Global Custody Solutions Credit Suisse Swiss Pension Fund Index

Credit Suisse Swiss Pension Fund Index

A comparison of Swiss pension funds 

Swiss Pension Fund Index

Q4 2021: 2.09%
YTD: 8.24%

Q4 2021: A pleasingly positive result

The Pension Fund Index rose by 4.30 points, or 2.09%, in the quarter under review; this gives a change of 8.24% since the start of the year. The index stood at 209.75 points as of December 31, 2021, having risen from a baseline of 100 points at the beginning of 2000. October (+0.83%) was surpassed by a strong December (+1.48%), while November saw a slight consolidation (–0.22%). This brought a generally very pleasing year to a positive end.

The lion's share of positive performance in the fourth quarter was attributable to equities (+1.94%). Swiss equities made a return contribution of +1.15%, while foreign equities contributed +0.78%. Real estate (+0.23%) likewise delivered a positive contribution to performance. With a performance contribution of –0.20%, bonds (including convertible bonds) reduced the result slightly. The other asset categories were fairly unremarkable, but nonetheless ended in slightly positive territory with the exception of alternative investments.

Return contribution (quarterly) 

Credit Suisse Swiss Pension Fund Index (Jan. 1, 2021–Dec. 31, 2021) 

 

Q1 21

Q2 21

Q3 21

Q4 21

YTD

Liquidity

–0.30%

0.07%

–0.02%

0.14%

–0.12%

CHF bonds

–0.39%

0.09%

–0.08%

–0.05%

–0.45%

Foreign currency bonds

0.10%

0.01%

–0.01%

–0.14%

–0.03%

Convertible bonds

0.01%

0.00%

0.00%

0.00%

0.01%

Swiss equities

0.79%

1.24%

–0.24%

1.15%

3.02%

Foreign equities

2.04%

1.02%

–0.11%

0.78%

3.83%

Alternative investments

0.21%

0.16%

0.10%

0.00%

0.47%

Real estate

0.31%

0.68%

0.21%

0.23%

1.47%

Mortgages

0.00%

0.00%

0.00%

0.00%

0.01%

Other

0.02%

0.01%

0.00%

0.00%

0.04%

Total

2.79%

3.30%

–0.16%

2.09%

8.24%

The index of the BVG mandatory minimum rate of return (1% p.a. since January 1, 2017) rose by 0.39 points (+0.25%) to a level of 158.27 points in the reporting quarter from a baseline of 100 in January 2000. The return of the Credit Suisse Swiss Pension Fund Index was therefore 1.84% above the BVG requirement in the fourth quarter of 2021.

The annualized return on the Credit Suisse Swiss Pension Fund Index (since January 1, 2000) amounted to 3.42% as of December 31, 2021. This contrasts with an annualized BVG mandatory minimum rate of return of 2.10%.

The detailed evaluation of the Credit Suisse Swiss Pension Fund Index for the fourth quarter of 2021 is planned for publication on January 27, 2022.