annual report - gastrosocial.ch¤ftsbericht... · preface gastrosocial again recorded encouraging...
TRANSCRIPT
Preface
GastroSocial again recorded encouraging and stable growth in the 2018 financial year. The number of affiliated businesses reached 20 587 for the Compensation Fund and 20 677 for the Pension Fund. The total payroll grew to some CHF 6.69 billion for the Compensation Fund and CHF 5.43 billion for the Pension Fund. Contributions for the Compensation Fund were around CHF 1.07 billion and for the Pension Fund around CHF 401 million.
The 2018 investment year was marked by negative fluctuations in the yields of global government and corporate bonds, as well as declining returns from the equity markets and real estate funds. In contrast to the success of previous years, Swiss pension funds suffered a setback from minus 3.45 % on average. GastroSocial posted a return of minus 3.05 %, which corresponds to the BVG benchmark index. The funding ratio is 115.3 % with investment capital of around CHF 7 billion.
Each day, our employees in the Compensation Fund and Pension Fund happily dedicate themselves to making the administrative work of our customers easier and to keep the administrative costs low.
In this report, you will find some recipes that reflect a cross-section of our clientele. We hope you enjoy recre-ating them at home!
Urs-Peter Amrein Björn WertliChairman of the Executive Board Director
Contents
Organisational chart 4
Cook yourself! 5
Business operations of the Compensation Fund 13
Key figures at a glance 14
Key figures in detail 22
Outsourced tasks 25
Annual financial statements 32
Legal form, governing & executive bodies and management 33
Business operations of the Pension Fund 35
Key figures at a glance 36
Key figures in detail 44
Balance sheet 46
Funding ratio and interest rate 47
Operating statement 48
Investment 50
Legal form, governing & executive bodies and management 52
GASTROSOCIAL 54 GASTROSOCIAL
Organisational chart
Cook yourself!
GastroSocial meets a wide range of needs. In this annual report, we are presenting four different companies from our clientele. We asked each of them to share a recipe from their restaurant with us. You can now cook your way through the GastroSocial menu yourself and enjoy these inspirational creations. Things started to get really interesting when we asked the chefs what their favourite dishes are and which ingredient they would never use in their dishes.
The full profiles of the interviewed chefs can be found at: gastrosocial.ch/interview-en
GastroSocial would like to thank you for your loyalty – at the end of the year our estimated pool of insured persons included around 172 000 employees and self-employed individuals from more than 20 300 companies. We also offer insurance solutions for companies outside the hotel and catering industry. GastroSocial’s customer portfolio includes mountain railways, thermal spas, retailers and casinos, as well as clinics and health organisations.
Since 1948 (Compensation Fund) and 1974 (Pension Fund), GastroSocial has been demonstrating quality, exceptional customer focus and has always been seing the bigger picture.
We hope you will enjoy reading this annual report as much as cooking the different recipes!
AustraliaSuperfood Veggie-BurgerOutback Lodge, Winterthur
* * *Japan
Tuna tatakiThe Alpina Gstaad, Gstaad
* * *Ticino
Open Raviolo stuffed with beef tartarFattoria L’Amorosa, Sementina
* * *Orient
PastillaLe Palais Oriental, Montreux
Board of Directors of Compensation Fund Massimo Suter Chairman
Executive Committee Urs-Peter Amrein Chairman
Board of Trustees of Pension FundJosef Schüpfer Chairman Controlling
Beat Sutter
DirectorBjörn Wertli
Human Resources Monika Wehrli
Management Assistants
Team of expertsCorporate development/Quality Management
Customer ServiceFelix Schwan
CF AdministrationAndreas Thode
PF AdministrationPatrick Nasciuti
FinanceAndreas Beccarelli
InvestmentsBeat Wüst
ResourcesStefan Mattenberger
Sales Force Employer Audits Contributions Finance Real EstateInformation Technology
First-Level-Support Contributions Vested Benefits Collections Securities Logistics
GastroSocial@net FAZ/EO/MSE Benefits
Customer Affiliation
Salary Statement Checks
Legal Service
Marketing/Communication
Pensions/IV Daily Allowance
Lugano Branch Office
Special Tasks
As at January 2018
6 GASTROSOCIAL
OUTBACK LODGEWinterthur
Adventure is guaranteed on a visit to the Outback Lodge, where Fodor Gyula and his team love to experiment behind the stove. Their concept is to prepare simple dishes in a special way, using ingre-dients that are mostly coming from Switzerland.
