Swiss postal fund MD quits

Walter Kohler, managing director of Pensionskasse Post, a CHF12.2bn (e7.8bn) fund for Swiss postal employees, quit his post last month.
Pensionskasse Post said Kohler’s resignation was prompted by “differences on future strategy” between him and the fund’s other executives. These executives include Yves-André Jeandupeux, who is president of Pensionskasse Post’s supervisory board.
“Stewardship of the fund will be maintained until a successor is found,” Pensionskasse Post said.
For 2005, Pensionskasse Post had a return on assets of 11.1% and a coverage ratio of 100%, meaning that it was fully funded.
Kohler’s resignation comes at a turbulent time for the fund. Although the Swiss government privatised it in 2002, it did not, from an actuarial standpoint, fully capitalise it.

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