GEMINI COLLECTIVE FOUNDATION ANNUAL REPORT 2018

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1 GEMINI COLLECTIVE FOUNDATION ANNUAL REPORT 2018

2 FOREWORD PROVIDING TAILOR-MADE PENSION SOLUTIONS FOR OVER 40 YEARS The GEMINI Collective Foundation offers companies tailor-made occupational pension solutions. With GEMINI, you decide yourself what your key parameters should be, from funding to benefits and investments. GEMINI manages your employee benefits unit like an autonomous pension fund including its own Balance sheet and income statement. Your capital will be included in an investment pool, which reduces the cost of investment. In the non-mandatory area, GEMINI offers an attractive supplementary pension plan: GEMINI 1e provides members in executive plans with greater flexibility when it comes to investing their savings capital. CONTENTS Foreword 5 Collective Foundation 6 Employee benefits units 10 Investment of assets 12 Balance sheet 14 Income statement 15 Notes to the annual financial statements 17 Auditors report 41 The English edition of the 2018 GEMINI Collective Foundation annual report has not been submitted to the supervisory authority. The original German version is legally binding in all cases. 2 GEMINI Collective Foundation 2018 Annual Report

3 GEMINI FACTS AND FIGURES 2018 FOREWORD beneficiaries a 9.4% increase over ,8 billion CHF in assets a 1% increase over employee benefits units trust GEMINI s pension and investment solutions pensioners, including 482 recipients of disability pensions 108,45% is the average coverage ratio of all employee benefits units 1,13% Pool 0-1,99% Pool 20 96,53% is the current coverage ratio of the employee benefits unit Pensions -3,84% Pool 35-4,46% Pool years GEMINI has been providing tailor-made pension solutions since 1977 Figures as per 31 December 2018 GEMINI Collective Foundation 2018 Annual Report 3

4 FOREWORD 2018 was an eventful year for the GEMINI Collective Foundation. In a challenging environment, we have achieved a solid performance. In the coming financial year, we will continue to work for the successful development of our collective foundation. 40 Jahre GEMINI Sammelstiftung Flexible. Transparent. Independent. 4 GEMINI Collective Foundation 2018 Annual Report

5 FOREWORD In a challenging financial market environment, the GEMINI Collective Foundation achieved a solid result in In the reporting year, political issues in particular created uncertainty on the financial markets. The midterm elections in the USA, their protectionist trade policy, the outcome of the Brexit negotiations and Italy's budget planning were the main focus of investors attention. These factors led to a significant increase in volatility on the financial markets. The year 2018 could not have had a better start: At the beginning of the year, various stock markets reached new highs. However, many of them later lost up to ten percent in value within a short period of time. As the year progressed, most of the losses could be recuperated, before the last quarter of 2018 saw further significant declines. As mentioned before, the employee benefits units offering a 1e solution, that were managed by the GEMINI Collective Foundation until the end of 2017, have been transferred to the newly established GEMINI Collective Foundation 1e as per 1 January 2018 and are no longer part of this annual report. The Foundation Board approved the 2018 annual accounts on 26 June We appreciate the trust you place in us and would like to thank you for your valuable collaboration. As in previous years, the GEMINI Collective Foundation followed a positive development in The number of members rose further and the assets under management remained stable despite the transfer of the 1e employee benefits units to the GEMINI Collective Foundation 1e. On a net basis, the Foundation grew by 2,717 members while, despite negative returns, its balance sheet total rose to CHF 4.8 billion. Vital G. Stutz Chairmain of the Foundation Board Stefan Sadler Managing Director In the reporting year, the Foundation Board focused on a number of amendments to the regulations. The investment regulations, the partial liquidation regulations as well as the reserve regulations have been revised. Another important topic in the reporting year was the review of the contracts regarding the fund management and global custody of the GEMINI fund. The issue of sustainability has increasingly become the focus of our committees attention. Individual measures were evaluated and discussed, which will be dealt with in greater depth and implemented over the next few years. GEMINI Collective Foundation 2018 Annual Report 5

6 COLLECTIVE FOUNDATION Assets in mchf Employee benefits units ) ) Exclusive of employee benefits units transferred to the GEMINI Collective Foundation 1e and contract terminations from previous years 6 GEMINI Collective Foundation 2018 Annual Report

7 COLLECTIVE FOUNDATION Active members Pensioners Retired pensioners Disability benefit pensioners Partner s pensions Children s/orphan s pensions GEMINI Collective Foundation 2018 Annual Report 7

