34 Pension schemes

EMPLOYER CONTRIBUTION RESERVES

The employer contribution reserve account of CHF 68 thousand recognised as of 31 December 2018 under non-current financial assets relates to SWIBI AG, which was a fully consolidated group company the prior year. Since 2019 the company has been recognised as an associate under the name of esolva ag. The utilisation and result of employer contribution reserves came to CHF 0 thousand (prior year: CHF 12 thousand).

ECONOMIC BENEFIT/ECONOMIC LIABILITY AND PENSION BENEFIT EXPENSES

 

Overfunding/ underfunding

Organisation's share of economic liability

Change on prior year

Contributions concerning the business period

Pension benefit expenses within personnel expenses

 

31.12.2019

31.12.2019

31.12.2018

2019

2019

2019

2018

CHF thousand

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension plans without overfunding/underfunding

-

-

-

-

6,558

6,558

3,620

Pension institutions with unfunded obligations

-

–3,871

–3,649

–222

234

787

759

Total

-

–3,871

–3,649

–222

6,792

7,345

4,379

In 2019 Repower AG and its employees joined the joint pension scheme of the PKE Vorsorgestiftung foundation. The previous year the pension fund for employees of Repower AG had still been organised as an independent pension scheme of the collective foundation of the PKE Vorsorgestiftung foundation.

The item “Pension institutions with unfunded obligations” relates to the obligation to pay severance pay in Italy (see Note 27). The change in the stated provision related to pension benefit expenses in the income statement comes to CHF 554 thousand at the average exchange rate.

To compensate for the future reduction in conversion rates for the occupational pensions of employees in Switzerland, Repower AG made an additional employer’s contribution of CHF 3,087 thousand in the 2019 financial year (see Note 8).