Pension fund underfunding has increased
Published: Thursday, Dec 21st 2023, 09:40
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The underfunding of pension funds increased by almost a third to CHF 39.9 billion in 2022. Meanwhile, capital withdrawals rose by 15.4 percent to an average of CHF 240,291.
The shortfall increased to CHF 36.3 billion for the 66 public-law pension funds and to CHF 3.6 billion for the 1,287 private-law pension funds, according to the definitive results of the Federal Statistical Office's (FSO) pension fund statistics for 2022. These were published on Thursday.
For the most part, this funding gap is covered by state guarantees. Thus, for most pension funds, the mechanism of long-term reserve formation has absorbed the temporary fluctuations in the financial markets
Capital withdrawals increased by 15.4 percent
According to the FSO, lump-sum withdrawals on retirement increased significantly once again. 54,273 retirees received a total of CHF 13 billion in the form of a lump-sum or partial lump-sum payment (+15.4% compared to the previous year). The average value of lump-sum withdrawals amounted to CHF 240,291 (+8.9%).
According to the press release, CHF 13 billion was paid out in the form of a lump-sum or partial lump-sum payment on retirement in 2022. This is 79% more than 5 years ago and 121% more than 10 years ago. On average, this amounted to CHF 240,291 per person.
The per capita increase was 27% and 40% compared to five and ten years ago respectively. In contrast, 893,888 people received old-age pensions totaling 25.2 billion francs. This means they were entitled to an average of CHF 28,236 per year, based on the pension projected for one year in December 2022, according to the FSO.
At the end of 2022, the assets of the 1353 pension funds in Switzerland amounted to CHF 1066 billion, which is practically the same as in 2020. The pension funds invested 28.9% of their assets in equities, according to the report. This was followed by bonds at 27.1 percent and real estate at 23.6 percent.
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