The impact of the merger between UBS and Credit Suisse on the latter’s pension fund is still “unclear at present”, the Credit Suisse Pension Fund CEO, Jürg Roth, has said.

In a foreword to its 2024 Annual Report, Roth stated that the merger was the start of a “special chapter” in the pension fund’s history, and he is “looking ahead with confidence”.

Indicating the future for the scheme, he noted that it is his goal to “ensure the equal financial treatment of all insured participants – both active insured and pension recipients – within the UBS Group as soon as possible”.

He continued: “The decision to harmonise the pension plans with those of the Pension Fund of UBS with effect from January 1, 2027, was an important step in the right direction. We are currently examining various options to find the best long-term solution for all active insured and pensioners alike.”

UBS agreed to buy Credit Suisse for CHF 3bn in an all-stock deal brokered by the Swiss government and the Swiss financial market supervisory authority in June 2023. The two banks officially merged in July 2024.

Consequently, the Credit Suisse Pension Fund said it would adapt its pension model to that of the UBS Pension Fund from 1 January 2027.

As previously reported, the pension fund achieved a return of 6.4 per cent in 2024, an increase of 1.4 per cent from the previous year. The coverage ratio also increased, from 124 per cent to 125.5 per cent. The total assets the pension fund held at the year's end amounted to CHF 17.6bn.

Regarding its investment strategy, the report said the “strategic alignment” of the investment portfolio remained “largely unchanged” throughout the year. It stated that all asset classes made a positive contribution to the total return.

In addition, as of the end of December 2024, the pension fund had 13,734 active participants and 10,780 pensioners. This marked a decrease in the total number of insured participants, from 26,645 to 24,514 people.

Indeed, the number of active insured participants fell significantly last year; it decreased by 13 per cent, from 15,702 to 13,734 insured participants. The total number of pensioners also fell by 163, down to 10,780, as of 31 December 2024.

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