Some Christmas present: last Christmas Eve, the Swiss government issued its 172 pages of analysis and proposals consulting on Switzerland’s occupational pensions. Responses are due by March 9. The Swiss pensions industry is Europe’s third largest, with around Sfr440bn under management.

Although Switzerland's safe-haven status in the euro crisis is assured, pension funds there are facing the same pressures as everyone else - rising life expectancy and investment returns too uninspiring to cover that cost.