Pension fund figures 2025
On this page, you will find a compact overview of the key figures and developments related to our pension fund. This includes the number of insured persons, pensions and affiliated business establishments, along with payroll totals and contributions. It also includes performance figures, the funding ratio and the interest rate. The overview is supplemented with figures from the balance sheet and operating statement, as well as investment figures.
Interactive charts, tables and accordions make it possible to trace developments over several years and explore individual topics in greater depth. In this way, we are presenting a compact and easy-to-follow overview of the financial situation and long-term stability of our pension fund.
Insured persons & pensions
Insured persons
Benefits paid out
Pensions
Overall, the combination of a higher number of new pensions and substantial new client affiliations led to structural growth in the pension portfolio during the reporting year.
Change in number of pensions
Business establishments
Affiliated business establishments
Affiliated business establishments
Payroll structure – business establishments
The diagram shows the distribution of the affiliated business establishments in relation to payroll. As for the compensation fund, most of these business establishments operate on a small scale.
Payroll total & contributions
Insured payroll
In addition to the increase in new clients, the higher average salary per insured person also contributed to the rise in the payroll total and contributions.
Invoiced contributions
Invoiced contributions
Performance, funding ratio & interest
Performance
At 6.72 %, performance was not only well above the benchmark but also exceeded all the external comparison values we use. The tactical positioning of the portfolio was slightly offensive throughout the year.
Funding ratio under BVV 2
Interest
Balance sheet & operating statement
Administrative costs per beneficiary
Balance sheet – assets and liabilities
| Assets in CHF | 31.12.2024 | 31.12.2025 |
| Investments | 10 913 477 000 | 11 767 150 000 |
Cash and cash equivalents and money market | 282 120 000 | 311 405 000 |
Bonds | 2 143 081 000 | 2 083 902 000 |
Loans/Infrastructure investments | 1 977 515 000 | 2 069 783 000 |
Equities | 4 446 573 000 | 5 014 793 000 |
Real estate | 2 064 188 000 | 2 287 267 000 |
| Receivables | 77 144 000 | 68 246 000 |
| Accrued income and deferred expenses | 8 449 000 | 8 120 000 |
| Total assests | 10 999 070 000 | 11 843 516 000 |
| Liabilities in CHF | 31.12.2024 | 31.12.2025 |
| Liabilities | 244 945 000 | 68 055 000 |
| Accrued expenses and deferred income | 6 738 000 | 7 758 000 |
| Employer contribution reserves | 45 372 000 | 49 360 000 |
| Pension capital and technical provisions | 9 070 637 000 | 9 758 061 000 |
Pension capital active insured persons | 6 191 564 000 | 6 556 285 000 |
Pension capital pensioners | 2 089 842 000 | 2 340 384 000 |
Technical provisions | 789 231 000 | 861 392 000 |
| Fluctuation reserves | 1 631 373 000 | 1 960 277 000 |
| Foundation capital | 5 000 | 5 000 |
| Total liabilities | 10 999 070 000 | 11 843 516 000 |
| Funding ratio | 118.0 % | 120.1 % |
Operating statement
| in CHF | 2024 | 2025 |
| Inflow from contributions and vested benefits brought into fund | 1 000 134 000 | 1 053 553 000 |
| Contributions and subsidies | 567 221 000 | 575 486 000 |
