Election of employee representatives to the Board of Trustees
The statutory term of office for the Board of Trustees is three years. Since the term of office of the current employee representatives expires on 30 June 2023, an election must once more be held for four employee representatives on the Board of Trustees.
All employees of Feldschlösschen Getränke AG, Feldschlösschen Supply Company AG and Carlsberg Supply Company AG who are obliged to pay contributions to the pension fund are entitled to vote.
The law requires adequate representation of the various employee categories. According to the election regulations, employee trustees are elected for the following sections:
- Administration - 1 representative
(management, staff, Corporate Communications, Finance,
HR, Marketing, Carlsberg Supply Company AG)
- Customer Supply Chain – 1 representative
- Production – 1 representative
- Sales – 1 representative
(Sales Off Trade, Sales On Trade)
All current trustees are standing for re-election. We want to encourage employees – particularly employees in the EAV and GAV area – to volunteer for this interesting position. Employees must be able to communicate in German, be interested in occupational pension fund issues, and be prepared to undergo appropriate training. The time required is limited to only a few meetings per year.
Please use the form Candidature for the Board of Trustees to submit candidate proposals by 31 January 2023.
Information on the Board of Trustees Meeting held on 16 December 2022
The Board of Trustees has passed the following resolutions:
Interest on retirement savings
In accordance with the Federal Council’s decision, as of 1 January 2023 the minimum BVG interest rate will remain unchanged at 1%.
By law, the minimum rate is fixed on the basis of developments in the return on government bonds as well as the trend in equity markets, loans and real estate. The Federal Commission for Occupational Pension Plans (BVG-Kommission) and the social partners are consulted ahead of the Federal Council’s decision.
In view of the pension fund’s current financial situation, the Board of Trustees has made the following decisions concerning interest on retirement savings:
- In 2022 retirement savings will be subject to an interest rate of 1%. The Board therefore abides by its decision of December 2021.
- In 2023, the minimum interest rate of 1% will be applied to retirement savings.
Interim results as at 31 October 2022
Information on the interim financial statements
In October, the portfolio generated a positive absolute return of +1.62%. Since the beginning of the year, a negative absolute return of -8.02% has resulted.
Despite the turbulence in 2022, the Pension Fund Foundation is in a stable position.
As of 31.10.2022, the pension fund assets amount to CHF 653.3 million (31.12.2021: CHF 746.1 million).
The funding ratio as at 31.10.2022 is 107.43% and has thus remained practically unchanged compared to the last interim financial statement (30.6.2022: 107.39%). Annual financial statement 31.12.2021: 116.32%.
The expense surplus of CHF 59.2 millionwas charged to the fluctuation reserve, which consequently stood at CHF 45 million as at 31.10.2022 (31.12.2021: CHF 104.25 million). The target figure for the fluctuation reserve is CHF 121.2 million.
Number of members
At 31.10.2022 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,122 (31.12.2021: 1,088). Breakdown by company:
- Feldschlösschen Getränke AG – 393
- Feldschlösschen Supply Company AG – 633
- Carlsberg Supply Company AG – 93
- Carlsberg Mobility Programme – 3
At 31.10.2022 the number of pensioners drawing benefits amounted to 1,292 (31.12.2021: 1,319).
Buying into the pension fund: plan in good time
Buy-ins can be made at any time but no later than 5.12.2022, in order to be processed for the 2022 fiscal year.
If permitted by the regulations, pension benefits can be improved by making voluntary contributions (buying in). In principle, buy-ins are tax-deductible. However, the pension plan accepts no liability if the responsible cantonal tax authorities do not permit tax deductions for a voluntary buy-in. If in doubt, we recommend that you check with the responsible tax authority prior to buying in, and obtain a binding statement on whether or not a tax deduction is permissible.
Please note:
- Before buying in for the first time, the form Buying into the pension fund must be completed and submitted to the pension fund.
- If withdrawals have been made to fund the purchase of a home, voluntary contributions may only be paid in once the amounts withdrawn are fully repaid.
- The buy-in amount earns interest (currently 1%) from the date of paying in.
- Please also note that for three years after the buy-in, the resultant benefits cannot be withdrawn from the pension plan in the form of capital (this is particularly important in the case of retirement or if you are planning to withdraw funds in advance for the purpose of purchasing a home).
For questions on the possible buy-in amount or your personal pension plan situation, please do not hesitate to contact Susanne Baumberger, Head of Staff Pension Plan, Tel 058 123 48 44 or Robert Bucher, Tel 058 123 47 54.
Staff Pension Plan Half-Year Results
Inflation pressure is negatively impacting the financial situation
Inflation pressure, coupled with the related rise in interest rates and geopolitical uncertainties, led to a decline in almost all investment categories. Since the beginning of the year the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe has generated a negative absolute return of -8.32%. In the second quarter the return on its portfolio stood at -4.83%.
As at 30 June 2022, pension assets amount to CHF 662.29 million (31.12.2021: CHF 746.1 million).
The funding ratio at 30.6.2022 amounted to 107.39%, representing a further reduction versus the first-quarter results at 31.3.2022 (112.48%) and the year-end figure at 31.12.2021 (116.32%).
The expense surplus of CHF 58.89 million was charged to the fluctuation reserve, which consequently stood at CHF 45.35 million as at 31.3.2022 (31.12.2021: CHF 104.25 million). The target figure for the fluctuation reserve is CHF 121.8 million.
Number of members
At 30.6.2022 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,091 (31.12.2021: 1,088).
Breakdown by company:
- Feldschlösschen Getränke AG – 379
- Feldschlösschen Supply Company AG – 620
- Carlsberg Supply Company AG – 90
- Carlsberg Mobility Programme – 2
At 30.6.2022 the number of pensioners drawing benefits amounted to 1,300 (31.12.2021: 1,319).
Interim results at 31.3.2022
Difficult start to the 2022 investment year.
Unfortunately, the positive trends in the 2021 investment year did not continue into the 1st quarter of 2022. In the 1st quarter of 2022, the investment markets almost exclusively showed negative returns. For the first quarter of 2022 the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe realised a negative absolute return of -3.68% on its portfolio.
As at 31 March 2022, pension assets amount to CHF 708.1 million (31.12.2021 CHF 746.1 million).
The funding ratio at 31.3.2022 amounts to 112.48%, corresponding to a drop versus the year-end figure of 116.32% posted on 31.12.2021.
The expense surplus of CHF 26 millionwas charged to the fluctuation reserve, which consequently stood at CHF 78.2 million as at 31.3.2022 (31.12.2021: CHF 104.25 million). The target figure for the fluctuation reserve is CHF 125.5 million.
Number of members
At 31.3.2022 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,106 (31.12.2021: 1,088). Breakdown by company:
- Feldschlösschen Getränke AG – 390
- Feldschlösschen Supply Company AG – 624
- Carlsberg Supply Company AG – 90
- Carlsberg Mobility Programme – 2
At 31.3.2022 the number of pensioners drawing benefits amounted to 1,319 (31.12.2021: 1,319). At its meeting on 6.5.2022 the Board of Trustees approved the 2021 Annual Report: The 2021 Annual Report and Report of the Auditors are available online.
Information on the financial statements for the year ending
31 December 2021
Ernst & Young AG has audited the pension fund’s financial statements for the year ending 31 December.
We have pleasure in informing you of the results:
At 31 December 2021, pension assets amounted to CHF 746.1 million (31 December 2020: CHF 733.8 million).
In 2021 total assets yielded a return of 5.02% (2020: 3.73%). Income from investments ended the year at CHF 37.8 million (2020: CHF 26.5 million).
