François was a runner-up in the last elections and now sits on the AVENA Pension Board as an employee representative. He is delighted with his new role, which dovetails with his regular work at Leclanché.

How did you become a member of the AVENA Pension Board?
At Leclanché, we used to have our own pension fund, but in 2022 we decided to switch to a collective solution. We issued a call for proposals and selected AVENA. I had been active in our company pension fund, as my colleagues had impressed upon me the importance of getting involved. When Francis Bouvier told me about the upcoming Pension Board elections and said they were short of candidates from the employee side, I agreed to throw my hat in the ring. Last July, I was bumped up from the reserve list to sit on the Pension Board.

What made you decide to run?
As with my previous involvement in Leclanché’s fund, I firmly believe that pension planning should be overseen on a 50/50 basis by labor and management. Having spent four years involved in our own fund, it made sense to continue. I don’t have a background in occupational pensions, but I’ve enjoyed learning about the issue, including through training. With AVENA, I’ve again witnessed how important it is to keep track of your occupational pension savings. It’s just a shame that most people around me don’t seem all that interested. I also enjoy working in a field that’s fundamentally different from my regular job.

Tell us about your career so far.
I’ve been working at Leclanché for 12 years. I’m Vice President of Operation Support, in charge of special projects and reporting directly to the CEO. My background at the company is in procurement and supply chain. Previous to that, I obtained a master’s degree at Toulouse Business School and an MBA at Arizona State University, majoring in supply chain management. I began my career at Alcatel’s international operations, based in the US, then moved to the global HQ in Paris. After the telecoms bubble burst, I decided on a career change. That’s how I arrived in Switzerland, to become a researcher at IMD.

What has surprised you in your first year on the Board?
I’ve really enjoyed the working environment within the Board. I joined a team that was already up and running, part-way through their terms of office. So it was up to me fit it and ask the right questions. I’m also a member of the Marketing & Communications and Real Estate committees. These are themes that resonate with me because they involve forecasting and considering pension planning from another angle. In real estate, for example, we need
to examine how towns and neighborhoods are changing so we can get a better grasp of investment opportunities. This approach is completely different from the way individuals invest in property, which is more emotionally driven. In marketing and communications, I’m naturally drawn to the online and IT spheres, but I’m also learning a lot from my conversations with other committee members.

How do you see the pension system evolving?
I really think we ought to be educating people about the importance of pension planning. When talking with my colleagues, it’s obvious that most of them don’t really think about it until they reach the age of 55, for example. Of course, it’s unrealistic to think about your pension plan all the time, especially when you’re young. For many people, thinking about retirement while their careers are still in full swing may seem a bit gloomy. But that’s when you can still have an impact on your pension, such as the monthly amount you’ll receive. People seem to be in denial about retirement, potentially out of fear. Then all of a sudden, they realize that their pension pot is too small. We have an important role to play in educating people about – dare I say demystifying – their pension plans. Another challenge is managing the retirement assets themselves, especially coping with the swings in financial markets amid all the geopolitical tensions. Thankfully at AVENA, we have clear investment rules that limit the risks we can take. And we take a very long-term view.

In communicating, what are your main messages?
We have to be down to earth and use real-life examples. At Leclanché, affiliating with AVENA gave us an Opportunity to inform employees about the advantages of their pension plan. Some of them were surprised in a positive sense.

What do you do in your free time?
I’ve been living in Vaud Canton for the past 20 years and have both Swiss and French citizenship. I cycle often but I also practice Krav Maga, a martial art. I also like all kinds of DIY, and I’m a guitar player.

Bruno was a runner-up in the latest AVENA Pension Board election and stepped into his role as board member last year. A banker trained in risk management and handling major regulatory changes, he says he’s now embarking on a journey into the world of occupational pensions – and so far, the view has been surprisingly good.

How did you become a member of the AVENA Pension Board?
I’m the administrative and financial director of Banque du Léman, which has been a client of AVENA since our bank was founded in 2014. One day I was speaking with Francis Bouvier, and he told me that the Swiss pension environment was becoming more complex and pension funds needed more people with a background in finance, banking regulations, working with FINMA, etc. That conversation got me thinking: what if I could serve on the Pension Board alongside my current job and use my 20 years of experience to help AVENA? I ran as a candidate in the last election and was one of the runners-up. And in February 2025, I began serving on the board.

What made you decide to run?
The main reason was that I wanted to apply my experience in banking, risk management, and navigating the changing regulatory landscape. I’ve learned a lot from others, and I felt like the time had come to pass that along. The second reason was more personal: I love to learn and explore new things. There’s a lot of overlap between occupational pensions and banking, but there are differences, too. So I can bring my experience to bear, but I’m also learning a lot about a field I thought I knew well. I’m really enjoying taking part in the board meetings and sitting on the audit, investment, and governance committees. I feel very lucky to be able to have this experience with AVENA.

