# Table 1 Summary statistics of pension funds’ key variables

Variable Obs. Mean S.E. Perc. 10 Median Perc. 90
Total assets, CHF bn 21,239 368.65 1701.55 4.55 50.55 592.36
Log total assets, log CHF 1000 21,239 10.85 1.86 8.42 10.83 13.29
Retiree Pension Liabilities (techn.), CHF bn 21,239 149.23 621.34 0.84 23.35 252.35
Active Insurants’ Savings, CHF bn 21,239 111.13 617.61 0.00 7.85 158.27
Number of joined employers 21,239 190.53 1663.40 1 2 40
Number of active insurants$$^{\text {a}}$$ 13,104 1968.66 10,845.97 23 232 2484
Number of retired insurants 21,239 276.18 1364.69 0 28 402.6
Number of active per retired insurant 11,710 13.56 41.46 1.81 5.80 25.67
Share of equity assets, % 18,974 26.51 10.95 11.77 27.03 39.05
Technical discount rate, % 17,182 3.20 0.65 2.25 3.50 4.00
Interest paid on savings (obligatory), % 18,178 2.42 1.28 1.25 2.25 4.00
Interest paid on savings (over-obligatory), % 16,831 2.35 1.00 1.50 2.00 3.50
Funding ratio (techn.)$$^{\text {b}}$$ , % 21,239 110.42 11.12 99.05 108.86 125.00
Economic funding ratio$$^{\text {c}}$$ , % 19,399 106.42 16.68 89.20 104.22 124.56
Share of obligatory savings$$^{\text {d}}$$ , % 16,860 53.12 22.50 28.26 52.22 76.05
Public fund = 1 $$^{\text {e}}$$ 21,239 0.02 0.128
Collective fund = 1 $$^{\text {e}}$$ 21,239 0.05 0.228
Joint fund = 1 $$^{\text {e}}$$ 21,239 0.06 0.236
1. Summary statistics pooled for all years (2006–2017). Sample only includes private and public pension funds without state guarantees, and only includes funds with a (techn.) funding ratio between 81.5 and 152.3% (0.5th–95th percentile range)
2. $$^{\text {a}}$$Excluding active insurants with risk insurance only and no retirement insurance.
3. $$^{\text {b}}$$Technical funding ratio, according to Art. 44 BVV2/OBB2, evaluating pension liabilities with funds own technical discount rate and own choice of actuarial table.
4. $$^{\text {c}}$$Funding ratio evaluating retiree pension liabilities with risk-free market interest rates and generation table as actuarial table.
5. $$^{\text {d}}$$Share of active insurants’ obligatory savings (BVG minimum) to their total savings.
6. $$^{\text {e}}$$Dummy variable = 1 for public, collective, or joint funds and = 0 otherwise.