WELCOME. to the Swissport Company Pension Scheme (PVS) insurees information event. Friday 1 June :00

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1 WELCOME to the Swissport Company Pension Scheme (PVS) insurees information event Friday 1 June :00 1

2 Agenda Organization 2011 annual accounts and financial statements Performance and funding ratio as of 30 April 2012 Conversion factors from 2013 onwards Pension scheme health check Insurees and beneficiaries contact persons Outlook Your questions 2

3 Organization Supervisory authority BVG- und Stiftungsaufsicht des Kantons Zürich (BVS) Statutory auditors Accredited pension actuary KPMG AG, Zurich Roland Guggenheim, Mercer SA, Zurich Board of Trustees Margrit Coimbra Employees representative (* = Investments Committee) Philippe Crippa Employees representative, Deputy President Sonja Eckerlin* Employees representative Peter Graf Employer s representative, President Cordula Hofmann Employer s representative Eva-Maria Kerner* Employer s representative Management Markus Staudenmaier Managing Director, PFS Reymond Früh Claudia Sommer and Markus Bleisch Head of Accounting, PFS Customer Advisors, PFS 3

Affiliated operations and working insuree numbers Breakdown for Zurich Numbers at 31.12.

4 Affiliated operations and working insuree numbers Breakdown for Zurich Numbers at Joined Left Retired Declared disabled Deceased Numbers at SP Int l SP Zürich 1, ,679 SP Baggage Sorting Swissport Group Services Careport Unitpool

5 Age profile of working insurees 80 Men Women Age profile of working insurees Number Age The average age of working insurees is 40.9 years (prior year: 40.9). 5

6 Pension recipients Pension type Women Men Total Actuarial capital Old-age pensions ,594,661 Disability pensions ,342,204 Survivor's pensions ,897,435 Child's pensions ,993 Total ,823,293 6

7 Trends in pension recipient numbers Total 345 7

8 2011 financial statements: balance sheet Assets 636,463, ,523,721 Investments 629,917, ,541,948 Prepaid expenses and accrued income 6,545,851 5,981,773 Liabilities 636,463, ,523,721 Obligations 4,476,460 2,727,013 Accrued expenses and deferred income 324, ,667 Actuarial capital and technical provisions 615,916, ,402,681 Fluctuation reserve 15,745,459 30,096,360 Total actuarial capital for working insurees at ,223, ,528,902 of which BVG old-age savings 164,368, ,168,281 8

9 Asset allocation New strategic asset allocation (SAA) implemented. Bonds: new category of World bonds (replacing USD bonds ). Decline in mortgages, owing primarily to durations. Real estate: follow-up purchase of Turidomus Casareal. 9

10 Performance in 2011 Performance by asset category Liquidity -1.1% 0.2% 1.8% -1.4% 2.2% 1.5% 0.5% 0.8% CHF bonds 6.0% 3.6% 5.7% 5.4% 0.0% 0.2% 2.2% 2.6% EUR bonds 2.5% -13.5% 2.6% -2.1% 4.4% 2.8% 4.0% n.a. USD/world bonds 13.9% -4.4% -3.5% 9.0% 5.6% n.a. n.a. n.a. Mortgage loans 2.4% 2.6% 2.6% 2.9% 3.0% 2.8% 2.9% 3.0% Real estate 8.6% 7.4% 5.0% 3.9% 5.7% 4.7% 3.6% 4.0% Equities Switzerland -8.7% 1.5% 21.6% -34.4% 1.7% 17.8% 35.7% 5.2% Equities rest of Europe -10.8% -6.8% 31.3% -49.7% 6.2% 24.5% 25.6% 11.3% Equities North America 0.8% 4.5% 25.5% -41.5% -0.1% 6.9% 23.1% 1.4% Equities Pacific -13.4% 4.5% 20.4% -40.1% -2.6% 4.0% 43.7% 7.6% Equities sustainable -10.6% -7.7% 1.1% n.a. n.a. n.a. n.a. n.a. Equities emerging markets -22.0% 9.9% 70.2% -57.5% 26.9% 26.7% 17.6% n.a. Hedge funds 0.0% 0.0% 14.3% -20.4% 3.9% 3.6% 2.0% 1.8% Commodities 2.5% 2.5% 74.6% -63.2% 22.2% n.a. n.a. n.a. USD currency hedges -2.2% 8.9% 1.1% -0.1% n.a. n.a. n.a. n.a. EUR currency hedges 1.0% 6.4% n.a. n.a. n.a. n.a. n.a. n.a. Overall performance 0.9% 1.5% 11.0% -15.3% 5.4% 7.0% 11.7% 3.4% 10

