The Pension Model of the Pension Fund of Credit Suisse Group (Switzerland)

Transcription

1 The Pension Model of the Pension Fund of Credit Suisse Group (Switzerland)

2 Contents 3 Pension Model Overview Find out more about the pension plan and the maximum eligible salaries. 4 Risk Contributions and Savings Contributions Find out more about monthly employee and employer contributions and allocation to pension pots. 9 Disability Benefits Well-covered in case of sudden events Death Benefits Make use of the options available to you and provide your loved ones with the best possible coverage. 12 Retirement Benefits Plan your retirement in good time and lay the financial foundations. 14 Leaving the Pension Fund Some information on leaving the Pension Fund Glossary The most important terms explained. 16 Contact Your pensions advisor will be happy to help if you have any questions about the Pension Fund. 14 Any gender-specific terms used refer to both men and women. The term spouse includes registered partners in accordance with the Federal Act on the Registration of Partnerships for Same- Sex Couples. 2

3 Pension Model Overview Admission to the Pension Fund of Credit Suisse Group (Switzerland), hereinafter referred to as the Pension Fund, forms part of your employment contract. The pension plan consists of four pension pots, of which two are assigned to pension capital savings, and two to retirement capital savings. Pension capital savings encompass the two pension-accumulating pension pots pension capital and pension capital supplementary account (for early retirement), and retirement capital savings include the two capital-accumulating pension pots retirement capital and retirement capital supplementary account (for early retirement). Pensionable base salary 1 and pensionable Award (cash component only) Retirement capital savings Retirement capital (capital-accumulating) + Retirement capital supplementary account (capital-accumulating) = The accrued assets in the capitalaccumulating pension pots will only be paid out as a lump sum. CHF 98,700 Pension capital savings Pension capital (pension-accumulating) + Pension capital supplementary account (pension-accumulating) = The retirement pension is calculated on the basis of the accrued assets in the pensionaccumulating pension pots. CHF 0 Regular savings process Financing of early retirement Payout of accrued assets on retirement 1 The pensionable base salary insured in the Pension Fund corresponds to your fixed annual salary minus the coordination deduction. Base Salary, Award, and Base Salary Excess The base salary (up to CHF 282,000), the discretionary variable incentive award (Award), and the base salary excess (above CHF 282,000) form the basis for the insurance. The coordination deduction corresponds to one third of the annual salary, up to a maximum of CHF 28,200. CHF 789,600 CHF 282,000 CHF 507,600 Discretionary variable incentive award (Award) and base salary excess Base salary Coordination deduction CHF 28,200 Maximum pensionable Award and base salary excess: CHF 507,600 Maximum pensionable base salary: CHF 253,800 Maximum pensionable base salary, Award, and base salary excess in the Pension Fund: CHF 761,400 3

4 Risk Contributions and Savings Contributions The Pension Fund distinguishes between what it calls risk contributions and savings contributions. These contributions are used to finance your benefits in the event of retirement, disability or death. Risk Contributions All risk contributions are the responsibility of the employer. Savings Contributions You and the employer pay monthly savings contributions defined as a percentage of your pensionable salary. These contributions are credited to you individually and, together with interest, vested benefits brought into the fund and any purchases of additional benefits, form your retirement savings capital. The Pension Fund allows you to determine the amount of your savings contributions yourself. The Basic, Standard and Top contribution options include both the savings contributions for your pensionable base salary as well as those for the pensionable Award and any pensionable base salary excess. The contribution option you choose in MyHR can be adjusted to your needs by no later than December 1 for the subsequent year. When you join the Pension Fund, you will automatically be assigned to the Standard option. This contribution option will remain valid until you decide to change it, or until an insured event occurs (retirement, disability or death). 4

5 Depending on your age and your chosen contribution option, the following savings contributions will apply: Employee savings contributions Basic contribution option Standard contribution option Top contribution option Age Pensionable base salary Pensionable Award 1 Pensionable base salary Pensionable Award 1 Pensionable base salary Pensionable Award % 7.0% 7.0% 3.0% 3.0% 3.0% 3.0% 7.5% 9.0% 10.5% 10.5% 10.0% 12.0% 14.0% 14.0% 9.0% 9.0% 9.0% 9.0% 1 The same savings contributions apply to the pensionable base salary excess. The contribution option you choose (Basic, Standard, Top) will not affect the amounts contributed by the employer. Employer savings contributions Age Pensionable base salary % % % % Pensionable Award 1 5