Guests love the Giga Spareribs, which are left for 24 hours in a special BBQ and cola marinade before being smoked with cherry wood for another five hours. Once ready, they are served with Down Under Fries, coleslaw and sour cream. And it’s not just the food that is distinctly Australian but also the ambience, which is characterised by a simple, rustic look in wood.
Fodor Gyula would use any ingredients in his cooking that are allowed, but his favourite spice is chilli. Kangaroo steak, cooked medium and glazed with Australian lemon & myrtle herb butter, is his favourite dish. It is served with a traditional ragout of green beans, and jazzed up with bush tomato chutney and poppadoms – a flatbread made out of lenses. Best washed down with a Chopfab Amber beer!
Cuisine AustraliaManaging Director Sebastian SchmiderSous-chef Fodor GyulaDish Superfood Veggie-Burger
8 GASTROSOCIAL
AUSTRALIAOutback Lodge, Winterthur
«I feel secure knowing that I’m being supported by a competent sector specialist such as GastroSocial. And best of all: I hardly have to do anything.»
Fodor GyulaSous-chef, Outback Lodge, Winterthur
10 GASTROSOCIAL
Superfood Veggie-BurgerQuinoa patty in a brioche with guacamole & bush tomato sauce
(4 burgers)
Patties
100 g quinoa
20 g chia seeds
10 g diced onions
½ bunch of parsley
Salt, pepper, cardamom, curry powder
1 tsp butter
4 tsp tomato & ginger chutney (tomatoes, cane sugar, onions, sunflower oil,
vinegar, ginger, cinnamon and cloves)
4 tsp guacamole
1 small red onion cut into strips
4 mini bread rolls (brioche)
1 sliced pickle
4 sliced plum tomatoes
4 leaves Chinese cabbage
Preparation
‒ Leave the quinoa to simmer for approximately 15 minutes, set aside to cool down
‒ Finely chop the parsley
‒ Mix the quinoa, chia seeds, onions, spices and parsley into a firm mass,
leave to settle for 20 minutes
‒ Form the mixture into a patty, fry in a pan until crispy
‒ Toast the mini bread roll and spread the sauces onto it
‒ Put the Chinese cabbage, onions, tomatoes and
pickles on it
‒ Lay the grilled quinoa patty on top
GASTROSOCIAL COMPENSATION FUND 1514 GASTROSOCIAL COMPENSATION FUND
Key figures at a glance
20 587
Affiliated companies + 0.3 % 2017: 20 516
The number of affiliated companies rose slightly compa-red to the previous year.
174 348
Insured persons+ 1.8 % 2017: 171 314
The number of persons insured with the Compensation Fund increased again.
6 688 m CHF
Gross payroll+ 2.3 % 2017: 6 537 m CHF
As in the previous year, GastroSocial was in 2018 once again successful in the acquisition of companies from all segments. In comparison to the previous year, the gross payroll (inclusive taxable income of the self-employed individuals) of the affiliated companies increased accor-dingly.
1 074 m CHF
Invoiced contributions+ 1.6 % 2017: 1 057 m CHF
In addition to the AHV/IV/EO, contribution volumes also increased slightly for the outsourced tasks, e.g. the family compensation funds.
26 952
Number of pensions+ 0.6 % 2017: 26 788
In 2018, GastroSocial paid benefits totalling around CHF 567 million to its AHV and IV pensioners.
19 974
Daily sickness benefits and accident insurance contracts (SWICA)– 2.0 % 2017: 20 372
The premium volume increased overall despite a decline in the number of contracts.
16 GASTROSOCIAL
THE ALPINA GSTAADGstaad
Martin Göschel’s cuisine is dominated by regional products. In the mountain air, certain things grow more slowly but this is rewarded with a more intense flavour and outstanding quality.
