Compenswiss will draft bespoke asset allocations for each of the three first-pillar social security funds it manages – AHV, IV, EO – to address the distinct financial challenges of each. The three funds last shared a uniform allocation in 2025, the pension fund said when presenting its annual results.
It added that it will outline “differentiated allocations in the future” tailored to each fund’s situation and financial pressures.
According to the financial outlook of the Federal Social Insurance Office (FSIO), which oversees the funds, AHV revenues from 2026 will not cover expenditures following the planned payout of a thirteenth monthly pension – AHV-Rente – starting in December.
Parliament has yet to decide how to fund the measure, and without additional resources, the AHV fund – the largest of the three, with over CHF40bn (€43.9bn) in assets – risks rapid underfunding.
Compenswiss has meanwhile set aside CHF2bn in liquidity reserves in 2025 in anticipation of rising expenses.
The disability insurance (IV) fund is also facing mounting pressure, driven by a rising number of pensions and uncertainty over repayment of the CHF10.3bn debt to the AHV fund.
Compenswiss plans to sell around CHF35m of IV assets per month this year to ensure liquidity for pension payments. The EO fund, by contrast, remains stable, unaffected by AHV and IV’s financial challenges.
Chair of the board Manuel Leuthold said that in the short term, assets could stabilise, but additional financing remains essential.
The three funds delivered net returns of 6.34% last year, benefiting from equity performance and hedges against a weak dollar, said director Eric Breval.
A sharp rise in the gold price, which confirmed its role as a safe haven, also contributed to growth in assets under management, which rose to CHF50.55bn in 2025 from CHF46.10bn in 2024.
Compenswiss holds around CHF2bn in gold bars at market value across the three funds, according to positions published this month.
