Annual Report 2012 - Bank Sarasin

2.12 Pension plans
There are pension plans for most of the Sarasin Group’s employees. These can be either defined contribution or defined benefit plans. The actuarial
calculations for defined benefit plans are carried out by independent experts.
Benefit arrangements in Switzerland
All members of the bank’s staff in Switzerland are covered by pension arrangements provided through a pension fund and a Welfare Foundation.
The welfare foundation was integrated into the pension fund. The pension fund is a defined benefit pension plan within the meaning of IAS 19.
Benefit arrangements outside Switzerland
The Bank's staff members in the UK, Germany, Singapore and Hong Kong are covered by pension plans. They are all classified and treated as
defined contribution plans.
Defined benefit pension plans
CHF 000 2012 2011 Change to 2011
CHF %
Fair value of plan assets 600,183 547,465 52,718 9.6
Defined benefit obligations 678,542 684,406 -5,864 -0.9
Funded / unfunded status -78,359 -136,941 58,583 42.8
Unrecognised actuarial gains / (losses) 81,013 136,425 -55,413 -40.6
Net accrued / (prepaid) pension cost 2,654 -516 3,170 614.4
Pension expenses
CHF 000 2012 2011 Change to 2011
CHF %
Service expenses current period -48,231 -48,501 270 0.6
Past service cost 6,897 0 6,897
Interest for pension liabilities -15,499 -15,868 369 2.3
Expected net return on plan assets 1) 22,071 24,215 -2,144 -8.9
Amortisation of actuarial gains (losses) (IAS 19 §92 f.) -6,770 -3,406 -3,364 -98.7
Employee contributions 15,084 15,115 -33 -0.2
Pension expenses for defined benefit pension plans according to actuarial computation -26,449 -28,445 1,997 7.0
Contribution to defined contribution pension plans -5,587 -5,070 -517 -10.2
Total pension expenses -32,036 -33,515 1,480 4.4
1) Actual income (loss) on assets 39,562 -7,809 47,371 606.6
Change in the cash value of pension liabilities
CHF 000 2012 2011 Change to 2011
CHF %
Benefit-related liabilities as at 01.01. 684,406 619,386 65,020 10.5
Interest expenses 15,499 15,868 -369 -2.3
Service expenses, current period 48,231 48,501 -270 -0.6
Past service cost -6,897 0 -6,897
Benefits paid / benefits received -35,669 -17,886 -17,783 -99.4
Actuarial gains (losses) -27,029 18,537 -45,566 -245.8
Change in the scope of consolidation 0 0 0
Conversion differences from foreign pension plans 0 0 0
Liabilities for defined benefit pension plans as at 31.12. 678,542 684,406 -5,864 -0.9
Change in pension plan assets at fair value
CHF 000 2012 2011 Change to 2011
CHF %
Fair value of pension plan assets as at 01.01. 547,465 526,599 20,866 4.0
Expected return on assets 22,071 24,215 -2,144 -8.9
Employer contributions / contribution by plan participants 44,025 40,894 3,131 7.7
Benefits paid / benefits received -35,669 -17,886 -17,783 -99.4
Liabilities increased due to the integration of cash zweiplus AG -905 0 -905
Actuarial gains (losses) 23,196 -26,357 49,554 188.0
Change in the scope of consolidation 0 0 0
Conversion differences from foreign pension plans 0 0 0
Fair value of pension plan assets as at 31.12. 600,183 547,465 52,718 9.6
Bank Sarasin & Co. Ltd, Annual Report 2012 | 38