6 Allocation of Savings Contributions If your pensionable salary together with the pensionable cash portion of your Award amounts to CHF 98,700 or less, your savings contributions and those of your employer will be allocated in full to the pension capital pension pot. No savings contributions are allocated to the pension capital supplementary account and retirement capital supplementary account pension pots. The accrued assets in these two pension pots are accumulated solely from payments made by you. Contributions for salary components exceeding CHF 98,700 will be allocated to the retirement capital pension pot. On retirement, the accrued assets will be paid out in the form of a lump sum. Allocation of Savings Contributions Based on Three Examples Example 1: 30-Year-Old Insured Base salary (annual salary): CHF 90,000 Award: CHF 5,000 Total compensation: CHF 95,000 Pensionable base salary in the Pension Fund: CHF 61,800 1 Pensionable Award in the Pension Fund: CHF 5,000 2 Total pensionable compensation in the Pension Fund: CHF 66,800 Savings contributions on pensionable base salary (Standard contribution option) Age Savings contributions on pensionable Award Employee 7.5% 9.0% Employer 10.5% 17.5% 10.5% 7.5% 13.0% 25.0% For insured whose total pensionable compensation amounts to CHF 98,700 or less, all savings contributions are allocated to the pension capital pension pot. The CHF 9,870 7 deducted from the pensionable salary and the pensionable Award is therefore credited to the pension capital pension pot. Pensionable base salary and pensionable Award (cash component only) Retirement capital (capital-accumulating) Pensionable salaries Savings contributions Pensionable Award: CHF 5, % 4 CHF CHF 98,700 CHF 66,800 CHF 61,800 Pensionable base salary: CHF 61, % 3 CHF 9,270 5 Pension capital (pension-accumulating) Calculations 1 Base salary of CHF 90,000 less a coordination deduction of CHF 28, The cash component of the Award is fully insured. No coordination deduction is applied. Awards in the form of shares, options, loans, bonds or blocked Award components are not insured. 3 For the Standard contribution option, the age-dependent savings contributions paid by the employee amount to 7.5% of the pensionable base salary, while those of the employer amount to an additional 7.5%. 4 For the Standard contribution option, both the employee s savings contributions and those of the employer each amount to 6% of the pensionable Award. 5 A pensionable base salary of CHF 61,800 x 15% 3 results in savings contributions of CHF 9, A pensionable Award of CHF 5,000 x 12% 4 results in savings contributions of CHF CHF 9, CHF

7 Example 2: 40-Year-Old Insured Base salary (gross salary): CHF 120,000 Award: CHF 15,000 Total compensation: CHF 135,000 Pensionable base salary in the Pension Fund: CHF 91,800 1 Pensionable Award in the Pension Fund: CHF 15,000 2 Total pensionable compensation in the Pension Fund: CHF 106,800 Savings contributions on pensionable base salary (Standard contribution option) Age Employee 7.5% 9.0% Employer 10.5% 17.5% 10.5% 7.5% 13.0% 25.0% Savings contributions on pensionable Award The pensionable base salary is below CHF 98,700. The savings contributions amounting to CHF 20,196 5 are therefore credited to the pension capital pension pot. The additional pensionable Award means that the amount of CHF 98,700 is exceeded. The savings contributions deducted from the Award are allocated both to the pension capital pension pot and to the retirement capital pension pot. They are distributed as follows: The savings contributions amounting to CHF on the pensionable Award in pension capital savings of CHF 6,900 7 are allocated to the pension capital pension pot. The savings contributions amounting to CHF on the pensionable Award in retirement capital savings of CHF 8,100 9 are allocated to the retirement capital pension pot. In total, savings contributions amounting to CHF 21, are allocated to the pension capital pension pot and savings contributions amounting to CHF 972 are allocated to the retirement capital pension pot. Pensionable base salary and pensionable Award (cash component only) Retirement capital (capital-accumulating) Pensionable salaries Savings contributions CHF Pensionable Award: CHF 15, % 4 CHF CHF 106,800 CHF 98,700 CHF 91,800 Pensionable base salary: CHF 91,800 22% 3 CHF 20,196 5 Pension capital (pension-accumulating) Calculations 1 Base salary of CHF 120,000 less a coordination deduction of CHF 28, The cash component of the Award is fully insured. No coordination deduction is applied. Awards in the form of shares, options, loans, bonds or blocked Award components are not insured. 3 For the Standard contribution option, the age-dependent savings contributions paid by the employee amount to 9% of the pensionable base salary, while those of the employer amount to an additional 13%. 4 For the Standard contribution option, both the employee s savings contributions and those of the employer amount to 6% of the pensionable Award. 5 A pensionable base salary of CHF 91,800 x 22% 3 results in savings contributions of CHF 20, Pensionable Award in pension capital savings of CHF 6,900 x 12%. 4 7 Difference between CHF 98,700 and the pensionable base salary of CHF 91, Pensionable Award in retirement capital savings of CHF 8,100 x 12%. 4 9 Pensionable Award of CHF 15,000, less CHF 6, CHF 20,196 + CHF

