Liquidity

The purpose of the funds managed by compenswiss is to compensate for deficits and surpluses in the social insurance schemes. All financial flows in the social insurance system first pass through the Central Compensation Office (CCO), which reports to the Federal Department of Finance (FDF). The balances of these central social insurance accounts are then transferred to or debited from compenswiss. The cash flows are aggregated and then distributed to the individual Funds of the three social insurance schemes (OASI, InvI and LEC).

Liquidity management

compenswiss centrally manages the liquidity of the three social insurance schemes. In its planning, the institution takes account of financial flows and major seasonal fluctuations, which have different structural causes for each of the three social insurance schemes. The management of the financial flows is based on detailed planning which ensures an appropriate level of liquidity for each of the three social schemes.

2025 was marked by diverging liquidity needs among the three social insurance schemes. For the OASI, liquidity reserves of around CHF 2 billion were gradually built up over the course of the year in order to anticipate the payments related to the 13^th pension in December 2026. The reserves established in 2024 and 2025 to cover the liquidity needs of the invalidity insurance scheme, however, were fully depleted in 2025.

The ability to tap into the Swiss repo market provides compenswiss with considerable short-term financing capacity. In addition, a securities-backed credit line of CHF 500 million with the SNB gives it even more scope to guarantee the solvency of the social security schemes.

Results 2025

In 2025, the return on the Treasury investments and cash equivalents was 0.62% (compared with 1.55% in 2024). 2025 was characterised by a continued decline in short-term interest rates in CHF, which had begun in 2024. Rates fell from 0.50% at the start of the year to 0% from mid-June 2025. The performance of the Treasury thus reflects the average return on the SARON rate (Swiss Average Rate Overnight), the benchmark interest rate on the short-term market. Due to a longer-than-usual average investment duration to meet liquidity requirements for the payment of the 13^th OASI pension in December 2026, the Treasury’s performance exceeded the benchmark rate (SARON).

Social insurance receipts totalled around CHF 68.1 billion, while expenditures amounted to approximately CHF 66.2 billion. The difference between revenue and expenditure breaks down between the three social insurance schemes as follows: a surplus of around CHF 2.2 billion for the OASI and just under CHF 200 million for the LEC, and a deficit of around CHF 450 million for the InvI.