Martin Göschel is a major proponent of natural, balanced and healthy cuisine. He is convinced that health will become a key issue when it comes to food. At The Alpina Gstaad sustainability is already firmly established as a philosophy. The restaurant therefore offers a correspondingly wide range of vegetarian and vegan dishes. To keep waste to a minimum, suppliers deliver the products in reusable boxes.
Many of the herb and spice blends are homemade, such as the mixture of seven different types of pepper, the mild and spicy curry and the fish seasoning for the BBQ. Within the team, harmony and creativity are the order of the day, which is why the traditional male domain of preparing the meat and fish dishes is handled by a woman.
Cuisine JapanExecutive Chef Martin Göschel Chef Restaurant Megu Takumi MuraseDish Tuna tataki
18 GASTROSOCIAL
JAPANThe Alpina Gstaad, Gstaad
«The employees of GastroSocial have a strong service mentality. They answer my questions quickly and competently.»
Martin Göschel Executive Chef, The Alpina Gstaad, Gstaad
20 GASTROSOCIAL
Tuna tataki with kanzuri radish, ponzu and nori vinaigrette (4 Portions)
Yellowfin Tuna Loins400 g Yellowfin tuna loinsBriefly sear the tuna on all sides using a bunsen burner, then quench in cold water, let it drain on a towel, set aside and temper
Kanzuri dressing40 g kanzuri paste (fermented chilli paste)30 ml Yamae soy sauceMix together
Ponzu gel70 ml yuzu juice70 ml rice vinegar30 ml Kikkoman soy sauce30 ml mirin40 ml Tamari soy sauce1 squeeze of lemon juice Bring everything to the boil and reduce to about half.
Preparation
° Put a thick line of Nori dressing onto the plate
° Mix the vegetables strips and season with the Kanzuri dressing
° Cut the tuna loins into pieces 0.5 cm thick, place them on the plate together with the Kanzuri radish salad
° Garnish the fish with Ponzu gel
° Optional: Goes perfect with mango cubes and mango puree
Kanzuri radish salad100 g beer radish 60 g carrotsCut into thin strips
Nori dressing40 ml rice vinegar2 g sugar1 squeeze of lemon juice30 ml Kikkoman soy sauce3 leaves (6 g) of nori seaweedBring everything to the boil and reduce a little
GASTROSOCIAL COMPENSATION FUND 2322 GASTROSOCIAL COMPENSATION FUND
Key figures in detail
Affiliated companies
20182017201620152014
20 134
11 805
8 329
20 231
12 341
7 890
20 294
12 005
8 289
20 516
12 673
7 843
20 587
13 081
7 506
Total affiliated companies Legal entities Natural entities
Payroll structureCHF
26 400
120 648
68.0 %
17.6 %
6.7 %
5.1 %
2.7 %
25 303
127 267
25 677
131 984
25 592
132 599
CHF
< 100 000
100 000 – 300 000
300 001 – 500 000
500 001 – 1 000 000
> 1 000 000
The diagram shows the distribution of the affiliated companies in relation to gross payroll (inclusive taxable income of the self-employed individuals). Most of them are micro-companies.
Invoiced contributions
CHF 2017 2018
AHV/IV/EO, personal and equal contributions 679 296 000 691 641 000
Maternity insurance 396 000 467 000
ALV contributions 133 856 000 136 779 000
Family Compensation Fund contributions 132 789 000 134 238 000
of which contributions from outsourced tasks 13 930 000 14 329 000
Premiums for daily sickness benefits insurance 56 539 000 56 093 000
Accident insurance premiums 54 195 000 54 610 000
Total contribution volume 1 057 071 000 1 073 828 000
Trend in contribution volumes m CHF
1 002
1 032 1 038
1 0571 074
20182017201620152014
The Federal Social Insurance Office places tight regulation on compensation funds with regard to contribution collection, fees, default interest and time limits, and ensures a consistent implementation at all times. Over the past years, total contributions to the Compensation Fund have been around the one billion mark.