8 Example: 50-Year-Old Insured Base salary (gross salary): CHF 150,000 Award: CHF 25,000 Total compensation: CHF 175,000 Pensionable base salary in the Pension Fund: CHF 121,800 1 Pensionable Award in the Pension Fund: CHF 25,000 2 Total pensionable compensation in the Pension Fund: CHF 146,800 Savings contributions on pensionable base salary (Standard contribution option) Age Employee 7.5% 9.0% Employer 10.5% 17.5% 10.5% 7.5% 13.0% 25.0% Savings contributions on pensionable Award The pensionable base salary exceeds CHF 98,700. The savings contributions on the base salary are therefore credited both to the pension capital pension pot and to the retirement capital pension pot. All savings contributions up to CHF 98,700 are credited to the pension capital pension pot. They amount to CHF 27, The savings contributions on the pensionable base salary in retirement capital savings of CHF 23,100 are allocated to the retirement capital pension pot. They amount to CHF 6, The savings contributions amounting to CHF 3,000 7 on the pensionable Award are allocated to the retirement capital pension pot. In total, savings contributions amounting to CHF 27,636 5 are allocated to the pension capital pension pot and savings contributions amounting to CHF 9,468 8 are allocated to the retirement capital pension pot. Pensionable base salary and pensionable Award (cash component only) Pensionable salaries Pensionable Award: CHF 25,000 Savings contributions 12 % 4 CHF 3,000 7 CHF 6,468 6 Retirement capital (capital-accumulating) CHF 146,800 CHF 121,800 CHF 98,700 Pensionable base salary: CHF 121,800 28% 3 CHF 27,636 5 Pension capital (pension-accumulating) Calculations 1 Base salary of CHF 150,000 less a coordination deduction of CHF 28, The cash component of the Award is fully insured. No coordination deduction is applied. Awards in the form of shares, options, loans, bonds or blocked Award components are not insured. 3 For the Standard contribution option, the age-dependent savings contributions paid by the employee amount to 10.5% of the pensionable base salary, while those of the employer amount to an additional 17.5%. 4 For the Standard contribution option, both the employee s savings contributions and those of the employer amount to 6% of the pensionable Award. 5 A pensionable base salary in pension capital savings of CHF 98,700 x 28% 3 results in savings contributions of CHF 27, A pensionable base salary in retirement capital savings of CHF 23,100 (121,800-98,700) x 28% 3 results in savings contributions of CHF 6, Pensionable Award of CHF 25,000 x 12%. 4 8 CHF 6,468 + CHF 3,000. 8