The technical interest rate will be kept at 1.5% for the time being. A provision amounting to CHF 2 million per year is set aside with a view to any future reduction. This reserve was increased by a further CHF 2 million and amounted to CHF 6 million at 31.12.2021.
Due to the positive financial situation, the Board of Trustees decided in December 2021 to change the actuarial assumptions. For the first time, therefore, generation life tables (formerly period life tables) were applied for the financial statements for the year ending 31 December 2021. Most pension schemes have already switched to this method. Generation life tables take into account the future trend of expected mortality and are therefore much more accurate. The financial effect of the change to generation life tables is an increase in the pension capital.
Despite this change and the related increase in liabilities, the funding ratio improved at 31.12.2021 and amounts to 116.32% (31.12.2020: 113.32%).
The fluctuation reserve increased by CHF 18.46 million to CHF 104.25 million as at 31.12.2021. The target figure for the fluctuation reserve is CHF 128 million.
Number of members
At 31.12.2021 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,088 (31.12.2020: 1,180). Breakdown by company:
- Feldschlösschen Getränke AG – 383
- Feldschlösschen Supply Company AG – 612
- Carlsberg Supply Company AG – 91
- Carlsberg Mobility Programme – 2
At 31.12.2021 the number of pensioners drawing benefits amounted to 1,319 (31.12.2020: 1,382). Further information on the year-end financial statements can be found in the Annual Report, which will be published in May.
Information on the Board of Trustees Meeting held on 3 December 2021
The Board of Trustees has passed the following resolutions:
Interest on retirement savings
In accordance with the Federal Council’s decision, as of 1 January 2022 the minimum BVG interest rate will remain unchanged at 1%.
By law, the minimum rate is fixed on the basis of developments in the return on government bonds as well as the trend in equity markets, loans and real estate. The Federal Commission for Occupational Pension Plans (BVG-Kommission) and the social partners are consulted ahead of the Federal Council’s decision.
Link BSV
In view of the pension fund’s current financial situation, the Board of Trustees has made the following decisions concerning interest on retirement savings:
- In 2021 retirement savings will be subject to an interest rate of 1%. The Board therefore abides by its decision of December 2020.
- In 2022, the minimum interest rate of 1% will be applied to retirement savings.
Interim results as at 31 October 2021
Positive performance continues
Equities in particular have developed positively since the beginning of the year, with the portfolio of the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe posting a year-to-date return of 4%.
Since the last interim results at 30.6.2021, the pension fund assets have increased by CHF 3.6 million to CHF 741.57 million as at 31.10.2021 (31.12.2020: CHF 733.89 million).
At 119.9% on 31.10.2021, the funding ratio showed further improvement versus the last interim results (30.6.2021: 117.63%) and the year-end results at 31.12.2020 (113.32%)
The fluctuation reserve at 31.10.2021 amounted to CHF 122.64 million (31.12.2020: CHF 85.78 million). The target figure is CHF 127 million.
Number of members
At 31.10.2021 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,110 (31.12.2020: 1,180). Breakdown by company:
- Feldschlösschen Getränke AG – 391
- Feldschlösschen Supply Company AG – 624
- Carlsberg Supply Company AG – 93
- Carlsberg Mobility Programme – 2
At 31.10.2021 the number of pensioners drawing benefits amounted to 1,323 (31.12.2020: 1,382).
Buying into the pension fund: plan in good time
Buy-ins can be made at any time but no later than 6.12.2021, in order to be processed for the 2021 fiscal year.
If permitted by the regulations, pension benefits can be improved by making voluntary contributions (buying in). In principle, buy-ins are tax-deductible. However, the pension plan accepts no liability if the responsible cantonal tax authorities do not permit tax deductions for a voluntary buy-in. If in doubt, we recommend that you check with the responsible tax authority prior to buying in, and obtain a binding statement on whether or not a tax deduction is permissible.
Please note:
- Before buying in for the first time, the form Buying into the pension fund must be completed and submitted to the pension fund.
- If withdrawals have been made to fund the purchase of a home, voluntary contributions may only be paid in once the amounts withdrawn are fully repaid.
- The buy-in amount earns interest (currently 1%) from the date of paying in.
- Please also note that for three years after the buy-in, the resultant benefits cannot be withdrawn from the pension plan in the form of capital (this is particularly important in the case of retirement or if you are planning to withdraw funds in advance for the purpose of purchasing a home).
For questions on the possible buy-in amount or your personal pension plan situation, please do not hesitate to contact Susanne Baumberger, Head of Staff Pension Plan, Tel 058 123 48 44 or Robert Bucher, Tel 058 123 47 54.
Staff Pension Plan posts encouraging half-year results
Sustained upward trend in second quarter
The main factor contributing to the positive trend in the second quarter is share performance. Swiss shares (SPI) generated the highest yields. Domestic real estate investments and currency-hedged foreign government and corporate bonds as well as emerging market bonds also achieved positive returns.
In the second quarter of 2021 the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe achieved a positive yield of 2.11% on total assets. The return on total assets for the first half-year was 3.56%: an encouraging result.
As at 30 June 2021, pension assets amount to CHF 745.2 million (31.12.2020: CHF 733.9 million).
The funding ratio at 30.6.2021 amounted to 117.63%, representing a further improvement versus the first-quarter results at 31.3.2021 (115.41%) and the year-end figure at 31.12.2020 (113.32%).
The fluctuation reserve at 30.6.2021 amounted to CHF 110.8 million (31.12.2020: CHF 85.8 million). The target figure is CHF 129.5 million.
Number of members
At 30.6.2021 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,114 (31.12.2020: 1,180). Breakdown by company:
- Feldschlösschen Getränke AG – 398
- Feldschlösschen Supply Company AG – 622
- Carlsberg Supply Company AG – 91
- Carlsberg Mobility Programme – 3
At 30.6.2021 the number of pensioners drawing benefits amounted to 1,342 (31.12.2020: 1,382).
Change on the Board of Trustees
Priska Gautschi, Employee Representative for the Administration Section, has decided to take early retirement and is therefore standing down from the Board of Trustees. Under the terms of the election rules, if an employee representative stands down from the Board of Trustees, he or she is automatically succeeded for the remaining term of office by the employee who came second in the last elections for a delegate in his or her section. Simone Schaub-Oberholzer succeeded Priska Gautschi on the Board of Trustees on 30 April 2021.
Priska has acted as an Employee Representative to the Board of Trustees since 2005. We thank Priska for her valuable efforts in the service of the pension fund, and wish her the best for the future. We warmly welcome Simone to the Board of Trustees and wish her much satisfaction in her new position.
Susanne Baumberger
Head of Pension Fund
Positive first-quarter statements at 31.3.2021
Good start to the 2021 investment year
Since the beginning of the year, investment markets have performed very positively. In the first quarter of 2021, the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe achieved a positive return of 1.42%.
As at 31 March 2021, pension assets amount to CHF 736.3 million (31.12.2020 CHF 733.8 million).
The funding ratio at 31 March 2021 amounts to 115,41%, representing an improvement over the year-end figure of 113.32% recorded on 31 December 2020.
The fluctuation reserve was increased by the income surplus of CHF 11.7 million, ending the first quarter of 2021 at CHF 97.5 million (31.12.2020: CHF 85.7 million). The target figure for the fluctuation reserve is CHF 130.5 million.
Number of members
At 31.3.2021 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,143 (31.12.2020: 1,180). Breakdown by company:
- Feldschlösschen Getränke AG – 403
- Feldschlösschen Supply Company AG – 643
- Carlsberg Supply Company AG – 94
- Carlsberg Mobility Programme – 3
At 31.3.2021 the number of pensioners drawing benefits amounted to 1,356 (31.12.2020: 1,382). At its meeting on 30.4.2021 the Board of Trustees approved the 2020 Annual Report. The 2020 Annual Report and Report of the Auditors are available online.