11 2011 financial statements: capital flow Net capital flow from insurance activities CHF million Contributions and deposits Statutory benefits Joining deposits Leaving payments Net capital flow Contributions and deposits substantially higher than statutory benefits paid. Positive net capital flow. 11

12 Funding ratio as per BVV2 Article 44 Funding ratio as per BVV2 Article 44 At CHF At CHF Total assets at fair values 636,463, ,523,721 - less obligations - 4,476,460-2,727,013 - less accruals and deferred income - 324, ,667 Assets available in CHF 631,661, ,499,041 Savings capital of working insurees 453,223, ,528,902 Actuarial capital for pension recipients 147,823, ,524,307 Technical provisions 14,869,800 24,349,472 Capital required in CHF 615,916, ,402,681 Actuarial surplus as per BVV Article 44, Paragraph 1 (= assets available minus capital required) in CHF Funding ratio as per BVV Article 44, Paragraph 1 (= assets available x 100 divided by capital required) 15,745,459 30,096, % 105.1% 12

13 Annual interest paid and income from investments Year Minimum interest Interest paid by Interest paid by Funding Income by law on PVS on PVS on ratio from BVG savings BVG savings non-bvg savings at investments % 2.25% % 3.4% % 2.50% 2.50% 111.1% 11.7% % 3.25% 3.25% 114.5% 7.0% % 3.25% 3.25% 117.4% 5.4% % 2.75% 2.75% 96.6% % % 2.00% 2.00% 106.5% 11.0% % 2.00% 2.00% 105.1% 1.5% % 2.00% 2.00% 102.6% 0.9% Average 2.31% 2.50% 2.22% 107.0% 3.2% You will find the proportions of your savings regarded as BVG savings and non-bvg savings on your benefits statement. 13

14 Asset administration costs Asset administration costs Change Global custodian costs 19,872 22,703-2,831 Investment advisory costs 65,476 67,567-2,091 Management/bank fees for indirect investments 289, , ,162 Stamp duties 5,120 29,933-24,813 Mortgage management fees 30,052 32,689-2,637 Total asset administration costs 409, , ,534 Investment advisory costs - PFS investment reporting: CHF 25,920 - PensionTools investment advice and strategy seminar: CHF 36,000 - Indexpool: CHF 2,560. Separately-levied fees Credit Suisse: CHF 130,984 / State Street: CHF 108,210 / Sarasin: CHF 40,916. Hidden costs of CHF 1,221,897 shown for the first time in the annual financial statements (Pages 42/43). Overall asset administration costs for 2011 of CHF 1,631,676, or 0.26% of the total assets of CHF million on the balance sheet date. 14

15 General administrative expenses General administrative expenses Change Auditors' fees 47,542 47, Accredited pension actuary's fees 40,465 40, Board of Trustees' compensation/expenses/training 71,919 71, PFS AG administrative expenses 812, ,065-7,590 Supervisory fees 4,100 3,000 1,100 Translation and printing expenses 49,381 49, Other 14,565 7,252 7,313 Total general administrative expenses 1,040,447 1,038,022 2,425 Total insurees as of ,642 3, Administrative expenses per insuree

16 Performance (ytd) and funding ratio as of Total performance ytd 3.87% Nominal values 1.05% Liquidity 0.07% CHF bonds 1.03% EUR bonds 2.24% World bonds 0.85% Mortgage loans 0.70% Equities 7.82% Equities Switzerland 7.58% Equities rest of Europe 4.93% Equities North America 9.52% Equities Pacific 6.50% Equities sustainable 7.43% Equities emerging markets 9.84% Non-traditional investments 11.77% Commodities 11.77% Real estate in Switzerland 1.92% Real estate in Switzerland 1.92% Estimated funding ratio % 16

