Swiss to vote on pension reform and biodiversity in September

Swiss citizens will vote on a reform of occupational pension schemes and a biodiversity initiative on September 22, the Federal Council announced on Wednesday. A referendum against a reform of the so-called second pillar of the Swiss pension system, launched at the end of March 2023 by leftwing parties and unions, collected over 141,000 signatures, almost three times more than necessary. The reform provides for a reduction in the pension conversion rate from 6.8% to 6%, which is necessary due to rising life expectancy. The capital built up in an occupational pension scheme during professional activity is set to result in a smaller annuity. + Five key takeaways from Switzerland’s pension votes Under the reform, half of those who are insured will benefit from pension compensation during a transitional period of 15 years. The threshold for access to the second pillar will be lowered, which will allow 100,000 people to be newly or better insured, mainly people working part time and women.