The cyberattack on data management software provider PK Softech is affecting a growing number of Swiss pension funds, with several investigating whether members’ personal data have been compromised.
The CHF25bn pension fund of the city of Zurich (PKZH) revealed that preliminary investigations had found that members’ personal data were compromised in the attack. The data had been used for testing ahead of a planned migration to PK Softech’s management system in early 2027.
Bernische Lehrerversicherungskasse (BLVK), the CHF9.8bn pension fund for teachers in the canton of Bern, said it assumed that members’ data could also have been affected.
The pension fund of the canton of Ticino (IPCT) said experts “cannot entirely rule out” that sensitive member data had been stolen from PK Softech.
The attack has also had consequences for Publica, the pension fund for employees of the Swiss federal government, Pensionskasse Post, Migros Pensionskasse and Bernische Pensionskasse.
In Germany, companies are reviewing how they structure pension liabilities as the finance ministry introduces a new methodology for calculating pension obligations.
The restructuring of pension liabilities on corporate balance sheets is also being driven by a profound transformation of business models.
Contractual trust arrangements (CTAs) remain the main vehicle for separating assets backing existing direct pension promises (Direktzusagen) from operating assets.
However, companies are also considering transferring pension obligations to dedicated pension entities, including through buyouts, or to Pensionsfonds.
The finance ministry has changed the methodology for valuing pension liabilities to take account of the market value of securities backing pension commitments.
The appreciation of securities over time could lead to higher pension provisions on corporate balance sheets, according to consultants.
In Austria, the lower house of parliament, the National Council, has approved a reform of the second-pillar pension system, which is due to enter into force in 2028.
Items to note:
- The IPE Conference & Awards 2026 is taking place on 2 December at the Royal College of Physicians & Natural History Museum in London.
Luigi Serenelli
DACH Correspondent
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