Information on the financial statements for the year ending
31 December 2020
Ernst & Young AG has audited the pension fund’s financial statements for the year ending 31 December.
We have pleasure in informing you of the results:
At 31 December 2020, pension assets amounted to CHF 733.8 million (31 December 2019: CHF 720.7 million).
In 2020 total assets yielded a return of 3.7% (2019: 8.3%). Income from investments ended the year at CHF 26.5 million (2019: CHF 55.4 million).
In December 2019 the Board of Trustees decided to keep the technical interest rate at 1.5%. CHF 2 million per year has been set aside as a provision against any future reduction. This reserve was increased by a further CHF 2 million and at 31.12.2020 CHF amounted to CHF 4 million.
The funding ratio at 31.12.2020 amounted to a very satisfactory 113.3% (31.12.2019: 109.4%).
The fluctuation reserve increased by CHF 24 million to CHF 85.7 million as at 31.12.2020. The target figure for the fluctuation reserve is CHF 133 million.
Number of members
At 31.12.2020 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,180 (31.12.2019: 1,244). Breakdown by company:
- Feldschlösschen Getränke AG – 412
- Feldschlösschen Supply Company AG – 655
- Carlsberg Supply Company AG – 110
- Carlsberg Mobility Programme – 3
At 31.12.2020 the number of pensioners drawing benefits amounted to 1,382 (31.12.2019: 1,420).
Further information on the year-end financial statements can be found in the Annual Report, which will be published in May.
Information on the Board of Trustees Meeting held on 11 December 2020
The Board of Trustees has passed the following resolutions:
Interest on retirement savings
In accordance with the Federal Council’s decision, as of 1 January 2021 the minimum BVG interest rate will remain unchanged at 1%.
By law, the minimum rate is fixed on the basis of developments in the return on government bonds as well as the trend in equity markets, loans and real estate. The Federal Commission for Occupational Pension Plans (BVG-Kommission) and the social partners are consulted ahead of the Federal Council’s decision.
In view of the pension fund’s current financial situation, the Board of Trustees has made the following decisions concerning interest on retirement savings:
- In 2020 retirement savings will be subject to an interest rate of 1%. The Board therefore abides by its decision of December 2019.
- In 2021, the minimum interest rate of 1% will be applied to retirement savings.
Interim results as at 31 October 2020
Recovery continues
In the third quarter, virtually all key investment markets performed positively, with the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe posting a positive return of 1,75% on its portfolio. In October the return on investment was once more negative at -0,58%. For the period 1.1 to 31.10.2020 the return on total assetsamounted to +0,06%. Other pension funds are also posting an annual return of close to zero.
Since the last interim results at 30.6.2020, the pension fund assets have increased by CHF 1.7 million to CHF 710.2 million as at 31.10.2020 (31.12.2019: CHF 720.7 million).
At 109.82% on 31.10.2020, the funding ratio showed further improvement versus the last interim results (30.6.2020: 108.72%) and the year-end results at 31.12.2019 (109.44%)
The fluctuation reserve at 31.10.2020 amounted to CHF 63.2 million (31.12.2019: CHF 61.7 million). The target figure is CHF 135 million.
Number of members
At 31.10.2020 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,210 (31.12.2019: 1,244). Breakdown by company:
- Feldschlösschen Getränke AG – 418
- Feldschlösschen Supply Company AG – 662
- Carlsberg Supply Company AG – 128
- Carlsberg Mobility Programme – 2
At 31.10.2020 the number of pensioners drawing benefits amounted to 1,393 (31.12.2020: 1,420).
Buying into the pension fund: plan in good time
Buy-ins can be made at any time but no later than 4.12.2020, in order to be processed for the 2020 fiscal year.
If permitted by the regulations, pension benefits can be improved by making voluntary contributions (buying in). In principle, buy-ins are tax-deductible. However, the pension plan accepts no liability if the responsible cantonal tax authorities do not permit tax deductions for a voluntary buy-in. If in doubt, we recommend that you check with the responsible tax authority prior to buying in, and obtain a binding statement on whether or not a tax deduction is permissible.
Please note:
- Before buying in for the first time, the form Buying into the pension fund must be completed and submitted to the pension fund.
- If withdrawals have been made to fund the purchase of a home, voluntary contributions may only be paid in once the amounts withdrawn are fully repaid.
- The buy-in amount earns interest (currently 1%) from the date of paying in.
- Please also note that for three years after the buy-in, the resultant benefits cannot be withdrawn from the pension plan in the form of capital (this is particularly important in the case of retirement or if you are planning to withdraw funds in advance for the purpose of purchasing a home).
For questions on the possible buy-in amount or your personal pension plan situation, please do not hesitate to contact Susanne Baumberger, Head of Staff Pension Plan, Tel 058 123 48 44 or Robert Bucher, Tel 058 123 47 54.
Staff Pension Plan posts encouraging half-year results
Swiss pension plans recover again in the second quarter.
Following a sharp drop at the beginning of the Corona crisis, financial markets recovered significantly, almost fully regaining the losses sustained then.
In the second quarter the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe posted a positive return of 4.23% on total assets. The return on total assets for the first half-year was -1.08%.
As at 30 June 2020, pension assets amount to CHF 708.5 million (31.12.2019: CHF 720.7 million).
The funding ratio at 30.6.2020 amounted to 108.72%, representing a further improvement versus the first-quarter results at 31.3.2020 (104.68%) (31.12.2019: 109.44%).
The fluctuation reserve at 30.6.2020 amounted to CHF 56.6 million (31.12.2019: CHF 61.7 million). The target figure is CHF 136 million.
Number of members
At 30.6.2020 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,238 (31.12.2019: 1,244).
Breakdown by company:
- Feldschlösschen Getränke AG – 425
- Feldschlösschen Supply Company AG – 672
- Carlsberg Supply Company AG – 138
- Carlsberg Mobility Programme – 3
At 30.6.2020 the number of pensioners drawing benefits amounted to 1,404 (31.12.2019: 1,420).
Interim results at 31.3.2020
1. Quarter impacted by corona crisis
Following the good investment year in 2019, equity returns on investment markets – with a few exceptions – have been clearly in negative territory since the beginning of this year. In the first quarter of 2020, the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe had to post a negative return of -4.96% on its portfolio due to the corona crisis. As a result, the funding ratio dropped from 109.4% at 31.12.2019 to 104.68%.
As at 31 March 2020, pension assets amount to CHF 686.6 million (31.12.2020 CHF 720.7 million).
The expense surplus of CHF 31.2 millionwas charged to the fluctuation reserve, which consequently stood at CHF 30.5 million as at 31.3.2020 (31.12.2019: CHF 61.7 million). The target figure for the fluctuation reserve is CHF 137 million.
Number of members
At 31.3.2020 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,249 (31.12.2019: 1,244). Breakdown by company:
- Feldschlösschen Getränke AG – 423
- Feldschlösschen Supply Company AG – 680
- Carlsberg Supply Company AG – 143
- Carlsberg Mobility Programme – 3
At 31.3.2020 the number of pensioners drawing benefits amounted to 1,415 (31.12.2019: 1,420).
At its meeting on 8.5.2020 the Board of Trustees approved the 2019 Annual Report: The 2019 Annual Report and Report of the Auditors are available online.
Election of Employee Representatives to the Board of Trustees – Results
The election of employee representatives to the Board of Trustees was duly completed on 30 March 2020. 1,248 voting slips were sent out and 336 votes were cast, corresponding to a turnout of 26.92%.
