Pension Funds Study 2025
Despite crises, insured persons have almost always benefited from positive real interest rates in the second pillar for 25 years. However, there are huge differences in the interest rates paid. In 2024, some insured persons received five times more interest than others. The performance of the pension fund plays an important role here – but not its risk capacity. What's more, more and more insured persons are opting for a lump-sum payment instead of a pension, regardless of the conversion rate.
High coverage ratios, high interest rates, and a higher replacement ratio
The 25th edition of the pension fund study confirms what has already been apparent in previous years: the level of benefits has been stable for years, and retirement provision is on a solid footing. This is reflected in the latest development of the replacement rate. In 2024, the figure measuring pension benefits for a salary of 80,000 Swiss francs rose again for the first time in three years, after previously falling to 69 percent. The renewed increase from 70 to 71 percent is solely due to higher occupational pension benefits, as AHV pensions were not increased last year.
Key insights from 2025
Some active insured persons received five times more interest than others in 2024.
The big differences in performance – and therefore in returns – are not primarily dependent on risk tolerance.
Contrary to popular belief, the conversion rate is not the key factor for pure capital payments.
Since 2020, the best health insurance funds have achieved an average of 3 percentage points more return for their insured members than the weakest funds.
For 25 years, despite several crises, insured persons have almost without exception benefited from positive real interest rates.
Only 39% of insured persons receive a pension exclusively – almost as many receive capital.
