finpension Global 40

A 40% equity 3a at 0.39% all-in. Fair, but VIAC charges 0.29% for its 40% strategy.

finpension Global 40 is one of 95 3a investment funds in our comparison. It's the cautious-but-not-timid option: 40% stocks, 50% bonds, 9% real estate and 1% cash. It makes most sense if you're closer to retirement or simply sleep better with half your 3a in bonds, though there's an honest pricing caveat below.

Are the Fees Competitive?

Partly. You pay a flat 0.39% a year, all-in, with no custody, transaction or FX fees. That beats the 0.59% average invested 3a fund in our comparison by 0.20 points, or CHF 100 a year on CHF 50,000. But VIAC Global 40 costs just 0.29% in our data, so finpension is CHF 50 a year more expensive on that same balance.

Here's why: finpension charges the same 0.39% whether you hold 100% or 40% stocks, while VIAC lowers its fee on more defensive strategies. Over 20 years of contributions, a 0.10-point gap on a growing balance can add up to four figures. Not dramatic, but worth knowing before you pick the lower-risk end of the range.

What Actually Stands Out

Where finpension claws back value is in the plumbing. The strategy uses institutional Swisscanto index funds reserved for pension money. These can reclaim much of the foreign withholding tax on dividends, and there's no stamp duty on purchases or sales. With 50% in bonds, the withholding tax edge matters less here than at higher equity levels, but it's still there.

Flexibility is the other plus. You can hold up to five 3a portfolios with different strategies, so a 40% portfolio can sit right next to a more aggressive one. The Federal Social Insurance Office oversees the 3a rules, including the annual contribution limit, which applies to all your 3a portfolios combined.

What Most Reviews Miss

The five-year return is just 4.55% cumulative, net of fees. That's under 1% a year on average. The culprit is 2022, when this strategy lost roughly 17% to 18% as bonds crashed alongside stocks. Since then the picture is better: up 22.33% over three years and 5.57% over the past year.

So a 50% bond allocation didn't deliver the stability many people assume. The factsheet rates the risk as medium, which is fair over a full cycle, but 2022 proved that bonds can hurt too. If you want genuine capital stability, a 3a savings account is the honest alternative, with lower expected returns to match.

The Bottom Line

finpension Global 40 is a solid, transparent cautious 3a, but on price alone VIAC Global 40 wins. It makes sense if you already use finpension for a higher-equity portfolio and want a calmer second one at the same provider. Run your own numbers with our Pillar 3a calculator. If you do sign up, code RTEQJB gives a CHF 25 fee credit once you've paid in CHF 1,000 within 12 months, as long as you enter it at registration or within 24 hours.

Verdict: Good but not the cheapest at 40% equity. Best for existing finpension clients adding a defensive portfolio.