You can deduct payments made into a restricted pension plan (pillar 3a) from your taxable income. And this is regardless of whether it is a 3a policy with an insurance company or a 3a savings account with a bank. The maximum deposits are however limited. You can close any shortfalls in your pension fund (2nd pillar) with purchases that are generally tax-deductible. However, you should not only consider purchases into your pension fund from a tax perspective, as it is also important to plan well.