Summary
The Federal Department of the Interior is opening a consultation on amendments to the Federal Law on Occupational Pension Schemes (BVG). The Substitute Institution for Occupational Pensions is to be granted the opportunity for a further 6 years to deposit vested benefits funds interest-free at the Federal Treasury. This regulation applies under two conditions: if the coverage ratio falls below 103 % and the policy rate of the Swiss National Bank is at zero percent or below. The consultation period runs until 30 March 2026.
Persons & Organizations
- Federal Department of the Interior
- Substitute Institution for Occupational Pensions
- Swiss National Bank
Topics
- Occupational Pension Schemes (BVG)
- Vested Benefits Funds
- Financial Stability of Pension Institutions
- Monetary Policy and Policy Rates
Detailed Summary
The Substitute Institution for Occupational Pensions is a central institution in the Swiss pension system. It protects insured persons whose pension fund becomes insolvent. To ensure its financial stability in times of low or negative interest rates, a legislative amendment is being proposed.
The planned amendment to the BVG will enable the Substitute Institution to invest vested benefits funds of up to 10 billion francs interest-free at the Federal Treasury. This measure is time-limited to 6 years and can only be activated under two cumulative conditions:
- The coverage ratio of the Substitute Institution falls below 103 %
- The policy rate of the Swiss National Bank is 0 % or lower
This regulation creates a buffer for crisis periods and reduces dependence on capital market returns. Depositing at the Federal Treasury is safer and more stable than private investment forms.
Key Messages
- The Substitute Institution receives a 6-year transitional solution for the investment of vested benefits funds
- Maximum amount: 10 billion francs interest-free
- Activation only when coverage ratio < 103 % AND policy rate ≤ 0 %
- Consultation deadline: 30 March 2026
- Objective: Ensure financial stability in a low-interest environment
Stakeholders & Affected Parties
| Stakeholder | Impact |
|---|---|
| Substitute Institution | Receives additional liquidity options |
| Insured Persons | Improved security of their old-age pensions |
| Pension Funds | Indirect stabilizing effect |
| Federal Finances | Management of additional funds |
| Consultation Stakeholders | Opportunity to submit statements |
Opportunities & Risks
| Opportunities | Risks |
|---|---|
| Strengthening the financial stability of the Substitute Institution | Possible dependence on state support |
| Better protection for insured persons in crisis situations | Waiver of returns through interest-free deposits |
| Reduced market risk through secure investment form | Limited temporal validity (only 6 years) |
| Clear trigger conditions for activation | Complexity of dual conditions |
Action Relevance
Relevant for decision-makers:
- Observe deadline: Statements must be submitted by 30 March 2026
- Detailed analysis: Review of impacts on the overall pension system required
- Stakeholder consultation: Pension funds, insured persons' associations and cantons should take a position
- Long-term perspective: Evaluation of whether 6 years is sufficient or a longer-term solution is needed
Quality Assurance & Fact-Checking
- [x] Central statements and figures verified
- [x] Official source: Federal News Service (Third-party message)
- [x] Date and deadlines verified
- [x] No unconfirmed data included
Supplementary Research
Recommended for deeper understanding:
- Federal Office of Social Insurance (BSV): Information on BVG and Substitute Institution
- Swiss National Bank (SNB): Current policy rate and monetary policy
- Fedlex: Complete legislative text and consultation documents
Source Directory
Primary Source:
Federal Department of the Interior (2026): Consultation Opening: Investment of Vested Benefits Funds of the Substitute Institution – https://www.news.admin.ch/de/newnsb/Jy1M6NxZV7E5IzHh1ReEj
Supplementary Sources:
- Fedlex – Electronic Legislation and Ordinance Database: https://fedlex.data.admin.ch/eli/dl/proj/2025/95/cons_1
- Federal Office of Social Insurance (BSV): Occupational Pension Schemes
- Swiss National Bank (SNB): Monetary Policy and Policy Rates
Verification Status: ✓ Facts checked on 28 January 2026
This text was created with the support of Claude.
Editorial responsibility: clarus.news | Fact-checking: 28.01.2026