Swissair says pension funds remain solvent
SWITZERLAND – The financial position of the €4bn Swissair group Pensionskassen remains positive, despite the Swissair going bankrupt and trading problems in recent months, says Swissair Group Pensions (SGP).
SGP says that, the three pensions provision arms, the Allgemeine Pensionskasse der Swissair Group (APK), Kaderversicherung (KV) and Versicherungseinrichtung für das fliegende Personal der Swissair Group (VeF), are not affected by the bankruptcy since they are independent operating companies and are protected as such under Swiss law.
All employee contributions are fully paid up till the end of September.
However, the president and vice president of the pensions group met representatives of the regional government last week to discuss the issue surrounding the future of Swissair, with the regional government giving its full backing to the pensions group, saying that the pensions arrangements should carry on as normal.
Newspaper reports that two of Switzerland’s most prominent banks, UBS and Crédit Suisse, did not provide any liquidity to help Swissair, led SGP to voice its disappointment of the banks’ “behaviour” and to consider the potential impact on their own operations.