GASTROSOCIAL COMPENSATION FUND 2524 GASTROSOCIAL COMPENSATION FUND
Number of AHV pensions
2017 2018
Retirement pensions 20 425 20 777
Widow’s and widower’s pensions 872 838
Orphan’s pensions 519 479
Supplementary spouse’s pensions 17 17
Supplementary child’s pensions 294 303
Care allowances 637 653
Total of AHV pensions 22 764 23 067
Number of IV pensions
2017 2018
Disability pensions 2 793 2 713
Supplementary spouse’s and child’s pensions 1 009 954
Care allowances 222 218
Total of IV pensions 4 024 3 885
Trend in pensions
20182017201620152014
21 964 22 301 22 379 22 764 23 067
4 024 3 8854 1364 5064 706
Total of AHV pensions Total of IV pensions
Outsourced tasks
Institution Tasks
SWICA Contract administration and premium collection
Canton of Geneva Maternity insurance clearing office
Family compensation offices Management in 19 cantons, clearing office in 7 cantons
Swiss Confederation Refunding CO2 levies
GastroSuisse and cantonal associations Contribution collection for vocational training funds
Cantons Contribution collection for various cantonal funds
Daily sickness benefits and accident insurance
20182017201620152014
8 876
7 811
4 297
8 680
7 657
4 274
8 665 8 471 8 3237 465
4 186
7 601
4 300
7 705
4 337
Daily sickness benefits contracts Accident insurance contracts Supplementary accident insurance contracts
26 GASTROSOCIAL
FATTORIA L’AMOROSASementina
The rustic country house Fattoria L’Amorosa, near the Swiss city of Bellinzona, is nestled among herb plants, olive trees and vines. The menu is small, but all of the dishes are homemade using fresh and local ingre-dients. The simple Mediterranean Ticino food is authentically prepared with great affection, and seasoned with fresh herbs from the garden. Nuno Correia’s favourite herb is basil. He loves its intense aroma and fantastic freshness.
The manager recommends Brasato di Manzo al Merlot – beef stewed in Merlot. The premium- quality meat and patient preparation make it the restaurant’s most popular dish.
The appropriate wines are grown in the restaurant’s own vineyard nearby. The macaroni is homemade and served with black truffle or Ticino sausage and saffron. A traditional espresso or grappa completes the menu.
Cuisine TicinoManager & sommelier Nuno CorreiaChef de cuisine Carmine PierinoDish Open Raviolo stuffed
with beef tartar
28 GASTROSOCIAL
TICINOFattoria L’Amorosa, Sementina
«The long-standing experience and solid business performance of GastroSocial make me feel secure.»
Nuno CorreiaManager & sommelier
30 GASTROSOCIAL
Open Raviolo stuffed with beef tartarFlavoured with truffles, with curry & mustard sauce (4 portions)
200 g fresh pasta dough280 g fresh beef without fat (top quality)Truffle oil if desiredParsley if desired12 g saltExotic pepper if desired
Sauce2 ml fresh cream20 g curry powder15 g mustard 50 ml fresh orange juice
Preparation— Roll out the pasta dough thinly and cut out the ravioli shapes, boil in salted water and drain on a paper towel
— Finely dice the meat using a sharp knife, marinate with salt, some parsley, a little truffle oil and orange juice
— Whisk together the ingredients for the sauce— Add the sauce onto a plate, put a piece of the pasta dough on top, fill the meat into it and cover with another piece of pasta
— Garnish with parsley, pepper, truffle oil and fine truffle shavings
GASTROSOCIAL COMPENSATION FUND 3332 GASTROSOCIAL COMPENSATION FUND
Annual financial statements Legal form, governing & executive bodies and management
Legal structure Independent federal institution under public law
Board of Directors of Compensation Fund Massimo Suter Chairman
Ernst Bachmann Vice-Chairman (until 30.06.2018)
François Gessler (until 30.06.2018)
Annalisa Giger (from 01.07.2018)
Muriel Hauser
Walter Höhener
Bruno Lustenberger (from 01.07.2018)
Gilles Meystre
Casimir Platzer
André Roduit (from 01.07.2018)
Moritz Rogger-Riechsteiner
Josef Schüpfer (until 30.06.2018)
The Board of Directors consists of ex officio members of the Board of GastroSuisse.
