The profit financial institutions and bankers make is fairly irrelevant in the big picture why the general state pension funds are being depleted. Simple demographics answers a lot of the reasoning behind yesterday's defeated referendum proposal; the fact that the nation voted against it now only means that other methods will have to be sought to plug the gap. I presume that you mean the administrative percentage that is being charged by companies administering the BVG (2nd pension level) which is a good argument when compared to how much the state is charging for AHV contributions.

There will soon be other models thrown into the discussion to bump up the pension reserves, the favorite VAT percentage increase will no doubt crop up it's ugly head again (although transport minister Leuenberger was quoted in the press over the weekend as wanting to use the imminent VAT increase for rail maintenance costs and alike). It's hardly the government's fault that people are living too long to be honest. We are a nation of people living longer and they cause a financial drain on the state because they are theoretically taking out more than they ever paid in, in real present day terms. You could theoretically increase the age of retirement, tax at a higher rate, or the inverted logic of tax increase, lower personal taxation to encourage people to contribute to their own 3rd level (independent personal pension tax scheme) to alleviate the problem that won't just go away.