Swiss Pension Funds Rebalance Amid Geopolitical Uncertainty

The Swiss pension market has been rebalancing its allocations in response to geopolitical crises. Thomas Breitenmoser from Complementa noted that the war in Iran weakened gold's defensive role, causing volatility levels similar to equities.

Pension funds sold gold to realize profits as price increases pushed allocations to the upper end of target ranges. Equity allocations rose to 33.9% of total assets in 2025, while fixed income fell to 29.2%. Funding ratios reached 115.9% at the end of April.

Zug remains a crypto hub that has accepted Bitcoin and Ether for tax payments since February 2021. Heinz Tannler, the finance director, said the canton promotes the use of cryptocurrencies.