Brief overview of the 2025 financial statements and current situation

TRANSPARENTA insured persons benefited from a pleasing investment return of 7.4% in 2025 (previous year: 10.1%). Pension funds paid individual interest rates of up to 6% on retirement assets, with an average interest rate of just over 2.5%. As a surplus contribution, pension recipients receive a one-time supplementary pension of CHF 500, up to a maximum of one monthly pension. The remaining surplus was used to strengthen financial security — in the form of additional provisions and reserves. The total coverage ratio across all pension funds is 115%.

For the 2025 financial statements, pension coverage assets are measured for the first time using generational tables, and we have already reviewed the latest technical principles BVG 2025 rearranged. The starting point for the technical interest rate for pensioners is 2.0%, but is mathematically reduced to 1.47%, taking into account the provisions created for this at pension fund and foundation level.

The increased reserve pools of pension funds are leading to an increase in the foundation's consolidated coverage ratio to provisional 115.0% (previous year: 112.5%). This is with total assets of CHF 1,730 million (previous year: 1,616 million). More than half of the pension funds exceeded the target value fluctuation reserve of 15%.

The importance of sufficient fluctuation reserves to cover obligations in crisis situations is also currently evident:‍

Since the start of the war in Iran a month ago, the MSCI World world stock index has recorded price losses of around 5%, and the Swiss share index SMI even of over 9%.
As of March 27, 2026, the cumulative investment performance of TRANSPARENTA's overall portfolio since the beginning of the year was around -2%.
This moderate decline compared to share price losses is possible thanks to diversification with investments in bonds, Swiss real estate and gold.

Brief overview of the 2025 financial statements and current situation