Pension Reform 2020 – National Council resolution of September 2016 less onerous for young people; more reforms needed

The politically challenging Pension Reform 2020 is an important step forward for the Swiss retirement system. Using the methodology of intergenerational accounting UBS aims to increase transparency around the funding gaps in the first pillar (AHV). The results of the latest consultation round (National Council) imply that the improvements in the AHV funding gap would be comparable with those resulting from the resolution of the Council of States, but smaller than if the Federal Council's original proposal was implemented.