Pension Fund Advisory (BVG) Switzerland: 5.5–8× EBITDA, 318 Firms (2026)

1.0Market Snapshot

318: Enterprises in the BFS class for activities auxiliary to insurance and pension funds (NOGA 66.29.02) in 2024, BFS STATENT. The class includes pension consultants and administrators but also insurance-claims services; actuaries and investment consultants may be classified elsewhere.
7,738: Employees in this class in 2024 (6,563 full-time equivalents), BFS STATENT — almost double the 3,978 of 2011.
−2.1%: Change in the number of Swiss pension funds, the sector's clients, in 2024: from 1,320 to 1,292 (BFS pension fund statistics). There were 1,434 in 2020.
CHF 1,221B: Balance sheet total of the 1,292 Swiss pension funds at the end of 2024, up from CHF 1,129 billion (BFS). About 4.8 million active insured.
CHF 1.1B: Administration expenses of Swiss pension funds in 2023, CHF 224 per active insured (BFS). Asset-management costs were a further CHF 4.9 billion (0.43% of assets).

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 318 pension fund advisory (bvg) companies — Enterprises in the BFS class for activities auxiliary to insurance and pension funds (NOGA 66.29.02) in 2024, BFS STATENT. The class includes pension consultants and administrators but also insurance-claims services; actuaries and investment consultants may be classified elsewhere..

2.0Industry Overview

Market Scope

Pension advisers serve the second pillar: the 1,292 Swiss pension funds that held CHF 1,220.6 billion at the end of 2024 for about 4.8 million active insured (BFS pension fund statistics, January 2026). Their work covers actuarial expertise — every pension fund must appoint a certified pension actuary — investment consulting and controlling, asset-liability studies, administration of insured persons and advice to employers on their pension plans. The BFS does not publish the size of this advisory market. What it does publish is the cost base it draws on: in 2023 pension funds spent CHF 1.1 billion on administration, CHF 224 per active insured, and CHF 4.9 billion on asset management.

3.0Industry Health Check (SWOT)

Internal factors

Strengths4

Mandatory demand: every pension fund needs a certified pension actuary and an auditor

Weaknesses4

Shrinking number of clients: 1,292 pension funds in 2024, down from 1,434 in 2020

External factors

Opportunities4

Consolidation of small practices by insurers, banks and larger consultancies

Threats4

Fewer independent pension funds each year

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Fewer, larger pension funds

74.1%

The number of Swiss pension funds fell from 1,434 in 2020 to 1,292 in 2024 (BFS). In 2023, 74.1% of active insured were in collective or common foundations, although these were only 232 of 1,320 funds (17.6%).

BVG reform rejected

67.1%

On 22 September 2024 voters rejected the BVG reform with 67.1% no; every canton said no. The minimum conversion rate and the entry threshold stay as they are, and the implementation work advisers had expected did not come.

Strong funding

117.1%

According to OAK BV, the average coverage ratio of Swiss pension funds rose to 117.1% at the end of 2025 (2024: 114.7%); funds without a state guarantee earned 6.1% net and credited an average interest of 4.33% on retirement savings — the third good year in a row.

Insurers and banks buy advisers

Vaudoise Assurances bought Pittet Associés, Prevanto and, in October 2025, Ecofin Investment Consulting to build a pension-consulting group. Zürcher Kantonalbank bought Complementa in July 2024.

Cost scrutiny

CHF 1.1 b

Pension funds spent CHF 1.1 billion on administration in 2023 (+5.4%), CHF 224 per active insured; asset-management costs fell 20.5% to CHF 4.9 billion, 0.43% of total assets (BFS).

5.0Cost Structure Benchmark

70%

12%

Personnel70%: actuaries, consultants, administrators
IT and actuarial software8%
Premises6%
Professional insurance and certification4%
EBITDA margin12%

Indicative split for a Swiss pension consultancy, not a measured figure: no Swiss pension consultancy publishes its accounts. Personnel is by far the largest cost; firms that also administer insured persons have lower margins than pure advisory practices.

