This year, the Swiss pension system scores 73.6 out of a maximum of 100 points in the "Marsh CFA Institute Global Pension Index 2026". That is 1.2 points more than last year. In international comparison, however, Switzerland still remains in 11th place.

The comparison, formerly published under the name "Mercer CFA Institute Global Pension Index," is being published for the 18th time. It now examines 55 pension systems worldwide, together covering around two-thirds of the global population.

Weak point: pension levels

"Overall, the Swiss pension system is rated as above-average," says Tobias Wolf, partner and head of Marsh Investments and Retirement Switzerland. As in previous years, however, the report criticizes the adequacy of pension benefits.

In this category, Switzerland ranks only 28th. With 68.4 points, it is above the international average of 66.5 points, but within the top group it performs comparatively weakly.

A key reason is the relatively low income replacement rates by international comparison. These show how high the pension is relative to income before retirement.

Sustainability as a strength

Switzerland performs significantly better in the long-term sustainability of its pension system. Here it ranks 10th with 72.8 points. The international average is just 55.4 points.

The assessment takes into account, among other things, the financing of pension systems, existing retirement assets, demographic developments, and the economic framework.

In the third category, integrity, Switzerland ranks 17th with 83.1 points. Here, the index assesses, among other things, regulation, supervision, transparency, and the governance of pension institutions.

The authors see room for improvement particularly in transparency and in the further professionalization of governing bodies.

Netherlands defend top spot

Internationally, the Netherlands once again lead the ranking with 85.8 points. They are followed by Denmark with 84.1 points and Iceland with 84.0 points. Singapore, Israel, and Australia also reach the top A rating. In total, six of the 55 systems studied meet the highest requirements for pension benefits, sustainability, and integrity.

With its score of 73.6 points, Switzerland belongs to category B. It thus ranks behind the six A countries as well as Chile, Sweden, Finland, and Norway.

The comparison with neighboring countries is notable: France scores 70.3 points, Germany 67.9 points, Austria 56.9 points, and Italy 57.4 points. 

Aging is putting pension systems under pressure

A focus of this year’s report is the consequences of an aging population. Falling birth rates and rising life expectancy are creating additional challenges for financing retirement provision worldwide.

The index therefore now takes into account not only benefits at the time of retirement when assessing pension levels, but also those at age 80. The replacement rate at retirement is weighted at 75 percent, while the rate at age 80 is weighted at 25 percent.

The authors call, among other things, for more flexible retirement models, broader coverage of occupational pensions, and stronger funding of future pension benefits.