8 COLLECTIVE FOUNDATION FOUNDATION BOARD In the reporting year, the Foundation Board held five regular meetings. During that period, the investment regulations, the partial liquidation regulations and the reserve regulations were revised and entered into effect. The review of the mandate for fund management and global custody of the GEMINI fund was an issue that was of great concern to the Foundation Board and a task force specifically set up for this topic. The tendering process has significantly improved the contractual conditions for the GEMINI Collective Foundation. In the coming years, this will have a positive impact on the Foundation s result. The policy of the existing excess-of-loss insurance has also been reviewed. Here, too, we were able to negotiate better conditions. As a result of the measures adopted by the Foundation Board to stabilise the pension fund, a separate investment strategy for the employee benefits unit Pensions, called Pool Pensions, was drawn up and introduced during the first quarter of Unfortunately, in its first year, the Pool Pensions generated a negative result. However, this is a long-term investment strategy and we expect positive results over a longer period of time. In the fourth quarter of the reporting year, elections for the Foundation Board were held for the term of office from 2019 to On the employer side, Hans Waldmeier reached the retirement age and resigned as per the end of the term of office. Marianne Fassbind was elected to replace him on the Foundation Board. Another central concern of the Foundation Board and the investment committee was the sustainability approach of the GEMINI Collective Foundation. Among other subjects, they evaluated and discussed so-called ESG-compliant investments. These are based on internationally recognised environmental, social and corporate governance principles. In the coming financial year, we will continue to focus on this issue. A cooperation agreement exists with the GEMINI Collective Foundation 1e, which has been managed separately since the beginning of The Foundation Board of the GEMINI Collective Foundation will therefore work in close cooperation with the GEMINI Collective Foundation 1e. 8 GEMINI Collective Foundation 2018 Annual Report

9 COLLECTIVE FOUNDATION INVESTMENT COMMITTEE At the beginning of the year, a new investment committee was constituted. Wilfred Stoecklin replaced Bernhard Moser as chairman, who left the committee as a result of having reached retirement age. Beatrice Wyssmann Jenni joined the investment committee as a new member. At its five regular meetings in 2018, the investment committee focused, among other subjects, on the following issues: Environmental, Social and Corporate Governance (ESG) Review of the mandate for fund management and global custody of the GEMINI fund, together with the Foundation Board Review of foreign currency hedging Performance of Swiss and foreign real estate investments Creation of a Pool Pensions and the new asset management mandates in the EMD (Emerging markets debt) and Global high yield segments Transfer of listed real estate investments in Switzerland to unlisted vessels (investment foundations) towards the end of the year ADMINISTRATIVE OFFICE Avadis Vorsorge AG manages the administrative office of GEMINI Collective Foundation. Its tasks include management, administration, consulting, accounts, communication, distribution and coordination of the operational implementation of the investment of assets. The core team of the administrative office consists of some 30 pension specialists. It receives support from other Avadis specialists for various tasks concerning the day-to-day running of the Collective Foundation. Avadis has a further office in Lausanne which is responsible for client and broker support in French-speaking Switzerland. Since the beginning of 2018, clients who have opted for a so-called 1e plan have been managed in a separate collective foundation, the GEMINI Collective Foundation 1e. Like the Foundation Board and the investment committee, the administrative office also worked intensively on the invitation to tender for the mandate for fund management and global custody. The objectives of the investment committee remained unchanged in 2018: Consistent implementation of the core-satellite approach within fund organisation Index-oriented implementation in the main categories Strategy-oriented implementation with few tactical positionings Continuous monitoring of individual asset managers GEMINI Collective Foundation 2018 Annual Report 9

10 EMPLOYEE BENEFITS UNITS The recipients of retirement and survivors pensions as well as the actuarial reserves of the disability benefit pensioners of GEMINI Collective Foundation are managed in the employee benefits unit Pensions. Upon the retirement of an insured member their capital from the affiliated employee benefits unit together with their share of the value fluctuation reserve is transferred to the employee benefits unit Pensions. All benefits are then paid from this employee benefits unit. The financial situation of the employee benefits unit Pensions is constantly monitored by the administrative office and the Foundation Board. The profit sharing mechanism introduced on 1 January 2018, which provides for active employee benefits units to participate in the surplus or deficit in favour of the employee benefits unit Pensions, was applied for the first time at the end of 2018 when the employee benefits unit Pensions reported an underfunding. As a result, the value fluctuation reserves of the employee benefits units were subject to a solidarity contribution of 0.5% of the average savings capital invested, which led to a slight improvement of the coverage ratio to 96.53%. The main reason for the underfunding at the employee benefits unit Pensions was a negative return of -3.74% as per the end of the financial year. COVERAGE RATIO AND INVESTMENT STRATEGY Despite negative returns in 2018, the majority of active employee benefits units report positive coverage ratios. This is a result of the positive returns in previous years, which were accumulated as value fluctuation reserves. As per the end of the year, 13 employee benefits units reported a coverage ratio of less than 100%; with one exception, they are in the range between 95% and 99.99%. All other employee benefits units reported overfunding, almost half of them have a coverage ratio of more than 110%. INTEREST In line with their financial situation, most of the employee benefits units decided on a 2018 interest rate on savings capital of 1.00% (the BVG minimum rate) or higher. A small number of employee benefits units settled on a rate below 1.00%. The development shows that the reserves of the employee benefits units have decreased but are still on a good level and that the employee benefits units are assuming their responsibility within the challenging model of the GEMINI Collective Foundation. Coverage ratio of employee benefits units % < > Selection of investment strategy in % GEMINI Pool GEMINI Pool GEMINI Pool GEMINI Pool Individual GEMINI Collective Foundation 2018 Annual Report