Presidium GastroSocialUrs-Peter Amrein Chairman
Josef Schüpfer Chairman of the Board of Trustees
Massimo Suter Chairman of the Board of Directors
Head of Compensation FundBjörn Wertli
Auditing and supervisionAuditors PricewaterhouseCoopers Ltd, Basel
Supervision Federal Social Insurance Office, Bern
Compensation balance sheet
CHF 2017 2018
AHV/IV/EO contributions 679 296 000 691 641 000
Benefits paid out – 599 891 000 – 602 528 000
AHV pensions – 475 649 000 – 479 977 000
AHV care allowances – 5 784 000 – 5 865 000
IV pensions – 67 420 000 – 65 974 000
IV care allowances – 2 505 000 – 2 244 000
IV daily allowances – 13 379 000 – 13 023 000
Income compensation payments – 13 584 000 – 13 340 000
Maternity allowances – 21 570 000 – 22 105 000
Surplus transferred to AHV Compensation Fund 79 405 000 89 113 000
Administrative costs
CHF 2017 2018
Operating expenses
Personnel expenses 15 773 000 16 155 000
General expenses 2 380 000 2 527 000
Real estate expenses 1 324 000 1 508 000
Project reserves 2 210 000 1 280 000
Depreciation 1 214 000 1 807 000
Other expenses 475 000 474 000
Income surplus 325 000 294 000
Total operating expenses 23 701 000 24 045 000
CHF 2017 2018
Operating income
Company contributions to administrative costs 13 468 000 13 417 000
Cost contributions for outsourced tasks 8 230 000 8 415 000
Fees 1 255 000 1 571 000
Investment income 421 000 229 000
Other income 327 000 413 000
Total operating income 23 701 000 24 045 000
GASTROSOCIAL PENSION FUND 3736 GASTROSOCIAL PENSION FUND
Key figures at a glance
20 677
Affiliated companies + 1.5 % 2017: 20 380
The number of affiliated companies rose again compared to the previous year.
171 890
Insured persons+ 6.1 % 2017: 162 077
The number of insured persons has been increasing for years.
3 021 m CHF
Insured payroll+ 7.3 % 2017: 2 815 m CHF
As in the previous year, in 2018 GastroSocial was once again successful in the acquisition of companies from all segments. In comparison to the previous year, the insured payroll of the affiliated companies increased accordingly.
401 m CHF
Invoiced contributions+ 4.6 % 2017: 384 m CHF
This key figure confirms the continuing growth of GastroSocial.
12 711
Number of pensions+ 6.4 % 2017: 11 948
As before, the number of pensions is still very low.
115.3
Funding ratio– 5.6 % 2017: 120.9 %
Although the funding ratio decreased due to negative performance, increases in pension capital and technical provisions. The financial position of the GastroSocial Pension Fund is still very sound.
6 989 m CHF
Investment capital– 0.7 % 2017: 7 036 m CHF
The investment capital remains at around CHF 7 billion.
38 GASTROSOCIAL
LE PALAIS ORIENTALMontreux
Mr and Mrs Gharibi are giving free reign to Daniel Moguen, the chef cook in their kitchen of the Le Palais Oriental. Daniel Moguen’s favourite spice is saffron which fits in well as their menu is oriental. The dishes from Iran, Lebanon and Morocco are prepared with fresh regional products and typical spices from the Middle East.
The ingredients must be fresh and of the highest quality. By alternating the dishes daily, the products can be used up quickly to avoid wastage. No ready- made products are used, which keeps packaging to a minimum.
All dishes have a special oriental character, which is very popular. Besides locals, the clientèle is made up of Iranians as well as diplomats from various foreign embassies. They are familiar with the food: the most popular dishes are «Tchelo-kebab-e-barg» (a lamb skewer), «Djoudjeh-kebab» (a chicken skewer) and «Tchelo-kebab-e-kubideh» (a minced lamb skewer). This last one is also Daniel Moguen’s favourite.
