2024 was a good year for AVENA – our financial results brought our funded status up to 109.3%. Our Pension Board, with its newly elected members, began its term last year. And we once again held our evening information sessions to help insured members better understand the occupational pension system.
Have a look at our 2024 Annual Report.

What’s inside:

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

Governance
•    The Pension Board
•    Interview with Catherine Vogt

Fund updates
•    Fund members
•    Evening information sessions

Financial information
•    2024 economic overview 
•    Key figures
•    Fund holdings
•    Balance sheet
•    Income statement

Enjoy!
 

>Dominique Blanchard, chair of the Investment Committee

AVENA recently decided to invest some of its assets in sustainability-themed investments. Why this change in investment strategy?

I wouldn’t say it’s a change – it’s more that our strategy has evolved. Over the past few years, we’ve been taking steps towards something that we consider to be a long-term shift rather than a fleeting fad. In 2022, for instance, we commissioned an assessment of our portfolio based on environmental, social and governance (ESG) criteria as part of our approach to socially responsible investing. We were awarded an A– rating on the basis of that assessment. And with our recent decision to add sustainability-themed investments, we are going one step further and taking a more active approach to how we manage part of our portfolio. 

How did you decide how much to allocate to these investments?

The decision will affect just 3–4% of our assets under management. Our aim is to play an active role in the transition towards a more responsible and sustainable economy, while also fulfilling our duty to manage our members’ retirement savings responsibly over the long term.

Which approach will you take for these investments?

With our ESG strategy, which we developed together with BCV, our main asset manager, we have so far prioritized approaches that seek to mitigate any adverse impacts of our investments. These include approaches such as negative screening, which involves excluding investments in companies or themes deemed incompatible with certain norms or values, such as coal or pornography, and reducing the portfolio’s exposure to fossil fuels. By introducing thematic investments, we are looking to increase our positive impact. We will do this investing in companies that offer solutions that contribute to achieving the United Nations Sustainable Development Goals. This could include companies operating in areas such as renewable energy, energy efficiency, education, and poverty reduction.

Does this move affect the Fund’s overall portfolio management strategy in any way?

Our portfolio management strategy is guided by a long-term vision and a quest for stability, which helps to ensure we don’t get sidetracked by fleeting trends or fads. By allocating some of our assets to sustainability-themed investments, we aren’t changing that strategy – we’re simply moving forward with it. 

What does this mean for the Fund’s members?

With this move, our aim is to diversify our investments in order to manage risks. Diversifying in this way also helps us to make our portfolio more resilient in today’s complex environment, which we will continue to analyze. Going forward, any decision we make will be based – as it always has been – on a holistic analysis of how best to allocate our assets. Here, our aim is to deliver the returns needed to manage our Fund effectively and to ensure our members enjoy a top-notch retirement.
 

2024 financial results

At end-2024, AVENA’s funded status was 109.1% (unaudited) and its net return was 7.92%.

The Fund’s total assets stood at CHF 2.9bn.

AVENA’s Pension Board has decided to pay an interest rate of 3.25% on all savings capital for 2024. That’s the maximum percentage permitted by law, and it brings our funded status to an estimated 109.4%.

This level of remuneration is significantly higher than the legal minimum (1.25%), and our insured members will see the boost in their retirement savings.

The annual interest paid by the Fund is just the tip of the iceberg – it’s the most visible result of a series of measures underpinning AVENA’s ongoing solidity.

The Pension Board is unanimous in its belief that this strategy will produce better long-term results while safeguarding the Fund’s future.

The Swiss Federal Social Insurance Office (FSIO) has published its occupational pension reference figures for 2025.
These figures are shown in the table below.

➔ Learn more (french)

AVENA’s “2025 key occupational pension figures” card is now available.
You can order this card, which comes in credit-card format, using the form below.
In the message line, please write “order for AVENA card” and put the delivery address and quantity desired.

info@lpp-avena.ch
 

> Bruno Chappuis, Senior Sports Rights Manager, European Broadcasting Union (EBU)

Why did you want to join the Pension Board?
Because of my professional history in occupational pensions – for example, I worked for PPCmetrics, a consulting firm for institutional and private investors. It seemed natural to get involved in the EBU’s pension fund, which I did in 2017. When we decided to join AVENA, in September 2019, it was important to me that I contribute actively to overseeing our Fund, to bring my experience to bear, and to ensure the EBU was represented on the Pension Board.