11 EMPLOYEE BENEFITS UNITS Coverage ratio of the employee benefits unit Pensions in % Interest rate decisions in % 40% 56% <1,00% 1,00% >1,00% Interest rate decisions in % 15% 85% <1,00% 1,00% >1,00% GEMINI Collective Foundation 2018 Annual Report 11

12 GEMINI S FOUR INVESTMENT STRATEGIES Pool 20 Pool 35 Pool 50 Pool 0 20% equities 35% equities 50% equities 0% equities GEMINI Strategies in % Pool 20 Pool 35 Pool 50 Pool 0 Liquidity Bonds CHF Foreign currency government bonds hedged Foreign currency corporate bonds hedged Convertible bonds Global High Yield hedged Emerging Markets Debt Hard Currency hedged Swiss equities Foreign equities Foreign equities hedged Emerging markets equities Swiss real estate Foreign real estate Mortgages Switzerland INVESTMENT RESULTS OF THE GEMINI POOLS In 2018, GEMINI s four investment pools achieved results in line with the industry average. The most popular pool, Pool 20, achieved a result of -1.99% as at 31 December Pool 35 achieved a result of -3.84% and Pool 50 of -4.46%. Investment result in % Pool 0 Pool 20 Pool 35 Pool 50 GEMINI 1) Benchmark 1) Pictet BVG 25/40/ These figures refer to the time-weighted rates of return in the GEMINI pools. The capital gains of the respective employee benefits units are calculated individually according to their money-weighted rate of return. Return of investment categories in % Investment category GEMINI Benchmark Bonds CHF Foreign currency bonds Convertible bonds Swiss equities Foreign equities Swiss real estate Alternative investments 2) ) GEMINI including asset management costs, benchmark excluding costs 2) Being wound down, no strategic component since GEMINI Collective Foundation 2018 Annual Report

13 INVESTMENT REPORT TREES DON T GROW TO THE SKY 2018 Review The development in 2018 has served to remind us once again of the fact that trees don t grow to the sky. This is also true for financial markets, including the highly acclaimed internet giants. Due to trade conflicts, there was increasing uncertainty in the markets, especially in the technology sector. During his election campaign, America First was the motto of the current US President, Donald Trump. Today, we can see the first effects of his protectionist policies. Fears of an escalation in trade disputes particularly the growing dispute between the U.S. and China have affected global equity markets. The U.S. withdrawal from the nuclear deal with Iran and the threat to exit from the disarmament treaty with Russia also caused general uncertainty. This environment was particularly damaging to investments in emerging markets. Partly due to weak local currencies, emerging markets equities lost significant value in Swiss francs (-13.59%) Outlook The global economy has lost some momentum. At least that is what confidence indicators for most industrialised countries signalled. Accordingly, consensus estimates for economic growth (GDP) in 2019 are slightly below those of the previous year. In the U.S., the interest rate normalisation is expected to continue, however within tighter margins. In Europe and Switzerland, a continued expansive monetary policy is expected until autumn. As long as there is no solution to the trade dispute between the U.S. and China, the cautious attitude of investors is likely to persist. As a result, the returns of most asset classes will be kept in check for the time being, especially as the economic upturn is slowing down somewhat and as the most important central banks are reducing the liquidity made available to the financial system. These factors usually increase the pressure on higher-risk asset classes. At the same time, declining markets always open up new opportunities. The Federal Reserve (FED) raised U.S. interest rates four times in the past calendar year, most recently in December Bond yields for 10-year U.S. government bonds exceeded the psychologically sensitive mark of 3%. At the same time, we saw also an increase in credit risk premiums for issuers with lower credit ratings. These were the first signs of a slowdown on bond markets and led to a significant decline for corporate bonds (-3.16%) and emerging markets debt (-5.00%). GEMINI Collective Foundation 2018 Annual Report 13

14 BALANCE SHEET ) annex Assets CHF CHF digit A Investments of Assets Cash, cash equivalents and money market investments Current accounts with employer Premium accounts with insurance companies other receivables Assets of individual pools Asset Pool Asset Pool Asset Pool Asset Pool Asset Pools Pensioners Individual strategies Pool Employer contribution reserves Pool 0 to Pool Employer contribution reserves money market fund B Prepaid expenses Total assets ) annex Liabilities and equity CHF CHF digit D Liabilities Vested benefits and pensions Current accounts with employers other liabilities E Prepaid income F Employer contribution reserve Employer contribution reserve w/o usage restrictions Employer contribution reserve with usage restrictions H Pension capital and actuarial reserve Pension capital of active members Pension capital of pensioners Actuarial reserves Surplus funds I Value fluctuation reserve of employee benefits units Value fluctuation reserve of employee benefits units Value fluctuation reserve of employee benefits unit Pensions J Disposable assets of employee benefits units Overfunding of employee benefits units Underfunding of employee benefits units Underfunding with guarantee through employer contribution reserve without right of usage Underfunding of the employee benefits unit Pensions J2 Disposable assets of Foundation (equalisation fund) Status at beginning of period Z Income surplus Total Liabilities and Equity ) Figures for 2017 include GEMINI Collective Foundation 1e figures. 14 GEMINI Collective Foundation 2018 Annual Report