6.0Top Pension Fund Advisory (BVG) Companies in Switzerland

Name	Location	Key Facts
LiberaCHE-107.735.497	Basel BS	Libera AG: pension consulting, administration, international accounting and legal advice; advising pension funds since 1963. About 80 employees in Basel and Zurich; independent of banks, life insurers and audit firms.
PPCmetricsCHE-106.802.932	Zürich ZH	PPCmetrics AG: investment consulting and controlling for pension funds, with offices in Zurich and Nyon. Publishes an annual pension fund yearbook.
Pittet AssociésCHE-105.415.679	Lausanne VD	Pittet Associés SA: actuarial and pension consulting firm based in Lausanne, with offices including Bern and Sion. Part of the Vaudoise group.
PrevantoCHE-262.606.980	Zürich ZH	Prevanto AG: pension consulting in Zurich, part of the Vaudoise group together with Pittet Associés and Ecofin Investment Consulting (bought October 2025).
ComplementaCHE-105.995.082	St. Gallen SG	Complementa AG: investment reporting and consulting for institutional investors, based in St. Gallen. Bought by Zürcher Kantonalbank in July 2024; staff and headquarters stayed.

Libera

CHE-107.735.497

Basel BS

Libera AG: pension consulting, administration, international accounting and legal advice; advising pension funds since 1963. About 80 employees in Basel and Zurich; independent of banks, life insurers and audit firms.

PPCmetrics

CHE-106.802.932

Zürich ZH

PPCmetrics AG: investment consulting and controlling for pension funds, with offices in Zurich and Nyon. Publishes an annual pension fund yearbook.

Pittet Associés

CHE-105.415.679

Lausanne VD

Pittet Associés SA: actuarial and pension consulting firm based in Lausanne, with offices including Bern and Sion. Part of the Vaudoise group.

Prevanto

CHE-262.606.980

Zürich ZH

Prevanto AG: pension consulting in Zurich, part of the Vaudoise group together with Pittet Associés and Ecofin Investment Consulting (bought October 2025).

Complementa

CHE-105.995.082

St. Gallen SG

Complementa AG: investment reporting and consulting for institutional investors, based in St. Gallen. Bought by Zürcher Kantonalbank in July 2024; staff and headquarters stayed.

Companies are listed when they are confirmed in the commercial register, have a significant Swiss presence in this niche and at least one sourced fact.

7.0Succession & M&A Context

Actuaries are scarce — buyers pay for them

1,292: Swiss pension funds in 2024, down from 1,434 in 2020 (BFS)
74.1%: of active insured in collective or common foundations in 2023 (BFS)
67.1%: no vote against the BVG reform on 22 September 2024
5.5–8.0×: EBITDA deal multiples (ValIndex multiples table)

Pension consulting is a relationship business built on a few certified pension actuaries and long mandates. Many practices were founded by actuaries who are now approaching retirement, and the clients themselves are consolidating. Buyers are insurers building advisory groups (Vaudoise), banks (Zürcher Kantonalbank) and larger consultancies. What they pay for is certified staff and mandates that survive the founder's exit; a buyer will check how many mandates are held personally by the seller. ValIndex's multiples table puts pension advisory firms at 5.5–8.0× EBITDA in transactions and 4.0–6.0× on statutory valuations.

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Valuation Snapshot

Pension Fund Advisory (BVG) business valuation in Switzerland

Statutory Multiple (EBITDA): 4.0 - 6.0×
Deal Multiple (EBITDA): 5.5 - 8.0×
Market Trend: Stable

Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.

8.0Regional Clusters

Western Switzerland

VDGEFRVSNEJU

81 enterprises with 3,717 employees in 2024 (BFS STATENT, NOGA 66.29.02) — nearly half of the class's employment, which includes large administration units. Pittet Associés is based in Lausanne.

Zurich

60 enterprises with 846 employees; home of PPCmetrics and Prevanto. Many Zurich consultancies are classified as business consulting, not in this class.

Bern and Solothurn

BESO

35 enterprises with 1,592 employees.

Northwestern Switzerland

AGBLBS

36 enterprises with 1,044 employees; Libera is based in Basel.

Central Switzerland

LUSZZGOWURNW

48 enterprises with 215 employees.

Eastern Switzerland

SGTGGRSHARAIGL

35 enterprises with 257 employees; Complementa is based in St. Gallen.

