SWITZERLAND - The newly created SFr10bn (e6.5bn) pension foundation for the Swiss post office has elected Jurg Puchar as president of the board, in advance of a full board announcement and details of investment outsourcing expected in mid-May.

The fund, which was created at the end of February after 96% of the workforce voted for an autonomous scheme outside the traditional federal pension plan, will have its assets transferred in January 2002.

Luigi Fantino, an adviser at the foundation, says the group is currently in the process of creating the company that will handle the fund’s investments.
“ The next work will be to create a subsidiary and prepare ourselves for January 1 2002.
“ I expect the new committee to be elected in mid-May.
“ We are carrying out a study of the liabilities, but for the moment we have decided nothing.”

Fantino adds that the fund is likely to work in conjunction with a consultant on the selection of managers.