News April 2020

Measures taken in response to the coronavirus (Covid-19) situation

The restrictive measures taken by the Swiss Federal Council in connection with the dangerous coronavirus also impact the Pension Fund Swiss Re. We have decided to mobilise all our resources to support the fight against the rapid spread of the coronavirus. This has meant suspending operations at our Zurich office, and until further notice, our premises are closed to visits from insured members of the Pension Fund Swiss Re. As a precaution, all our team members are working from home until further notice. However, we are still available to assist you by phone (+41 43 285 6200) and email (Pensionskasse_SwissRe@swissre.com) during our regular office hours, and we have access to all the necessary IT systems even as we work from home. In other words, you can still count on us for prompt and informed answers to any questions you may have. Of course, pension payments are guaranteed, and banks remain open for business by order of the Federal Council.

Certain legal business requires a notarised co-signature by your spouse or registered partner if you are married or in a registered partnership. Examples include a lump-sum payment at retirement, a withdrawal for the purchase of residential property for own use or a cash payment of leaving benefits.

Please contact our team members Erwin Oetiker (erwin_oetiker@swissre.com or +41 43 285 4631) or Joanna Zeppa (joanna_zeppa@swissre.com or +41 43 285 9537) and they will work with you to find a solution.

If you have any questions, please do not hesitate to contact us.

Our best wishes to you and your family. Be safe.

 

Financial situation of the Pension Fund Swiss Re

The drastic measures worldwide to slow the spread of the coronavirus are also having an impact on the investments of the Pension Fund Swiss Re. Equity prices have seen significant corrections compared to 31 December 2019 levels, and the Pension Fund Swiss Re is not immune to the global trend. With a strategic equity weighting of 23%, the fall in equity prices has also affected the investment performance of the Pension Fund Swiss Re. The situation on the capital markets changes daily and is characterised by extreme volatility at the moment. Accordingly, the Investment Committee and the Pension Fund Board receive daily updates on the financial situation (return on investments, portfolio structure and technical funding ratio) of the Pension Fund Swiss Re, and prompt action is taken as appropriate.

As a result of an exceptionally successful 2019 investment year in which the Pension Fund Swiss Re achieved a 10.7% return, it was possible to increase the fluctuation reserve further, to 17.6%. Fluctuation reserves are used to offset market turbulence. A further factor strengthening the financial stability of the Pension Fund is the low technical interest rate of 1.50% used for calculating pension liabilities and also conversion rates.

This gives the Pension Fund Swiss Re the financial reserves necessary to offset any future equity market setbacks. Market turbulence has no bearing at all on the security of your pension. Prompt payment of your pension benefits is guaranteed at all times.