Mission statement of the Tellco pk Foundation

Committed to occupational pension provision

The Tellco pension fund has been committed to occupational pension provision since 2002 and offers policyholders a wide range of services in this area. It is aware of its social responsibility and takes an individual approach to the needs of policyholders.

Customised solutions for individual needs

Our occupational pension services offer policyholders the possibility to select a customised mix of security, growth and opportunities to get involved. We give equal treatment to registered partnerships and provide flexible support to companies in their cash management needs.

Long-term objectives, financial and social

Tellco pk pursues long-term objectives, whether they be financial or social. Our investment strategy is focused accordingly and broadly diversified by asset class, maturity, region and liquidity. Sustainable development objectives play an important part in our strategy.

Committed to sustainability

We are actively committed to the federal government’s Energy Strategy 2050 and support it through our decarbonisation strategy as part of which we refrain from investing in coal production and processing in our equity and bond portfolios. Along with investing in renewable energies, increasing energy efficiency, switching transport to rail and saving natural resources, the focus is on building and operating real estate sustainably and reducing the ecological footprint of public facilities.

Dynamic risk management for the highest possible security

Our dynamic risk management allows us to offer policyholders the highest possible security for their retirement savings with a focus on minimising risk, especially the risk of underfunding. We constantly monitor the investments we have made and our risks and adapt our investment strategy dynamically as required.

Transparency and client focus

We strive for transparency in our decisions and actions and always keep our eye on policyholders’ interests. Our investments in the future include a rigorous strategy to raise the efficiency of all processes by using modern, user-friendly online platforms and digital applications such as ePlix for the benefit of all policyholders.

Figures

as of 31.12.2022 - audited
Affiliated companies 10'192
Insured persons 95'604
Pension beneficiaries 4'634
Average age women/men 40,7 / 40,0
Pension capital CHF 2,8 Mia.
Coverage capital for pension beneficiaries CHF 0,9 Mia.
Coverage ratio 100,90%
Technical interest rate 1,75%
Return -5,80%
Conversion rate 5.8%

2,29%*

Performance YTD

100,9%*

Coverage ratio

*as of 31.11.2023 - unaudited

Key figures in detail

Monthly performance / coverage ratio Historical key figures Quarterly overview of coverage ratio
Year 2024 2023 2022 2021 2020 2019 2018 2017 2016
January 0,24 1,51 -1,37 0,51 0,34 2,18 0,20 0,24 -0,87
February 0,77 -0,36 -1,00 0,70 -1,78 0,96 -0,73 1,17 -0,89
March 1,11 -0,09 -0,55 1,64 -4,67 0,58 -0,08 0,64 0,63
April - 0,14 -0,25 0,46 1,61 1,44 1,11 0,81 0,54
May - 0,08 -0,88 0,43 1,19 -1,03 -0,35 0,38 0,99
June - 0,24 -1,94 1,79 0,99 1,23 0,20 -0,26 -0,51
July - 0,15 0,88 -0,14 0,47 0,54 0,83 1,06 0,92
August - -0,13 -0,32 0,98 0,72 -0,07 -0,25 -0,05 0,60
September - -0,44 -0.63 -0,77 0,49 0,33 0,24 0,22 0,15
October - -0,83 0,55 1,00 -0,93 0,18 -1,19 1,06 -0,34
November - 1,57 0,70 -0,31 2,96 0,85 0,16 0,10 0,30
December - 0,68 -1,30 0,84 0,89 0,02 -1,88 -0,02 0,86
YTD 2,27 0,60 -5,80 7,31 2,20 7,38 -1,83 5,48 2,51
YTD Bench 3,28 1,10 -14,06 5,57 3,32 10,69 -3,11 5,19 2,64
CR 102,80 100,90 101,70 110,30 104,00 104,20 98,40 102,30* 101,40

YTD = Performance since 1 January of the calendar year
Bench = Benchmark Pictet BVG 25
CR = Coverage ratio


*Reported coverage ratio as of December 31st 2017, taking into consideration the reduction of the technical interest rate from 2.25% to 1.75%.

The monthly performance values are provisional. Changes may me made due to information on the performance of individual investment categories (e.g. alternative investments) being delayed.

