Pension Funds Study: A healthy second pillar

Our annual Swiss Pension Funds Study is a reliable source of information. For more than 20 years, it has provided valuable insights into the second pillar, monitoring the returns achieved by Swiss pension funds. The study presents the current condition of Swiss pension funds.

Knowledge advantage with the Pension Funds Study

Understand the second pillar

Find out how the second pillar and therefore also your pension entitlements are doing.

Experience the facts

Get the latest facts about conversion rates, performance and interest rates.

Gain confidence

Read how sustainably pension funds manage more than CHF 1,000 billion.

Get impetus

Based on the information provided, make decisions for your savings in the third pillar.

What makes the Pension Funds Study unique?

Our Pension Funds Study covers around 500 pension funds. It fulfils an important societal task by providing insights into the general condition of domestic pension funds. It has been providing orientation on the performance values of pension funds year after year, for more than 20 years.

Focal points and highlights

The economy and society are changing. Pension funds and asset managers are staying abreast of these changes. That is why our Pension Funds Study always addresses current key topics such as the embedding of sustainability in pension funds.

Key insights from 2023

Average return of -8.8%

The pension funds achieved an average return of -8.8% on assets in 2022 – the second worst performance in the last 20 years.

1.9% return for active members

The performance range is twice as high as in previous years and ranges from -1.0% to -16.2%.

Large differences in returns

Active insured persons had to swallow bitter pills for years in order to finance pension guarantees for an ageing society. This redistribution is now largely completed.

Turnaround in technical interest rates

After decades of continuous cuts, the technical interest rate rose slightly for the first time since the BVG came into force in 1985.

Sustainability continues to gain ground

Meanwhile, 37% of pension funds have anchored ESG criteria in their investment policies.

Alternative investments have helped

Funds with relatively high proportions of illiquid assets performed above average in 2022. Illiquid assets include alternative investments, private equity and infrastructure investments.