In 2025, the compensation fund for the AHV, IV and EO social insurance schemes (Compenswiss) generated a net return of 6,3 percent on its invested assets (2024: 7,3 percent). According to a media release issued on Tuesday, the result was mainly driven by equities, gold — which proved to be a safe haven — and currency effects.

Assets under management amounted to 50,6 billion francs at the end of 2025, compared with 46,1 billion francs a year earlier. This total consists of invested assets of 45,9 billion francs (previous year: 43,4 billion francs) and liquid funds (treasury) of 4,6 billion francs (previous year: 2,7 billion francs).

High Liquidity Reserves Weigh on Investment Result

The net return on liquid funds amounted to 0,46 percent (previous year: 1,55 percent).

Net returns on the assets of the three social insurance schemes differ slightly due to varying liquidity levels. «In particular, the AHV and the IV were burdened by the substantial liquidity reserves that were built up to finance the high expenditures expected in the coming years,» Compenswiss stated. The background to this is the introduction of the 13th AHV pension payment.

Asset management costs (including stamp duty) declined slightly. They amounted to 0,17 percent of invested assets at the end of 2025, compared with 0,18 percent in the previous year.

More than Half Invested in Bonds

Compenswiss Director Eric Breval commented: «The solid equity performance, combined with hedges against the weak dollar, significantly supported our good result.»

According to information on its website, Compenswiss maintains the following strategic asset allocation: equities 26 percent, real estate 13 percent, bonds 53 percent, loans to municipalities and cantons 5 percent, and gold 3 percent.

13th AHV Pension Still Without Additional Funding

Compenswiss used the opportunity to highlight the strained situation of the AHV, where the financing of the 13th AHV pension remains unresolved. Chairman Manuel Leuthold explained: «In the short term, assets could stabilize. However, the legal requirement to maintain a fund level equivalent to 100 percent of annual expenditures will become increasingly difficult to meet because of the 13th AHV pension. Additional financing therefore remains essential.»

The outlook for the IV has also deteriorated, «particularly due to the steadily rising number of new pensions and the ongoing uncertainty regarding the repayment of the IV’s debt of 10,3 billion francs to the AHV.» In 2026, Compenswiss will sell assets amounting to 35 million francs per month in order to ensure the liquidity required for pension payments.