15 INCOME STATEMENT ) annex Insurance activities CHF CHF digit K Ordinary and other contributions and deposits Employee contributions Employer contributions Restructuring contributions employees Restructuring contributions employer Withdrawal from value fluctuation reserve for financing contributions Single premiums and purchase sums Solidarity contribution to employee benefits unit Pensions Deposits to pension capital of pensioners Deposits for employer contribution reserve Contributions to the security fund L Lump-sum benefits vested benefits Deposit upon takeover of portfolios of insured persons in value fluctuation reserves Payment Repayment WEF / Divorce (K-L) Inflow from contributions and entry benefits M Benefits under pension plan regulations Retirement pensions Survivors' pensions Disability pensions other benefits under pension plan regulations Lump-sum benefits on retirement Lump-sum benefits on death / disability N Supplementary benefits O Terminations benefits vested benefits on departure Transfer of additional funds on collective departure Payment WEF / Divorce (M-O) Outflow for benefits and advance withdrawals P/Q Formation of pension capital active members, actuarial reserves and contribution reserves Formation / dissolution of pension capital active members Formation of pension capital pensioners Formation / dissolution actuarial reserves Expenditure from partial liquidation Formation of surplus funds Interest on savings capital Dissolution of contribution reserves R Income from insurance benefits Insurance benefits S Insurance expenses Insurance premium Security Fund contributions K-S Net result of insurance activities ) Figures for 2017 include GEMINI Collective Foundation 1e figures. GEMINI Collective Foundation 2018 Annual Report 15

16 INCOME STATEMENT ) annex Investment result and other Income CHF CHF digit Loss/income from cash and cash equivalents and money market investments Asset income of individual Pools Pool Pool Pool Pool Pool Pensions Pool - individual strategies Pool employer contribution reserves Pool 0 to Pool employer contribution reserves money market fund Income from securities lending Interest income on other capital transfers Expense for asset management Interest calculation of employer contribution reserve T Net result from investment of assets V other income Income from services rendered Appropriated subsidies from employers and third parties other income W other expenses X administrative expenses K-X Y General administrative expenses Marketing and advertising expenses Brokerage activities Auditor and occupational benefits expert Supervisory authorities Expenditure / income surplus prior to the dissolution of value fluctuation reserve Dissolution / formation of value fluctuation reserves of the employee benefits units Dissolution / formation of disposable assets of the employee benefits units Z Income surplus for disposable assets of the Foundation ) Figures for 2017 include GEMINI Collective Foundation 1e figures. 16 GEMINI Collective Foundation 2018 Annual Report

17 1. PRINCIPLES AND ORGANISATION 1.1. Legal form and purpose GEMINI Collective Foundation is a foundation governed by private law. It is intended for the employees of the affiliated companies and their dependents and survivors. The Foundation offers protection against the economic consequences of old age, death and disability BVG registration and security fund GEMINI Collective Foundation covers the BVG mandatory pension requirements and is registered in the Cantonal Register of Supervised Institutions of the Canton of Schwyz under the number SZ It pays the security fund the individual contributions of the affiliated employee benefits units after offsetting against the individually calculated subsidies Foundation Charter and regulations Document created valid from Framework Regulations Partial liquidation Regulations Investment Regulations Voting Regulations Reserve Regulations Organisational Regulations Foundation Charter Joint management body/signing authority Any two of the members of the Foundation Board, general management and other authorised signatories have joint signatory power. Foundation Board (Term of office ) Employer representatives Vital G. Stutz, Advozug GmbH (Chairman) Hans Roth, Hans Roth Unternehmensberatung GmbH Hans Waldmeier, BCO Vorsorge AG Employee representatives Anita Auf der Maur, Mercedes-Benz Automobil AG (Vice Chairwoman) Markus Burri, Arbenz + Partner AG Rolf Schneider, consultant indépendant General management Stefan Sadler, Managing Director Markus Koch, Deputy Managing Director Other authorised signatories of the administrative office Jacky Baula, Western Switzerland Client Management Nadine Devaux, Customer Advisor Alain Grand, Head of Sales Fabian Hauenstein, Sales Advisor Elvira Hauser, Customer Advisor Helga Hentsch, Head of Customer Service Gottfried Herger, Quality Manager André Lehmann, Head of Western Switzerland, Avadis Vorsorge AG Matthias Märki, Head of Foundation Accounting Sabine Nossa, Head of Benefits Service Christoph Oeschger, Managing Director, Avadis Vorsorge AG Roger Rüfenacht, Foundation Accounts Michael Sauter, Benefits Service Andy Schmeltzer, Head of Customer Service Ursula Seliner, Quality Manager Peter Vogt, Customer Advisor Alexander Wyss, Customer Advisor GEMINI Collective Foundation 2018 Annual Report 17

