PUBLICA Annual Report 2025: 6.6% Performance, 107.8% Funded Ratio

Press release Published on 27 April 2026

Strategic progress at PUBLICA

Bern, 27.04.2026 — The Swiss Federal Pension Fund PUBLICA is publishing its Annual Report and Responsible Investment Report for 2025. PUBLICA’s investments achieved a performance of 6.6% for the year, while the funded ratio of the open pension plans stood at 107.8%. The revised Federal Personnel Act and PUBLICA Act are scheduled to come into force at the start of 2027. Preparations for this were a central element of activities last year. In responsible investment, PUBLICA maintained its tried-and-tested approaches.

PUBLICA’s investments delivered a pleasing performance in 2025, gaining a total of 6.6%. A number of steps have been taken over recent years to help achieve this. In 2022, PUBLICA made amendments to its strategic asset allocation that it is implementing according to plan and that had a positive impact on performance. The Swiss real estate portfolio exceeded a gross market value of CHF 4 billion for the first time. Preparations are under way for the next scheduled revision of the investment policy, which will be completed in mid-2026. PUBLICA is thus systematically pursuing its strategy of strengthening investment returns (the “third contributor”).

A further strategic focus is on simplifying structures to accompany the revision of the Federal Personnel Act and PUBLICA Act. This was adopted by the Federal Assembly in 2025, and will enable a clear separation of provisions on financing and benefits. PUBLICA began revising its regulations in 2025.

In terms of responsible investment, PUBLICA continues to rely on its range of approaches to the different asset classes. It maintained its dialogues with companies, systematically exercised its voting rights, invested in renewable energy and power transmission, and re-measured the contributions made by individual asset classes to the UN Sustainable Development Goals. The CO 2 emissions of the Swiss real estate have fallen over recent years.

• Annual Report 2025
• Responsible Investment Report 2025 The Swiss Federal Pension Fund PUBLICA is an independent pension institution established under public law. It is organised as a collective institution currently comprising twelve pension plans. PUBLICA serves around 70,000 active members and around 42,000 pension recipients from the Federal Administration, the ETH Domain and other decentralised administrative units as well as around 70 other organisations that are closely associated with the Confederation or fulfil a public task on behalf of the Confederation, a canton or a commune. With total assets currently standing at CHF 44,9 billion as at 31 December 2025 it is one of the largest pension funds in Switzerland. Its highest management and strategic body is the PUBLICA Board of Directors.