Sources

BFS/EDI — Berufliche Vorsorge: Anstieg der Bilanzsumme, Reduktion der Unterdeckung (Pensionskassenstatistik 2024, 21 January 2026): 1,292 funds, CHF 1,220.6bn BFS — Pensionskassenstatistik 2023 (publication): 1,434 funds in 2020 to 1,320 in 2023, 74.1% in collective foundations, administration CHF 1.1bn, asset management CHF 4.9bn investrends — OAK BV: 2025 war dank Renditen ein gutes Jahr für die berufliche Vorsorge (12 May 2026): coverage 117.1%, interest 4.33%SRF — Die Resultate zur BVG-Reform (22 September 2024): 67.1% no BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 662902 activities auxiliary to insurance and pension funding)Zürcher Kantonalbank — ZKB erwirbt Complementa AG (July 2024)finews — Vaudoise acquires Janssen's Ecofin Investment Consulting (October 2025; earlier purchases of Pittet Associés and Prevanto)Libera — Über uns (since 1963, Basel and Zurich, about 80 employees)PPCmetrics — Pension fund consulting (Zurich and Nyon)Zefix — Swiss Central Business Name Index (register entries of all key players)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-09|10 sources cited

9.0Frequently Asked Questions

▶How much is a pension advisory firm worth in Switzerland?

ValIndex's multiples table puts Swiss pension advisory firms at 5.5–8.0× EBITDA in transactions and 4.0–6.0× EBITDA on statutory valuations. Buyers pay more for firms with several certified pension actuaries, long mandates and clients that are not tied to the seller personally.

▶What drives the value of a Swiss pension consultancy?

Buyers price: (1) the number of certified pension actuaries; (2) the length and transferability of mandates; (3) client mix between company funds, collective foundations and employers; (4) recurring administration versus one-off projects; (5) independence from insurers and banks, if clients value it; (6) the owner's role in client relationships.

▶How big is the Swiss pension advisory market?

No official figure measures the market. The BFS reports that the 1,292 Swiss pension funds held CHF 1,220.6 billion at the end of 2024 and spent CHF 1.1 billion on administration in 2023 (CHF 224 per active insured) and CHF 4.9 billion on asset management — the cost base from which advisers and administrators are paid. BFS STATENT counts 318 enterprises and 7,738 employees in activities auxiliary to insurance and pension funds.

▶Who are the main pension consultants in Switzerland?

Examples include Libera (Basel, since 1963, about 80 employees), PPCmetrics (Zurich and Nyon), Pittet Associés (Lausanne) and Prevanto (Zurich), both now part of Vaudoise, and Complementa (St. Gallen, owned by Zürcher Kantonalbank since 2024). International firms such as Aon, Mercer and WTW are also active.

▶What are the key trends in Swiss pension advisory?

Five trends: (1) fewer, larger pension funds — 1,292 in 2024; (2) the BVG reform was rejected in 2024; (3) strong funding — 117.1% average coverage at the end of 2025; (4) insurers and banks buying advisers; (5) closer scrutiny of administration and asset-management costs.

▶What are the main risks when buying a Swiss pension consultancy?

The main risks are: (1) loss of mandates when the seller leaves; (2) clients disappearing as pension funds merge or join collective foundations; (3) dependence on one or two certified actuaries; (4) liability for actuarial opinions; (5) fee pressure in tenders. Due diligence should check mandates by client, the actuaries' certifications and professional insurance.

▶What did the rejection of the BVG reform mean for pension advisers?

Voters rejected the reform with 67.1% no on 22 September 2024. The minimum conversion rate stays at 6.8% and the entry threshold is unchanged, so the implementation projects advisers had expected did not happen. Work continues on plan design, funding and the move of company funds into collective foundations.

▶Where are Swiss pension advisers located?

By BFS STATENT (NOGA 66.29.02, 2024): Western Switzerland has 81 enterprises and 3,717 employees, Zurich 60 and 846, Bern and Solothurn 35 and 1,592, Northwestern Switzerland 36 and 1,044, Central Switzerland 48 and 215, and Eastern Switzerland 35 and 257. Many pension consultancies are classified as business or actuarial consulting instead, so these figures are indicative.

Pension Fund Advisory (BVG)