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Global Employee Benefits Global Employee Benefits The Swiss Life Network Perspectives September 2015 Global Employee Benefits Newsletter | September 2015 Editorial // 2 Dear Reader I’m delighted to share the September issue of our Global Employee Benefits newsletter with you. Its focus is firmly on change and devel- opment, reflecting topics at this year’s Global Forum, our main an- nual conference for Swiss Life Network Partners. We have now made several internal organisational changes that allow us to further strengthen our long-standing partnerships and optimise services and solutions for our clients. Change is about opening up ca- pacity for new opportunities as we move into the constantly shifting future. For example, we are currently working hard on digitalisation in order to improve our communication channels, increase client sat- isfaction, and simplify our day-to-day processes. From this issue onwards, we will be exclusively distributing the news- letter electronically, although naturally, there is also a downloadable format if you prefer to print out a paper copy. I hope you’ll enjoy reading all the latest updates and news from the Swiss Life Network. Yours sincerely Theo Iaponas Head of Corporate Clients Global Employee Benefits Newsletter | September 2015 Contents // 3 Table of Contents 4 Partner News 4 PensioenInzicht – better Communication on Pensions to Clients 6 Asset Allocation Management 8 Swiss Life Business Premium 10 Change to Swiss Life pooled Products 12 Country Updates 12 New Zealand: Government Subsidy for KiwiSaver Accountholders Eliminated 13 United Kingdom: Implements Pension Law Changes 14 France: New Rules for Collective Retirement Savings Plans 15 Network Partner List Impressum Publisher Swiss Life Network, General-Guisan-Quai 40, P.O. Box, 8022 Zurich, Switzerland, T +41 43 284 37 97, F +41 43 284 39 97, [email protected] // Editor Swiss Life Network in cooperation with network partners, clients and Openline // Photos Swiss Life Network in cooperation with network partners and clients Photo Front SL_PC_HNWI II // Design Swiss Life // Copyright Swiss Life Network Reprint authorisation on agreement with the Publisher // The quarterly Global Employee Benefits Newsletter is available online: www.swisslife-network.com/newsletter Global Employee Benefits Newsletter | September 2015 Partner News // 4 The Netherlands: PensioenInzicht – better Communication on Pensions to Clients We need to improve the way we communicate about pensions. This is the result of a survey recently conducted on behalf of the Dutch Min- istry of Social Affairs and Employment. The participants were generally unhappy about the How Zwitserleven PensioenInzicht works amount of paper and the piecemeal character of the in- Users first retrieve their own details from Zwitserle- formation they received. Especially if they had a pen- ven’s database. If they have accrued a pension else- sion with several administrators. where, or don’t have a pension with Zwitserleven, they can upload the information through MijnPensioenO- Fortunately, however, improvements are on the way: verzicht.nl. • Online communication will be the norm. Users don’t have to look up and retype lots of numbers • The “welcome letter” and the explanation will be themselves. PensioenInzicht automatically uploads the replaced by a Pension 1-2-3 document. Pension pensions in the right place. This makes it easy to get 1-2-3 is actually not a ‘document’ but digital started. Moving the sliders back and forth gives an- information. Only on special request this swers to questions such as: information can be sent in the format of a • How much income will I have if I retire earlier or ‘document’. later? • Pension administrators now have to provide better • How much could I save if I started saving now? insights into accrued pension commitments. • What will my partner get if I die? • People with an investment pension with A different survey conducted by Zwitserleven revealed Zwitserleven can also see the performance of their that 59% of the employees who participated believed investments. that they didn’t have enough information to determine if they would have enough money after they retired. PensioenInzicht is easy to access through Zwitserle- This is one of the reasons why we are launching ven’s homepage. You can log in securely with your Zwitserleven PensioenInzicht, which will provide an DigiD and get fast and easy insights into your own pen- immediate answer to this question. sion situation. That’s PensioenInzicht! Immediate insight into your pensions The right information for the right decisions Zwitserleven is determined to give every participant a A lot has changed in recent years in terms of pensions better insight into their pension situation. Not only re- and