Cuisine OrientOwner/Management Therese & Shahriar GharibiCook Daniel MoguenDish Pastilla
40 GASTROSOCIAL
ORIENTLe Palais Oriental, Montreux
«GastroSocial knows exactly what my needs are and what challenges I face during my work. Like us, they put the customers’ needs first.»
Daniel MoguenCook, Le Palais Oriental, Montreux
42 GASTROSOCIAL
Pastilla with milk, almonds and honey (4 portions)
20 round sheets of feuille de brick *200 g oven-roasted almond flakes500 ml milk2 tsp corn starch80 g sugar1 to 2 tbsp orange blossom waterSome cinnamon, honey and chopped pistachios for garnishing
Preparation
- Heat up 400 ml of milk with the sugar
- Mix the corn starch with the remaining cold milk, add
- Add orange blossom water and stir over a low heat with a wooden spoon until creamy in texture
- Remove from the heat and set aside to cool
- Put some neutral-flavoured oil in a large pan and fry the brick pastry sheets until they turn golden; drain on a paper towel
- Put a little bit of cream onto a brick sheet and sprinkle with roasted almond flakes, place another sheet on top and cover with cream and almond flakes, repeat (5 brick sheets per person)
- Sprinkle with chopped pistachios and cinnamon, refine with honey
Important: The pastilla must be served immediately, otherwise the brick sheets will become soft.
* You can also use yufka, strudel or filo dough instead of brick.
GASTROSOCIAL PENSION FUND 4544 GASTROSOCIAL PENSION FUND
Key figures in detail
Affiliated companies
20182017201620152014
19 874 20 169
11 430
8 739
20 337 20 380 20 677
12 964
7 713
12 428
7 952
11 955
8 382
Total affiliated companies Legal entities Natural entities
The segmentation of the affiliated companies was recorded from 2015 onwards.
Payroll structureCHF
64.7 %
24.7 %
5.9 %
3.3 %
1.4 %
CHF
< 100 000
100 000 – 300 000
300 001 – 500 000
500 001 – 1 000 000
> 1 000 000
The diagram shows the distribution of the affiliated companies in relation to payroll. Most of them are micro- companies.
Invoiced contributionsm CHF
343 362 370 384 401
20182017201620152014
Number of insured persons
20182017201620152014
152 570 157 661 158 191 162 077
127 267
25 303
131 984
25 677
132 599
25 592
137 054
25 023
171 890
147 074
24 816
Insured over 25
Insured under 25
Number of pensions
20182017201620152014
5 311
3 020
8091 236
5 642
3 003
853
6 080
3 015
8941 361
6 525
3 060
9591 404
6 987
3 160
9851 5791 344
Retirement pensions IV pensions Partner’s pensions Child’s pensions
GASTROSOCIAL PENSION FUND 4746 GASTROSOCIAL PENSION FUND
Balance sheet Funding ratio and interest rate
Assets
CHF 31.12.2017 31.12.2018
Investment 7 036 022 000 6 989 278 000
Liquid resources and money market 150 045 000 157 431 000
Bonds 1 993 181 000 1 960 611 000
Mortgages/Constant Cash Flow 747 218 000 810 375 000
Equities 2 605 751 000 2 478 537 000
Real estate 1 539 827 000 1 582 324 000
Receivables 52 796 000 59 869 000
Accrued income and deferred expenses 27 675 000 26 513 000
Total assets 7 116 493 000 7 075 660 000
Liabilities
CHF 31.12.2017 31.12.2018
Liabilities 35 633 000 21 035 000
Accrued expenses and deferred income 648 000 791 000
Employer contribution reserves 11 550 000 12 263 000
Pension capital and technical reserves 5 848 903 000 6 105 588 000
Pension capital active insured 4 304 742 000 4 477 882 000
Pension capital pensioners 1 258 273 000 1 326 968 000
Technical reserves 285 888 000 300 738 000
Fluctuation reserve 1 219 754 000 935 978 000
Foundation capital 5 000 5 000
Total liabilities 7 116 493 000 7 075 660 000
Funding ratio 120.9 % 115.3 %
Funding ratio in %
116.6114.7
117.1
120.9
115.3
20182017201620152014
The funding ratio represents the relationship between pension assets and pension liabilities.