9 Disability Benefits A prolonged period of earnings incapacity that is presumed to be permanent is referred to as disability. As a rule, you are entitled to receive disability benefits if you are at least 25% disabled (and unable to work). The temporary disability pension depends on your pensionable salaries in the Pension Fund, not on your accrued retirement savings capital. The pension level is consequently no longer affected by an advance withdrawal to purchase residential property or a transfer in connection with a divorce. The temporary disability pension is calculated on the basis of the sum of 65% of your pensionable base salary 45% of your pensionable base salary excess 45% of the average of your last three pensionable Awards The amount of the temporary disability pension is dependent on your degree of disability as indicated in the following table: Degree of disability at least 25% at least 50% at least 60% 70% and more The temporary disability pension will be paid until the age of 65 at the latest. After that, you will receive a lifetime retirement pension that is calculated upon retirement. Disability Pensions at a Glance Pension entitlement ¼ of the disability pension ½ of the disability pension ¾ of the disability pension full disability pension Waiver of Contributions In the event of an uninterrupted period of inability to work, the Daily allowance for illness 2 will begin to be paid from the 366th day, and your obligation to pay contributions to the Pension Fund is waived. During the period of disability, the Pension Fund takes over both your savings contributions and those of the employer according to the Standard contribution option for your pensionable base salary, pensionable base salary excess, and the average of the last three pensionable Awards before the occurrence of the inability to work. Contributions are waived in respect of that portion of the salary which can no longer be earned. Disabled persons are exempt from the obligation to pay contributions for the duration of their disability, but only until they reach the age of 65. Disabled Person s Child s Pension In addition to your temporary disability pension, you will receive disabled person s child s pensions if you have underage children or children under 25 who are in education or training. The disabled person s child s pensions are as follows: for one child: 15% for two children: 30% for three or more children: 45% of your temporary disability pension paid from the pension capital savings. Lump-Sum Payment in the Event of Disability At the time the Pension Fund starts to pay you a temporary disability pension, the assets you have accrued in the pension capital supplementary account and the retirement capital supplementary account will be paid out to you as a single lump sum. Salary Event Total of 12 months 12 months Continuing salary payments, 100% of the base salary and base salary excess, 90 days Daily allowance for illness 1, 100% of the base salary and base salary excess (up to a maximum of CHF 500,000) Daily allowance for illness 2, 80% of the base salary and base salary excess (up to a maximum of CHF 500,000) Temporary disability pension from the Pension Fund (individual pension amount) Disability pension from the Federal Disability Insurance (IV) 1 The retirement pension from the Pension Fund will be calculated when you reach age 65. Its amount will depend on the assets available in the pension capital pension pot on the one hand, and on the applicable conversion rate on the other. Retirement pension from the Pension Fund 1 (individual pension amount) AHV retirement pension (for women from age 64) 65 Age 9

10 Death Benefits In the event of the death of an active insured, a recipient of a disability pension or a retiree, the Pension Fund will pay pension and/or lump-sum benefits. The Pension Fund distinguishes between surviving spouses or cohabiting partners pensions, orphans pensions and lump sums payable at death. Make use of the options available to you by specifying in good time to whom you wish to leave the lump sum payable at death. Surviving Spouse s Pension In the case of active insured, the surviving spouse s pension 2 amounts to 66 / 3 % of the insured disability pension. In the case of recipients of a disability pension and retirees, the 2 surviving spouse s pension amounts to 66 / 3 % of the pension being drawn. Naming Your Cohabiting Partner as a Beneficiary If you wish to name your cohabiting partner as a beneficiary of the Pension Fund s death benefits, it is mandatory that you enter your cohabiting partner in the Amendment to the General Order of Beneficiaries form under category a, section ac). Your cohabiting partner will receive a lump sum payable at death if you and your cohabiting partner were living together in a joint household without interruption in the three years prior to your death. It is also possible to support your cohabiting partner with a cohabiting partner s pension. The amount is identical to the surviving spouse s pension. To ensure that the cohabiting partner receives a pension, the Pension Fund s own notarized Cohabiting Partner Contract, in addition to the Amendment to the General Order of Beneficiaries form, must be submitted during your lifetime. This contract is published on the Pension Fund s website. If you fail to submit either the Amendment to the General Order of Beneficiaries form or the Cohabiting Partner Contract to the Pension Fund during your lifetime, your cohabiting partner will not be considered when paying out death benefits. Death of active insured, recipient of disability pension or retiree Married, registered partnership pursuant to PartG Cohabitation (pursuant to Article 61 of the Pension Fund Regulations) Single, divorced, dissolved partnership pursuant to PartG Spouse fulfills preconditions for entitlement 1 Spouse does not fulfill preconditions for entitlement 1 General Order of Beneficiaries and Cohabiting Partner Contract submitted Only General Order of Beneficiaries submitted General Order of Beneficiaries submitted No document submitted Cohabiting partner fulfills preconditions for entitlement 1 Cohabiting partner does not fulfill preconditions for entitlement 1 Cohabiting partner fulfills preconditions for entitlement 2 Cohabiting partner does not fulfill preconditions for entitlement 2 Surviving spouse s pension Payment of lump sum payable at death Cohabiting partner s pension Payment of lump sum payable at death Payment of lump sum payable at death Payment of lump sum payable at death pursuant to the order of beneficiaries stipulated in the regulations Payment of lump sum payable at death pursuant to the submitted General Order of Beneficiaries Payment of lump sum payable at death pursuant to the order of beneficiaries stipulated in the regulations 1 Preconditions for entitlement to a surviving spouse s pension/cohabiting partner s pension: - Spouse/cohabiting partner is responsible for financially supporting one or more children, or - Spouse/cohabiting partner had reached the age of 45 at the time of your death and the marriage/the cohabitation had lasted at least three years 2 Preconditions entitling your cohabiting partner to the lump sum payable at death: You and your cohabiting partner lived in a joint household without interruption in the three years prior to your death. 10

