At a meeting specially arranged for the Alvoso Pension Fund on 7 April, the topics of “Greensill” and “Archegos” were discussed in person with representatives of Credit Suisse (Switzerland) AG in connection with downside risks for pension assets.
By virtue of its investment structure, Alvoso has invested neither directly nor indirectly in the above-mentioned products. Moreover, pension assets are being managed within a separate legal entity belonging to Credit Suisse (Switzerland) AG. At the present time, Alvoso is not seeing any direct effects resulting from the management of its pension assets by Credit Suisse (Switzerland) AG. However, further developments will be monitored on an ongoing basis.
At its press conference on 13 January, the Federal Council tightened the current lockdown and, in particular, made it compulsory for all employees to work from home, where feasible at reasonable cost. The Alvoso Pension Fund is now implementing this measure, in order to protect its employees. Nevertheless, we will of course still be available for our customers.
Despite the more difficult general environment, we will continue to deal with your requests rapidly, to the best of our ability.
Your Alvoso Team
Up to now, an insured person who loses his or her employment after reaching the age of 55 would leave the pension fund automatically and would have his or her retirement assets transferred into a vested benefits account. As a rule, vested benefit foundations do not pay out pensions on retirement, but only capital. Following reform (in effect from 1.1.2021), an insured person can now remain with their occupational benefits organisation. He or she will have the same rights as other insured persons (interest payments, conversion rate, pension).
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