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Swiss chamber joins critics of guarantee cuts

SWITZERLAND- The Swiss Chamber of Pension Fund Experts has added its weight to the growing opposition opposition to the decision to lower of the guaranteed minimum interest rate for mandatory occupational pension schemes in Switzerland.

In a statement today, the Basle-based chamber’s executive committee said that was “surprised” by the decision of the Upper House of Parliament, the Bundesrat, to reduce the BVG minimum interest rate from 4% to 3% on 1 October 2002.

The chamber said it welcomed, in principle, the idea of a flexible BVG minimum interest rate. However the level of the reduction and its timing should be decided only after consulting the professional associations.

However, it warned the lowering of the BVG minimum interest will only partly improve the financial situation of the pension funds. Additional capital will also be needed.

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