Funded status and actuarial situation
Actuarial situation
| In millions of CHF | 31.12.2024 | 31.12.2023 |
|---|---|---|
| Total assets | 8'248.3 | 7'755.3 |
| - Liabilities, accrued liabilities and deferred income, other | -45.0 | -74.4 |
| - Employer contribution reserves | -71.7 | -53.1 |
| Available assets | 8'131.6 | 7'627.8 |
| Pension liabilities | ||
| - Active members | 2'844.7 | 2'728.2 |
| - Pensioners | 3'891.1 | 3'935.1 |
| Actuarial provisions | ||
| - Provision for longevity | 46.7 | 31.5 |
| - Provision for death and disability risks | 27.3 | 29.9 |
| - Provision for future reduction in the discount rate | 0.0 | 0.0 |
| Total liabilities | 6'809.8 | 6'724.7 |
| Technical surplus / deficit | ||
| - of which investment fluctuation reserve | 1'321.9 | 903.1 |
| - in % of liabilities | 19.4% | 13.4% |
| - of which non-committed funds / deficit | 0.0 | 0.0 |
| - in % of liabilities | 0.0% | 0.0% |
| Funded status under the OPP2 / BVV2 | 119.4% | 113.4% |
Available assets
The available assets used to calculate funded status are obtained by subtracting debts, accrued liabilities and deferred income, and the employer contribution reserves, from total assets.
Liabilities
The Fund’s liabilities are made up of:
- pension liabilities of active members, which correspond to the sum of their retirement savings accounts ;
- pension liabilities of pensioners, which correspond to the total mathematical reserves required to guarantee payment of pensions in payment. Since 31 December 2021, they have been calculated using the 2020 LPP/BVG actuarial tables and a discount rate of 2%;
- the provision for longevity, which is intended to cover probable costs related to the increased life expectancy of pensioners that arise when new actuarial tables are introduced. This provision amounted to CHF 46.7 million on 31 December 2024, or 1.2% of pension liabilities;
- the provision for death and disability risks, which is intended to smooth fluctuations between the actual cost of death and disability claims recorded during the reporting year and their expected average cost. This provision stood at CHF 27.2 million on 31 December 2024;
Provisions are set aside in accordance with the regulations on actuarial provisions and investment fluctuation reserves.
Funded status
As at 31 December 2024, the funded status was 119.4%, up from 113.4% as at 31 December 2023. It corresponds to the ratio between available pension assets and pension liabilities. The latter consist of active members’ and pensioners’ liabilities, and actuarial provisions.
Investment fluctuation reserve
The investment fluctuation reserve is intended to smooth fluctuations in investment performance. As at 31 December 2024 it stood at CHF 1,321.9 million, which represents 19.4% of total liabilities as opposed to 13.4% as at 31 December 2023. This is marginally lower than the target value of 20% of liabilities.
Non-committed funds
As the investment fluctuation reserve did not reach its target value as at 31 December 2024, the Fund had no non-committed funds at that date.