The lower chamber of the Swiss parliament has voted to endow the country’s first pillar with half of the proceeds from the Swiss National Bank’s sale of 1,300 tons of gold. The upper chamber has yet to vote and this could be decisive.
The AHV, Alters- und Hinterlassenenversicherung, also known as Assurance Vieillesse et Survivants, would get 50% of the proceeds.
The sale, according to Swiss media, follows the removal of the gold peg in 2000 which has brought in around SFr20bn (E13.2bn).
The vote could bring up to SFr1.25bn a year into the first pillar.