CPH Group has various pension plans in place, which are each aligned to local conditions and requirements in the countries concerned. The table below gives an overview of their funding surpluses and funding deficits and the economic shares attributable to the employer:

‘Pension plans with surplus’ refers to the CPH Group Pension Scheme, which is domiciled in Root (Switzerland) and to which are also affiliated the Perlen Industrieholding AG and UBV Holding AG corporate groups originating also from the former Uetikon chemicals factory. This is a legally autonomous foundation with a board of trustees on which employer and employees are equally represented. The CPH Group Pension Scheme meets the occupational pension provision needs of CPH Group’s Swiss-based companies under its own responsibility on a defined-contributions basis. Benefits are determined on the basis of each member’s accumulated individual retirement savings. They therefore depend on the savings contributions made, any vested benefits paid in and any further buy-in amounts, in each case including interest. The scheme is funded by statutorily prescribed employer’s and employees’ contributions. The existence of any funding surplus or deficit is determined on the basis of the scheme’s annual financial statements (after deduction of fluctuation reserves), which are compiled in accordance with Swiss GAAP FER 26. At the end of the reporting year, the scheme showed a funding surplus of CHF 13.9 million (prior year CHF 10.3 million). Any such funding surplus is available in full to the scheme’s beneficiaries, which is why no economic share is capitalized.

The ‘Patronage fund’ refers to the CPH Group Assistance Fund, which is domiciled in Buchrain (Switzerland). This is provided for all Swiss-based employees, and also has affiliated to it the Perlen Industrieholding AG and UBV Holding AG corporate groups originating also from the former Uetikon chemicals factory, though the fund maintains separate funding surplus/deficit accounts for each of these groups. The fund provides both regular occupational pension benefits and financial assistance for employees and their families in hardship situations. The fund can also be used to finance the employer’s contributions to the occupational pension schemes of CPH Group’s Swiss-based companies. The existence of any funding surplus or deficit is determined on the basis of the fund’s annual financial statements (after deduction of fluctuation reserves), which are compiled in accordance with Swiss GAAP FER 26. At the end of the reporting year, the scheme showed a funding surplus attributable to CPH Group of CHF 6.5 million (prior year: CHF 6.0 million). This surplus is available in full to the employer, which is why the corresponding amount is capitalized as an economic share under financial assets.

‘Pension plans with deficit’ includes a defined-benefits pension plan in the USA which had been frozen since the end of 2015 and was liquidated in the previous year. The liquidation gain of CHF 1.1 million resulted in a corresponding reduction in occupational pension expense in the previous year.

‘Pension plans without surplus/deficit’ includes a defined-contributions 401(k) pension plan in the USA and other non-significant pension plans in other countries. Such plans have neither a funding surplus nor a funding deficit, so no economic shares are recognized on the balance sheet.

CPH Group had accumulated an employer contribution reserve in previous years. This developed as follows in the reporting year: