Press releases
Pension funds: Strong returns are more than ever a question of investment strategy
Basel, 9 July 2025 鈥� A pension fund's investment strategy is the key lever for better pensions. Swiss pension funds generated impressive capital market returns of CHF 90 billion in 2024. However, the report published by AMAS on Wednesday, entitled 鈥�3rd contributor: A question of investment strategy,鈥� also shows that return opportunities are being missed and how the role of the third contributor in the BVG could be strengthened.
The net return on investments 鈥� the 鈥�3rd contributor鈥� 鈥� is central to the financing of occupational pension provision under the BVG. Since 2004, over CHF 600 billion from capital market returns has flowed into pension assets. In 2024, this figure alone amounted to CHF 90 billion 鈥� significantly more than the entire federal budget. Even though 2024 was generally a positive year for investors, pension funds clearly demonstrate the importance of the respective investment strategy for the 3rd contributor. "Returns don't fall from the sky 鈥� they are the result of a consistently implemented investment strategy," says Adrian Schatzmann, CEO of the 麻豆传媒在线 (AMAS).
Pension funds with a higher allocation to equities and alternative investments tended to achieve better returns, as shown in the report 鈥楾hird contributor: A question of investment strategy鈥� published by AMAS on Wednesday. The overall strong performance of pension funds also comes at a lower cost: the weighted average asset management cost for 2024 is 0.41%, which is a new low. While a focus on asset management costs is a high priority in the BVG, low costs per se are no guarantee of higher net returns. A five-year comparison shows that the top 10 per cent of pension funds achieved more than twice the return of the bottom 10 per cent 鈥� at a cost that is only 27 basis points higher.
Accordingly, the third contributor did not perform equally well across the board, and returns are unevenly distributed: according to current data, the top 10% of pension funds achieved a return of 10.8% in 2024, while the weakest funds only achieved 4.8%. The impact on the interest rate on retirement assets is massive 鈥� from 1.75% to over 8%. While the massive differences can be partly explained by the varying risk capacities of the pension funds, numerous pension funds could achieve significantly more without jeopardising their stability. A study published in early 2025 by AMAS and the consulting firm wtw showed that Swiss pension funds only utilise around 70% of their risk capacity on average. "This means that higher returns would be possible 鈥� in the interests of the insured,鈥� says Michel Bossong, Senior Pension Expert at AMAS. 鈥橭ne per cent more return per year can mean tens of thousands of Swiss francs in additional pension payments 鈥� this is not a minor detail, but systemically relevant."
In view of the data available and the structural problems in pension provision, it is appropriate to strengthen the role of the third contributor through a combination of responsibility, competence and modern regulation:
鈥� Make better use of risk capacity: Many pension funds remain below their potential and miss out on return opportunities.
鈥� Modernise BVV2: The investment guidelines currently in force disadvantage modern, high-growth forms of investment such as private equity.
鈥� Support foundation boards: Professional, well-supported investment strategies not only reduce liability risk, but also increase long-term returns.
AMAS therefore calls on politicians, supervisory authorities and foundation boards to treat the third contributor as what it is: a key strategic factor for the future viability of Swiss pension provision.
Report 3rd Contributor (german, french)
Asset Management Day 2025
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Axion SWISS Bank and BEKB joinAMAS
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Swiss financial center gains a new fund category with L-QIF
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Effective sustainable investment: the 麻豆传媒在线 and Swiss Sustainable Finance launch the 鈥淪wiss Stewardship Code鈥�
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Swiss Prime Site Solutions becomes AMAS member
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Broadening of SFC Membership base
The Swiss Finance Council (SFC) and its founding members Credit Suisse and UBS are pleased to announce that the Association of Swiss Private Banks (ABPS), the 麻豆传媒在线 (AMAS), the Swiss Bankers Association (SBA) and the Association of 麻豆传媒在线 and Wealth Management Banks (VAV) are joining the SFC. This will strengthen further the collaboration in representing the interests of internationally active Swiss banks and asset managers with EU stakeholders.
2022
Swiss fund market: Performance puts pressure on volume
Strong Swiss asset management tackles major challenges
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Crypto Finance (Asset Management) AG joins AMAS
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Switzerland leads the way with launch of Swiss Climate Scores for financial investments
AMAS introduces environmentally relevant key figures for Swiss real
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Fund market balance of the first quarter 2022: Swiss fund market feels impact of Ukraine war
Investment manager for private markets and audit company join AMAS
2021
Record growth in the Swiss fund market
AMAS joins Net Zero Asset Managers Initiative
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iCapital Network and Banque Heritage join 麻豆传媒在线
麻豆传媒在线 (AMAS) and Swiss Sustainable Finance (SSF) publish Recommendations on Minimum Requirements and Transparency for Sustainable Investment Products
Continuous inflows in the Swiss fund market
麻豆传媒在线 w盲chst
Positive outlook for Swiss asset management
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Swiss fund market reports pleasing half-yearly result
Swiss fund market posts further growth
Swiss fund market posts slight gain
Swiss fund market posts further gains
Swiss fund market growing again
Swiss fund market posts slight gain thanks to new money
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