- Swiss pension fund (Pensionskasse, Vorsorgeeinrichtung)
- An institution of occupational pension provision under the Swiss BVG (second pillar). Employers must insure their employees with a pension fund; the fund invests the savings and pays retirement, disability and survivors' benefits.
- Public-sector fund, corporate fund, collective foundation (öffentlich-rechtliche Kasse, Firmenpensionskasse, Sammelstiftung)
- Public-sector funds insure employees of cantons, cities and public companies. Corporate funds serve one company or group. Collective and common foundations insure many unrelated employers, often small and mid-sized companies, sometimes with separate investment strategies per pension plan.
- Funding ratio (Deckungsgrad)
- Pension assets divided by pension liabilities (Art. 44 BVV 2). Above 100 % the fund is fully funded and any surplus first builds the fluctuation reserve. Below 100 % the fund is underfunded and must take remedial measures; it is then usually cautious with new illiquid investments.
- Partial capitalisation (Teilkapitalisierung)
- Public-sector funds with a state guarantee may run with a funding ratio below 100 % if they follow an approved financing path towards full funding. Their funding ratio is therefore not directly comparable with that of a fully capitalised fund.
- Fluctuation reserve (Wertschwankungsreserve)
- A buffer against investment losses, held on the liabilities side of the balance sheet. Each fund sets a target size from its risk profile, typically 10 % to 25 % of liabilities. A reserve below target limits the room for more risk; once it is full, surplus becomes free funds, which usually means more capacity for illiquid investments.
- BVV 2 investment limits (Anlagebegrenzungen BVV 2)
- The ordinance BVV 2 caps the share of assets per category, among others equities at 50 %, real estate at 30 %, alternative investments at 15 %, unhedged foreign currency at 30 % and unlisted Swiss companies at 5 %, plus limits per single debtor.
- Extension under Art. 50 para. 4 BVV 2 (Erweiterung der Anlagemöglichkeiten nach Art. 50 Abs. 4 BVV 2)
- A fund may exceed the BVV 2 category limits if its investment regulation allows it and it shows conclusively that safety and risk spreading are still ensured. Funds use it mostly for real estate, alternative investments and foreign currency.
- Unlisted Swiss investments (nicht kotierte Schweizer Anlagen)
- Since 2022 BVV 2 has a separate investment category for unlisted Swiss companies, limited to 5 % of assets. It was introduced to make it easier for pension funds to finance Swiss start-ups and SMEs.
- Private markets (Private Markets, Privatmarktanlagen)
- Investments that are not traded on an exchange: private equity, infrastructure and private debt, held through funds, fund of funds, co-investments or mandates. In Pension Lens, private markets cover these three asset classes plus allocations that funds report as a combined private markets bucket.
- Strategic target (Strategie, strategische Quote)
- The long-term weight per asset class set in the fund's investment strategy, usually derived from an asset-liability study.
- Strategy range (Bandbreite)
- The minimum and maximum share per asset class allowed around the strategic target. The upper end shows how far the fund could go without changing its strategy.
- Open allocation (offene Allokation)
- The amount in CHF needed to bring private markets up to the published strategic target, based on assets at the reference date. Signed but uncalled commitments may already cover part of it.
- Open capital commitments (offene Kapitalzusagen)
- Amounts a fund has committed to private markets funds that the managers have not yet called.
- Technical interest rate (technischer Zinssatz)
- The discount rate used to value pension liabilities. A lower rate means a more prudent valuation and higher liabilities.
- Conversion rate (Umwandlungssatz)
- The share of retirement savings paid out each year as a lifelong pension, usually quoted at age 65. A high conversion rate puts pressure on the fund's finances.
- Interest credited (Verzinsung der Altersguthaben)
- The interest rate a fund credits on the retirement savings of active members for the year. A rate well above the BVG minimum usually signals a strong financial position.
- Benchmark return (Benchmark-Rendite)
- The return the fund's investment strategy would have earned with index investments. A return above the benchmark means active management added value.
- Asset management cost ratio (Vermögensverwaltungskosten in % der Anlagen)
- Asset management costs as a share of transparent investments, as reported under the rules of the Swiss supervisory commission (OAK BV). Private markets usually raise this ratio.
- Investment committee (Anlagekommission, Anlageausschuss)
- A committee of the board of trustees that prepares and monitors the investment strategy and often selects managers. Many funds are advised by external investment consultants.
See the figures in practice in the 2025 statistics and the fund directory.