SWITZERLAND - Pension funds will in future be required to name their asset managers and advisers in their annual reports, as part of a range of structural governance reforms of the mandatory Swiss second pillar pensions regime.
The requirement has now been passed as part of reforms by parliament on pensions supervision and governance, and implementation will happen "as quickly as possible", the Swiss government promised in a statement today.
A first step, delivering incentives to employers for keeping older employees on, will come into effect in January 2011. Yet new governance regulations will have to wait until July 2011 and the creation of the new Oberaufsichtskommission, or super-regional commission, which will take until January 2012 to be set up. (See earlier IPE article: Clear boundaries ahead)
One of the disputed reforms was a proposal requiring pension funds to name experts, advisers and asset managers in their annual reports, but this has now been agreed by both houses of parliament.
Another sensitive issue now approved is a requirement on auditors to make sure the pension fund has made all necessary statements and reports to the supervisory commission.
The parliament has also followed the advice of a commission of experts and ensured the new super-regional supervisory body will be completely independent and will not be bound by any directives.
All other points, including the creation of the new supervisory structure, had already been agreed upon in earlier sessions.
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