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Overview

The Pictet LPP-Index was created in 1985 with the introduction of new regulations governing the investment of pension fund assets. Since the investment limits were last set in 1993, the index is known as the Pictet LPP-Index 93. Since then it has established itself as the authoritative pension fund index for Switzerland.
 
The amendments made to OPP2 on 1 April 2000, which emphasise among other things the own responsibilities of pension funds, should be seen as a first step towards deregulation and will provide further impetus to the individualisation trend in swiss pension funds. The Pictet LPP-Index 93 is therefore no longer as representative for many pension funds. Nevertheless the LPP-Index 93 will also be calculated in the future.

We are therefore convinced that a family of three indices is a better way of satisfying the different requirements of pension funds. Although the allocation of the three indices may not exactly match the strategic allocation of a specific fund, one of them should come very close to the fund's risk profile and therefore be suitable as a benchmark.

Innovations
The innovations of the LPP 2000 include:

  • The investment limits of the OPP2 are no longer considered to be absolutely binding;
  • The equities portion of two of the three indices are considerably higher;
  • The equity investments are broader diversified;
  • The foreign currency portion is higher overall;
  • For foreign currency risks a clear distinction is made between equities and bonds;
  • EURO bonds represent a new investment category;
  • Foreign equities now also include emerging markets;
  • The bond indices now contain both government and corporate debt paper.