We therefore have pleasure in announcing the results of the election of employee representatives to the Board of Trustees. The term of office is from 1 July 2020 to 30 June 2023. The following representatives have been elected:
• “Administration” Unit – Priska Gautschi, current representative
• “Customer Supply Chain” Unit – Daniel Berger, current representativ
• “Production” Unit – Marcel Kiesewetter, current representativ
• “Sales” Unit – Ulrich Reinhard, current representative
We congratulate the new members on their election and wish them every success and satifaction in their new capacity.
We thank the other candidates for their willingness to put themselves forward for election as employee representatives on the Board of Trustees. The next ordinary election of employee representatives to the Board of Trustees will be held at the beginning of 2023.
Changes in the Pensionskasse management
Mina Sanfilippo will be leaving the Pensionskasse at the beginning of April for an extended stay abroad. Over the past 2.5 years, Mina Sanfilippo integrated extremely well and her efforts were greatly valued by employees and pensioners alike.
In Robert Bucher we have found a highly qualified successor. Robert Bucher brings more than 30 years of experience to the Pensionskasse management, and will therefore be a highly competent point of contact.
«I look forward to the new challenge and will do my utmost to ensure that the Pensionskasse continues to operate as effectively as it has to date. I am committed to advising active and retired members of the Pensionskasse and answering their queries to the best of my ability.»
I thank Mina for the valuable service she has given to the pension fund, and wish her all the best for the future. At the same time, I look forward to welcoming Robert to our small Pensionskasse team and wish him every success and satisfaction at Feldschlösschen.
Susanne Baumberger, Head of Personalvorsorgestiftung
Information on the financial statements for the year ending 31 December 2019
Ernst & Young AG has audited the pension fund’s financial statements for the year ending 31 December.
We have pleasure in informing you of the results:
At 31 December 2019, pension assets amounted to CHF 720.7 million (31 December 2018: CHF 683.1 million).
In 2019 total assets yielded a return of 8.3% (2018: -0.92%). Income from investments ended the year at CHF 55.4 million (2018: CHF -5.89 million).
In December 2019 the Board of Trustees decided to keep the technical interest rate at 1.5%. CHF 2 million per year has been set aside as a provision against any future reduction. In order to finance measures to cushion the forthcoming reduction in the conversion rate to 5.1% as of 1.1.2022, additional funds were made available at 31.12.2019. Despite these provisions, the funding ratio at 31.12.2019 amounted to a very satisfactory 109.4% (31.12.2018: 105.6%).
The fluctuation reserve increased by CHF 25.9 million to CHF 61.7 million as at 31.12.2019. The target figure for the fluctuation reserve is CHF 137.4 million.
Number of members
At 31.12.2019 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,244 (31.12.2018: 1,243). Breakdown by company:
– Feldschlösschen Getränke AG – 419
– Feldschlösschen Supply Company AG – 675
– Carlsberg Supply Company AG – 146
– Carlsberg Mobility Programme – 4
At 31.12.2019 the number of pensioners drawing benefits amounted to 1,420 (31.12.2018: 1,465).
Further information on the year-end financial statements can be found in the Annual Report, which will be published in May.
Advance Notice: Election of Employee Representatives to the Board of Trustees
The statutory term of office for members of the Board of Trustees is three years. As the term of office of current employee representatives on the Board of Trustees expires on 30 June 2020, 4 employee representatives must be elected to the Board at the beginning of 2020.
We will provide more information when we send out the pension statements at the end of January 2020.
Information on the Board of Trustees Meeting held on 6 December 2019
The Board of Trustees has passed the following resolutions:
Interest on retirement savings
In accordance with the Federal Council’s decision, as of 1 January 2020 the minimum BVG interest rate will remain unchanged at 1%.
By law, the minimum rate is fixed on the basis of developments in the return on government bonds as well as the trend in equity markets, loans and real estate. The Federal Commission for Occupational Pension Plans (BVG-Kommission) and the social partners are consulted ahead of the Federal Council’s decision.
In view of the pension fund’s current financial situation, the Board of Trustees has made the following decisions concerning interest on retirement savings:
- In 2019 retirement savings will be subject to an interest rate of 1%. The Board therefore abides by its decision of December 2018.
- In 2020, the minimum interest rate of 1% will be applied to retirement savings.
Interim results as at 31 October 2019
Positive performance continues
The main investment markets have performed very positively since the beginning of the year, with the portfolio of the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe posting a year-to-date return of 7.03%. Since the last interim results at 30.6.2019, the pension fund assets have increased by CHF 3.8 million to CHF 712 million as at 31.10.2019 (31.12.1018: CHF 683.15 million).
At 111.65% on 31.10.2019, the funding ratio showed further improvement versus the last interim results (30.6.2019: 110.82%) and the year-end results at 31.12.2018 (105.6%)
The fluctuation reserve at 31.10.2019 amounted to CHF 73.9 million (31.12.2018: CHF 35.87 million). The target figure is CHF 142 million.
Number of members
At 31.10.2019 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,246 (31.12.2018: 1,243). Breakdown by company:
– Feldschlösschen Getränke AG – 425
– Feldschlösschen Supply Company AG – 670
– Carlsberg Supply Company AG – 147
– Carlsberg Mobility Programme – 4
At 31.10.2019 the number of pensioners drawing benefits amounted to 1,429 (31.12.201: 1,465).
Buying into the pension fund: plan in good time
Buy-ins can be made at any time but no later than 3.12.2019, in order to be processed for the 2019 fiscal year.
If permitted by the regulations, pension benefits can be improved by making voluntary contributions (buying in). In principle, buy-ins are tax-deductible. However, the pension plan accepts no liability if the responsible cantonal tax authorities do not permit tax deductions for a voluntary buy-in. If in doubt, we recommend that you check with the responsible tax authority prior to buying in, and obtain a binding statement on whether or not a tax deduction is permissible.
Please note:
- Before buying in for the first time, the form Buying into the pension fund must be completed and submitted to the pension fund.
- If withdrawals have been made to fund the purchase of a home, voluntary contributions may only be paid in once the amounts withdrawn are fully repaid.
- The buy-in amount earns interest (currently 1%) from the date of paying in.
- Please also note that for three years after the buy-in, the resultant benefits cannot be withdrawn from the pension plan in the form of capital (this is particularly important in the case of retirement or if you are planning to withdraw funds in advance for the purpose of purchasing a home).
For questions on the possible buy-in amount or your personal pension plan situation, please do not hesitate to contact Susanne Baumberger, Head of Staff Pension Plan, Tel 058 123 48 44 or Mina Sanfilippo, Tel 058 123 47 54.
Staff Pension Plan posts encouraging half-year results
Following an excellent start to the year, the pension funds continued their upward trajectory in the second quarter.
Since the beginning of the year, the most important investment markets for Swiss investors have performed very positively. Investments in bonds yielded clear positive returns, while during the same period investments in equity generated highly positive returns, accompanied by positive returns on investments in real estate.
In the second quarter of 2019 the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe achieved a positive yield of 1.68% on total assets. The return on total assets for the first half-year was 5.67%: an encouraging result.
As at 30 June 2019, pension assets amount to CHF 708.2 million (31.12.2018: CHF 683.1 million).
The funding ratio at 30.6.2019 amounted to 110.82%, representing a further improvement versus the first-quarter results at 31.3.2019 (109.7%) and the year-end figure at 31.12.2018 (105.6%).
The fluctuation reserve at 30.6.2019 amounted to CHF 68.8 million (31.12.2018: CHF 35.9 million). The target figure is CHF 142.5 million.
Number of members
At 30.6.2019 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,233 (31.12.2018: 1,243).
