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SLI®-Swiss Pension Plan Benchmarking Study 2017

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SLI®-Swiss Pension Plan Benchmarking Study 2017 SLI®-Swiss pension plan Benchmarking study 2017 SLI®- Swiss pension plan Benchmarking study 2017 Content Editorial ...............................................................................................................................................................4 Executive Summary ..............................................................................................................................6 Section A: Plan design features with a comparison of contri­ bution rates and parameters in previous studies ...............7 Section B: Quantitative assessment of benefit and contribution levels .....................................................................................14 Section C: Actions to be taken .............................................................................................22 Section D: Closing remarks ......................................................................................................23 SLI® – Benchmarking study 2017 3 Editorial Dear Reader The predominant challenges that Swiss pension funds Again, regarding the question of which salary compo- now have to face are a constantly increasing life ex- nents – specifically the bonus – should be included, pectancy and record low rates of return. Even though different philosophies prevail among the various com- the average contributions of employees and employ- panies. Some believe that performance- and profit- ers in occupational insurance have risen compared to related salary components should be considered when the previous survey in 2015, these challenges have led calculating the overall standard of living. For these to a decline in the level of benefits for the companies companies, an adequate replacement of income in the of the Swiss Leader Index (SLI®) presented in this event of retirement, death or disability needs to take study. This is now already the fifth time that we have into consideration the level of incentive pay as well. investigated SLI pension plans. This year we have Others feel that performance-related remuneration is again analysed the current pension regulations for by its very nature variable, and therefore should neither these companies and calculated the benefit entitle- be relied on by employees when planning their living ments for three selected fictitious insured persons. standards nor be insured by companies. Our study This allows us to compare the expected retirement shows that the majority of SLI companies do include benefits of the individual companies against each the bonus as a component of the insured salary. other and over time. The latest study shows some interesting results that deserve attention. There are considerable differences, not only in the amount of funds allocated to the insurance compa- In this study, for the first time, we only included cash nies, but also in the rates of interest applied. The balance plans, i.e. plans where the contributions are technical interest rate used to calculate the reserve paid into an account and accrue interest, thus forming capital ranges from 1.75% to 3%, marking a definite the capital for retirement benefits. Traditional final pay decline compared to the previous study of 2015 – and defined-benefit plans were no longer offered. Apart from this with a lower dispersion. Here too there are clearly this common feature, however, significant differences in major differences between the individual company benefits were found among the individual pension funds. pension schemes. For instance, the pension benefits offered by one fund can be more than twice those offered by another. This Following the recent vote on Pension Reform 2020, the distinctive contrast can be traced to a range of varying main focus of public debate has been on the conversion plan design elements which are considered in detail in rate at age 65 which is used to calculate the retirement the study. pension, and here too there are large differences from company to company. Currently the rates vary between The contributions show two different worlds: For some 4.7% and 6.4%. It is apparent that different approach- companies, pension benefits are only a minor compo- es are being taken to manage the effects of declining nent of the total compensation package, while for others investment returns and rising life expectancy, yet the a very good pension and high contribution rates form a trend is clear conversion rates are falling, albeit to vary- basic part of the corporate culture. ing degrees, and with them, retirement benefits. 4 willistowerswatson.com Editorial Overall, the average retirement benefits that a 25 year-old employee will accrue over the course of his or her career have fallen by 5 percentage points compared to our last study in 2015. However, this still means that on average 35% of the final salary is provided as retirement benefit at age 65. We hope you find this an interesting read. Stephan Wildner, Director of Retirement Services, Switzerland SLI® – Benchmarking study 2017 5 Executive Summary Overview of SMI® and SLI® The SMI® (Swiss Market Index) and SLI® (Swiss Leader Index) consist respectively of the 20 and 30 largest com- panies on the Swiss stock exchange. The composition is checked regularly and can therefore change over time. We have based the analysis on those companies that were in the indices at the beginning of 2017. In our study, the SMI® group therefore The SLI® companies are those shown includes: above plus: ABB Aryzta Actelion Balôise Adecco Clariant Credit Suisse Galenica Geberit Kühne + Nagel Givaudan Lonza Julius Bär Schindler LafargeHolcim Sika Nestlé Sonova Novartis Swiss Life Richemont This study includes 23 of the 30 SLI® companies. Roche SGS Swatch Group Swisscom Swiss Re Syngenta Dufry UBS Zurich Financial Services 6 willistowerswatson.com Section A Section A: Plan design features with a comparison of contribution rates and parameters in previous studies SLI® – Benchmarking study 2017 7 Section A Pension plans in use in Switzerland fall into two main cat- Insured salary egories: those where the benefit at retirement is defined The pension plans covered in the study have different under a formula typically referencing the employee’s last approaches for determining what salary is to be insured. earned salary and years of service (defined benefit, or At some companies this is the base salary only, whereas “DB”, plans), and those where the benefit at retirement is at others the definition includes the additional, variable based on the employee’s accumulated account balance at pay (incentive pay). Some companies reduce the insured the time (defined contribution, or “DC”, plans 1). salary to coordinate with AHV/AVS, others do not. This Figure 1 shows the relationship between pension plans makes it impossible to compare employee or employer with defined benefits and pension plans with defined contributions on the basis of total contribution percent- contributions at the SLI® companies. The trend towards ages alone. Instead the calculation and thus the level of defined contribution plans, which has been observed the insured salary must also be taken into account. for several years now, is continuing. In 2017, none of the Further, many of the companies cover different portions participating companies offered its employees traditional of a salary within different plans. Some companies cover defined benefits on retirement. base salaries in one plan and bonus payments in another. Other companies set a limit for salaries to be covered in Figure 1: Types of pension plans (% of companies) the main plan, with the part of the salary exceeding that level covered in a supplemental plan. In this study these 100% aspects are taken into account when projecting the ex- pected retirement benefits. 80% Figure 2: Bonus included in covered salary (% of companies) 60% 100% 40% 80% 20% 60% 0% 40% SLI® 2011 SLI® 2013 SLI® 2015 SLI® 2017 n Cash balance n Defined benefit 20% 0% SLI® 2011 SLI® 2013 SLI® 2015 SLI® 2017 n 100 % n proportion n none 1 These defined contribution plans are also called “cash balance” plans. 8 willistowerswatson.com Section A Components of pay covered Figure 3: Maximum coordination offset in base plan (% of companies) We begin with an analysis of the components of pay that are 100% included in a covered salary. The decision whether or not to cover variable pay is often a philosophical one. Some com- panies believe that incentive pay is to be taken into account 80% when measuring the employee’s overall standard of living. For these companies, an adequate replacement income in the event of retirement, death or disability needs to consider the 60% level of incentive pay as well. Other companies believe that incentive pay based on performance and profit is by its na- ture variable and is neither something that employees should 40% rely on nor that the company should be insuring. Figure 2 shows that most of the companies in the study now 20% cover variable components of salary within their pension plans. Interestingly, some companies include only a fraction 0% of the bonus (e.g. 75% of the target bonus) as covered SLI® 2011 SLI® 2013 SLI® 2015 SLI® 2017 salary, while others make no such adjustment. n 100 % AVS n 87.5 % AVS n less than 87.5 % AVS n none Coordination offset In defining the covered salary, many companies apply a deduction to the total salary. The idea behind this Salary limits “coordination offset” is to reduce the insured salary by Swiss law limits the total salary that can be covered for a an amount equal to the insured benefits
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