Credit Suisse Pensionskasse, the pension fund for the bank’s employees, is continuing to adjust its plans following its integration with UBS.
Members of the pension scheme can apply for a continuation of the pension protection mechanism, if the amount of working hours decreases by 30 to 70%, Credit Suisse Pensionskasse said.
The pension protection mechanism would continue to be in place based on salary subject to contributions for a maximum of one year, it added.
Credit Suisse Pensionskasse has a pension protection mechanism in place for employees whose basic wages decrease from the age of 58 because of a reduction of working hours.
Employees can request that the pension protection mechanism continues to be based on the salary received before the reduction.
According to the latest pension plan’s changes, for those employed by a subsidiary of the Credit Suisse group, that has not been yet integrated into the UBS Group, the obligation to contribute in the event of being unable to work continues to be waived from the second year onwards.
Moreover, members on unpaid leave will continue to receive monthly savings contributions after the 31st day of unpaided leave, while so far employees were only insured against risks from the 31st day.
The amount of savings contributions depends on the contribution option chosen by the employees, the scheme said.
The latest pension plans’ adjustments kicked in on 1 April. They follow the plan laid out by Credit Suisse Pensionskasse to change its target to match those of the UBS pension fund, from 1 January 2027, on the path to untimately merge the two schemes.
As a result, Credit Suisse’s scheme will close down 1e pension plans, open for high-earning employees having the possibility to choose between different investment strategies, to new members.
The UBS pension fund does not offer 1e plans to its employees, hence the decision to shut them down.
Looking for IPE’s latest magazine? Read the digital edition here
No comments yet