Breakdown by company:
– Feldschlösschen Getränke AG – 420
– Feldschlösschen Supply Company AG – 669
– Carlsberg Supply Company AG – 142
– Carlsberg Mobility Programme – 2
At 30.6.2019 the number of pensioners drawing benefits amounted to 1,452 (31.12.2018: 1,465).
Positive first-quarter statements at 31.3.2019
Good start to the 2017 investment year
Since the beginning of the year, investment markets have performed very positively, thereby offsetting the losses suffered at the end of 2018. In the first quarter of 2019, the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe achieved a positive return of 3.92%.
As at 31 March 2019, pension assets amount to CHF 701.6 million (31.12.2018 CHF 683.1 million).
The funding ratio at 31 March 2019 amounts to 109.7%, representing an improvement over the year-end figure of 105.6% recorded on 31 December 2018.
The fluctuation reserve was increased by the income surplus of CHF 25,8 million, ending the first quarter of 2019 at CHF 61,7 million (31.12.2018: CHF 35.9 million). The target figure for the fluctuation reserve is CHF 142.7 million.
Number of members
At 31.3.2019 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,235 (31.12.2018: 1,243). Breakdown by company:
– Feldschlösschen Getränke AG – 423
– Feldschlösschen Supply Company AG – 670
– Carlsberg Supply Company AG – 141
– Carlsberg Mobility Programme – 1
At 31.3.2019 the number of pensioners drawing benefits amounted to 1,457 (31.12.2018: 1,465).
At its meeting on 17.5.2019 the Board of Trustees approved the 2018 Annual Report: The 2018 Annual Report and Report of the Auditors are available online.
Information on the financial statements for the year ending 31 December 2018
Ernst & Young AG has audited the pension fund’s financial statements for the year ending 31 December.
We have pleasure in informing you of the results:
At 31 December 2018, pension assets amounted to CHF 683.1 million (31 December 2017: CHF 710.3 million).
In 2018 total assets yielded a return of -0.92% (2017: 7.16%). This is a very respectable result compared to the returns posted by other institutional Swiss investors. In 2018 performance on equity markets was mostly negative. Income from investments ended the year at -CHF 5.89 million (2016: CHF 46.97 million).
In December 2018 the Board of Trustees decided to lower the technical interest rate from 1.75% to 1.5%. Despite the associated increase in provisions, the funding ratio at 31.12.2018 remained satisfactory at 105.6% (31.12.2017: 109.1%).
CHF 22.8 million had to be taken from the fluctuation reserve, which consequently amounted to CHF 35.87 million on 31 December 2018. The target figure for the fluctuation reserve is CHF 143.6 million.
Number of members
At 31.12.2018 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,243 (31.12.2017: 1,273). Breakdown by company:
– Feldschlösschen Getränke AG – 439
– Feldschlösschen Supply Company AG – 662
– Carlsberg Supply Company AG – 142
– Carlsberg Mobility Programme – 0
At 31.12.2018 the number of pensioners drawing benefits amounted to 1,465 (31.12.2017: 1,520).
Further information on the year-end financial statements can be found in the Annual Report, which will be published in May.
Information on the Board of Trustees Meeting held on 6 December 2018
The Board of Trustees has passed the following resolutions:
Interest on retirement savings
In accordance with the Federal Council’s decision, as of 1 January 2019 the minimum BVG interest rate will remain unchanged at 1%.
By law, the minimum rate is fixed on the basis of developments in the return on government bonds as well as the trend in equity markets, loans and real estate. The Federal Commission for Occupational Pension Plans (BVG-Kommission) and the social partners are consulted ahead of the Federal Council’s decision.
In view of the pension fund’s current financial situation, the Board of Trustees has made the following decisions concerning interest on retirement savings:
• In 2018 retirement savings will be subject to an interest rate of 1%. The Board therefore abides by its decision of December 2017.
• In 2019, the minimum interest rate of 1% will be applied to retirement savings.
Adjustment of the technical interest rate
The Board of Trustees has decided to reduce the technical interest rate (actuarial value used to calculate the expected long-term earnings from pensioners’ actuarial reserves) from 1.75% to 1.5%. This interest rate is applicable as from the financial statements for the year ending 31 December 2018. This measure will have a positive impact on earnings and improve the pension fund’s financial situation and stability On the other hand, it will increase the actuarial reserves of pensioners, which in the short term will result in a lower funding ratio.
Interim results as at 31 October 2018
Interim results affected by investment markets performance in October.
In the first half-year (1.1. to 30.6.2018) the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe generated an above-average return on investment compared to other Swiss institutional investors. As at 30.9.2018, the return on total assets was still positive at 1.03%. Due to market conditions, a negative absolute return of -1.11% was reported in October 2018. The year-to-date return at 31.10.2018 stands at –0.09%.
As at 31 October 2018, pension assets amount to CHF 690.86 million (31.12.2017 CHF 710.3 million).
At 108.66%, the funding ratio as at 31 October 2018 was marginally lower versus the last interim results (30.6.2018: 109.75%) and the year-end figure at 31.12.2017 (109.1%).
The fluctuation reserve at 31.10.2018 amounted to CHF 54.71 million (31.12.2017: CHF 58.7 million). The target figure is CHF 142 million.
Number of members
At 31.10.2018 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,250 (31.12.2017: 1,273). Breakdown by company:
– Feldschlösschen Getränke AG – 433
– Feldschlösschen Supply Company AG – 674
– Carlsberg Supply Company AG – 143
– Carlsberg Mobility Programme – 0
At 31.10.2018 the number of pensioners drawing benefits amounted to 1,481 (31.12.2017: 1,520).
Buying into the pension fund: plan in good time
Buy-ins can be made at any time but no later than 3.12.2018, in order to be processed for the 2018 fiscal year.
If permitted by the regulations, pension benefits can be improved by making voluntary contributions (buying in). In principle, buy-ins are tax-deductible. However, the pension plan accepts no liability if the responsible cantonal tax authorities do not permit tax deductions for a voluntary buy-in. If in doubt, we recommend that you check with the responsible tax authority prior to buying in, and obtain a binding statement on whether or not a tax deduction is permissible.
Please note:
- Before buying in for the first time, the form Buying into the pension fund must be completed and submitted to the pension fund.
- If withdrawals have been made to fund the purchase of a home, voluntary contributions may only be paid in once the amounts withdrawn are fully repaid.
- The buy-in amount earns interest (currently 1%) from the date of paying in.
- Please also note that for three years after the buy-in, the resultant benefits cannot be withdrawn from the pension plan in the form of capital (this is particularly important in the case of retirement or if you are planning to withdraw funds in advance for the purpose of purchasing a home).
For questions on the possible buy-in amount or your personal pension plan situation, please do not hesitate to contact Susanne Baumberger, Head of Staff Pension Plan, Tel 058 123 48 44 or Mina Sanfilippo, Tel 058 123 47 54.
Staff Pension Plan posts encouraging half-year results
With only a few exceptions, investment markets in the second quarter of 2018 performed positively. However, the negative trend at the beginning of the year has not yet been offset.
Swiss bonds (federal bond issues) generated positive returns. Global equities as well as foreign-currency bonds showed negative yields. Share indices in the reporting period showed positive returns, with the exception of emerging market equities. With the exception of stock exchange quoted Swiss real estate funds, all investments in real estate performed positively.
In the second quarter of 2018 the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe achieved a positive return of +0.97% on total assets. Since the beginning of the year, a positive absolute return of +0.15% has been generated on the portfolio.
As at 30 June 2018, pension assets amount to CHF 702.3 million (31.12.2017 CHF 710.3 million).
The funding ratio at 30.6.2018 amounted to 109.75%, representing a further improvement versus the first-quarter results at 31.3.2018 (108.59%) and the year-end figure at 31.12.2017 (109.1%).
