The AHV is the foundation of Swiss pension provision. Month after month it pays out pensions to millions of people and accordingly manages considerable assets. How large these AHV assets actually are is something few people know precisely. Responsible for investing these funds is compenswiss, an independent public-law institution of the Confederation based in Geneva. It manages the funds of the AHV, IV and EO.
As of 31 December 2025, the AHV assets managed by compenswiss, excluding EO and IV, amounted to around 44.6 billion francs. This reserve has a clear function. It cushions fluctuations, for instance when more is paid out in pensions in a given year than is taken in through contributions, and it ensures that ongoing pensions are paid reliably and on time. By law, the fund is meant to hold a level equal to one year's expenditure. Such a cushion gives the whole system stability, even though the long-term financing of the AHV remains a constant political topic, especially in view of the 13th AHV pension.
Figures of this magnitude are hard to grasp, so some context helps. It is not 12.8 billion, which would be too little for a reserve of this importance. Nor is it 60.4, and certainly not 92.9 billion, which would far exceed reality. The correct magnitude is 44.6 billion francs.
