Pension Funds

Why do some pension funds credit significantly higher interest to their members' retirement savings than others? This question concerns pension fund members, employers and the public alike, yet the answers are often reduced to simple rankings and broad conclusions. A new Master's thesis from the University of St. Gallen (HSG) draws on a comprehensive empirical dataset to show that the reality is far more complex.

The Swiss pension system is at a turning point. Rising life expectancy, volatile markets and structural challenges in the second pillar mean that pension funds must realign their strategies. At the same time, new opportunities are emerging: private markets are gaining in importance, sustainable investments are becoming the norm, and digital tools are improving transparency for policyholders. This concise analysis summarises the key developments and shows how the pension fund