Statement on the takeover of Credit Suisse by UBS

The Pension Fund of Credit Suisse Group (Switzerland) is a legally independent foundation with its own organization and accounting. With 65 employees and assets under management of over CHF 17 billion, it is one of the largest Swiss pension funds. We insure over 17,000 employees of Credit Suisse and its subsidiaries and pay benefits to over 10,000 pensioners. In addition, we also manage Pension Fund 2 and the Hardship Fund of Credit Suisse Group (Switzerland).

The pension fund is in a very robust financial position. With a coverage ratio of almost 130% and fully accumulated fluctuation reserves, we have free funds and an unrestricted risk capacity. This is also reflected by the high interest rate on retirement assets of 6.5% in 2021 and 5% in 2022.

The acquisition of Credit Suisse by UBS has no direct impact on the independent, operational business activities of the pension fund. We are there for our insured if they have any questions about their pension provision and are pressing ahead with our projects to provide them with the best possible pension protection.

The benefit entitlements shown in the insurance certificate as well as the current pensions are not at risk in any way.

Investments with Credit Suisse

The pension fund is required by law to limit investments with the employer to a maximum of 5%. The proportion of investments with counterparty Credit Suisse was significantly below the legal requirements in the past and thus also before the announcement of the takeover of CS by UBS. No significant capital losses have arisen for the pension fund from investments with Credit Suisse as a result of the developments in recent days.

The information published here is based on the current state of knowledge. If changes to our pension model or the general benefits of the pension fund become apparent in the future, we will inform you immediately.