News

22 December 2016
News

Occupational pension schemes: data collection for 2016 financial reporting

The documents Swiss private life insurers will use to collect data for their 2016 financial reporting have been published by the Swiss Financial Market Supervisory Authority FINMA today. Life insurers have until 30 April 2017 to provide FINMA with financial reports for 2016 on their collective insurance for occupational pension schemes. Their reports must be audited and signed off by an external audit firm. Life insurers must disclose the key data and financial results for 2016 to insured pension funds, collective insurance schemes and insured persons by 31 May 2017.

Life insurers disclosed their asset management costs in detail for the first time last year, making the costs charged on returns of collective investments transparent. They also disclosed a closed balance sheet for the first time in 2016, indicating their capital investments, technical provisions, all other balance sheet items and the balance sheet total. The reporting for 2016 brings two further changes. Firstly, life insurers must disclose the technical interest rate used to value their pension liabilities. Secondly, they must provide a breakdown of the percentages of pension benefits paid out due to old age, death and disability. The aim of these changes is to increase transparency for insured pension funds and collective insurance schemes and their insured persons.