What is your role on the Board?
After I was elected, I was encouraged to join the Marketing and Communications Committee in light of the field I work in. I took over as chair of the committee in May, when my predecessor, François Pugliese, became the president of the Vaud Chamber of Commerce and Industry (CVCI). Because I had worked for several years in occupational pensions, I also joined the Investment Committee. I also serve as deputy chair of the Pension Board, representing employees. 

What challenges is the Board facing right now?
I would point to two. The first is about communication. The occupational pension system was created by specialists for specialists, and the messaging can be very (sometimes excessively) technical. We need to inform our members about the importance of occupational pensions by communicating more clearly. That includes taking advantage of new communication channels. It’s quite surprising that only 25% of members were registered with AVENA’s secure digital platform in January 2024. We’re fortunate to have a very solid three-pillar system in Switzerland. But we really need to customize our digital communications, by adapting our messaging to individual needs. It’s like sports broadcasting: it’s not enough today to simply air a sporting event – you have to make it more interactive by adding custom content on social media. The second challenge is linked to the first: we need to bolster the public’s confidence in the pension system by transparently showing how solid it is. That means striving for more open communications.

Where do you see AVENA in ten years?
Intercantonal, digital, and multiservice. We can use this communications strategy to attract not just more members but also more resources and more professionals with a strong digital skillset. AVENA could be one of the main players in occupational pensions in French-speaking Switzerland and Switzerland as a whole. We have the opportunity to build on the strong foundation of BCV, which, as a universal bank, brings together a number of different specializations that can help us meet our members’ needs and expectations. I think that AVENA will not only provide services related to occupational pensions – I think it will become a one-stop shop for other retirement-planning services as well, such as financial planning and tax advice. To ensure our members feel involved, they will need access to the full range of those services.

>Sylvain Rochat, Director, Certified Tax Expert, Hervest Fiduciaire SA

Why did you want to join the Pension Board?
I wanted to invest my energies in our pension fund, contribute to decision-making, and have a real influence on the future of occupational pensions in our company. I also wanted to learn firsthand how a pension fund works. Even though retirement is a ways off for me – I’ll be turning 33 this year – I feel personally invested in the future of our occupational pension system. In fact, because I’m still relatively young it feels all the more pressing.

What is your role on the Board?
I sit on three committees: Governance, Real Estate, and Audit. On the Governance Committee, we make big decisions on how the Fund is run. The Real Estate Committee is involved in the planning and high-level management of our real-estate portfolio. And the Audit Committee meets with the auditor when the Fund’s accounts are reviewed. I participate in the meetings of these committees as well as those of the Pension Board.

What challenges is the Board facing right now?
We have a number of challenges ahead of us. We need to ensure that the Fund’s capital keeps generating solid returns, and we have to fine-tune the conversion rate for pensions in step with changing life expectancies while also protecting the interests of our members with less retirement savings. We also need to pay out the best possible interest rate on working members’ retirement savings while maintaining a solid coverage ratio for the Fund. That’s essential for ensuring that the retirement system continues to work, especially for the youngest members, who may be skeptical. I also recognize that we need to raise awareness among our members and those around us about topics related to retirement planning.

Where do you see AVENA in ten years?
I want to see AVENA continue to increase its membership so we can maintain the Fund’s financial health. Also, as a member of the Real Estate Committee, I hope that AVENA will have the opportunity to further build out its portfolio of income-generating real estate in order to diversify its property holdings, which, compared to more-volatile investments in the financial markets, will bolster its financial stability.

Have a look at our 2023 Annual Report.

What’s inside: 

• Message from the Chair of the Pension Board
• The Fund at a glance
  
  Governance
• The Pension Board
• Pension Board elections
• Interview with the new Pension Board members
  
  Sustainability and the environment
• AVENA’s portfolio
• 2023 economic overview
  
  Fund update
• Fund members
• Information sessions for insured members
• Biennial Conference
  
   
• Key figures
• Fund holdings
• Balance sheet
• Income statement

Enjoy!

At our virtual conference on December 6, we discussed the following topics:

• How does the 3-pillar system work?
• How do I decipher my occupational benefits certificate?
• What is a buy-back?
• Should I withdraw my second pillar as an annuity or as a lump sum?
• Can I use my second pillar to buy my own home?
• How much will I receive when I retire?
• How can I optimize my tax situation?

With our specialists:

Nicolas Colozier, Actuary with AVENA - Fondation BCV 2e pilier

Olivier Reymond, Pension Specialist, BCV

The AVENA Pension Board has decided to pay an interest rate of 1% on members' pension assets for 2023. 

AVENA's funded status is over 100%.