Year 2023 2022 2021 2020 2019 2018 2017 2016 2015
Affiliated companies - 10'192 9'943 9’333 8'641 8'301 7'984 7'932 7'718
Insured persons - 95'604 88'519 76’825 77'108 74’342 67'325 61'068 57'557
in CHF 1'000
Risk premiums / contributions to administrative costs - 81'708 75'295 65'091 63'848 61’460 58'058 55'921 57'118
Retirement credits - 327'829 296'593 282'432 264'424 243’040 223'272 211'787 201'349
Savings capital - 2'806'902 2'636'751 2'400'776 2'135'187 1’900’656 1'832'834 1'771'140 1'710'738
Pension reserves - 854'427 790'641 753'280 675'345 604’906 513'319 563'907 565'827
Technical reserves - 86'642 78'527 75'089 49'627 40’779 59'638 45'278 56'100
Fluctuation reserves - 32'826 353'176 128'801 119'235 – 56'257 33'458 38'863
Coverage ratio pursuant to BVG - 100,9% 110,3% 104,0% 104,2% 98,4% 102,3% 101,4% 101,7%
Technical interest rate - 1,75% 1,75% 1,75% 1,75% 1,75% 1,75% 2,25% 2,5%
Interest on savings capital - 1,0% 2,0% 1,0% 1,0% 1,0% 1,0% 1,25% 1,75%
Surpulus in % – – – – – – – – –

Data as of 31 December

Coverage ratio Quarter 1 (as of 31.03.) Quarter 2 (as of 30.06.) Quarter 3 (as of 30.09.) Quarter 4 (as of 31.12.)
2024 - - - -
2023 101,6% 101,8% 100,9% -
2022 106,1% 102,4% 101,7% 101,7%
2021 106,5% 108,9% 108,4% 110,3%
2020 96,8% 99,9% 101,2% 104,0%
2019 101,9% 103,3% 103,9% 104,2%
2018 101,2% 101,7% 102,1% 98,4%
2017 103,0% 103,5% 104,2% 102,3% 2)
2016 99,8% 100,3% 101,4% 101,4% 1)

Note: coverage ratios provided during the year are estimated; no revisions are made.
CR  = Coverage ratio

1) Coverage ratio shown as of 31.12.2016, taking into account the reduction in the technical interest rate from 2.5% to 2.25%.
2) Coverage ratio shown as of 31.12.2017, taking into account the reduction in the technical interest rate from 2.25% to 1.75%.
 

Annual Reports

Annual report 2022 (PDF)

Older annual reports and other documents can be found in our Download centre.

Download centre

Regulations

Investment regulations (PDF)

Terms and conditions (PDF)

Regulations on Fees and Charges (PDF)

Organisational regulation (PDF)

Reserve Regulations (PDF)

Regulations for the partial liquidation (PDF)

 

 

Deed of foundation (PDF)

Pension fund regulations (PDF)

Appendix to all pension plans (PDF)

Supplementary regulations on continued insurance (PDF)

Distribution Partner Agreement (PDF)

 

Sustainability

A promise for the future

The primary objective of Tellco pk is to ensure that it meets its pension promise to all of its policyholders over the long term. To make this possible, a far-sighted and responsible perspective on the future is essential.

Find out more

Structure and organization

Board of trustees

Employer representatives
Pierre Christen, Veyrier
Florence Biner, Zollikon
Leonie Winter, Oberägeri

Term of office
01.01.2016 – 31.12.2024
01.01.2021 – 31.12.2024
26.05.2022 – 31.12.2024

Employee representatives
Peter Hofmann, Geneva (president)
Roland Walker, Weggis
Daniel Andermatt, Holzhäusern

Term of office
01.06.2005 – 31.12.2024
01.07.2020 – 31.12.2024
01.01.2016 – 31.12.2024

Management

enovetic Ltd, Rotkreuz

Auditor

PricewaterhouseCoopers Ltd, Basel, Marco Tiefenthal

Pension actuary

Dipeka Ltd, Zurich, Boris Morf

Supervisory authority

Central Switzerland BVG and Foundation Supervision (ZBSA)

Commercial register company no.

CHE-109.924.595

Payment Information

Banking details

UBS AG
CH-6301 Zug

IBAN: CH66 0027 3273 2614 01M1 Y
BIC: UBSWCHZH63A

Beneficiary

Tellco pk
Bahnhofstrasse 4
CH-6430 Schwyz

Corporate Governance

With its commitment to transparency, Tellco pk is setting new standards for occupational pensions. It is consequently standard practice for us to describe all business processes in detail in corresponding regulations and directives. All processes are audited by internal auditors and independent external auditors, as well as by the investment controller. The people entrusted with management and asset management are subject to the charter of the Swiss Pension Fund Association ASIP. The competent OPA and trust fund supervisory board for Central Switzerland (Zentralschweizer BVG- und Stiftungsaufsicht, ZBSA), in consultation with the external auditors, also monitors the management and asset management practices.

From 1 January 2015, all pension funds have been obligated to meet certain voting and disclosure obligations concerning directly held shares of Swiss public companies listed on the stock exchange. They are also obligated to report to the insured parties regarding how they exercised their votes (agenda and distribution of votes).

As Tellco pk does not directly hold any shares, it cannot exercise any voting rights. With this report, however, it complies with the voting and disclosure obligations of Article 23 of the Ordinance against excessive compensation in listed stock companies (VegüV).