The fluctuation reserve at 30.6.2018 amounted to CHF 62 million (31.12.2017: CHF 58.7 million). The target figure is CHF 143.25 million.
Number of members
At 30.6.2018 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,251 (31.12.2017: 1,273). Breakdown by company:
– Feldschlösschen Getränke AG – 429
– Feldschlösschen Supply Company AG – 678
– Carlsberg Supply Company AG – 144
– Carlsberg Mobility Programme – 0
At 30.6.2018 the number of pensioners drawing benefits amounted to 1,491 (31.12.2017: 1,520)
Interim results at 31.3.2018
Difficult start to the 2018 investment year.
Unfortunately, the positive trends in the 2017 investment year did not continue into the 1st quarter of 2018. With only a few exceptions, investment markets in the first quarter showed a negative trend. For the first quarter of 2018 the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe posted a negative return of -0-81% on its portfolio.
As at 31 March 2018, pension assets amount to CHF 697.2 million (31.12.2017 CHF 710.3 million).
The funding ratio at 31.3.2018 amounts to 108.6%, corresponding to a slight drop versus the year-end figure of 109.1% posted on 31.12.2017.
The expense surplus of CHF 3.8 million was charged to the fluctuation reserve, which consequently stood at CHF 54.8 million as at 31.3.2018 (31.12.2017: CHF 58.7 million). The target figure for the fluctuation reserve is CHF 143.6 million.
Number of members
At 31.3.2018 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,263 (31.12.2017: 1,273). Breakdown by company:
– Feldschlösschen Getränke AG – 439
– Feldschlösschen Supply Company AG – 690
– Carlsberg Supply Company AG – 133
– Carlsberg Mobility Programme – 1
At 31.3.2018 the number of pensioners drawing benefits amounted to 1,512 (31.12.2017: 1,520).
At its meeting on 3.5.2018 the Board of Trustees approved the 2017 Annual Report: The 2017 Annual Report and Report of the Auditors are available online.
Information on the financial statements for the year ending 31 December 2017
Ernst & Young AG has audited the pension fund’s financial statements for the year ending 31 December.
We have pleasure in informing you of the results:
At 31 December 2017, pension assets amounted to CHF 710.3 million (31 December 2016: CHF 688.7 million).
In 2017 total assets yielded a return of 7.16% (2016: 3.98%). This is a very respectable result compared to the returns posted by other institutional Swiss investors. Equity investments in particular generated high returns in 2017. The Swiss bond market and global government bonds (hedged) showed low to slightly negative returns, while global corporate bonds and investments in real estate generated positive returns. Income from investments ended the year at CHF 46.97 million (2016: CHF 26.15 million).
In December 2017 the Board of Trustees decided to lower the technical interest rate from 2% to 1.75%. Despite the associated increase in provisions, the funding ratio at 31.12.2017 showed an encouraging improvement to end the year at 109.1% (31.12.1016: 104.7%.)
The fluctuation reserve increased by CHF 28 million to CHF 58.72 million as at 31.12.2017. The target figure for the fluctuation reserve is CHF 145.7 million.
Number of members
At 31.12.2017 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,273 (31.12.2016: 1,271). Breakdown by company:
– Feldschlösschen Getränke AG – 447
– Feldschlösschen Supply Company AG – 695
– Carlsberg Supply Company AG – 130
– Carlsberg Mobility Programme – 1
At 31.12.2017 the number of pensioners drawing benefits amounted to 1,520 (31.12.2016: 1,562).
Further information on the year-end financial statements can be found in the Annual Report, which will be published in May.
Information on the Board of Trustees Meeting held on 6 December 2017
The Board of Trustees has passed the following resolutions:
Interest on retirement savings
In accordance with the Federal Council’s decision, as of 1 January 2018 the minimum BVG interest rate will remain unchanged at 1%.
By law, the minimum interest rate is set based on the trend in yields on government bonds as well as on the trend in shares, loans and real estate. Shares and real estate are performing strongly, hence there is no need to reduce the minimum interest rate. Nor is there any need for an increase while interest rates remain very low. With conditions remaining stable, there is therefore no pressing need to adjust the minimum interest rate. Consequently the Federal Council has decided not to review the interest rate this year and will review it again next year.
In view of the pension fund’s current financial situation, the Board of Trustees has made the following decisions concerning interest on retirement savings:
- In 2017 retirement savings will be subject to an interest rate of 1%. The Board therefore abides by its decision of December 2016.
- In 2018, the minimum interest rate of 1% will be applied to retirement savings.
Adjustment of the technical interest rate
The Board of Trustees has decided to reduce the technical interest rate (actuarial value used to calculate the expected long-term earnings from pensioners’ actuarial reserves) from 2% to 1.75%. This interest rate is applicable as from the financial statements for the year ending 31 December 2017. This measure will have a positive impact on earnings and improve the pension fund’s financial situation and stability On the other hand, it will increase the actuarial reserves of pensioners, which in the short term will result in a lower funding ratio.
Interim results as at 31 October 2017 – further improvement
The interim results as at 31 October 2017 show a further improvement versus the half-year results.
As at 31 October 2017, pension assets amount to CHF 710.6 million (31.12.2016: CHF 688.8 million).
Thanks to the highly positive trend on equity markets, total assets have generated a yield of 6.59% since the beginning of the year.
At 110.34% on 31 October 2017, the funding ratio has improved further since the last interim results (30 June 2017: 107.33%) and since the year-end results at 31 December 2016 (104.7%).
The fluctuation reserve at 31 October 2017 amounted to CHF 66.18 million (31 December 2016: CHF 30.65 million). The target figure is CHF 148 million.
Number of members
At 31 October 2017 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1272 (31 December 2016: 1271). Breakdown by company:
– Feldschlösschen Getränke AG – 450
– Feldschlösschen Supply Company AG – 690
– Carlsberg Supply Company AG – 131
– Carlsberg Mobility Programme – 1
At 31 October 2017 the number of pensioners drawing benefits amounted to 1536 (31 October 2016: 1562).
Changes in the pension fund management
Isabelle Anner is leaving the Pensionskasse to devote herself to motherhood. Over the past 4-5 years Isabelle Anner has worked tirelessly for employees and pensioners, during which time projects such as the change to electronic archiving and the Pensionskasse home page came to fruition.
The years I have spent as an administrative assistant at the Pensionskasse have been highly instructive and interesting, and I particularly appreciated the direct and open contact I enjoyed with employees and pensioners.
I wish my successor, Mina Sanfilippo. satisfaction and enjoyment in her new position and wish the entire Pensionskasse team all the best and every success in the future.
In Mina Sanfilippo we have been able to find an equally motivated and qualified successor. Having worked for many years in the administration section of another pension fund, Mina brings a great deal of experience to her new position.
I look forward to the new challenge and will do my utmost to ensure that the pension fund continues to be run as smoothly as it has to date. Advising pension fund members and pensioners and answering their queries is my most important priority.
I look forward to welcoming Mina to the small team at the Pensionskasse, and wish Isabelle and her family all the best for the future.
Susanne Baumberger
Head of Personalvorsorgestiftung
Staff Pension Plan posts encouraging half-year results
Swiss pension funds achieved a positive return on investment of 3.7 percent in the first half-year
Since the beginning of the year, returns on investments in equity and real estate in particular have been very positive. While the Swiss bond market and global government bonds yielded slightly negative returns, global corporate bonds and emerging market bonds performed positively.
In the second quarter of 2017 the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe achieved a positive yield of 1.07% on total assets. The return on total assets for the first half-year was 3.25%: an encouraging result.
As at 30 June 2017, pension assets amount to CHF 693.3 million (31.12.2016 CHF 688.7 million).
