| 2011 | 2012 | ||
|---|---|---|---|
| CHF thousands | |||
| Development of obligations and assets | |||
| Present value of benefit obligation at 1 January | 179,161 | 191,211 | |
| Service costs | 7,981 | 8,758 | |
| Past service costs | 2,061 | - | |
| Interest expense | 4,874 | 4,704 | |
| Plan reduction / plan payment | -2,158 | - | |
| Benefits paid | -8,405 | -3,374 | |
| Actuarial gains / losses | 7,753 | 4,734 | |
| Currency gains/losses | -56 | -14 | |
| Present value of benefit obligation at 31 December | 191,211 | 206,019 | |
| Fair value of plan assets at 1 January | 146,543 | 139,978 | |
| Expected return on plan assets | 5,806 | 5,308 | |
| Employer's contributions | 3,567 | 4,062 | |
| Employees' contributions | 2,038 | 2,487 | |
| Plan reduction / plan payment | - | - | |
| Benefits paid | -8,405 | -3,374 | |
| Actuarial gains / losses | -9,571 | 10,915 | |
| Fair value of plan assets at 31 December | 139,978 | 159,376 | |
| Recognised pension liabilities | |||
| Fair value of plan assets | 139,978 | 159,376 | |
| Present value of benefit obligation excluding plan assets | -188,805 | -203,039 | |
| Shortfall/surplus | -48,827 | -43,663 | |
| Present value of benefit obligation excluding plan assets | -2,406 | -2,980 | |
| Unrecognised past service costs | 1,889 | 1,202 | |
| Unrecognised actuarial gains/losses | 41,704 | 33,995 | |
| Recognised pension liabilities | -7,640 | -11,446 | |
| Pension expense recognised under personnel expenses | |||
| Service costs | 7,981 | 8,758 | |
| Interest expenses | 4,874 | 4,704 | |
| Expected return on plan assets | -5,806 | -5,308 | |
| Recognised actuarial gains/losses (outside the corridor) | 473 | 1,527 | |
| Recognised past service costs | 172 | 687 | |
| Plan reduction / plan payment gain (loss) | -2,158 | - | |
| Employees' contributions | -2,038 | -2,487 | |
| Pension costs for the period | 3,498 | 7,881 | |
| Change in defined benefit pension obligation | 2011 | 2012 | |
| At 1 January | -7,759 | -7,640 | |
| Translation differences from foreign plans | 50 | 13 | |
| Net pension costs for the period | -3,498 | -7,881 | |
| Employer's contributions paid | 3,567 | 4,062 | |
| Recognised plan liabilities at 31 December | -7,640 | -11,446 | |
| Effective return on plan assets | -2.63% | 10.84% | |
| Effective income from plan assets | -3,765 | 16,223 | |
| Calculation principles: | |||
| Discount rate | 2.35% | 1.85% | |
| Expected return on plan assets | 3.75% | 3.25% | |
| Expected rate of increase in future compensation levels | 2.00% | 1.50% | |
| Expected rate of increase in future pension contribution | 0.25% | 0.00% | |
| Breakdown of assets, other information | |||
| Cash | 1.60% | 2.30% | |
| Bonds | 30.00% | 28.90% | |
| Equities | 39.50% | 39.20% | |
| Property | 18.80% | 19.30% | |
| Other | 10.10% | 10.30% | |
| Total | 100.00% | 100.00% | |
The most important demographic assumptions concern the mortality rate. Mortality rates are applied which take into account the historic trend and expected changes such as increasing life expectancy. The mortality tables used for the largest Group staff pension fund, which covers all employees in Switzerland, are based on the technical principles of the 2010 Federal Law on Occupational Pensions for Old Age, Survivors and Disability (BVG) using the period tables of the BVG 2012 (P 2011).
Disclosures of current and prior periods:
| 31.12.2008 | 31.12.2009 | 31.12.2010 | 31.12.2011 | 31.12.2012 | |
|---|---|---|---|---|---|
| Present value of pension obligation | 166,871 | 167,106 | 179,161 | 191,211 | 206,019 |
| Fair value of plan assets | 147,083 | 143,929 | 146,543 | 139,978 | 159,376 |
| Plan surplus/deficit | -19,788 | -23,177 | -32,618 | -51,233 | -46,643 |
| Experience adjustments | |||||
| of pension obligation | 1,902 | -2,304 | 3,844 | 496 | -480 |
| of plan assets | -29 564 | -6,700 | 2,582 | -9,571 | 10,915 |
| Adjustment to pension fund obligation based on changed assumptions | -3,727 | - | 10,859 | 7,257 | 5,214 |
Employer contributions for 2013 are estimated at TCHF 3,997 (previous year: TCHF 3,820).