In a recent announcement, Coop, the Swiss retail and wholesale company, has declared its decision to discontinue its involvement in the Coop Finance+ project. This development comes less than a year after the initial partnership was formed, marking a significant shift in the company's strategic direction.
Background
In October 2023, Coop entered into a strategic partnership with several key players in the Swiss financial and service sectors. The collaboration included:
- Glarner Kantonalbank
- Liberty 3a pension foundation
- Other partners from the financial and service sector
The primary goal of this partnership was to sell pension solutions, with Glarner Kantonalbank taking on the role of custodian and asset manager for the Liberty 3a pension fund. Glarner Kantonalbank also announced to withdraw from the project.
Coop's Decision
Despite the initial enthusiasm surrounding the project, Coop has now decided to step back from its involvement in Coop Finance+. The demand did not meet expectations. Furthermore, the environment has changed as a result of increased competition in the financial sector in recent months.
Impact on Current Offerings
While Coop's withdrawal is a significant change, it's important to note that the immediate impact on customers will be minimal:
- The current pension offer will continue unchanged for the time being.
- Coop Finance+ will continue to operate until a successor solution is implemented.
Looking Ahead
The partners involved in the Coop Finance+ project are actively working on developing a successor solution to ensure the continuity of the pension offer. This demonstrates a commitment to the customers who have already invested in these pension solutions.
Conclusion
Coop's decision to withdraw from the Finance+ project represents a notable shift in the landscape of Swiss pension offerings. While the immediate effects on customers are expected to be minimal, it will be interesting to see how the remaining partners adapt and what form the successor solution will take.
As always, customers of Coop Finance+ should stay informed about any updates or changes to their pension plans. More information is likely to be provided as the successor solution is developed and implemented.
