In a decisive move, Swiss voters have rejected the proposed BVG pension reform, with 67.1% voting against it.

The reform aimed to lower the conversion rate and adjust the retirement credit and coordination deduction, affecting all pension funds in the second pillar.

The rejection was particularly strong among women and soon-to-be retirees, who feared potential pension cuts.

Despite the reform's proponents arguing for its necessity, the public's concern over reduced pensions and higher wage deductions for low-income earners prevailed.

The outcome highlights a disconnect between parliamentary majorities and public sentiment, as noted by union leader Pierre-Yves Maillard.

The Swiss government now faces the challenge of addressing ongoing issues in the pension system without reducing benefits.