The funding ratio at 30.6.2017 amounted to 107.33%, representing a further improvement versus the first-quarter results at 31.3.2017 (106.82%) and the year-end figure at 31.12.2016 (104.7%).
The fluctuation reserve at 30.6.2017 amounted to CHF 47.14 million (31.12.2016: CHF 30.65 million). The target figure is CHF 148 million.
Number of members
At 30.6.2017 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,252 (31.12.2016: 1,271).
Breakdown by company:
– Feldschlösschen Getränke AG – 437
– Feldschlösschen Supply Company AG – 682
– Carlsberg Supply Company AG – 132
– Carlsberg Mobility Programme – 1
At 30.6.2017 the number of pensioners drawing benefits amounted to 1,544 (31.12.2016: 1,562).
Amendment to regulations
The law on the distribution of benefits in the event of divorce was revised and came into force on 1 January 2017 together with the effects of the UVG revision on occupational pension plans. This change in the law necessitated an amendment to the Pension Fund Regulations.
With this in mind, the Board of Trustees decided to reduce the notification period for capital withdrawal (withdrawal of capital lump sum instead of retirement pension) from 2 years to 6 months.
The Board of Trustees voted in favour of the revised regulation at its meeting on 11 May 2017. The regulations, retroactive to 1 January 2017, are available online.
Positive first-quarter statements at 31.3.2017
Good start to the 2017 investment year
Investments in equity and real estate have performed positively since the start of the year. In the first quarter of 2017, the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe achieved a positive return of 2.16%.
As at 31 March 2017, pension assets amount to CHF 692.8 million (31.12.2016 CHF 688.7 million).
The funding ratio at 31 March 2017 amounts to 106.8%, representing an improvement over the year-end figure of 104.7% recorded on 31 December 2016.
The fluctuation reserve was increased by the income surplus of CHF 13.3 million, ending the first quarter of 2017 at CHF 43.9 million (31.12.2016: CHF 30.6 million). The target figure for the fluctuation reserve is CHF 149 million.
Number of members
At 31.3.2017 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,267 (31.12.2016: 1,271). Breakdown by company:
– Feldschlösschen Getränke AG – 442
– Feldschlösschen Supply Company AG – 691
– Carlsberg Supply Company AG – 134
– Carlsberg Mobility Programme – 0
At 31.3.2017 the number of pensioners drawing benefits amounted to 1,547 (31.12.2016: 1,562).
At its meeting on 11.5.2017 the Board of Trustees approved the 2016 Annual Report: The 2016 Annual Report and Report of the Auditors are available online.
Election of Employee Representatives to the Board of Trustees – Results
The election of employee representatives to the Board of Trustees was duly completed on 24 March 2017. 1,267 voting slips were sent out and 364 votes were cast, corresponding to a turnout of 28.73%.
We therefore have pleasure in announcing the results of the election of employee representatives to the Board of Trustees. The term of office is from 1 July 2017 to 30 June 2020. The following representatives have been elected:
• “Administration” Unit – Priska Gautschi, current representative
• “Customer Supply Chain” Unit – Daniel Berger, new
• “Production” Unit – Marcel Kiesewetter, new
• “Sales” Unit – Ulrich Reinhard, current representative
We congratulate the new members on their election and wish them every success and satifaction in their new capacity.
We thank the other candidates for their willingness to put themselves forward for election as employee representatives on the Board of Trustees. The next ordinary election of employee representatives to the Board of Trustees will be held at the beginning of 2020.
Information on the financial statements for the year ending
31 December 2016
Ernst & Young AG has audited the pension fund’s financial statements for the year ending 31 December.
We have pleasure in informing you of the results:
At 31 December 2016, pension assets amounted to CHF 688.7 million (31 December 2015: CHF 685.8 million).
In 2016 total assets yielded a return of 3.98% (2015: 1.8%). This is a slightly above-average return on assets compared to other institutional Swiss investors. Foreign equities contributed the best performance. Income from investments ended the year at CHF 26.1 million (2015: CHF 12 million).
The funding ratio at 31.12.2016 stood at 104.7% (31.12.2015: 106.03%). In December 2016 the Board of Trustees decided to lower the technical interest rate from 2.25% to 2%. In another change, the new BVG 2015 mortality tables were applied instead of the BVG 2010 tables which have been used to date. Both these actuarial adjustments are the reason behind the lower funding ratio.
CHF 8.1 million had to be taken from the fluctuation reserve, which consequently amounted to CHF 30.6 million on 31 December 2016. The target figure for the fluctuation reserve is CHF 150.8 million.
Number of members
At 31.12.2016 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,271 (31.12.2015: 1,345). Breakdown by company:
– Feldschlösschen Getränke AG – 452
– Feldschlösschen Supply Company AG – 687
– Carlsberg Supply Company AG – 129
– Carlsberg Mobility Programme – 3
At 31.12.2016 the number of pensioners drawing benefits amounted to 1,562 (31.12.2015: 1,586).
Further information on the year-end financial statements can be found in the Annual Report, which will be published in May.
Advance Notice: Election of Employee Representatives to the Board of Trustees
The statutory term of office for members of the Board of Trustees is three years. As the term of office of current employee representatives on the Board of Trustees expires on 30 June 2017, 4 employee representatives must be elected to the Board at the beginning of 2017.
We will provide more information when we send out the pension statements at the end of January 2017.
Information on the Board of Trustees Meeting held on 1 December 2016
The Board of Trustees has passed the following resolutions:
Interest on retirement savings
Effective 1 January 2017, the Federal Council has decided to reduce the BVG minimum interest rate from 1.25% to 1%.
By law, the minimum interest rate is set based on the trend in yields on government bonds as well as on the trend in shares, loans and real estate. Due to low interest rates and insufficient growth on equity markets, the Federal Council has decided to reduce the rate.
In view of the pension fund’s current financial situation, the Board of Trustees has made the following decisions concerning interest on retirement savings:
• In 2016 retirement savings will be subject to an interest rate of 1.25%. The Board therefore abides by its decision of December 2015.
• In 2017, the minimum interest rate of 1% will be applied to retirement savings.
Adjustment of the technical interest rate
The Board of Trustees has decided to reduce the technical interest rate (actuarial value used to calculate the expected long-term earnings from pensioners’ actuarial reserves) from 2.25% to 2%. This interest rate is applicable as from the financial statements for the year ending 31 December 2016. This measure will have a positive impact on earnings and improve the pension fund’s financial situation and stability On the other hand, it will increase the actuarial reserves of pensioners, which in the short term will result in a lower funding ratio.
Encouraging interim results as at 31 October 2016 – slight improvement
The interim results as at 31 October 2016 showed a further improvement over the half-year results.
As at 31 October 2016, pension assets amount to CHF 686.7 million (31.12.2015: CHF 685.8 million).
Since the beginning of the year, a return of 2.96% has been achieved on total assets.
The funding ratio at 31 October 2016 increased to 106.09%, which is on a par with the year-end ratio reported in the last annual results (31.12.2015: 106.03%).
The fluctuation reserve as at 31 October 2016 increased by CHF 1.2 million to CHF 39.1 million (31.12.2015: CHF 38.7 million). The target figure for the fluctuation reserve of the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe is CHF 152.4 million.
Number of members
At 31.10.2016 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1296 (31.12.2015: 1345). Breakdown by company:
– Feldschlösschen Getränke AG – 461
– Feldschlösschen Supply Company AG – 698
– Carlsberg Supply Company AG – 134
– Carlsberg Mobility Programme – 3
At 31.10.2016 the number of pensioners drawing benefits amounted to 1560 (31.12.2015: 1586).
Staff Pension Plan posts encouraging half-year results
Swiss pension funds generated a positive yield of close to 1.2 percent in the first half-year.
