Summary
- The 105 pension funds covered hold CHF 805 bn in assets at 31 December 2025.
- The asset-weighted funding ratio is 112.1 % (median 114.6 %). 11 funds report a funding ratio below 100 %, all of them public-sector funds, most of which operate under partial capitalisation with a state guarantee.
- The asset-weighted return for 2025 is 6.1 % (median 6.0 %).
- Private markets (private equity, infrastructure, private debt and combined private markets allocations) make up 5.8 % of assets, about CHF 47 bn. 78 of the 105 funds report a private markets allocation.
By type of fund
| Type | Funds | Assets (bn CHF) | Funding ratio | Return 2025 | Private markets |
|---|---|---|---|---|---|
| Public-sector funds | 43 | 343 | 105.4 % | 6.5 % | 4.0 % |
| Corporate funds | 26 | 171 | 122.7 % | 5.9 % | 7.8 % |
| Collective foundations | 36 | 291 | 114.0 % | 5.7 % | 6.9 % |
Percentages are weighted by assets.
Average asset allocation
| Asset class | Share of assets |
|---|---|
| Fixed income | 35.7 % |
| Equities | 33.2 % |
| Real estate | 21.7 % |
| Private markets | 5.8 % |
| Other | 3.6 % |
Asset-weighted average across funds that publish an allocation. "Other" includes hedge funds, insurance-linked securities, commodities and similar alternatives.
Largest Swiss pension funds by assets
| # | Pension fund | Assets (bn CHF) |
|---|---|---|
| 1 | BVK | 45.3 |
| 2 | PUBLICA | 44.9 |
| 3 | AXA Stiftung Berufliche Vorsorge | 40.2 |
| 4 | ASGA Pensionskasse | 32.8 |
| 5 | Migros-Pensionskasse | 30.5 |
| 6 | Stiftung Auffangeinrichtung BVG | 27.7 |
| 7 | Caisse de prévoyance de l'Etat de Genève | 23.9 |
| 8 | Pensionskasse Stadt Zürich | 23.8 |
| 9 | Sammelstiftung Vita | 22.1 |
| 10 | Pensionskasse SBB | 19.4 |
Highest private markets share
Funds with at least CHF 1 bn in assets, ranked by private markets as a share of assets.
| # | Pension fund | Private markets (%) |
|---|---|---|
| 1 | Copré La Collective de Prévoyance | 22.3 |
| 2 | Pensionskasse Novartis 1 | 19.0 |
| 3 | GastroSocial Pensionskasse | 17.6 |
| 4 | Pensionskasse Thurgau | 14.9 |
| 5 | HOTELA Vorsorgestiftung | 14.8 |
| 6 | comPlan | 14.0 |
| 7 | Schindler Pensionskasse | 13.9 |
| 8 | Caisse de prévoyance du personnel de l'Etat de Fribourg | 12.9 |
| 9 | Fonds de Pensions Nestlé | 12.8 |
| 10 | Tellco pk | 12.7 |
Highest funding ratios
Funds with at least CHF 1 bn in assets.
| # | Pension fund | Funding ratio (%) |
|---|---|---|
| 1 | Migros-Pensionskasse | 135.8 |
| 2 | Pensionskasse Georg Fischer | 130.4 |
| 3 | Sulzer Vorsorgeeinrichtung | 127.6 |
| 4 | Caisse de pension Valora | 127.1 |
| 5 | Personalvorsorgestiftung der Ringier Gruppe | 125.6 |
| 6 | Schindler Pensionskasse | 124.9 |
| 7 | Pensionskasse der Credit Suisse Group (Schweiz) | 124.6 |
| 8 | Pensionskasse Novartis 1 | 124.1 |
| 9 | Pensionskasse Stadt Zürich | 123.6 |
| 10 | CPV/CAP Pensionskasse Coop | 123.3 |
Method
All figures are as published by the pension funds for financial year 2025 (reference date 31 December 2025; a few funds close their year on another date). Where a 2025 figure was not available, the latest published value is used and marked on the fund page. Terms are explained in the glossary. Figures per fund are in the fund directory.
Please cite as: Pension Lens, Swiss pension funds 2025, pensionlens.ch/statistics, as of 2 November 2026.