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Effects of an Increase in Interest Rates on the 2nd Pillar

Date21 Jun 2023

Time18:00 - 19:20

LocationZunfthaus zur Saffran, Limmatquai 54, 8001 Zurich

After more than a decade of quantitative easing, the Swiss 2nd pillar is already in a state of stress following just a few rounds of interest rate hikes. Determining the next challenges and priorities for the Swiss 2nd pillar—an industry worth a consolidated CHF 1 trillion—is of paramount importance.

SFI Prof. Olivier Scaillet (UNIGE), along with Marc Fournier, Dr. Olivier Kern, and Stéphane Riesen (all three with Pittet Associés Ltd) conducted, in early 2022, a well-founded analysis of the stability of the Swiss 2nd pillar on behalf of the Federal Social Insurance Office. Their work was based on individual data for the entire universe of Swiss pension funds—a novelty—and painted a broad set of outcomes based on various potential economic scenarios for the next 10 years.

Recently, the coauthors decided to update their study based on the latest (and likely further, upcoming) interest rate increases. Their new, revisited results demonstrate that while it is evident that the Swiss 2nd pillar system is fundamentally robust, certain categories of pension funds are exposed to serious risks, especially in a recession scenario.

Read the SFI Public Discussion Note in English I French I German I Italian.

This event will focus on a discussion of these findings as well as on how to better identify "pension-at-risk" funds and how to develop measures aimed at improving the overall stability of the Swiss 2nd pillar. The event will also feature an industry presentation by Urs Hunziker (Copré) and a panel discussion with renowned experts from the industry and the academic world.

Program

17:00	Doors Open and Registration
18:00	Welcome Note Prof. François Degeorge, Managing Director, SFI
18:05	Presentation of the SFI Public Discussion Note "Pension at Risk: Is Our Pension System Under Threat? Future Scenarios for the Swiss 2nd Pillar" Marc Fournier, Deputy General Manager, Pittet Associés Ltd Stéphane Riesen, CEO, Pittet Associés Ltd SFI Prof. Olivier Scaillet, Senior Chair, SFI, and Professor of Finance and Statistics, UNIGE
18:25	Industry Presentation Urs Hunziker, Head Market Development Swiss German, Copré
18:45	Panel Discussion "What Is Next for the 2nd Pillar? Challenges and Priorities" Urs Hunziker, Head Market Development Swiss German, Copré Dr. Olivier Kern, Senior Executive Vice President, Pittet Associés Ltd Dr. Vera Kupper Staub, President, Oberaufsichtskommission Berufliche Vorsorge OAK BV Martin Roth, President, Schweizerischer Pensionskassenverband SFI Prof. Olivier Scaillet, Senior Chair, SFI, and Professor of Finance and Statistics, UNIGE
19:15	Closing Remarks Carolin Roth, Moderator
19:20	Aperitif

The event will be moderated by Carolin Roth.

Registration

The conference will be held in English and participation is free of charge. Please note, however, that we only have a limited number of seats available. Seats will be allocated on a first-come-first-served basis. Please note that this is a public event and that photographs will be taken.