The first revision of the Federal Act on Occupational Retirement, Survivors' and Disability Pension Plans (BVG) in 2004 included creating 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 to enable the funds' governing bodies to fulfil their mandate. An aim of the first BVG revision was to promote competition between life insurers and alternative forms of retirement provision.
The rules on group life 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 group life reporting for occupational pension schemes. This documentation is reviewed by the company's external auditor based on FINMA’s standard audit program.
Every year FINMA prepares a comprehensive report based on key figures from the group life reporting statements submitted by all life insurers. This transparency report is published on FINMA's website every autumn.