ipeDie Fachzeitschrift IPE hat in ihrer Ausgabe Mai 2017 eine Reihe von sehr lesenswerten Beiträgen der schweizerischen beruflichen Vorsorge gewidmet.

Barbara Ottawa beschäftigt sich mit der AV2020 und bringt dazu diverse Stimmen:

“I think it is very likely the draft will be rejected, given the complexity of the issue and the necessary efforts to reconcile all the different interests related to it,” says Peter Zanella, director at Willis Towers Watson Switzerland.  

Willi Thurnherr, managing director at Aon Hewitt Switzerland, disagrees: “There is a good chance that people will approve the reform as a whole package.”

Heinz Rothacher, managing director at Swiss Complementa, is optimistic: “I think on 24 September the reform will be given the go-ahead, but only by a narrow margin. Because, by now, everyone – including parties, associations and unions – has realised that action is urgently needed.”

“Getting rid of the Koordinationsabzug would have cleaned up the currently too-technical BVG-system. This might also have led to a better understanding by the public. But the new formula with its varying discounts according to income makes the calculations extremely complex,” noted Peter Wirth Vorsorgeforum) in his commentary on the parliamentary decision. And he asked: “Is all that worth it for a drop in the conversion rate from 6.8% to 6%?”

Carlo Moreolo stellt die PK von Lombard Odier vor. Er schreibt:

The Lombard Odier Pension Fund is probably one of the oldest private pension schemes in Europe. A pension scheme for the private bank’s employees was set up in 1910, according to the bank. Today, the €1.3bn defined benefit (DB) fund aspires to be at the cutting edge of institutional investment. It is run by means of a risk-based, multi-asset strategy that presents an alternative to both risk-premia approaches and traditional multi-asset approaches.

“Asset Allocation: When diversification fails” ist ein weiterer Beitrag von Ottawa überschriebe. Dazu heisst es:

The liability side has been the focus of many Pensionskassen for some time now. “Practically all adjustments to technical parameters made by larger Pensionskassen over recent years can be explained by the low interest-rate environment,” says Willi Thurnherr, managing director at Aon Hewitt Switzerland. Some were made necessary by increasing longevity, but the low interest-rate environment is more important, he adds. 

Stephan Wyss, partner at Prevanto, agrees: “There is no way around amendments to the liabilities – and many Pensionskassen have already done this unpleasant duty, while others only just started negotiating them”.

In Switzerland, the discount rate applied by companies under the IAS19 rules on employee benefits fell to its all-time low of 0.4% at the end of 2016. 

Roland Schnurrenberger (PKE) says Swiss pension funds need higher interest rates: “What I would really like to see is for interest rates to suddenly jump up to 4% or 5%. Over the short term this would be very painful but it would only need a bit of nerve to get through this phase and then all Pensionskassen could recover.”

“What Pensionskassen have realised is that diversification is not working as expected. Alternative investments do correlate, especially in times of crisis. Therefore, simply adding more asset classes is not the solution in the current environment. And, in fact, few Pensionskassen speak of further diversification for diversification sake. They are adding new asset classes in the hope for better returns,” explains Wyss.

Weitere Beiträge behandeln Good Governance und die kant. Kasse Ticino.

    Artikel Ottawa AV2020  / PK Lombard Odier / Asset Allocation