18 1.5. Expert, auditor, consultant, supervisory authority Occupational benefits expert René Zehnder, Allvisa AG, Zurich Auditor Patrik Schaller, Ernst & Young AG, Basel Investment Controlling UBS Fund Management (Switzerland) AG, Basel Consultant Complementa AG, St. Gallen Supervisory authority Zentralschweizer BVG- und Stiftungsaufsicht (ZBSA), Luzern Affiliated employee benefits units As at 31 December 2018, 296 employee benefits units of independent companies were affiliated, which represents a decrease of 20 employee benefits units in the reporting year. However, the number of insured persons per employee benefits unit increased further from an average of 73 to GEMINI Collective Foundation 2018 Annual Report

19 2. EMPLOYEE BENEFITS UNITS, ACTIVE MEMBERS AND PENSIONERS Portfolio of employee benefit units Portfolios Additions Departures 3) Change Active employee benefit units Portfolio of active members and pensioners 1) Portfolios Additions Departures 3) Change Active members Retired pensioners Disability benefit pensioners 2) Partners' pensions Children 's/orphans ' pensions Total ) Of the total number of 3,704 pensioners, 3,703 are managed by the employee benefits unit Pensions and one directly by an employee benefits unit 2) This figure includes 11 (previous year 11) disability benefit pensioners for whom GEMINI is not currently required to pay benefits due to coordination with an accident insurance company. 3) Exclusive of employee benefits units transferred to the GEMINI Collective Foundation 1e and contract terminations from previous years By providing the salary reports as per 1 January, each affiliated company confirms to the GEMINI Collective Foundation that all members, their effective annual AHV salaries and all mutations have been properly reported and that the employees are paying no more than 50% of the contributions to the respective employee benefits unit. This guarantees the completeness of the member data base and the accurate recording of contributions. GEMINI Collective Foundation 2018 Annual Report 19

20 3. TYPE OF IMPLEMENTATION OF PURPOSE 3.1 Note concerning pension plan The Collective Foundation operates mandatory and supplementary savings scheme for each employee benefits unit with supplementary risk insurance. One or more pension plans are defined for each employee benefits unit by the responsible pension fund committee. The benefits and their financing are freely definable within the scope of the BVG. The retirement and termination benefits comprise defined contribution plans and a universal conversion rate is applied to the entire savings capital. The risk benefits in the event of death and disability normally comprise defined benefit plans on the basis of the insured salary. Individual employee benefits units define the amount of the benefits according to the BVG regulations. The risk benefits as per the regulations are autonomously borne by GEMINI Collective Foundation. There is a reinsurance policy held with Zürich Lebensversicherungsgesellschaft AG, Zurich, to cover the peak risks in individual cases. Employee benefits units with so-called 1e plans (insurance of salary components in the supplementary sector of occupational pension provision exceeding 150% of the upper BVG limit) have been transferred to the GE- MINI Collective Foundation 1e as per 1 January VALUATION AND ACCOUNTING PRINCIPLES, CONSISTENCY 4.1. Confirmation of accounting in accordance with Swiss GAAP FER 26 The provisions of Swiss GAAP FER 26 were applied to the annual financial statements as of 31 December 2018 (main items with letters A Z) Accounting and valuation principles The accounting and valuation principles correspond with the provisions of Art. 47, 48 and 48a c BVV 2 as well as Swiss GAAP FER 26. The current and actual values as at the reporting date are posted as follows: Currency conversion: exchange rate on reporting date Cash and cash equivalents, receivables, liabilities: nominal value Securities (including units of investment funds and investment foundations): market value Deferrals, pension capital and non-actuarial reserves: nominal value Actuarial reserves: calculation by occupational benefits expert Target value of value fluctuation reserves: financial economic approach 3.2. Financing, financing method GEMINI Collective Foundation is financed by contributions from employers and employees. The average share of employer companies is 57% and that of employees 43%. Financing is governed in such a way as to ensure that the Collective Foundation is able to meet its regulatory obligations at all times Further information about pension fund activities The pension fund committees of the affiliated employee benefits units can decide to provide discretionary benefits. Corresponding actuarial reserves for these are formed. Insured members and employers can purchase benefits for early retirement; these are paid to the beneficiaries via GEMINI Collective Foundation. 20 GEMINI Collective Foundation 2018 Annual Report