Interest in %
20182017201620152014
2.00
1.75
1.50
2.00
1.00
1.50
1.00
1.25
1.751.75
GastroSocial Pension Fund Minimum interest rate
The Pension Fund’s sound financial position enabled to pay interest of 1.5 % on both mandatory and extra-mandatory pension fund assets for 2018. That is 0.5 percentage points more than the minimum interest rate of 1 % prescribed by the Federal Council.
The pensioners’ pension capital is calculated on the base of a technical interest rate of 2.75 % as of 31 december 2018. For the actuarial calculation, the GastroSocial Pension Fund uses the technical basis BVG 2015, periodic table 2017.
GASTROSOCIAL PENSION FUND 4948 GASTROSOCIAL PENSION FUND
CHF 2017 2018
Inflow from contributions and deposits 638 762 000 644 629 000
Contributions 385 738 000 405 582 000
Purchases 19 594 000 21 888 000
Vested benefits paid in 233 430 000 217 159 000
Outflows for benefits and advance withdrawals – 427 462 000 – 445 561 000
Regulatory benefits – 159 635 000 – 162 344 000
Retirement pensions – 46 442 000 – 50 595 000
Survivor’s pension – 7 810 000 – 7 654 000
Disability pensions – 25 561 000 – 27 908 000
Other regulatory benefits – 5 607 000 – 5 008 000
Lump sum payments at retirement – 69 436 000 – 67 965 000
Lump sum death payments – 4 779 000 – 3 214 000
Private supplementary benefits 0 – 100 000
Vested benefits paid out – 267 827 000 – 283 117 000
Creation (–)/Release (+) of pension capital and technical reserves – 443 509 000 – 253 417 000
Creation (–)/Release (+) of pension capital – 302 988 000 – 238 567 000
Creation (–)/Release (+) of technical reserves – 140 521 000 – 14 850 000
Income from insurance benefits 7 196 000 7 242 000
Insurance costs – 4 771 000 – 5 944 000
Net result from insurance component – 229 784 000 – 53 051 000
CHF 2017 2018
Investment income 571 811 000 – 177 948 000
Money market – 751 000 – 1 911 000
Bonds 58 077 000 – 51 600 000
Mortgages/Constant Cash Flow 25 146 000 36 309 000
Equities 409 290 000 – 199 628 000
Real estate 80 049 000 38 882 000
Asset management costs – 35 908 000 – 41 197 000
Net investment result 535 903 000 – 219 145 000
Administrative costs – 13 507 000 – 13 995 000
General administration – 11 722 000 – 12 271 000
Marketing and advertising – 556 000 – 378 000
Agents and brokers – 984 000 – 1 114 000
Auditors and pension actuary of employee benefits insurance – 175 000 – 164 000
Supervisory authorities – 70 000 – 68 000
Administrative income 2 497 000 2 415 000
Net result for the administrative account – 11 010 000 – 11 580 000
Income (+)/Expenses (–) surplus before creation/release of fluctuation reserve
295 109 000 – 283 776 000
Creation (–)/Release (+) of fluctuation reserve – 295 109 000 283 776 000
Income/Expenses surplus 0 0
GastroSocial is a not-for-profit foundation. The administrative expenses of CHF 66 per beneficiary and year are comparatively the lowest throughout Switzerland.
Operating statement
GASTROSOCIAL PENSION FUND 5150 GASTROSOCIAL PENSION FUND
Investment
Review/OutlookPolitical uncertainty remained high throughout the year in many areas, and central banks pushed ahead with their strategy of cautious monetary policy normalisation. Their aim is to support world economic growth at its current level without becoming exposed to greater inflation risk.
Against this backdrop, the investment markets went through several, occasionally intense phases of uncertainty. These culminated in a December that was marked by historic lows for the stock markets. Our broadly diversified portfolio was unable to shield us from these developments and we posted a return of minus 3.05 % – in line with the BVG benchmark index but behind our ambitious internal benchmark.
