SWITZERLAND - The pension scheme of the Swiss Post is once again missing billions, having already received several rounds of funding, so its sponsor company is now intending to plug the hole with more money.

Swiss Post said in its annual report it intends to inject another CHF250m (€163m) into the pension scheme created in 2002, following earlier payments of CHF250m in 2007 and CHF212m in 2006.

The CHF250m scheduled for 2008 already have been included in the end-year figures and will be taken off the profit normally paid out to the government.

The firm said it had generated “stable profits” of CHF825m, though this is 9% less than in 2007.

The pension fund currently needs an extra CHF3.6bn, including its buffer reserves, so the Post noted it will need “good results in the future” in order to fill this gap.

Having reached a funding level of 102.1% at the end of 2007, the pensionskasse was 88.1% funded by the end of December 2008.

Another CHF50m is being set aside in a reserve fund by the Post, though it will not be used until the funding level is above 100% again, the company noted.

The pension fund’s assets fell to CHF11.7bn last year from CHF13.5bn in 2007.
The pension fund portfolio’s weighting to bonds increased to 55% in 2008 compared with 46% the previous year, while equity exposure fell from 27% to 20% and real estate remained at 10%.

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