Pension funds in the DACH region are positioning themselves to revise their asset allocations or benefit plans. Mercedes-Benz is adjusting its pension asset allocation after divesting a stake in Nissan. The stake, no longer considered strategic in the German carmaker’s pension fund pot worth €22.5bn, lost its value as Nissan faces a deep crisis. Among the pension funds, the CHF4.3bn scheme of watchmaker Swatch has reduced its fixed income exposure this year to increase allocations to infrastructure, while at the same time assessing its first foray into private equity and private debt. The boards of Swiss pension funds are discussing whether government bonds can still fulfil their historical functions, with rising public debt and political turmoil in the US and now in France.