At SNPS, you build up a personal pension pot. This capital is invested on your behalf. Positive investment returns can increase the value of your pension pot, while negative returns may reduce it.
2025 was a positive year for investors. Equity markets performed well and many fixed-income investments also generated positive returns. As a result, the pension pot of many participants increased. The way your pension pot develops depends partly on the investment choices you make.
Do you opt for more risk? Then a larger share of your capital is invested in the Return Module. This module generated a return of 11.8% in 2025. Equities in emerging markets made an important contribution to this result.
Do you opt for more certainty? Then a larger share of your capital is invested in the Interest Module. This module invests mainly in corporate bonds, mortgages and government bonds and delivered a return of 1.6% during the year.
Are you receiving a pension from the Collective Variable Pension (CVP)? Then 2025 was also positive overall. Although investments during the variable benefit phase recorded a negative return, the loss was limited by the strong performance of more risk-seeking investments. At the same time, the rise in interest rates led to a reduction in pension liabilities, resulting in a positive return of just over 7%. Positive and negative CVP results are spread over a five-year period. This helps limit fluctuations in pension payments from year to year.
The differences between the modules illustrate how investing at SNPS works. A higher-risk profile offers greater potential for higher returns but also results in larger fluctuations in the value of pension capital. A lower-risk profile generally leads to smaller fluctuations but may also limit the potential for higher returns.
In summary
2025 was a positive year for your pension. Both the Return Module and the Interest Module delivered positive results. Participants receiving a variable pension also benefited from favourable developments in the financial markets.