21 5. ACTUARIAL RISKS/RISK COVERAGE/ COVER- AGE RATIO 5.1 Type of risk coverage, reinsurance GEMINI has autonomously borne the risks of disability and death since 1 January There is a reinsurance policy held with Zürich Lebensversicherungsgesellschaft AG, Zurich to cover the peak risks in individual cases (excess of loss). Current retirement pensions and survivors pensions resulting therefrom that were incurred before 1 January 2005 are reinsured with Swiss Life, Zurich. The redemption values of the pensions purchased from Swiss life insurance companies amount to CHF 81,176,347 (previous year CHF 95,707,559). Since 1 January 2005, GEMINI Collective Foundation has autonomously managed newly incurred retirement pensions in the employee benefits unit Pensions. The necessary actuarial reserves for the longevity and interest rate risk are calculated by the occupational benefits expert and managed separately in the employee benefits unit Pensions. The Board of Trustees has formed various reserves and conducted allocations on the basis of expert guidelines and recommendations (see para. 5.6). It also manages surplus funds. The surplus corresponds to the income surplus of the Foundation s income statement following the formation of actuarial reserves and reserves in accordance with the reserve regulations as well as the formation of value fluctuation reserves and disposable assets of the employee benefits units. Disposable assets of the Foundation (equalisation fund) CHF CHF Balance of equalisation fund on Income/expenditure surplus of disposable assets of the Foundation Total equalisation fund on GEMINI Collective Foundation 2018 Annual Report 21

22 5.2. Performance and interest on savings assets in defined contribution plan ) Balance of savings assets on January 1st Less termination of internal transfers at end of previous year on 1 January Employee savings contributions Employer savings contributions Other contributions and deposits 1) Vested benefit deposits Vested benefit deposits from new contracts Repayments of advance withdrawals for home ownership/divorces Vested benefits on departure Vested benefits on contract termination Advance withdrawals for home ownership/divorces Lump-sum benefet due to retirement, death2) and disability Termination due to retirement, death: transfer to employee benefits unit Pensions of GEMINI Collective Foundation Termination due to retirement, death: transfer to Foundation (autonomous) internal transfers as per year end Interest on savings capital Total savings assets of active members on 31 December CHF CHF 1) Includes CHF 5,822 (previous year CHF 4,479) for increase to BVG minimum benefit on departure and security fund subsidies of CHF 381,275 (previous year CHF 328,554) 2) The additional autonomously borne lump-sum death benefit of CHF 6,079,203 (previous year CHF 4,169,931) is not included here. 3) Figures for 2017 include CHF 6,976,815 of GEMINI Collective Foundation 1e. The interest rate paid on the savings capital is determined following the disclosure of the net income generated by an employee benefits unit as at the end of October by the pension fund committees of the employee benefits units comprising equal numbers of employer and employee representatives. The statutory BVG minimum interest rate, Art. 46 BVV 2 on benefit increases for collective and communal institutions when value fluctuation reserves are not fully accrued and the guidelines on the formation of value fluctuation reserves are taken into account. The BVG minimum interest rate has also been applied to mid-year departures where no other resolution has been passed by the employee benefits unit Total BVG retirement assets The total BVG retirement assets of all insured members as at 31 December 2018 amounted to CHF 1,402,174,641 (previous year CHF 1,325,685,437). 22 GEMINI Collective Foundation 2018 Annual Report

23 5.4. Trend in pension capital of pensioners The coverage capital of the autonomously managed pensions is recalculated annually by the occupational benefits expert on the basis of the prevailing portfolio of pensioners. The BVG 2015 technical principles apply (2015 generation table), 2.25%. The pension capital of pensioners corresponds to the coverage capital calculated with the applicable principles and is comprised as follows: Pension capital of pensioners Coverage capital of employee benefits unit Pension Retirement pensions Retired person s child benefits Total coverage capital of retirement benefits Partner s pensions of insured members Partner s pensions of pensioners Total coverage capital of partner s pensions Orphan s pensions of insured members Orphan s pensions of pensioners Total coverage capital of orphan s pensions Coverage capital of disability pensions Coverage capital of disabled person s child benefits Coverage capital of savings contribution exemptions Total coverage capital of disability benefits Total coverage capital of employee benefits unit Pensions Pension capital of pensioners Coverage capital of the employee benefits units Total coverage capital of retirement benefits Total coverage capital of individual employee benefits units Total pension capital GEMINI Collective Foundation 2018 Annual Report 23

24 Portfolio development of pensioners Number of pensioners managed in employee benefits unit Pensions Portfolio Additions Departures Change Retired pensioners Partner s pension recipients Disability benefit pensioners Children s/orphan s pensions Total Total pensions reinsured with insurance company Portfolio Additions Departures Change Retired pensioners Partner s pension recipients Disability benefit pensioners Children s/orphan s pensions Total Number of pensioners managed in individual employee benefits units Portfolio Additions Departures Change Retired pensioners Partner s pension recipients Disability benefit pensioners Children s/orphan s pensions Total Total pensioners The portfolio of retirement and partner s pensions remains in a development phase that is reflected in the growth of coverage capital. The so-called group method is applied to the coverage capital of prospective partner s pensions. Pensioners are managed at employee benefits unit level at just one employee benefits unit. Their coverage capital is reported separately but allocated to the pension capital of pensioners in the consolidated analysis. The savings capital of the disability benefit pensioners continues to be managed by the employee benefits units in accordance with the applicable pension plan and is included in the pension capital of active members. 24 GEMINI Collective Foundation 2018 Annual Report