Tell us about your career so far.
I started out as an auditor at EY specialized in banking. Then my career took an unexpected turn when I was asked to serve as the CFO of a totally new bank. It seemed like a once-in-a-lifetime opportunity, so I accepted and helped build QNB Bank in its early years. Crazily enough, the same opportunity came around again, and in 2014, I helped found another bank, Banque du Léman. We’re uniquely positioned as a small retail bank operating on both the Swiss and French sides of Lake Geneva that caters to cross-border workers. It’s a wonderful success story that I’m proud to be part of. My work is highly varied and I have a very dedicated team, which keeps me motivated.

Swiss occupational pensions are becoming more complex. Should Pension Boards be more specialized as a result?
The regulatory environment for occupational pensions has become very complex, which is driving market consolidation. This increases the responsibilities placed on board members – and mind you, we’re already personally liable for life for board decisions! AVENA manages the pensions of close to 18,000 fund members who placed their trust in us when they elected us. We have to be up to the job. We don’t get a salary for what we do at AVENA, so in that sense we’re not professionals, but we each have professional expertise in our respective fields.

What has surprised you in your first year on the Board?
I was struck by how respectful and open everyone is at board meetings, even though we all come from such different backgrounds. We may argue and disagree, but we Always listen to one another and try to reach a consensus. And even if we can’t get there, all our decisions are fully informed and well thought out. I was also impressed by how committed the board members are – they all come prepared, they’re all highly motivated. We’re all aware that we’re here to serve the best interests of our fund members. There’s grea chemistry among the board members. There’s a real willingness to work together.

How do you see the pension system evolving?
I can’t help noticing how hard it is for young people to think about retirement, at a time when the working population is shrinking and AI is upending the job market. Those trends are there regardless of the pension system in place. I’m French by birth, so I’m familiar with the situation in both France and Switzerland. But since I started getting an inside view of these issues, part of me feels reassured. Yes, we should be concerned, but not overly so: managing occupational pensions has always been complicated and the system continues to work. The quality of our discussions at board meetings also makes me feel more confident. We don’t make rash decisions. AVENA may not be the most exciting pension fund, but it’s managed with the lon term in mind, and that’s what’s important.

What do you do in your free time?
Other than spending time with my family (I’m married and have three adopted children) I enjoy running, especially trail running. It’s a time-consuming hobby, but it’s very rewarding. Both in my work and my personal life, I only do things I enjoy – and I have a lot of fun! I don’t run against the clock; my goal is just to finish. Each race is a race against myself. I’m working up to entering a major event one day. The ultimate event for trail runners is the Diagonale des Fous on La Réunion Island. Like with my work and with AVENA, I put a lot of time into it, but I get a lot out of it, too. It’s all about balance.

What are your expectations for the rest of your term?
I’m just starting out on this journey and I’m excited to see what comes next, especially because the pension system is at a turning point. I still have a lot to offer and to learn. I hope it’s only the beginning of a long and wonderful adventure.

2025 was a good year for AVENA – the Fund had a net return of 6.29%, which brought our funded status to 111.3%.
In addition, our Pension Board welcomed two new members last year. In separate interviews in this report, they discuss their careers so far, their thoughts on their first year as a Board member, and how they see the Swiss occupational pension system evolving.
We also continued to hold events for both companies and individual fund members. Our goal remains the same: to help everyone better understand the pension system and to increase communication with all our stakeholders.

What’s inside: 

• Message from the chair of the Pension Board
• The Fund at a glance

Governance

• The Pension Board
• Interview with the two new Pension Board members

Economic environment and sustainability 

• Sustainability at AVENA
• 2025 economic overview

Fund updates

• Fund members
• Events

Financial information

• Key figures
• Fund holdings
• Balance sheet
• Income statement

Enjoy!
 

What’s a conversion rate?
The conversion rate is used to calculate the amount of your annual pension based on your retirement savings. When you retire, the amount of your retirement savings is multiplied by the conversion rate and the result of that calculation is your annual pension.
Retirement savings × conversion rate = annual pension

Why are we making this change?
Most pension fund are enacting similar changes. There are two main reasons for this: first, people’s life expectancy is higher, which means pensions are being paid out for a longer period of time; second, the low-interest-rate environment is putting downward pressure on the investment returns earned by retirement savings. As a result, conversion rates cannot remain at the levels they’ve been at in recent years.
Our decision to gradually reduce our conversion rate will enable our pension fund to remain financially solid. 

New conversion rates
The updated figures are shown in the table below. They will apply to insured members who retire at the age of 65 either in 2027 or from 2028 onward.
 

In summary, when the conversion rate declines, the annual pension you receive will decline too.