In 2019 we are again expecting a volatile but moderately positive investment environment which, as in the previous year, will be strongly influenced by developments on a political level. We are continuing to keep a close eye on global developments so that we can take well-informed and timely action in the event of a crisis. In the first quarter we will migrate the previous investment strategy over to the new, more broadly diversified one, taking into account the tactical environment. Our main focus continues to be on risk-conscious medium-term portfolio optimisation – not on short-term market fluctuations, which are often driven by sentiment.
Asset structure, strategy and bandwidths
Asset class CHFPercentage as at
31.12.2018Strategy Bandwidth
Money market 157 431 000 2.3 % 1.0 % 0 – 10 %
CHF bonds 537 978 000 7.7 % 12.0 % 8 – 16 %
Foreign currency bonds 1 422 632 000 20.4 % 19.0 % 10 – 28 %
Mortgages/Constant Cash Flow 810 375 000 11.6 % 10.0 % 4 – 16 %
Swiss equities 632 831 000 9.1 % 10.0 % 6 – 12 %
Foreign equities 1 845 706 000 26.4 % 24.0 % 13 – 35 %
Swiss real estate 1 291 961 000 18.5 % 20.0 % 18 – 22 %
Foreign real estate 290 364 000 4.2 % 4.0 % 1 – 6 %
Total 6 989 278 000 100.0 % 100.0 %
The Investment Committee has approved the lower deviation from the minimum for CHF bonds.
Performance
Asset class Performance as at 31.12.2018 Benchmark
Money market 0.69 % – 0.86 %
CHF bonds – 0.26 % 0.07 %
Foreign currency bonds – 3.71 % – 2.09 %
Mortgages/Constant Cash Flow 3.44 % 2.37 %
Swiss equities – 9.22 % – 8.57 %
Foreign equities – 7.52 % – 9.39 %
Swiss real estate 2.03 % 4.00 %
Foreign real estate 1.73 % 4.00 %
Overall performance – 3.05 % – 2.43 %
The posted return of minus 3.05 % was in line with the BVG benchmark index but remained behind the ambitious internal benchmark.
Annual performancein %
20182017201620152014
7.87 7.71
9.86
0.501.24
0.47
4.55
8.777.94
5.81
– 3.05 – 2.43 – 3.05
3.75 3.21
2017 2018
Performance GastroSocial 8.77 % – 3.05 %
Benchmark 7.94 % – 2.43 %
Pictet reference index for pension funds 5.81 % – 3.05 %
52 GASTROSOCIAL PENSION FUND
Legal form, governing & executive bodies and management
Legal form
Pension foundation equality
Board of Trustees: Employer representativesJosef Schüpfer Chairman, member of Investment Committee
Ruedi Bartel
Muriel Hauser
Peter Oesch
Ruedi Stöckli
Massimo Suter Member of Investment Committee
Board of Trustees: Employee representativesStefan Unternährer Vice-Chairman, member of Investment Committee
René Haas
Franziska Hänggi
Markus Kunz Member of Investment Committee
Esther Lüscher
René Meier
The term of office for Trustees is 3 calendar years. The employer representatives have been elected by GastroSuisse and the employee representatives by the Hotel & Gastro Union.
Presidium GastroSocialUrs-Peter Amrein Chairman
Josef Schüpfer Chairman of the Board of Trustees
Massimo Suter Chairman of the Board of Directors
ManagerBjörn Wertli
Auditing and supervisionPension actuary
Contractual partnerExecutive expert (auditor in charge of the mandate)
Mercer Schweiz AG, ZurichBruno Filiberti, confederate certified expert of the Pension Fund SKPE
AuditorsLeading auditor
PricewaterhouseCoopers Ltd, BaselMichael Stämpfli
Supervisory authorities BVG- und Stiftungsaufsicht Aargau, Aarau (BVSA)
Imprint
Content and layout GastroSocial, AarauPhoto Adrian Ehrbar Photography, Umiken
The printed matters are released in German, French, Italian and English and are also available on the website at gastrosocial.ch.
© 2019, GastroSocial, 5001 AarauISO 9001 / GoodPriv@cy
GastroSocial
Buchserstrasse 1 | Postfach | 5001 Aarau | T 062 837 71 71 [email protected] | gastrosocial.ch
Institution GastroSuisse