpension lets you create custom portfolios with very few limits:
- Up to 99% in stocks
- Up to 99% in foreign currency
- Up to 99% in foreign stocks
- Either sustainable funds or standard funds
This makes it much more flexible than Pilla 3a.
When comparing fees, Finpension is also significantly cheaper at 0.39% total fees, compared to 0.69% for Pilla 3a. This is a significant difference in fees that will make a long-term difference in your assets.
For me, Finpension 3a is better than Pilla 3a on multiple counts.
If you want additional information, you can read our Finpension 3a Review.
Pilla 3a FAQ
Can you opt out of sustainable investing with Pilla 3a?
No, Pilla 3a only invests in sustainable index funds.
How many Pilla 3a portfolios can you open?
You can open up to five portfolios with Pilla 3a.
Who is Pilla 3a good for?
Pilla 3a is good for people that want a digital sustainable third pillar backed by a large bank. It is also good for people who want to keep their 3a in cash.
Who is Pilla 3a not good for?
Pilla 3a is not good for people that want the cheapest third pillar or a customized or very aggressive portfolio.
Can you keep your Pilla 3a account in cash?
Yes, you can keep 100% in cash if you do not want to invest.
Pilla 3a Summary
Pilla 3a is a new digital third pillar account proposed by CA next bank and the Liberty Foundation. Is it good? We review it in detail.
3.5
Pilla 3a Pros
Let's summarize the main advantages of Pilla 3a:
- Good allocation to stocks (95%)
- Simple to use
- Passive investing
- Can open up to 5 portfolios
- Good interest rate on cash
Pilla 3a Cons
Let's summarize the main disadvantages of Pilla 3a:
- High bias towards Swiss stocks
- No custom portfolio
- Not the cheapest third pillar
- Low foreign currency exposure
Conclusion
Overall, Pilla 3a from CA next bank is a good third pillar. It has decent fees and focuses on sustainability. The default strategies are decent and use passive investing, which is good.
However, this third pillar account has issues. The fees of the portfolio are significantly higher than the best alternatives. Furthermore, there is no customization available, and the default portfolios are heavily biased towards Swiss stocks.
While this solution has merit, the price should be lower to really compete with the best third pillar accounts available. Maybe they will be able to achieve better fees once they start managing more money.
What about you? What do you think about Pilla 3a?
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Hello Baptiste,
Need clarification. My wife is not employed with a Swiss firm and doesn’t have pillar account.
She does free-lance testing online and earns money which are credited to her PayPal/wise account.
Can she open a 3a account?
Best regards,
Hi Kyran
If she is self-employed, she can put up to 20% of her net income into it, but she will have to register as self-employed to do that.
How does this solution compare to VIAC?
Not very well. VIAC remains significantly cheaper than Pilla 3a.