Occupational pensions in Switzerland in 2025 are shaped by market changes, regulatory requirements and digital transformation processes. In a recent article in AWP Soziale Sicherheit, Susanne Kapfinger reports on the views of Alain Grand, Specialist manager in Pension solutions at Tellco, on several key challenges for collective and multi-employer institutions. His statements highlight where action is needed – and which possible solutions are being discussed..
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In the picture: Alain Grand, Specialist manager in Pension solutions at Tellco
Market Environment: Volatility Requires Clarity in Investment Strategy
The investment year 2024 was still positive for many pension funds. But 2025 brings new uncertainties. Alain Grand describes the situation as follows:
“The year 2025 has so far been marked by high volatility, geopolitical tensions and monetary policy uncertainty.”
In such an environment, a clear and risk-aware investment strategy is essential – particularly for collective and multi-employer institutions, which insure around three-quarters of Switzerland’s working population.
Risk Selection in Competition: Ensuring Balance
In addition to the market environment, Grand also addresses the structure of competition in the BVG market. He warns against systematic disadvantages for certain companies:
“Clear boundaries are needed – especially where structural imbalances threaten.”
This concerns risk selection – the danger that companies with an older or less healthy workforce are offered worse conditions. Grand also mentions concrete measures to counteract this:
“Balancing mechanisms could be collectivised risk pools or contribution systems independent of age.”
According to Grand, such measures could prevent individual companies from being penalised for demographic risks.
Regulation: Equal Rules Demanded in the Event of Negative Interest Rates
Another topic is monetary policy uncertainty. The experiences of the negative interest rate phase from 2015 to 2022 still resonate. For Grand, one thing is clear:
“In light of current debates on interest rate policy, it is essential that in the event of a possible return to negative interest rates, all financial actors in the Swiss market compete on a level playing field.”
Pension funds are subject to specific obligations – such as liquidity requirements – and in the past had no access to exemptions like other market participants.
Digitalisation: Investments in Technology and Processes Needed
Digitalisation is also a key issue – with rising expectations on the one hand and new regulatory requirements on the other. Grand stresses:
“The implementation of the revised Data Protection Act also places high demands on technology and organisation.”
According to him, the solution lies in targeted investments in secure, user-friendly portals and digitised processes – with the aim of reducing manual steps along the entire value chain.
Key Takeaway
The statements by Alain Grand in AWP Soziale Sicherheit make it clear: occupational pensions face complex tasks. Market volatility, fair competition conditions and digital transformation require targeted measures – both strategically and operationally.
You can find more details in the full article in AWP Soziale Sicherheit (Ausgabe 14/2025).