11 Orphan s Pensions In the event of the death of an active insured or a retiree, underage children and children under 25 who are still in education or training will receive an orphan s pension. This will amount to 20% of your insured disability pension in pension capital savings (or the disability or retirement pension being drawn from the pension capital savings) for each child, but will not exceed 60% in the case of three or more children. Lump Sums Payable at Death For the purposes of calculating lump sums payable at death, a decisive factor is not only whether the deceased was an active insured, a recipient of a disability pension or a retiree, but also whether a surviving spouse s or cohabiting partner s pension will be due. Death of an Active Insured or Recipient of a Disability Pension In addition to the surviving spouse s or cohabiting partner s pension, the lump sum payable at the death of an active insured or a recipient of a disability pension will amount to the sum of: 50% of the pensionable base salary up to a maximum of CHF 49,350 the accrued retirement capital the accrued assets in the pension capital supplementary account the accrued assets in the retirement capital supplementary account. If no surviving spouse s or cohabiting partner s pension is paid, all existing assets accrued in the Pension Fund will be paid out, but at least 50% of the total of: the pensionable base salary the pensionable base salary excess the average of your last three pensionable Awards. Death of a Retiree If a retiree dies, the lump sum payable at death corresponds to three annual pensions minus any pensions already drawn. 11

12 Retirement Benefits As you approach retirement, you need to make some important decisions in good time. The Pension Fund offers you the flexibility of retiring between the ages of 58 and 70. This enables you to tailor your pre-retirement planning to your wishes and goals and to shape your retirement in line with your individual needs. Reference Age 65 The Pension Fund s reference age is 65. Flexible retirement is possible from age 58 up to a maximum age of 70. Retirement Pension When you retire, you will receive a retirement pension from the Pension Fund for the rest of your life. Its amount depends, on the one hand, on the existing or maximum permissible amount in the pension capital pension pot and, on the other hand, on the conversion rate at the corresponding retirement age. Conversion Rate The conversion rate is the rate used to convert the assets accrued in the pension capital and pension capital supplementary account pension pots to an annual lifetime retirement pension. The level of the conversion rate depends on the life expectancy of future retirees and on long-term yield expectations on the capital markets. AHV Bridging Pension If you take early retirement, you will be able to draw a self-financed AHV bridging pension. You can finance this temporary pension either by making purchases or by opting to receive a lower retirement pension for the rest of your life. In any case, the maximum retirement pension amounts to CHF 98,700. This maximum ceiling decreases on an ongoing basis due to the gradual reduction of conversion rates. Retirement Benefits at a Glance Salary Retirement pension from the Pension Fund (individual pension amount) Temporary AHV bridging pension, financed by the insured AHV retirement pension (from age 64 for women) Age 12

13 Enhanced Lump-Sum Withdrawal Options The assets saved in the retirement capital and retirement capital supplementary account pension pots will automatically be paid out as a lump sum on retirement. On request, you can also withdraw capital from the pension capital and pension capital supplementary account pension pots. If the assets you have accrued in these two pension pots amount to CHF 987,000 or less, you will be able to withdraw half of the total amount and if they exceed CHF 987,000 you will be able to withdraw the balance above that figure in full. Retirees Child s Pensions In addition to your retirement pension, you will receive a retiree s child s pension if you have underage children or children under 25 who are in education or training. The retiree s child s pension amounts to the following percentages of the insured s retirement pension: 15% for one child 30% for two children 45% for three or more children. If you decide to withdraw a voluntary lump sum, please bear in mind that this will result in a lower retirement pension for the rest of your life and lower prospective survivors benefits (surviving spouse s or cohabiting partner s pension, orphan s pension) in the event of your death. 13

