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  • Global Employee Benefits Newsletter | September 2015

    Global Employee Benefits The Swiss Life Network Perspectives September 2015

    pufi Stamp

  • Editorial // 2

    Global Employee Benefits Newsletter | September 2015

    Dear Reader

    I’m delighted to share the September issue of our Global Employee Benefits newsletter with you. Its focus is firmly on change and devel- opment, reflecting topics at this year’s Global Forum, our main an- nual conference for Swiss Life Network Partners.

    We have now made several internal organisational changes that allow us to further strengthen our long-standing partnerships and optimise services and solutions for our clients. Change is about opening up ca- pacity for new opportunities as we move into the constantly shifting future. For example, we are currently working hard on digitalisation in order to improve our communication channels, increase client sat- isfaction, and simplify our day-to-day processes.

    From this issue onwards, we will be exclusively distributing the news- letter electronically, although naturally, there is also a downloadable format if you prefer to print out a paper copy.

    I hope you’ll enjoy reading all the latest updates and news from the Swiss Life Network.

    Yours sincerely Theo Iaponas Head of Corporate Clients

  • Contents // 3

    Table of Contents

    4 Partner News 4 PensioenInzicht – better Communication on Pensions to Clients 6 Asset Allocation Management 8 Swiss Life Business Premium 10 Change to Swiss Life pooled Products

    12 Country Updates 12 New Zealand: Government Subsidy for KiwiSaver Accountholders Eliminated 13 United Kingdom: Implements Pension Law Changes 14 France: New Rules for Collective Retirement Savings Plans

    15 Network Partner List

    Impressum Publisher Swiss Life Network, General-Guisan-Quai 40, P.O. Box, 8022 Zurich, Switzerland, T +41 43 284 37 97, F +41 43 284 39 97, // Editor Swiss Life Network in cooperation with network partners, clients and Openline // Photos Swiss Life Network in cooperation with network partners and clients Photo Front SL_PC_HNWI II // Design Swiss Life // Copyright Swiss Life Network Reprint authorisation on agreement with the Publisher // The quarterly Global Employee Benefits Newsletter is available online:

    Global Employee Benefits Newsletter | September 2015

  • Partner News // 4

    The Netherlands: PensioenInzicht – better Communication on Pensions to Clients

    We need to improve the way we communicate about pensions. This is the result of a survey recently conducted on behalf of the Dutch Min- istry of Social Affairs and Employment.

    The participants were generally unhappy about the amount of paper and the piecemeal character of the in- formation they received. Especially if they had a pen- sion with several administrators.

    Fortunately, however, improvements are on the way: • Online communication will be the norm. • The “welcome letter” and the explanation will be

    replaced by a Pension 1-2-3 document. Pension 1-2-3 is actually not a ‘document’ but digital information. Only on special request this information can be sent in the format of a ‘document’.

    • Pension administrators now have to provide better insights into accrued pension commitments.

    A different survey conducted by Zwitserleven revealed that 59% of the employees who participated believed that they didn’t have enough information to determine if they would have enough money after they retired. This is one of the reasons why we are launching Zwitserleven PensioenInzicht, which will provide an immediate answer to this question.

    Immediate insight into your pensions Zwitserleven is determined to give every participant a better insight into their pension situation. Not only re- garding the pension they have with us, but for all their pensions, including those accrued with other insurers and pension funds. And their state pension. Pensioe- nInzicht shows a participant’s total pension in a simple graphic. Gross and net. We compare the person’s pen- sion with their current income, which enables users to see whether they will have enough money when they retire.

    “Users don’t have to look up and retype all kinds of numbers themselves”

    How Zwitserleven PensioenInzicht works Users first retrieve their own details from Zwitserle- ven’s database. If they have accrued a pension else- where, or don’t have a pension with Zwitserleven, they can upload the information through MijnPensioenO- Users don’t have to look up and retype lots of numbers themselves. PensioenInzicht automatically uploads the pensions in the right place. This makes it easy to get started. Moving the sliders back and forth gives an- swers to questions such as: • How much income will I have if I retire earlier or

    later? • How much could I save if I started saving now? • What will my partner get if I die? • People with an investment pension with

    Zwitserleven can also see the performance of their investments.

