More capital reference from the pension fund: Findings of the Swisscanto study

The investments are increasingly paid to the assets of the insured: the so -called third part of the contribution contributes 38 percent. However, not all insured persons benefit equally. The overview.

Enjoyable news for the employed: most pension funds are doing well. This is shown by the latest Swisscanto pension fund study, in which 507 Swiss pension facilities (80 percent) took part. They represent 4,308,770 of the local insured, which corresponds to about 70 percent. Overall, they manage a fortune of CHF 856 billion.

High coverage, high interest rate

Two values ​​show how well the pension funds are: the reserves are as high as rare. According to Swisscanto, the pension funds reached the second highest level of coverage in 2024 in 25 years. It is an average of 117 percent. This means that the existing assets exceeds the obligations to the pensioners.

At the same time, the pension funds continue to provide the good investments to the insured: In 2024, the interest rate of the old -age credit was 4.3 percent on average. This value was only higher in 2021.

Big differences in performance

The differences between the pension funds are immensely: the ten percent of the pension funds with the lowest interest rate passed only 1.75 percent on the insured – and were therefore only slightly above the minimum interest of 1.25 percent. While the top ten percent of the pension funds, an average of 8.25 percent interest in age.

According to the study, it is irrelevant how large the pension fund is or how much risk it has. This means that pension funds with relatively large number of pensioners and a deep coverage can achieve good returns. And these make the difference.

According to the study, the ambition, on the other hand, is decisive for investment success: the higher the pension funds their destinations (target return), the higher the actual return. Iwan Deplazes, Head of Asset Management, Zurich Cantonal Bank, also says that the know-how on the board of trustees can have an impact. This is indicated by the differences between the industries: the pension funds of the financial industry and the manufacturing trade record significantly higher returns than trading, healthcare or construction. The bottom is the public pension funds.

The third contribution payer is becoming increasingly important

The only thing that shows how important the savings in the pension fund are in the pension fund shows that the PK-age credit is most of the private wealth for many people. Iwan Deplazes therefore says: « It is relevant what happens to this assets. »

The Swisscanto study shows that saving age is worthwhile. The returns achieved have increased to the most important source of income for the second pillar: 38 percent of the income since 2008 come from so -called «3. Contribution payers », just before employer contributions (36 percent) and employee contributions (26 percent).

Iwan Deplazes calculates as a mind game, which the 3rd contribution payer would contribute if all health insurers had achieved the returns of the top ten percent since 2008: 64 percent of the pension would be financed by the investments, 21 percent through employers and 15 percent through employees. Deplazes: « In the second pillar with capital coverage procedures, everything depends on the system. »

Trust in the system melts

Despite good investment activity, more and more new players prefer to receive the pension capital when the pension is transferred – instead of being paid out a long -term pension. The study cannot say anything about the reasons. But two findings make you take notice: First, people also receive a pension who have a conversion rate of 7 percent – and thus refuse a very high pension. This means that at CHF 100,000 age capital, this would result in a pension of CHF 7,000 per year. On average, the conversion rate is 5.3 percent, the pension with the same amount of age at CHF 5,300.

Second, the capital has been increasing for years – although the pension funds have caught up again after critical years.

The experts from the Zurich cantonal bank find that many new players underestimate the longevity – a pension pays off for a long period of time. And that they may also overestimate the social collecting nets if the age capital is used up.

Obituary for the failed pension fund reform

The last pension fund reform clearly failed. In view of the longer life expectancy, a majority of the parliament wanted to reduce the conversion rate for mandatory insured persons from 6.8 percent to 6 percent and, in return, stabilize the pension through grants to the age capital. This is also the case so that the pension funds can stabilize with many mandatory insured persons in order to meet the pension promises.

Now it shows: Of the approximately 13 percent of all pension funds that indicate that they have many mandatory persons, only want to take 20 percent measures to keep the balance – for example, through higher employer contributions. To what extent the employees are asked to checkout is not evident from the study.

Obviously, changes to the conversion rate are not necessary, so the missed reform leaves only a large gap: many people in part -time penses and deep income are denied privileged savings.