Despite the unease triggered on financial markets in the wake of the UK referendum (Brexit), most asset categories yielded positive returns. Thanks to the upward trend on equity markets in April and May, share investments ended the second quarter on a positive note despite the drop experienced in June.
In the second quarter of 2016 the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe achieved a positive return of 1.59% on total assets. Overall, the return on total assets for the first half-year was 1.69%. This is a very good result compared to other pension funds.
At CHF 685.6 million, plan assets at 30.6.2016 were CHF 6.2 million higher than the last interim result (31.3.2016: CHF 679.4 million) (31.12.2015: CHF 685.8 million).
The funding ratio at 30.6.2016 also improved slightly (31.3.2016: 104.92%), although at 105.55% the figure was lower than at year-end (31.12.2015: 106.03%).
The fluctuation reserve at 30.6.2016 amounted to CHF 35.8 million (31.12.2015: CHF 38.75 million). The target figure is CHF 153 million.
Number of members
At 30.6.2016 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,305 (31.12.2015: 1,345).
Breakdown by company:
– Feldschlösschen Getränke AG – 454
– Feldschlösschen Supply Company AG – 707
– Carlsberg Supply Company AG – 141
– Carlsberg Mobility Programme – 3
At 30.6.2016 the number of pensioners drawing benefits amounted to 1,562 (31.12.2015: 1,586).
Satisfactory interim results at 31.3.2016
Difficult start to the 2016 investment year
Swiss pension funds experienced a difficult start to the year, posting a negative yield of
-0.6% in the first three months. By contrast, in the first quarter of 2016 the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe achieved a positive yield of 0.1% on total assets.
As at 31 March 2016, pension assets amount to CHF 679.4 million (31.12.2015: CHF 685.8 million).
The funding ratio at 31.3.2016 amounts to 104.92%, corresponding to a slight drop versus the year-end figure of 106.03% posted on 31.12.2015.
The fluctuation reserve at 31.3.2016 amounted to CHF 31.7 million (31.12.2015: CHF 38.75 million). The target figure for the fluctuation reserve is CHF 152.6 million.
Number of members
At 31.3.2016 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,319 (31.12.2015: 1,345). Breakdown by company:
- Feldschlösschen Getränke AG – 461
- Feldschlösschen Supply Company AG – 715
- Carlsberg Supply Company AG – 140
- Carlsberg Mobility Programme – 3
At 31.3.2016 the number of pensioners drawing benefits amounted to 1,584 (31.12.2015: 1,586).
At its meeting on 12.5.2016 the Board of Trustees approved the 2016 Annual Report: The 2015 Annual Report and Report of the Auditors are available online.
Information on the financial statements for the year ending 31 December 2015
Ernst & Young AG has audited the pension fund’s financial statements for the year ending 31 December.
We have pleasure in informing you of the results:
At 31 December 2015, pension assets amounted to CHF 685.8 million (31 December 2014: CHF 690.6 million).
In 2015 total assets yielded a return of 1.8% (2014: 6.84): This is a slightly above-average return on assets compared to other institutional Swiss investors. Income from investments ended the year at CHF 12 million (2014: CHF 43.3 million).
At 31 December 2015 the funding ratio amounted to 106.03% (31.12.2014: 107.2%). This favourable funding ratio was primarily attributable to the reduction in the technical interest rate. In December 2015 the Board of Trustees decided to lower the technical interest rate from 2.5% to 2.25%.
CHF 7.6 million had to be taken from the fluctuation reserve, which consequently amounted to CHF 38.75 million on 31 December 2015. The target figure for the fluctuation reserve is CHF 152.2 million.
Number of members
At 31.12.2015 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1,345 (31.12.2014: 1,372). Breakdown by company:
- Feldschlösschen Getränke AG 464
- Feldschlösschen Supply Company AG 728
- Carlsberg Supply Company AG 150
- Carlsberg Mobility Programme 3
At 31.10.2015 the number of pensioners drawing benefits amounted to 1,586 (31.12.2014: 1,627).
Further information on the year-end financial statements can be found in the Annual Report, which will be published in May.
Information on the Board of Trustees Meeting held on 4 December 2015
The Board of Trustees has passed the following resolutions:
Interest on retirement savings
Effective 1 January 2016, the Federal Council has decided to reduce the BVG minimum interest rate from 1.75% to 1.25%. The main determinants for the minimum rate are developments in the return on government bonds as well as the trend in equity markets, loans and property.
In view of the pension fund’s current financial situation, the Board of Trustees has made the following decisions concerning interest on retirement savings:
• In 2015 retirement savings will be subject to an interest rate of 1.75%. The Board therefore abides by its decision of November 2014.
• In 2016, the minimum interest rate of 1.25% will be applied to retirement savings.
Adjustment of the technical interest rate
The Board of Trustees has decided to reduce the technical interest rate (actuarial value used to calculate the expected long-term earnings from pensioners’ actuarial reserves) from 2.5% to 2.25%. This interest rate is applicable as from the financial statements for the year ending 31 December 2015. This measure will have a positive impact on earnings and improve the pension fund’s financial situation and stability On the other hand, it will increase the actuarial reserves of pensioners, which in the short term will result in a lower funding ratio.
Encouraging interim results as at 31 October 2015
The interim results as at 31 October 2015 have slightly improved since the half-year results.
As at 31 October 2015, pension assets amount to CHF 693.2 million (31.12.2014: CHF 690.6 million).
Since the beginning of the year, a return of 2.34% has been achieved on total assets.
As at 31 October 2015, the funding ratio has further improved to 108.75% (31.12.2014: 107.2%).
The fluctuation reserve as at 31 October 2015 increased by CHF 9 million to CHF 55.4 million (31.12.2014: CHF 46.3 million). The target figure for the fluctuation reserve of the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe is CHF 158.5 million.
Number of members
At 31.10.2015 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1362 (31.12.2014: 1372). Breakdown by company:
– Feldschlösschen Getränke AG 473
– Feldschlösschen Supply Company AG 728
– Carlsberg Supply Company AG 158
– Carlsberg Mobility Programme 3
At 31.10.2015 the number of pensioners drawing benefits amounted to 1,595 (31.12.2014: 1,627).
Staff Pension Plan posts gratifying half-year results
The positive trend experienced at the beginning of the year was somewhat weaker by 30 June 2015.
Plan assets at 30.6.2015 amounted to CHF 693.2 million, corresponding to a reduction of CHF 6.3 million versus the first quarter figure of CHF 699.5 million recorded as at 31.3.2015 (31.12.2014: CHF 690.6 million).
In the second quarter, the return on total assets was negative at – 0.67%. Overall, the return on total assets for the first half-year was 1.38%.
At 30.6 2015 the funding ratio stood at 108.02%. While this also corresponds to a slight reduction versus the funding ratio of 109.6% recorded as at 31.3.2015, the funding ratio has improved compared with the year-end figure of 107.2% posted on 31.12.2014.
The target figure for the fluctuation reserve of the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe is CHF 159.5 million. As at 30.6.2015, the fluctuation reserve had increased by CHF 4.8 million to CHF 51.1 million. (31.12.2014: CHF 46.3 million).
Number of members
At 30.6.2015 the number of active employees insured under the Personalvorsorgestiftung der Feldschlösschen-Getränkegruppe stood at 1370 (31.12.14: 1372).
Breakdown by company:
- Feldschlösschen Getränke AG 473
- Feldschlösschen Supply Company AG 725
- Carlsberg Supply Company AG 168
- Carlsberg Mobility Programme 4
At 30.6.2015 the number of pensioners drawing benefits amounted to 1613 (31.12.2014: 1627).