In the first revision of the Federal Act on Occupational Retirement, Survivors' and Disability Pension Plans (BVG) in 2004, the legislator created a framework for ensuring transparency in how surpluses in occupational pension schemes are distributed.
Life insurers must provide insured occupational pension funds with the information they need to meet their transparency obligations and enable the funds' governing bodies to fulfil their mandate. Another aim of the first BVG revision was to promote competition between life insurers and alternative forms of retirement provision.
Provisions on financial reporting for occupational pension schemes are set out in FINMA Circular 2008/36. It states that insurers must provide FINMA annually with a data collection portfolio, an accompanying report and a disclosure proposal as part of their financial reporting for occupational pension schemes. This documentation is reviewed by an external audit firm based on FINMA’s a standard audit strategy.
Every year FINMA prepares a comprehensive report based on key figures from the financial reporting statements of all life insurers. FINMA publishes the reports on the disclosure of the financial reporting of private life insurers in Pillar 2 every autumn.