25 5.5. Result of the last actuarial report An actuarial audit of the Collective Foundation was carried out at the end of 2018 in accordance with Art. 52e BVG. The result of the audit is as follows: The Collective Foundation is well placed financially (average of affiliated employee benefits units) and has good structural risk tolerance. All actuarial reserves on Foundation level are sufficient. Based on past experience, the contributions are sufficient to finance the average occupational benefits to be expected. With an average coverage ratio of all affiliated employee benefits units of % at Collective Foundation level, the Collective Foundation was attested the security to meet its benefit obligations. Those employee benefits units with underfunding were permitted to remain underfunded for a limited period subject to the initiation or continuation of restructuring measures (Art. 65c BVG). The technical principles of BVG 2015 reflect updated empirical data on the life expectancy of pensioners. The actuarial interest rate is 2.25% (same as in previous year) Composition of actuarial reserves The actuarial reserves are formed in accordance with the regulations on the formation of reserves and provisions of 30 August The following breakdown is based on the envisaged regulatory structure. The reserves are composed as follows: Employee benefits unit Pensions CHF CHF Reserve for conversion rate Reserve for fluctuations in risks of death and disability Reserve for increase in life exwpectancy Total managed in the employee benefits unit Pensions Individual employee benefits units CHF CHF Reserve for retirement losses Reserve for trend in the number of members Reserve for increase in life expectancy Total managed in individual employee benefits units Overall total GEMINI Collective Foundation 2018 Annual Report 25

26 Reserves in employee benefits unit Pensions (at Foundation level) The reserve for the conversion rate came to CHF 28,882,395 as at the end of 2018 and is in line with the target. The reserve for fluctuations in the risks of disability and death comprises reinsurance within the meaning of Art. 43 BVV 2. It amounted to CHF 21,313,355 as at the end of 2018 and is in line with the target. The reserve formed for the rise in life expectancy has been raised by 0.5% of the pension capital of pensioners every year since In 2018, the reserve amounted to CHF 15,534,691. Reserves at employee benefits unit level The reserve for retirement losses amounted to CHF 1,233,519 (2017: CHF 506,136). The reserve for the trend in the number of members amounted to CHF 8,931. The reserve for the increase in life expectancy, which is also managed in the employee benefits units which have their own pensioners, amounted to CHF 268 as per the end of Coverage ratio in accordance with Art. 44 BVV 2 per Coverage ratio including No. of employee Savings/ Target value fluctuation Underfunding/ employer contribution reserve employee benefits units coverage capital 1) reserves overfunding without right of usage in % benefits units % CHF CHF CHF below 90 2) , , , , , , above Total Terminated contracts from previous years 3) Overall total 4) ) Including actuarial reserves 2) Of the 11 contract terminations per , 4 affiliations had already dissolved their savings capital no actual underfunding. 3) Several contracts that were terminated before , however, still report savings capital. 4) Overall total does not include reserves at Foundation level in the amount of CHF 50,195, GEMINI Collective Foundation 2018 Annual Report

27 5.7. Actuarial principles As in the previous year, the actuarial principles apply to the 2018 annual accounts in compliance with BVG 2015, reference table with base year The actuarial interest rate remains unchanged at 2.25% Coverage ratio in accordance with Art. 44 BVV 2 The value fluctuation reserves and disposable assets are managed separately for each affiliated employee benefits unit. The coverage ratio is therefore calculated individually for each affiliation. The overall sum of CHF 3,050,418,039 includes technical transfers amounting to CHF 698,862. Vested benefits and deposits for the following year in the amount of CHF 2,834,843 as well as pending payments amounting to CHF 50,459 have been eliminated and reported as liabilities. The coverage ratio in the employee benefits unit Pensions in which the pensioners insured at Foundation level are managed decreased to 96.53% as at 31 December 2018 (previous year %). Underfunding/ Reserve deficit Balance sheet Balance sheet Number of Number of Number of overfunding incl. underfunding total total active disabled members % CHF CHF % members persons Total 0.23% % % % % % % % % GEMINI Collective Foundation 2018 Annual Report 27

