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Switzerland Investment and Pensions
Occupational pensions remain in a state of uneasy stability. Changes are needed to the key parameters that govern accruals and benefits, but the Swiss people repeatedly reject reform attempts at the ballot box. The federal pensions supervisor OAK BV has proposed changes aimed at reducing risk as parts of the sector consolidate. The regulator has its eyes on multi-employer schemes (Sammelstiftungen and Gemeinschaftseinrichtungen), calling for a harmonised risk-based supervisory regime. Pension experts have warned against federal pensions supervisory mission creep, however. Private and public sector Pensionskassen have the highest funding ratio in 25 years, according to recent research by Swisscanto and equity allocations have reached an all-time high at 34.% of assets – but funds plan to reduce this to under a third. In further reforms, the federal government has allowed pension funds to access repo transactions directly, rather than through single-investor funds, as was previously the case. This is restricted to 1% of assets when used for liquidity purposes and 3% for currency hedging.
Pension Funds in Switzerland - Country Report
Pensions in Switzerland report 2026: Swiss franc strength forces domestic pension funds to adopt costly hedging strategies
The Swiss franc is seen as a safe haven in times of trouble, but its strength causes problems for the country’s pension funds
TOP SWISS PENSION FUNDS 2026
Pension fund/entity | Assets (€’000)
- Compenswiss (Fonds de compensation AVS/AI/APG) | 58,917,574
- Kanton Zürich (BVK) | 49,276,220
- PUBLICA | 48,320,767
- ASGA Pensionkasse | 37,298,657
- UBS Pensionskasse | 34,624,238
- Migros Pensionskasse | 32,828,614
- Stiftung Auffangeinrichtung BVG | 29,804,787
- Caisse de prévoyance de l’Etat de Genève (CPEG) | 25,741,409
- Stadt Zürich (PKZH) | 25,638,145
- Vita Sammelstiftung | 23,810,388
©IPE Research; View the Top 1000 European Pensions Funds 2026 for a comprehensive market overview
IPE DACH Briefing: Germany and Austria push ahead with pension reform
Governments in Germany and Austria are seeking public support for reforms that could significantly reshape their pension systems
Swiss pension funds bolster reserves as market volatility persists
Investment gains have lifted funding ratios, enabling pension funds to rebuild buffers against future market turbulence
Zurich faces ongoing FINMA probe into occupational pensions business
At least 12 staff have been dismissed following an ongoing FINMA investigation into occupational pensions business
Swiss pension commission recommends raising minimum interest rate to 1.75%
Strong market performance and pension fund finances have prompted a recommendation for a higher minimum interest rate
Geneva pension fund faces court battle over investment disclosure
Investigative group WAV is taking legal action against CPEG over its refusal to disclose investment holdings
IPE DACH Briefing: Asset managers set to benefit from Germany’s capital-funded pension shift
Plus: Swiss pension schemes are increasingly looking to invest in infrastructure
TOP MANAGERS: SWISS INSTITUTIONAL ASSETS
Company | Assets (€m)
- Zürcher Kantonalbank | 259,829*
- UBS Asset Management | 257,813[1]
- Swiss Life Asset Management | 131,028
- Pictet Asset Management | 72,132*
- AXA Investment Managers | 66,904
- BlackRock | 55,609
- Record Currency Mangement | 53,436***
- Vontobel | 51,459*
- Mesirow Currency Management | 47,619**
- Baloise Asset Management | 38,295
As at 30.6.24, *31.8.24, **30.9.24 ***28.6.24
[1] Excludes Credit Suisse Asset Management AUM
©IPE Research; Sign up to IPE Profesional to see all the data in the latest country report
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Twenty years of evidence: Is it time to reconsider microfinance?
Stefan Beiner, partner at Swiss consultancy c-alm and former CIO of Publica, one of Switzerland’s largest pension funds, unpicks the investment benefits of microfinance
IPE DACH Briefing: Germany and Austria push ahead with pension reform
Governments in Germany and Austria are seeking public support for reforms that could significantly reshape their pension systems
Swiss pension funds bolster reserves as market volatility persists
Investment gains have lifted funding ratios, enabling pension funds to rebuild buffers against future market turbulence
Zurich faces ongoing FINMA probe into occupational pensions business
At least 12 staff have been dismissed following an ongoing FINMA investigation into occupational pensions business
Swiss pension commission recommends raising minimum interest rate to 1.75%
Strong market performance and pension fund finances have prompted a recommendation for a higher minimum interest rate
Geneva pension fund faces court battle over investment disclosure
Investigative group WAV is taking legal action against CPEG over its refusal to disclose investment holdings
IPE DACH Briefing: Asset managers set to benefit from Germany’s capital-funded pension shift
Plus: Swiss pension schemes are increasingly looking to invest in infrastructure
Academics push Publica to reinforce responsible investment policy
AVETH is asking Publica to define a ‘firm, non-negotiable requirement’ for its climate-efficient equity index
Cambridge University launches long-awaited green index
The University of Cambridge and Bloomberg have unveiled what they claim to be “the first fixed-income index to exclude companies involved in, or financing the development of fossil fuels”.
Swiss pension funds pivot to infrastructure
Concerns about private credit have sharpened the awareness of Swiss Pensionskassen about liquidity and governance issues in private markets
IPE BEST PENSION FUND IN SWITZERLAND AWARD WINNERS
- 2025 - CPEG
- 2024 - CPEG
- 2023 - Pensionskasse Manor
- 2022 - CERN Pension Fund
- 2021 - Pensionskasse Bosch Schweiz
- 2020 - Pensionskasse Manor
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