| One-off contributions and purchases | 28 510 000 | 166 574 000 |
| Vested benefits paid in | 404 403 000 | 311 493 000 |
| Outflows for benefits and advance withdrawals | – 664 967 000 | – 730 247 000 |
| Regulatory benefits | – 263 153 000 | – 309 013 000 |
Retirement pensions | – 92 311 000 | – 101 856 000 |
Survivors’ pensions | – 11 060 000 | – 11 353 000 |
Disability pensions | – 29 359 000 | – 32 719 000 |
Other regulatory benefits | – 5 117 000 | – 5 481 000 |
Lump-sum payments upon retirement | – 120 939 000 | – 152 992 000 |
Lump-sum payments upon death | – 4 367 000 | –4 612 000 |
| Non-regulatory benefits | – 25 000 | – 40 000 |
| Vested benefits paid out | – 401 789 000 | – 421 194 000 |
| Creation (–)/Release (+) of pension capital, technical provisions | – 608 740 000 | – 687 085 000 |
| Creation (–)/Release (+) of pension capital | – 600 810 000 | – 614 923 000 |
| Creation (–)/Release (+) of technical provisions | – 7 930 000 | – 72 162 000 |
| Income from insurance benefits | 7 707 000 | 9 266 000 |
| Insurance costs | – 8 738 000 | – 8 916 000 |
| Net result from insurance component | – 274 604 000 | – 363 429 000 |
| in CHF | 2024 | 2025 |
| Investment income | 719 165 000 | 796 399 000 |
| Money market | 4 545 000 | – 1 137 000 |
| Bonds | 86 914 000 | 102 713 000 |
| Loans/Infrastructure investments | 103 430 000 | 105 571 000 |
| Equities | 448 249 000 | 466 249 000 |
| Real estate | 76 027 000 | 123 003 000 |
| Investment expenditure | – 76 441 000 | – 88 846 000 |
| Net investment result | 642 724 000 | 707 553 000 |
| in CHF | 2024 | 2025 |
| Administrative costs | – 16 900 000 | – 18 009 000 |
| General administration | – 14 377 000 | – 15 361 000 |
| Marketing and advertising | – 504 000 | – 599 000 |
| Agents and brokers | – 1 700 000 | – 1 835 000 |
| Aditor and pension actuary | – 230 000 | – 200 000 |
| Supervisory authority | – 89 000 | – 14 000 |
| Administrative income | 2 914 000 | 2 789 000 |
| Net result for the administrative account | – 13 986 000 | – 15 220 000 |
| Income (+)/Expense (–) surplus before creation/release of fluctuation reserves | 354 134 000 | 328 904 000 |
| Creation (–)/Release (+) of fluctuation reserves | – 354 134 000 | – 328 904 000 |
| Income/Expense surplus | 0 | 0 |
Investments
Asset structure, strategy and bandwidths
| Asset class | CHF | Percentage as at 31.12.2025 | Strategy | Bandwith |
| Money market | 311 405 000 | 2.6 % | 2.0 % | 0 – 10 % |
| CHF bonds | 554 884 000 | 4.7 % | 6.0 % | 3 – 9 % |
| Foreign currency bonds | 1 529 018 000 | 13.0 % | 12.0 % | 7 – 17 % |
| Loans/Infrastructure investments | 2 069 783 000 | 17.6 % | 20.0 % | 13 – 28 % |
| Swiss equities | 1 267 948 000 | 10.8 % | 10.0 % | 7 – 12 % |
| Foreign equities | 3 746 845 000 | 31.8 % | 30.0 % | 19 – 42 % |
| Swiss real estate | 1 775 894 000 | 15.1 % | 15.0 % | 13 – 18 % |
| Foreign real estate | 511 373 000 | 4.4 % | 5.0 % | 3 – 8 % |
| Total | 11 767 150 000 | 100.0 % | 100.0 % |
Annual performance
| Asset class | Performance as at 31.12.2025 | Benchmark |
| Money market | 0.09 % | 0.03 % |
| CHF bonds | 0.35 % | – 0.10 % |
| Foreign currency bonds | 6.51 % | 3.96 % |
| Loans/Infrastructure investments | 3.37 % | 2.12 % |
| Swiss equities | 16.04 % | 17.76 % |
| Foreign equities | 7.77 % | 8.59 % |
| Swiss real estate | 8.08 % | 2.01 % |
| Foreign real estate | – 4.71 % | 2.01 % |
| Overall performance | 6.72 % | 5.65 % |