14 Leaving the Pension Fund If you terminate the employment relationship, your membership in the Pension Fund also comes to an end. How the vested benefits are transferred depends on whether or not you join a new pension fund after your change of job. Transfer of Vested Benefits As a rule, the Pension Fund will transfer your vested benefits to the pension plan of your new employer. The Pension Fund will continue to cover you for the risks of disability and death until you have joined a new pension plan, but only up to one month after you leave the Pension Fund. If you do not start a new job, your pension coverage must still be maintained. We will therefore transfer your vested benefits, according to your instructions, either to a blocked vested benefits account with a bank or to a tied vested benefits policy with an insurance company. Cash Payment In a few legally defined cases, vested benefits may be paid out in cash. This requires written consent from your spouse or registered partner in the form of a certified signature. You can request a cash payment if you become self-employed or leave Switzerland permanently. If you emigrate to an EU/EFTA member state, the cash payment is restricted. The extra-mandatory part of your vested benefit can be withdrawn in cash, but withdrawal of the mandatory part of the vested benefit is not possible if you are subject to mandatory state insurance coverage for retirement, disability, and survivors benefits in an EU/EFTA member state. For further clarification, please contact the BVG Security Fund. In addition, you can find the relevant application forms for clarification of the insurance obligation at If you emigrate to a country outside the EU/EFTA, it is possible to withdraw the entire vested benefit. Use of the Vested Benefit on Leaving New pension fund Transfer of the entire vested benefit to the new pension fund Leaving the Pension Fund No cash payment Transfer of the entire vested benefit to a vested benefits account or vested benefits policy No new pension fund Resident in Switzerland Persons becoming selfemployed can withdraw the whole vested benefit. Cash payment Emigration to an EU/EFTA member state Withdrawal of the mandatory BVG component generally not possible. The extra-mandatory amount may be withdrawn Emigration to a country outside the EU/EFTA Withdrawal of the entire vested benefit is possible 14

15 Glossary AHV The abbreviation AHV stands for Eidgenössische Alters- and Hinterlassenenversicherung (Swiss Federal Old Age and Survivors Insurance). Award, pensionable The pensionable Award corresponds to the cash portion of the Award. The Award paid in cash will be fully insured. Awards in the form of equities, options, loans, bonds or blocked portions of Awards are not insured. Base salary, pensionable The pensionable base salary corresponds to the fixed annual salary minus a coordination deduction of no more than CHF 28,200 (maximum AHV retirement pension in 2017). The maximum pensionable base salary is CHF 253,800. The pensionable base salary forms the basis for calculating savings contributions. Base salary excess, pensionable The pensionable base salary excess relates to a fixed annual salary from CHF 282,000. Beneficiaries Persons eligible to receive the lump sum payable at death from the Pension Fund. BVG The abbreviation BVG stands for Bundesgesetz über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge (Swiss Federal Act on Occupational Retirement, Survivors and Disability Pension Plans). The BVG governs mandatory minimum benefits. Cash payment With a cash payment, the vested benefits are transferred to a private account rather than a new pension fund or vested benefits foundation. The tied pension purpose of these assets is canceled by the cash payment. A cash payment requires the written consent of the spouse or the registered partner in the form of a certified signature. Unmarried persons require a certificate of civil status. Conversion rate Pension capital is converted to a lifetime retirement pension using the agedependent conversion rate. Coordination deduction Your annual salary is reduced by the sum already insured by the AHV/IV. Referred to as a coordination deduction, this corresponds to one-third of your annual salary up to a maximum of CHF 28,200 (maximum retirement pension payable under the AHV in 2017). Disability pension, temporary A temporary pension that is paid when a person is at least 25% disabled. A temporary disability pension is paid no later than age 65. IV The abbreviation IV stands for Eidgenössische Invalidenversicherung (Swiss Federal Disability Insurance). Retirement pension A lifelong pension paid upon retirement. Its amount will be determined by the pension capital available, including assets in the pension capital supplementary account, and the conversion rate. All amounts used in the pension model of the Pension Fund, such as the maximum insurable total compensation in the pension capital pension pot, for example, or the maximum retirement pension, are based on the maximum AHV retirement pension. If the maximum AHV retirement pension increases, these amounts will automatically be adjusted in the Pension Fund. 15

16 Further information can be found on the Pension Fund s website at Should you have any questions, the pensions advisors at the Pension Fund will be happy to assist. Contact details can also be found on the Pension Fund website. PENSION FUND OF CREDIT SUISSE GROUP (SWITZERLAND) JPKO 1 P.O. Box CH-8070 Zurich This brochure has been produced for informational purposes only and provides a simplified summary of the key pension benefits under the pension model. Only the German version of the Pension Fund Regulations of the Pension Fund of Credit Suisse Group (Switzerland) is legally binding. JPKO