Summary
The 1292 Swiss pension funds achieved a balance sheet total of 1220.6 billion francs in 2024 and recorded a positive net investment result of 83.7 billion francs. Underfunding was further reduced to 31.5 billion francs. Value fluctuation reserves rose to 135.5 billion francs, which is nearly the all-time high of 2021. The strong investment performance and higher free funds signal a stabilization of the Swiss pension system.
Persons
Topics
- Pension fund statistics 2024
- Investment performance
- Underfunding reduction
- Value fluctuation reserves
- Old-age benefits and pension payments
Detailed Summary
Investment Performance and Net Result
In 2024, pension funds achieved a net investment result of 83.7 billion francs thanks to strong investment performance, compared to 54.2 billion francs in the previous year. However, this increase is below the 2021 figure (87.0 billion francs). The all-time high was reached in 2019 with 95.5 billion francs. Market turbulence in 2022 resulted in a net result of -105.1 billion francs, demonstrating the volatility of the system.
Value Fluctuation Reserves
Value fluctuation reserves – which cushion short-term fluctuations in assets – amounted to 135.5 billion francs in 2024 (11.1% of the balance sheet total). This is nearly the all-time high of 2021. Following the collapse in 2022 (65.4 billion francs), there has been continuous recovery: in 2023 they reached 94.2 billion francs.
Reduction of Underfunding
Underfunding fell to 31.5 billion francs in 2024 (previous year: 34.4 billion francs). Among the 65 public-law pension institutions, underfunding decreased by 6.5% to 31.2 billion francs. Among the 1227 private-law pension institutions, it fell by 74.0% to 0.3 billion francs. Free funds rose to 14.5 billion francs (previous year: 8.1 billion francs).
Balance Sheet Total and Asset Allocation
The total balance sheet rose from 1129.1 billion francs (2023) to 1220.6 billion francs (2024). Asset allocation shifted: the equity share rose to 31.6% (previous year: 30.2%), while the bond share fell to 26.9% (previous year: 27.3%). The real estate share decreased to 21.9% (previous year: 22.5%).
Insured Persons and Old-Age Benefits
In 2024, 2.1 million women and 2.7 million men paid a total of 24.4 billion francs in statutory contributions. Employers additionally contributed 34.1 billion francs. Upon retirement, 17.1 billion francs was paid out (averaging 280,210 francs per person). The annual amount of old-age pensions was 26.1 billion francs (averaging 27,815 francs per year and person).
Key Messages
- Balance sheet total grows: 1220.6 billion francs (+8.1% compared to 2023)
- Strong investment performance: 83.7 billion francs net investment result
- Underfunding decreases: From 34.4 to 31.5 billion francs (-8.4%)
- Value fluctuation reserves recover: 135.5 billion francs nearly at all-time high
- Free funds increase: From 8.1 to 14.5 billion francs (+79.0%)
- Equity ratio increases: Shift towards riskier asset classes (31.6% equities)
- Pension payments rise: Average old-age pension 27,815 francs per year
Stakeholders & Affected Parties
| Group | Impact |
|---|---|
| Retirees | Benefit from stable pension payments and value increases |
| Working population | Increased security of old-age provision through underfunding reduction |
| Employers | Continuous contribution payments, improved balance sheets |
| Pension funds | Strengthened financial position, higher reserves |
| State | Reduced pressure on compensation funds, more stable system |
Opportunities & Risks
| Opportunities | Risks |
|---|---|
| Underfunding reduction reduces need for restructuring | Higher equity ratio increases volatility |
| Higher value fluctuation reserves buffer market shocks | Geopolitical uncertainties can threaten returns |
| Rising free funds enable more flexible design | Interest rate cuts could limit return opportunities |
| Improved balance sheets strengthen system confidence | Inflation could erode purchasing power of pensions |
Action Relevance
Relevant for decision-makers:
- Monitoring investment performance: The higher equity ratio requires continuous risk oversight
- Prevention of underfunding: Continue existing trends, but monitor market risks
- Transparency communication: Inform insured persons about improved situation
- Regulatory stability: Maintain framework conditions that enabled this development
- Long-term thinking: Do not overweight short-term gains; prioritize sustainability
Quality Assurance & Fact-Checking
- [x] Central statements and figures verified
- [x] All data from official FSO press release
- [x] No unconfirmed data identified
- [x] No political one-sidedness detected
- [x] Percentage changes validated
Supplementary Research
- Federal Statistical Office (FSO): Pension fund statistics – regularly updated data on occupational pensions
- ASIP (Swiss Pension Fund Association): Industry reports and position papers on pension development
- Financial Market Supervisory Authority FINMA: Regulatory perspective on pension fund stability and governance
References
Primary Source:
Press Release: Occupational Pensions: Increase in Balance Sheet Total, Reduction of Underfunding – Federal Statistical Office FSO, 21 January 2026
https://www.news.admin.ch/de/newnsb/hhiHzDsYS69dBD6sQpGmH
Supplementary Sources:
- Federal Statistical Office (FSO): Pension Fund Statistics 2024 – Detailed datasets
- ASIP: Annual report on the Swiss pension fund landscape
- FINMA: Supervisory statements on solvency and governance
Verification Status: ✓ Facts checked on 21 January 2026
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Editorial responsibility: clarus.news | Fact-checking: 21.01.2026