Switzerland: Pensions and Investment News and Analysis
The country’s direct democracy has a lot to say about pensions in what is Europe’s third-largest pension market. A March 2024 referendum backed a higher state pension – the only issue is financing the hike, a problem the government is currently grappling with. A referendum on 22 September 2024 centres on a proposal to boost workplace pensions by maintaining benefits and protecting lower paid and part-time workers. It will lower pension accrual and increase contributions. The central motion has been backed by government, parliament, employers and the pension association ASIP, but not by unions.
Pension Funds in Switzerland - Country Report
Switzerland country report 2024: The trouble with Swiss second-pillar pension reform
Attempts to reform occupational pensions continue to fail, risking undermining public trust. But pension funds have already been making their own pragmatic changes
TOP SWISS PENSION FUNDS 2024
Pension fund/entity | Assets (€’000)
- Compenswiss/Swiss Federal Social Security Funds | 45,603,811
- PUBLICA | 43,640,320
- Kanton Zürich (BVK) | 42,843,506
- UBS Pensionskasse | 30,635,160
- Migros (MPK) | 30,597,045
©IPE Research; View the Top 1000 European Pensions Funds 2024 for a comprehensive market overview
PKBS switches to Pictet and LGIM to diversify risks
The emergency takeover of Credit Suisse by UBS in March 2023 triggered the pension fund’s decision to look for new asset managers
C-alm and IZV propose light-touch reforms to Switzerland’s second-pillar pension system
IZV and c-alm are suggesting a cut in the conversion rate to calculate pension payouts from 6.8% to 6% of salary insured in eight steps, instead of one
Swiss BVK issues €700m infrastructure mandates
A €350m mandate will invest via a multi-manager arrangement, while the other €350m mandate will invest via an unlisted co-investment
Swiss pension funds association updates ESG reporting standards
ASIP updates standards to strengthen qualitative reporting, especially for stewardship
Amundi builds on multi-layer private markets strategy for DACH region
The next steps in Amundi’s private markets strategy in Germany are to promote ‘healthy growth’ among institutional investors and double AUM to €5bn in the next 3 years
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
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IPE BEST PENSION FUND IN SWITZERLAND AWARD WINNERS
- 2023 - Pensionskasse Manor
- 2022 - CERN Pension Fund
- 2021 - Pensionskasse Bosch Schweiz
- 2020 - Pensionskasse Manor
- 2019 - CPEG, Caisse de prévoyance de l’Etat de Genève
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Swiss pension funds reform second-pillar pensions from the bottom up
September’s referendum on the reform of second-pillar pensions demonstrates that comprehensive proposals engineered from the top down don’t always bring the expected results. The latest proposal was roundly defeated by two thirds of the electorate.
PKBS switches to Pictet and LGIM to diversify risks
The emergency takeover of Credit Suisse by UBS in March 2023 triggered the pension fund’s decision to look for new asset managers
C-alm and IZV propose light-touch reforms to Switzerland’s second-pillar pension system
IZV and c-alm are suggesting a cut in the conversion rate to calculate pension payouts from 6.8% to 6% of salary insured in eight steps, instead of one
Swiss BVK issues €700m infrastructure mandates
A €350m mandate will invest via a multi-manager arrangement, while the other €350m mandate will invest via an unlisted co-investment
Swiss pension funds association updates ESG reporting standards
ASIP updates standards to strengthen qualitative reporting, especially for stewardship
IPE DACH Briefing: Germany mulls over increasing security/defence spending
Plus: Bundesrat recommends reviewing second pillar pension system; Swiss Federal Supreme Court rejects complaints on pension reform
Amundi builds on multi-layer private markets strategy for DACH region
The next steps in Amundi’s private markets strategy in Germany are to promote ‘healthy growth’ among institutional investors and double AUM to €5bn in the next 3 years
Swiss Federal Court rejects complaints to nullify first-pillar reform vote
The Green party has criticised the Federal Court’s ruling as the vote was not based on reliable figures and facts
Migros Pensionskasse outlines riskier strategy boosting real assets, equities
The scheme will increase investments in infrastructure and equities by 2% each
Swiss schemes apply high interest on savings as yields fall
It will be ‘very challenging’ for pension funds to generate the statutory minimum interest rate of 1.25%, says PPCmetrics
IPE Conference: CPEG in talks with managers exiting CA100+
CPEG is asking asset managers to provide an explanation for their departures from the climate engagement group
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