IPE. Asga Pensionskasse, the Swiss multi-employer pension fund, is expecting negative returns on investments this year of -6%, it said. If confirmed, the negative returns in 2022 would represent the worst performance of the pension fund in the past 10 years. Asga recorded the worse net performance in the last 10 years in 2018 at -1.24%, according to the pension fund’s financial statement.

Asga’s returns this year are following the same trajectory of those of large European pension funds recording the worst performances since 2008, according to IPE data. Despite the negative returns, Asga will apply an interest rate on saved capital of its members of 2.5% in 2022. Last year, with returns of 10.16%, the pension fund applied an interest rate on pension assets of 3.25%, according to the statement.

Asga can, therefore, apply an interest rate on saved pension assets that is higher than the minimum of 1% set by government for the second pillar, said managing director Sergio Bortolin.