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Report 鈥楾he 3rd Contributor: A Question of Investment Strategy鈥�

With an average net return of 6.1%, Swiss pension funds generated approximately CHF 80 billion in investment income for their beneficiaries in 2025. Since 2004, the so-called 鈥�3rd contributor鈥� has contributed more than CHF 650 billion to financing occupational pensions. However, this year鈥檚 report not only examines how much return was generated, but above all how these earnings are used and why they benefit insured members more directly today than in previous years.

Three consecutive years of strong investment performance have placed Swiss pension funds in a historically strong financial position. High funding ratios, well-funded fluctuation reserves and declining retirement losses enabled an average interest credit on retirement savings of 4.33% in 2025 鈥� the highest level since data collection began.

For many years, capital markets have made a substantial contribution to financing occupational pensions. While employees and employers represent the first two contributors, the third contributor has added more than CHF 650 billion to the growth of second-pillar assets since 2004.

Record Interest Credits Thanks to Strong Pension Funds

Following three successful investment years, Swiss pension funds benefit from solid funding ratios and strong fluctuation reserves. This financial strength allows pension institutions to pass on a larger share of capital market returns directly to insured members.

In 2025, the average interest credit on active members鈥� retirement savings reached 4.33%, the highest level since data collection began. Capital market returns are therefore benefiting insured members more directly today than they did just a few years ago.

Where did the CHF 80 billion go?

Pension fund returns do not simply disappear into the financial industry. Investment earnings serve several purposes at the same time: they generate interest credits on retirement savings, finance pensions in payment, cover remaining retirement losses and strengthen the financial stability of pension institutions through the build-up of reserves.

The report shows that in 2025 an exceptionally high share of capital market returns was credited directly to retirement savings: 78%, compared with 56% in 2024 and 48% in 2023.

Real Estate: A Return Driver and Part of the Pension Solution

Accounting for around 22% of total assets, real estate is one of the most important asset classes in Swiss pension fund portfolios. It generates stable income, provides inflation protection and makes a significant contribution to the third contributor.

At the same time, pension funds finance a substantial share of Switzerland鈥檚 housing stock and residential construction activity. As long-term investors, they do not pursue short-term profit maximisation but seek stable and sustainable returns for their beneficiaries. Their real estate investments therefore create a double benefit: supporting retirement provision while contributing to the housing market.

Key Findings

鈥� The third contributor remains a cornerstone of Switzerland鈥檚 occupational pension system.

鈥� Swiss pension funds are financially stronger than they have been for many years.

鈥� Capital market returns benefit insured members more directly today than they did a decade ago.

鈥� Professional asset management and the effective use of risk-bearing capacity create long-term value.

鈥� Real estate is an important source of returns and at the same time a significant component of Switzerland鈥檚 housing market.

鈥� Stable and modern framework conditions remain essential for the long-term performance of occupational pensions.