There is a slight difference here. The CS product is based on a 5 year term, whereas the Winterthur product is based on a till 65 term. ie until you retire. Thus comparisons are hard to make. What is interesting is that there is a minimum 1.5% return required on pension prodcuts and this product of CS's seems to be a tracker fund. ie directly linked to changes in the SMI. Given that the SMI over 5 years is likely to rise and that changes are based on half the increase (more or less) then it seems pretty reasonable but not outstanding. As far as I recall Winterthur has a similar structure but I also recall they are guaranteeing to give you back what you put in and are paying the real movement in the stock exchange limited by the pension requirements.

Pension requirements restrict funds to owning a maximum 50% of the fund value in equities. Given that as the equities rise in value they need to sell them this is a difficult thing to manage and it does cause limitations in earnings. So ignoring the Winterthur version, over 5 years with CS you are risking .09% of interest against a standard fund for a reasonable expectation to gain 4.4% ie 12% payout.