28 6. NOTES ON THE INVESTMENT OF ASSETS AND THE NET RESULT FROM THE INVESTMENT OF ASSETS 6.1. Organisation of investment activities, investment regulations Investment committee The investment committee elected by the Foundation Board monitors the asset managers in collaboration with the independent investment controller UBS Fund Management (Switzerland) AG, Basel. Complementa AG, St. Gallen, advises the investment committee in its capacity as consultant. The Foundation Board is continuously informed about the overall performance of asset investments, the achievement of objectives and investment-specific aspects. Members Wilfred Stoecklin (Chairman), independent Felix Kottmann, Kottmann Advisory AG Ueli Mettler, c-alm AG Beatrice Wyssmann Jenni, Swiss Life Asset Management AG Investment pools The assets of GEMINI Collective Foundation were invested in 2018 in accordance with the investment regulations in force since 1 January 2018 in the five investment strategies GEMINI Pool 0, GEMINI Pool 20, GEMINI Pool 35, GEMINI Pool 50 and GEMINI Pool Pensions. Asset managers The Foundation Board has delegated the asset management of each investment class to specialised asset managers (see table below). The assets of the following investment classes: Swiss real estate unlisted, foreign real estate and alternative investments, are managed by the Foundation itself. In these investment classes, the Foundation invests exclusively in professionally managed funds and investment foundations. The operational funds were managed by the administrative office of GEMINI Collective Foundation. The investment class Swiss real estate listed has been discontinued in the course of the year. Investment class Liquidity Bonds CHF Foreign currency government bonds hedged Foreign currency corporate bonds hedged Convertible bonds Global high yield hedged Emerging markets debt hard currency hedged Swiss equities Foreign equities Foreign equities hedged Emerging markets equities Asset management company SYZ Asset Management SA, Geneva SYZ Asset Management SA, Geneva UBS AG, UBS Asset Management, Zurich BlackRock Advisors (UK) Limited, London BlackRock Advisors (UK) Limited, London RWC Asset Management LLP, London Lombard Odier Asset Management (Switzerland) SA, Petit Lancy Jupiter Asset Management Limited, London Principal Global Investors (Switzerland) GmbH, Zurich Schroders Investment Management (Switzerland) AG, Zurich Ashmore Group plc, London Global Evolution, Kolding (DEN) Pictet Asset Management, London Credit Suisse Asset Management (Schweiz) AG, Zurich Credit Suisse Asset Management (Schweiz) AG, Zurich Credit Suisse Asset Management (Schweiz) AG, Zurich Credit Suisse Asset Management (Schweiz) AG, Zurich 28 GEMINI Collective Foundation 2018 Annual Report

29 Custody Global custody is assumed by UBS Switzerland AG, Zurich, which manages the individual client accounts and custody accounts. Disclosure of voting right behaviour The Ordinance Against Excessive Compensation in Listed Companies (VegüV) defines the exercise of voting rights of Swiss companies listed in Switzerland or abroad. GEMINI Collective Foundation has been following the voting recommendation of Ethos for a number of years and has exercised its voting rights accordingly. The Foundation Board is basing the exercise of its voting rights on the long-term interest of the Foundation s members. As regards the individual votes, the Board may alter the recommendations made by Ethos if it holds a different opinion. Details regarding the voting behaviour are published every quarter on the website of GEMINI Collective Foundation Utilisation of expansions with conclusive statement of compliance with security and risk diversification Art. 50 BVV 2 governs the security and risk diversification of the investments. It requires the asset investments to be carefully selected, administered and monitored. The Foundation Board has reviewed the investment strategy and since the start of 2010 has foregone the alternative investments category. The overall assets of the Foundation include a small share of alternative investments comprising investments that are due to mature in the next few years. They are partially remaining in the Foundation s portfolio until the end of their term. The same statement likewise applies to the 28 investment strategies separately managed per individual client as to the assets of GEMINI Collective Foundation. These investment strategies partially contain higher contingents of non-traditional investments than the GEMINI pools, thereby exerting an impact on the consolidated figures of the Foundation. UBS Switzerland AG prepares a separate monthly report for these strategies, Complementa AG monitors compliance with the strategies and reports to the Foundation Board Target size and calculation of value fluctuation reserves The value fluctuation reserves are formed for each employee benefits unit from the revenue surplus. The amount of reserves required depends on the investment strategy selected by the pension fund committee of the affiliated employee benefits unit. The required target size of the value fluctuation reserve and the value of the recommended higher value fluctuation reserve are calculated with the help of the concept of Complementa AG that has been commissioned by the Foundation Board to carry out this calculation. During the year 2018, both values were recalculated for all customers as a percentage of committed funds. The assets of eight employee benefits units are invested in the contract termination custody account. The custody account amounts to CHF 574,773 (previous year CHF 676,974). Together with the four GEMINI investment pools, investment assets as at 31 December 2018 came to CHF 4,566,666,221 (previous year CHF 5,542,717,610). Target size value fluctuation reserve Mandatory Supplementary (executive and supplementary funds) % % GEMINI Pool 0 4.6% 3.5% GEMINI Pool % 7.4% GEMINI Pool % 10.9% GEMINI Pool % 13.4% In accordance with the investment regulations, the employee benefits units are recommended to build up the following target value fluctuation reserves to enable them to withstand larger fluctuations in the investment of assets: Recommended size value fluctuation reserve Mandatory Supplementary (executive and supplementary funds) % % GEMINI Pool 0 6.0% 5.0% GEMINI Pool % 11.1% GEMINI Pool % 16.7% GEMINI Pool % 20.6% GEMINI Collective Foundation 2018 Annual Report 29

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