17 Reminder: conversion factors from 1 January 2013 onwards (valid for retirements on or after 31 December 2012 with first pension payment in or after January 2013) Conversion factors effective 1 January 2013 Insuree s age Married or with long-time partner Single % 5.57% % 5.70% % 5.84% % 5.99% % 6.15% % 6.32% % 6.50% % 6.69% This table is based on the official BVG 2010 actuarial tables and accompanying period mortality table and an actuarial interest rate of 3.0%. The spouse s/partner s pension will amount to 70%. The annual PVS old-age pension payable is the applicable conversion factor as a percentage of the insuree s savings capital. If the age difference between the spouses or long-time partners is more than ten years, the resulting pension will be increased/reduced by 1% for every year or part-year beyond ten years. 17

18 Reminder: 2013 Regulations and their implementation The new conversion factors will apply to all retirements with a first pension payment on or after 1 January This means that the new conversion factors will apply to anyone retiring on 31 December 2012 with a first pension paid in January It also means that for anyone retiring on 30 November 2012 with a first pension payment in December 2012, the present conversion factors will continue to apply. Old-age, disability and spouses /partners pensions which are already being paid will remain unchanged. From 1 January 2013 onwards, the spouse s/partner s pension will amount to 70% of the insuree s previous old-age or disability pension (it is currently 80%). The new conversion rates will have no impact on the taking of lumpsum capital amounts on retirement instead of part or all of the corresponding lifelong pension. 18

19 Pension scheme health check Criterion Does the scheme have a funding ratio of less than 105%? Do bonds account for over 50% of the scheme s investments? At the PVS Yes: it's 102.6%. No: 29.5%. Remarks Our funding ratio at was slightly below the study benchmark. It had increased to 106% by The PVS has a widely-diversified range of investments. Is the scheme s actuarial interest rate above 3%? Does the scheme have any provisions for lowering its conversion rates? Does the actuarial capital for pension recipients exceed 50% of the balance sheet total? Do BVG retirement savings exceed 50% of the balance sheet total? Does the scheme have an annual membership turnover of more than 20%? No: it's 3%. Yes, as provisions for pension losses. No: it's 23.2%. No: they're 25.8%. Yes: 29.7%. The Board of Trustees lowered the PVS s actuarial interest rate to 3% on 10 May These provisions amount to CHF 6.7 million. Our actuarial capital for pension recipients amounts to CHF million; the balance sheet total amounts to CHF million. BVG retirement savings amount to CHF million. That the annual membership turnover is above the study benchmark of 20% is due to the nature of the industry in which our insurees are involved. 19

20 Insurees and beneficiaries contact persons PFS has redefined the areas of responsibility of its two customer advisors: Claudia Sommer is responsible for all German- and Englishspeaking insurees and beneficiaries. She can be reached on or at Markus Bleisch is responsible for all French-speaking insurees and beneficiaries. He can be reached on or at 20

21 Outlook Key focuses of the Board of Trustees for 2012: a new service agreement with PFS developing a strategy for the PVS with clear statements on: Where should the PVS be in five years? What risks is the PVS exposed to and what is its response? implementing the 2013 Regulations the investment return challenge preparing for the election of its employees representatives. 21

22 Your questions The people responsible for the PVS will be pleased to answer any questions you may have about your company pension scheme at any time. Claudia Sommer Markus Staudenmaier Peter Graf Cordula Hofmann internal extension Margrit Coimbra internal extension

23 Thank you for your attention! You will find our full 2011 accounts and financial statements and further PVS news and information online at 23

Hardship Fund of Credit Suisse Group (Switzerland) 2017 Annual Report

Hardship Fund of Credit Suisse Group (Switzerland) 2017 Annual Report Contents I Preface 3 II Balance Sheet and Operative Account 5 2.1 Balance Sheet 6 2.2 Operative Account 7 III Explanatory Notes 8 3.1