Avanea Pool 30:
The annual return was an impressive 7.26%; the benchmark stood at 4.24%, the Pictet BVG 25 at 2.60%, the Pictet BVG 40 at 4.26%, and the PPC Metrics Pension Ticker at 6.30%. This is an outstanding result in the Swiss pension market.
In terms of the funding ratio, this represents an increase of just under 5%, from 103.43% to an estimated 108% as of December 31, 2025. This year, additional provisions were set aside to strengthen the attractive conversion rate of 6.1% and to maintain the unique protection in the event of a partial liquidation.
Unfortunately, the new notice from the Supervisory Commission (OAK) dated October 15, 202
, prevents pension funds from offering higher returns to their members unless they have established at least 75% of their value fluctuation reserve (WSR). The minimum VFR for a benefit improvement (e.g., higher interest rates) at Avanea is therefore 11.45%. (https://www.vorsorgeforum.ch/bvg-aktuell/2025/10/15/oak-obergrenze-fuer-die-verzinsung-von-altersguthaben.html). According to the investment regulations, the target VFR is 15.25%. As of the end of January 2026, we have nearly reached the minimum limit with an estimated coverage ratio of approximately 108%.
In conclusion, we expect that, as a result of this directive, high rates of return—such as those seen in some cases in recent years—will disappear in the future, and pension funds will adopt a more cautious approach in this regard. If one is to believe the statements made at the supervisory authority’s information days in Ticino, Eastern Switzerland, and Zurich (ATIOZ), there will be even more restrictions in the medium term.
However, we view the outlook for Pool 30 in the coming years as very positive, as we are very close to achieving our performance improvement target (subject to market results).
Avanea PizSol:
The annual return was 4.86%; the benchmark was 5.99%; Pictet BVG 40 was 4.26%; and the PPC Metrics Pension Ticker was 6.30%.
This result is primarily due to the fact that we did not receive the majority of the insured individuals’ pension funds from the previous insurer until mid-February, which meant we missed out on the January rally (see chart). This once again demonstrates that we are dependent on the broker’s assistance in putting pressure on the previous insurer to ensure that the pension assets are transferred as quickly as possible.
Starting in February, performance has trended upward, and despite everything, we were even able to outperform the annual performance of the comparable Pictet BVG 40. Our results here are certainly impressive as well.
The interest rate on retirement assets (including the non-mandatory portion) in 2025 is 1.25%. As of January 1, 2025, Avanea PizSol must be viewed as a start-up (growth scenario). The target WSR must first be built up here as well, but at the same time, this pool must also grow, which in turn leads to a dilution of the coverage ratio. Since there are currently no pensioners on record, the provisions to be set aside are still very low, which can be viewed as highly favorable for the accumulation of the WSR.