what is expected from employees. The government garding the pension they have with us, but for all their is scaling down its involvement in pensions and em- pensions, including those accrued with other insurers ployees have to do more themselves. We believe that it’s and pension funds. And their state pension. Pensioe- our responsibility to inform people about this. For ex- nInzicht shows a participant’s total pension in a simple ample, with understandable animations and tools like graphic. Gross and net. We compare the person’s pen- PensioenInzicht. Because employees need the right in- sion with their current income, which enables users to formation in order to take the right decisions. see whether they will have enough money when they retire. “Users don’t have to look up and retype all kinds of numbers themselves” Global Employee Benefits Newsletter | September 2015 Partner News // 5 Sale of VIVAT by Anbang completed On 26 July 2015 it was announced that the sale of VI- VAT to Anbang Group Holdings Co. Ltd., a full subsid- iary of Anbang Insurance Group Co. Ltd. (Anbang), For more information was completed. Please visit www.zwitserleven.nl VIVAT Verzekeringen comprises the brands: Zwitserle- Or contact Ms Rolina von Hebel ven, Zelf, Route Mobiel, Reaal, Proteq, Proteq Dier & Tel: +34 65 379 57 52 Zorg and ACTIAM. Email: [email protected] VIVAT is now part of Anbang, a leading Chinese insur- ance company. Anbang will strengthen VIVAT’s capital position, creat- ing room to invest in the future. Swiss Life Group Half Year 2015 Highlights Swiss Life increased adjusted profit from operations by 7% in the first half of 2015 to CHF 694 million. The main driver of this positive development was the growth in fee and commission income. Here we share with you some key figures on Swiss Life Group. HY 2015 vs. HY 2014 Adjusted profit from operations CHF 694 m +7% Net profit CHF 493 m +1 % GWP incl. PHD (in local currency) CHF 11.0 bn +7% Fee and commission income (in local currency) CHF 617 m +15% New business margin (% PVNBP) 1.7% -0.7 ppts Shareholders' equity CHF 11.7 bn -8 %1) Return on equity2) 11.6 % -0.3 ppts Group solvency 252 % -17 ppts 1) HY 2015 vs. FY 2014 2) Equity excl. unrealised gains/losses on bonds Global Employee Benefits Newsletter | September 2015 Partner News // 6 Asset Allocation Management How can we combine long-term returns and short-term risk management in a challenging financial environment? The experience of the 2008 crisis has led us to adopt an • We follow an active strategy based on understanding approach focused on risk control for our mixed asset and controlling risks throughout the economic allocation funds. This approach is particularly well- cycle. suited to the financial environment over the past few • The strategy allows delegation to specialist years, when sudden and brutal financial crises have management and portfolio diversification through happened one after another. Our investment strategy is these funds when there is an identified risk. based on a risk parity allocation for each asset class, and an allocation derived from our proprietary models Investment Framework that analyse the phases of the economic cycle. One of • Portfolios are exposed to euro-area equities, bonds the key aspects of our dynamic approach is the more and negotiable debt securities, and non-euro mutual robust levels of risk taken in our portfolios compared funds, futures, or individual securities. with a more static approach. In other words, investors • The underlying funds are mainly trackers and are can define their risk profile and rely on our portfolios selected for their complementarity within the to meet their targets. portfolio. • With volatility in mind, the investment process is The benefits of the strategy of our mixed asset updated monthly and portfolios are updated. allocation funds • Portfolios are constructed dynamically and deliver Our current offer consists of two Luxemburg SICAV strong performance in the most difficult market ranges. One is hedged against currency risks: Swiss Life phases. Funds (Lux). The other is unhedged: Swiss Life Index Funds (Lux). *Fund performance as of 31-07-2015. Past performance does not predict future performance. Fees and commissions are included in the performance indicated. Global Employee Benefits Newsletter | September 2015 Partner News // 7 Our strategy and disciplined implementation have de- livered an excellent level of risk-adjusted performance since our launch in January 2011. This robust strategy has received several awards over the past two years in France, Switzerland, Austria and Germany. FR Due to this strategy, our funds are particularly suitable for any retirement solution. For more information Please visit www.swisslife-am.com Or contact Mr Mathieu
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