Dear members
We are pleased to inform you about the development of our pension fund over the past year, important innovations and resolutions of the Board of Trustees:
Investment result and coverage ratio
The 2023 investment year was characterised by persistent inflation at home and especially abroad. Central banks attempted to avoid a wage-price spiral by raising interest rates further, but without stifling economic growth. The conflicts in Ukraine and the Middle East, the turmoil in the US banking sector at the beginning of the year and the emergency takeover of Credit Suisse by UBS all left their mark on the markets. Property investments, which had performed very well in previous years, felt the impact of the interest rate hikes in terms of valuation. Thanks to a good result in December, we achieved a pleasing investment result of 5.3% last year despite all these challenges.
As at 31 December 2023, 38.7% of our assets of CHF 324 million were invested in equities, 35.7% in real estate, 23.3% in bonds and liquidity and 2.3% in alternative investments. The majority of our investments are indexed. This means that the fund invests in equities and bonds based on market indices and does not use expensive active managers. In real estate, we are mainly invested in low-cost investment foundations with a focus on residential property.
The coverage ratio at the end of the year is estimated at 117.4%.
Interest on retirement assets
Thanks to the good investment result and the release of the remaining interest reserve, which we had built up in the very good investment year 2021, we will be able to pay an attractive 4.0% interest on the retirement assets for 2023. The Board of Trustees has also decided to use the reserve to grant a one-off Christmas bonus of CHF 500 to pensioners with monthly pensions of less than CHF 2,000. The interest reserve has thus been completely released and future benefits must once again be financed in full by the investment result achieved in the year.
Data protection
The revised Data Protection Act came into force in Switzerland on 1 September 2023. The Pension Fund has implemented all the requirements of the new law. You can find the privacy policy on our website.
Pension fund regulations
Changes to the pension fund regulations came into effect on 1 January 2024. The changes are due to the adjustment to the AHV 21 reform and the new data protection law. We have also simplified the conditions for lump-sum withdrawals.
Board of Trustees
The composition of the Board of Trustees for the new term of office from 2024 to 2027 is as follows:
Employee representative: Employer representative:
Sandra Merkert, C&A Mode AG Daniel Dubach, external representative
Maude-Emmanuelle Senn, C&A Mode AG Jacqueline Wyrsch, C&A Mode AG
Mariska Engelsma, COFRA Holding AG Christian Wigger, COFRA Holding AG
Internet presence and communication
In February 2023, we updated our website pkca.ch and adapted it to the current requirements of mobile devices. At the same time, we decided to communicate in future exclusively via our website and to stop sending out annual summary reports and information letters by mail. From 2025, we will also introduce an online portal for active insured persons. This online portal will then also eliminate the physical mailing of pension certificates.
Administration and management
We put the contract for the administration and management of our pension fund out to tender in 2023. We examined various providers in a detailed selection process and have decided to entrust Kessler Vorsorge AG with the administration and management of our pension fund from 2024. The handover from Libera AG to Kessler Vorsorge AG is expected to be completed in March 2024.
Our new correspondence address is:
Pensionskasse der C&A Gruppe
c/o Kessler Vorsorge AG
Forchstrasse 95
Postfach
8032 Zurich
Mrs. Flavia Hufenus from Kessler Vorsorge AG will be happy to answer any questions you may have about your pension situation by telephone at 044 387 87 72 or by e-mail at pkca@kessler.ch.
Once Kessler Vorsorge AG has received and processed all the necessary data, we will be able to send you the new pension certificate as per 1 January 2024 by post in March.
With best wishes
For the Board of Trustees
Christian Wigger
President