Funded status and actuarial situation
Actuarial situation
| In millions of CHF | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Total assets | 8'522.6 | 8'248.3 |
| - Liabilities, accrued liabilities and deferred income, other | -81.1 | -45.0 |
| - Employers' contribution reserve | -152.2 | -71.7 |
| Available assets | 8'289.3 | 8'131.6 |
| Pension liabilities | ||
| - Active members | 2'950.3 | 2'844.7 |
| - Pensioners | 3'801.2 | 3'891.1 |
| Actuarial provisions | ||
| - Provision for longevity | 60.8 | 46.7 |
| - Provision for death and disability risks | 24.9 | 27.3 |
| Total liabilities | 6'837.2 | 6'809.8 |
| Technical surplus / deficit | 1'452.1 | 1'321.9 |
| - of which investment fluctuation reserve | 1'367.4 | 1'321.9 |
| - in % of liabilities | 20.0% | 19.4% |
| - of which non-committed funds / deficit | 84.6 | 0.0 |
| - in % of liabilities | 1.2% | 0.0% |
| Funded status under the OPP2 / BVV2 | 121.2% | 119.4% |
Available assets
The available assets used to calculate the funded status are obtained by subtracting debts, accrued liabilities and deferred income, together with the employer contribution reserve, from total assets.
Liabilities
The Fund’s liabilities are made up of :
- pension liabilities of active members, which correspond to the sum of their retirement savings accounts;
- pension liabilities of pensioners, which correspond to the total mathematical reserves required to guarantee the payment of pensions. Since 31 December 2021, these reserves have been calculated using the 2020 LPP/BVG actuarial tables and a discount rate of 2%;
- the provision for longevity, which is intended to cover probable costs related to the increase in the life expectancy of pensioners when new actuarial tables are introduced. This provision amounted to CHF 60.8 million on 31 December 2025, or 1.6% of pension liabilities;
- the provision for death and disability risks, which is intended to smooth fluctuations between the actual cost of death and disability claims recorded during the reporting year and their expected average cost. This provision stood at CHF 24.9 million on 31 December 2025.
Provisions are made in accordance with the regulations on technical provisions and investment fluctuation reserves.
Funded status
As at 31 December 2025, the funded status of the Fund was 121.2%, up from 119.4% as at 31 December 2024. It corresponds to the ratio of the Fund’s available pension assets to its pension liabilities. The latter consists of active members’ and pensioners’ liabilities, and technical provisions.
Investment fluctuation reserve
The investment fluctuation reserve is intended to smooth fluctuations in the Fund’s investment performance. As at 31 December 2025, it amounted to CHF 1,367.4 million. At that date, therefore, it had reached its target level of 20% of the Fund’s pension liabilities (19.4% as at 31 December 2024).
Non-committed funds
As the investment fluctuation reserve was at its target level, the Fund had non-committed funds of CHF 84.6 million as at 31 December 2025.