The new ValueQuest study shows that caution dominates. Mr. and Mrs. Swiss remain cautious when it comes to investments. They prefer conservative investment strategies and rely on secure investments in Switzerland. They prefer to invest their assets in a predictable and low-risk manner. Returns play a secondary role.
Surprisingly, only 37% would look back on their pension provision in the same way or choose the same provider again. This is a clear warning signal for providers of financial investments in Switzerland.
Even more critical: one in five people who are about to retire or have already retired have not even found out how their pension capital should be used. Billions are therefore available. But without a clear strategy, it remains unclear how this money can be invested well and safely in Switzerland.
If you are interested in our study, please contact our study director Melanie Wollschläger.
Table of contents
Lump-sum withdrawals in Switzerland: flexibility instead of a pension
More and more retirees are deciding against a fixed pension and opting for a lump-sum payment. According to the Federal Statistical Office, CHF 13 billion was paid out as a lump sum or partial lump sum in 2022 alone - an increase of over 15 percent compared to the previous year. The trend is even clearer for the coming years: between 2025 and 2035, more than 100,000 people will retire each year. With the baby boomers, the volume of lump-sum withdrawals will reach historic proportions.
At first glance, this sounds like freedom and self-determination. After all, withdrawing capital means that you can dispose of your own money flexibly. But the new ValueQuest study shows the downside: many people are unprepared and have neither a clear investment strategy nor a concept of how they want to use their money. For banks, insurance companies and asset managers, this boom is an opportunity, but also a risk. Those who do not provide active advice will lose customers. These are the results of our study.
Dealing with the third pillar is particularly tricky. Many people think about when and how they should pay out the third pillar in Switzerland or dissolve the third pillar. However, the wrong timing can be costly, whether through higher taxes or unnecessary investment losses. Anyone who dissolves their pillar 3a prematurely is likely to pay more.
Banks and insurance companies now have a major market opportunity. They can advise their customers to ensure that their pension money is not simply left in savings accounts, but invested sensibly.
Contact us if you would like to receive our latest study. Understand the needs of your customers and win back pension assets that are moving away.
Safe investment beats returns: the Swiss invest cautiously
The ValueQuest study clearly shows that the Swiss are conservative when it comes to investing. The typical retiree withdraws around CHF 100,000 from pillar 3a and between CHF 300,000 and 400,000 from the pension fund. The money often ends up in conservative investment strategies.
Luxury trips, new cars or major purchases hardly play a role. After retirement, people primarily use their capital to secure their everyday lives. Predictable payouts, capital preservation and low costs are clearly in the foreground. High returns? Only a minority are interested in that. A billion-euro investment market in Switzerland is moving with the handbrake on. Simple bank products, savings accounts and fixed-term deposit solutions are particularly popular. Products such as traditional pillar 3a insurance, on the other hand, are becoming less important.
The problem is that those who invest exclusively in safe money in Switzerland run the risk of their retirement provision being eaten up by growing inflationary pressure. The supposed security can thus quickly become a risk. In other words, Switzerland is saving itself into poverty.
Who we survey in our market study
For our market study, we conducted 3,800 online interviews from February to May 2025 with people who are about to retire or have retired, i.e. people aged between 57 and 68 in German-speaking and French-speaking Switzerland.
Our high-quality database enables a differentiated analysis by age group, gender, region, choice of provider and investment behavior.
Gender differences in pension provision: men have more capital for retirement
The ValueQuest study shows clear differences between men and women in Switzerland. Men retire with significantly more capital. On average, men receive 44% more in Pillar 3a payouts. In the case of the pension fund, lump-sum withdrawals are even twice as high (118%).
With this larger cushion, men take more risks. They invest more frequently in shares. They make targeted use of tax optimizations to maximize their income. Women are more cautious. They prefer simple products and value predictable payouts. Women are also more willing to pay for transparency and security. They place greater emphasis on secure investments in Switzerland and forego potential returns in return.
The differences are no coincidence. They reflect decades of income differences and employment biographies. People who earn less also save less in pillar 3a and have less scope for modern investment strategies when drawing their pension.
Investing for old age: German-speaking Switzerland plans, French-speaking Switzerland consumes
The ValueQuest study also shows regional differences. In German-speaking Switzerland, 46% plan and optimize their capital withdrawals at an early stage. In French-speaking Switzerland, the figure is only 19%.
