Pension funds: fees we compare
As an insured person in the 2nd pillar, you pay the administration and asset management costs of your pension fund. Comparis compared the fees of 76 pension funds and discovered enormous differences.
01.12.2022
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1. How high are the pension fund fees
On average, insured persons shelled out 213 Swiss francs for the administration of their retirement savings in 2020. This is less than last year (220 francs). The cheapest fund charged an administration fee of 59 francs, with the most expensive requiring 900 francs.
Asset management costs have risen from an average of 0.41 percent in 2020 to an average of 0.43 percent of assets under management. At the most expensive pension fund, they were 25 times higher than at the cheapest.
Administrative costs
Administrative costs per capita in Swiss francs in 2021
| The cheapest pension fund managers | Price | The most expensive pension fund managers | Price |
|---|---|---|---|
| Luzerner PK | CHF 62 | VSM Sammelstiftung für Medizinalpersonen | CHF 712 |
| Pensionskasse Graubünden | CHF 77 | Occupational pension fund | CHF 594 |
| Aargauische Pensionskasse | CHF 91 | Occupational pension fund | CHF 462 |
| Zürcher Kantonalbank | CHF 93 | UGZ Foundation | CHF 448 |
| Migros pension fund | CHF 94 | SKMU Sammelstiftung der KMU | CHF 444 |
| Caisse de pensions de la fonction publique du canton de Neuchâtel | CHF 96 | Groupe Mutuel | CHF 437 |
| Occupational pension fund | CHF 96 | inVor Vorsorgeeinrichtung Industrie | CHF 415 * |
* Also 415 francs administrative costs per capita are the administrative costs for: Pension Fund Bon-Assistus.
Asset management costs
As a percentage of assets under management
| The cheapest asset managers | Price | The most expensive asset managers | Price |
|---|---|---|---|
| Bernese PK BPK | 0,05 % | PK of the city of Zurich | 1,26 % |
| Pensionskasse der ZKB | 0,12 % | PK Bühler AG Uzwil | 1,20 % |
| BVK | 0,14 % | PK Complan | 0,91 % |
| Swissport | 0,16 % | Pension Fund of Credit Suisse Group | 0,88 % |
| Nidwalden canton | 0,17 % | Pensionskasse Bon-Assistus | 0,86 % |
| Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe | 0,17 % | Copré | 0,83 % |
| Integral Foundation | 0,17 % | PAT-BVG | 0,73 % |
| Alvoso pension fund | 0,18 % | Schindler-Pensionskasse | 0,73 % |
| Pensionskasse Graubünden | 0,21 % | Agrisano Pencas | 0,71 % |
| Zuger Pensionskasse | 0,21 % | Pro-Public Pension Co-operative | 0,64 % |
** VV also cost 0.21 percent for: Küsnacht Pension Fund, BLVK Bernese Life Insurance Fund.
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Compare pension funds: Comparis
Comparis compared the administration and asset management costs of 76 pension funds. Read the complete Comparis report on pension fund and asset management of retirement savings. Key findings:
Asset management costs
As a rule, higher asset management costs do not automatically mean better performance and vice versa. In the current analysis, however, it is noticeable that the correlation between asset management costs and performance, taking into account the first half of 2022, is significantly steeper than in the comparison from 2019 to the end of 2021.
Higher asset management costs therefore tend to pay off in more difficult times.
Lean performance for federally affiliated foundations
“2019 to 2021 were relatively simple years for investors. On the other hand, the very demanding first half of 2022. In our pension fund comparison, the foundations close to the federal government are particularly noticeable for their poor performance, ”says Comparis pension expert Leo Hug.
The worst performer was the pension fund SBB with 1.4 percent. “The pension fund SBB – similar to those of the Swiss Post or those of the federal government – has a very high proportion of pensioners of 45 percent. It cannot afford a strategy with a high share of equities, ”explains Hug.
This article was first published on 31.08.2021