    PensioenInzicht is easy to access through Zwitserle- ven’s homepage. You can log in securely with your DigiD and get fast and easy insights into your own pen- sion situation. That’s PensioenInzicht!

    The right information for the right decisions A lot has changed in recent years in terms of pensions and what is expected from employees. The government is scaling down its involvement in pensions and em- ployees have to do more themselves. We believe that it’s our responsibility to inform people about this. For ex- ample, with understandable animations and tools like PensioenInzicht. Because employees need the right in- formation in order to take the right decisions.

    Global Employee Benefits Newsletter | September 2015

  • Partner News // 5

    Sale of VIVAT by Anbang completed On 26 July 2015 it was announced that the sale of VI- VAT to Anbang Group Holdings Co. Ltd., a full subsid- iary of Anbang Insurance Group Co. Ltd. (Anbang), was completed. VIVAT Verzekeringen comprises the brands: Zwitserle- ven, Zelf, Route Mobiel, Reaal, Proteq, Proteq Dier & Zorg and ACTIAM. VIVAT is now part of Anbang, a leading Chinese insur- ance company. Anbang will strengthen VIVAT’s capital position, creat- ing room to invest in the future.

    For more information Please visit Or contact Ms Rolina von Hebel Tel: +34 65 379 57 52 Email:

    Global Employee Benefits Newsletter | September 2015

    Swiss Life Group Half Year 2015 Highlights Swiss Life increased adjusted profit from operations by 7% in the first half of 2015 to CHF 694 million. The main driver of this positive development was the growth in fee and commission income.

    Here we share with you some key figures on Swiss Life Group. HY 2015 vs. HY 2014

    1) HY 2015 vs. FY 2014

    Adjusted profit from operations CHF 694 m

    Net profit CHF 493 m +1 %

    GWP incl. PHD(in local currency) CHF 11.0 bn +7%

    Fee and commission income (in local currency) CHF 617 m +15%

    New business margin (% PVNBP) 1.7% -0.7 ppts

    Shareholders' equity CHF 11.7 bn

    Return on equity2) 11.6 % -0.3 ppts

    Group solvency 252 % -17 ppts


    2) Equity excl. unrealised gains/losses on bonds

    -8 %1)

  • Partner News // 6

    Asset Allocation Management How can we combine long-term returns and short-term risk management in a challenging financial environment? The experience of the 2008 crisis has led us to adopt an approach focused on risk control for our mixed asset allocation funds. This approach is particularly well- suited to the financial environment over the past few years, when sudden and brutal financial crises have happened one after another. Our investment strategy is based on a risk parity allocation for each asset class, and an allocation derived from our proprietary models that analyse the phases of the economic cycle. One of the key aspects of our dynamic approach is the more robust levels of risk taken in our portfolios compared with a more static approach. In other words, investors can define their risk profile and rely on our portfolios to meet their targets. The benefits of the strategy of our mixed asset allocation funds • Portfolios are constructed dynamically and deliver

    strong performance in the most difficult market phases.

    • We follow an active strategy based on understanding and controlling risks throughout the economic cycle.

    • The strategy allows delegation to specialist management and portfolio diversification through these funds when there is an identified risk.

    Investment Framework • Portfolios are exposed to euro-area equities, bonds

    and negotiable debt securities, and non-euro mutual funds, futures, or individual securities.

    • The underlying funds are mainly trackers and are selected for their complementarity within the portfolio.

    • With volatility in mind, the investment process is updated monthly and portfolios are updated.

    Our current offer consists of two Luxemburg SICAV ranges. One is hedged against currency risks: Swiss Life Funds (Lux). The other is unhedged: Swiss Life Index Funds (Lux).

    *Fund performance as of 31-07-2015.

    Past performance does not predict future performance. Fees and commissions are included in the performance indicated.

    Global Employ