German-speaking Swiss make more targeted use of tax advantages. They are more informed about the payment of the 3rd pillar in Switzerland (pillar 3a) and about options for investing their assets. In French-speaking Switzerland, on the other hand, the focus is on insurance and consumption.
32% of French-speaking Swiss say they need the capital primarily for living expenses. This proportion is significantly lower in German-speaking Switzerland. This shows that While the German-speaking Swiss rely more heavily on conservative investment strategies, French-speaking Swiss plan less for the long term.
Investment with the bank or the insurance company?
The study makes it clear that it is not the product alone that is convincing, but the advice. People who have their pillar 3a paid out in Switzerland or withdraw capital from their pension fund make better decisions when they are actively supported. This is clearly evident with banks. Without advice, only one in four stays with the provider. With regular support, the figure is two thirds. Loyalty is therefore not created by the product, but by proximity and trust.
Insurance companies perform worse. Complex products, non-transparent returns and a lack of proximity lead to low loyalty. Even with advice, only around a third of customers manage to stay with the provider. Many turn away - a warning signal for the industry.
Independent advisors achieve the highest satisfaction ratings. Especially when they look at the overall picture across all pillars. They help to make clever use of capital, be it when applying for a 3a retirement savings account or when choosing between conservative investment strategies and modern forms of investment.
Conclusion: If you want to invest your money safely in Switzerland, you need good advice, not a complex investment product.
Please note
Despite careful data collection and analysis, regional, demographic and temporal fluctuations cannot be ruled out. All statements and interpretations refer to the data available at the time of the survey.
The study does not claim to be exhaustive and is for information and analysis purposes only.
Tips & tricks: How to use your pension capital correctly
Many people underestimate the complexity of planning retirement savings. However, with a few clear rules, you can save taxes, reduce risks and take advantage of opportunities. The following tips will help you plan your investments in Switzerland wisely for the long term.
- Clever planning of pillar 3a payouts
If you have several Pillar 3a accounts should stagger the payments over several years. This significantly reduces the tax burden. Important: start in good time, as only one account can be closed per year. An ill-considered 3rd pillar Switzerland Payout in one step often leads to unnecessarily high deductions.
- Do not dissolve pillar 3a too early
One Dissolve pillar 3a prematurely is only worthwhile in exceptional cases - for example when buying owner-occupied property, emigrating or in the event of disability. In all other cases, you pay extra. It's better to leave your pension capital tax-privileged for as long as possible.
- Check bank solution versus insurance
Many opt for a Pillar 3a insurancebecause it promises security. In practice, however, these products are often expensive, inflexible and lack transparency. A bank solution combined with conservative investment strategies or targeted fund investments is often more efficient. Compare the offers from insurance companies and banks before you make a decision.
- Using capital from the pension fund correctly
Those who Pension fund payout should have a clear strategy. Immediate consumption can be tempting, but it makes more sense to invest the money in a mix of Safe investment in Switzerland and modern investment strategies to invest. This allows risks and returns to be better balanced.
- Don't forget returns
A purely conservative investment in Switzerland may provide protection in the short term, but it loses value in the long term due to inflation. If you want to preserve your assets, you should invest at least part of them in higher-yielding investments. Broad diversification between savings accounts, bonds, equity funds and real estate funds creates both security and opportunities.
- Exploit tax optimizations
Many underestimate the possibilities of the Tax deduction in pillar 3a. Those who pay in consistently reduce their taxable income every year. At the same time, they create a larger cushion for their pension. Many people still fail to take advantage of this opportunity - a mistake that can cost thousands of francs over the years.
- Seeking independent advice
The ValueQuest study shows: Advice makes all the difference. Whether it's a withdrawal request for retirement savings account 3a, a pension fund payout or choosing a secure investment in Switzerland - those who seek independent advice make better decisions. Banks and insurance companies rarely offer a holistic view. Independent advisors, on the other hand, take all the pillars of pension provision into account, thereby increasing satisfaction and security.
Article published on September 16, 2025
About Dr. Kathrin Neumüller
Dr. oec. HSG Kathrin Neumüller is Co-Managing Director at ValueQuest and an expert in employee inspiration and empowerment. She also teaches strategic management in the MBA program at the ZHAW. She holds a doctorate from the University of St. Gallen (HSG) and studied at the University of Cambridge. Learn more about Kathrin
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