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ANNUAL REPORT 2016

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Page 1: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

ANNUAL REPORT 2016

Page 2: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

Preface

The 2016 business year has experienced some very positive developments.

GastroSocial once again saw moderate growth from the already high levels. The number of affiliated businesses reached 20’294 for the Compensation Fund, and 20’337 for the Pension Fund. The total settled payroll grew in the case of the Compensation Fund to 6 billion francs, and to 5.15 billion francs in the case of the Pension Fund. Contri-butions increased for both the Compensation Fund and the Pension Fund, and stood at 1.037 billion francs and 370 million francs respectively.

Moreover, the Pension Fund excelled with its performance of 4.55 % and a very solid funding ratio of 117.1 %. These are excellent results in the context of the sector as a whole. The investments totalled 6.3 billion francs.

With such positive figures, it is easy to overlook what is actually the most important thing to us, namely, top-quality customer service. This is what stands at the heart of our daily work, and is the basis for our success – a success which has continued for decades.

That is why it is the affiliated businesses and those who are insured with us which are the focal point of the images bringing this annual report to life. These images provide a colourful insight into the diverse and dynamic world of our clients. This year, we are highlighting restaurants and hotels which have recently renovated their properties, or undertaken new builds.

Urs-Peter AmreinChairman of the Executive CommitteeDirector a.i.

Page 3: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

Contents

The architects of GastroSocial 4

Organisational chart 5

Diversity and innovation 6

Business operations of the Compensation Fund 13

Key figures at a glance 14

Key figures in detail 16

Outsourced tasks 19

Annual financial statements 28

Legal form, governing & executive bodies and management 29

Business operations of the Pension Fund 31

Key figures at a glance 32

Key figures in detail 34

Operating statement 38

Balance sheet 40

Funding ratio/Interest 41

Investment 44

Legal form, governing & executive bodies and management 48

Page 4: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

GASTROSOCIAL 54 GASTROSOCIAL

The architects of GastroSocial Organisational chart

The 69 years of service jointly clocked up by Urs-Peter Amrein, longstanding Director and Chairman of the Execu-tive Committee, and Annemarie Hofer, longstanding Head of Customer Services and member of the Management Committee, is precisely the age of Switzerland’s most im-portant social institution – the AHV.

These two leaders have, together, built the company into an institution of great importance to the hotel and catering sector. These two leaders – both of whom have been so instrumental in GastroSocial’s growth, are stepping down from operational management in 2017.

We are deeply grateful to them for the decades of outstan-ding commitment that they have given to GastroSocial and GastroSuisse.

Casimir Platzer, President of GastroSuisseJosef Schüpfer, President of the Board of Directors

Board of Directors of Compensation Fund

Executive Committee

Board of Trustees of Pension Fund

Controlling

Director a.i. Urs-Peter Amrein

Human Resources Support StaffManuela Wyss

Management Assistants

Team of experts Marketing/ Communication

Legal Service

Quality Management/Data Protection

Organizational Development

Customer ServiceFelix Schwan

CF AdministrationMarc Lucas

PF AdministrationAnnemarie Hofer

FinanceAndreas Beccarelli

InvestmentsBeat Wüst

ResourcesChristian Ganglmair

Sales Force Employer Audits Contributions Finance Real EstateInformation Technology

GastroSocial@net Contributions Vested Benefits Collections Securities Logistics

Customer Affiliation

FAZ/EO/MSE Benefits

First-Level-SupportSalary Statement Checks

Lugano Branch Office

Pensions/IV Daily Allowance

Special Tasks

As at March 2017

Page 5: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

6 GASTROSOCIAL

Diversity and innovation

One of the distinguishing characteristics of GastroSocial is its diverse customer base:

The Grand Resort Bad Ragaz to McDonald’s Suisse Restau-rants, from the Crêperie du Château in Neuchâtel to the Restaurant Schlüsselzunft in Basel, and from the Kebab Haus Oftringen to the holiday and leisure resort, Swiss Holiday Park in Morschach, to name but a few examples. Companies right across the spectrum place their trust in the compre-hensive service provided by our Compensation Fund and our Pension Fund. At GastroSocial we make it our priority to meet all of our clients’ diverse needs and requirements to the highest standards.

Our offering also includes excellent insurance solutions for companies outside the hotel and catering industry. So, companies like the Tamina Therme AG in Bad Ragaz, Lenzerheide Bergbahnen AG mountain railway company, Grand Casino St. Gallen AG, Seeklinik Brunnen AG and the santémed Gesundheitszentrum AG all benefit from the highest quality standards of GastroSocial.

GastroSocial is constantly evolving in line with the changing needs of our clients. Regular surveys of our clients confirm that we are meeting their expectations in terms of service quality.

The images in this year’s annual report depict businesses which have recently invested in innovation, all of which go to demonstrate the dynamism and progressiveness of this diverse sector of ours.

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«GastroSocial answers all my questions relating to social insurance.»

Philipp Leuker, Area Manager Vapiano, Bern

TANGIBLE LOVE OF THE FINER THINGS

IN LIFEVapiano, Bern

Highly-trained and friendly Vapiano staff spoil their guests with superb Italian cuisine. The dishes are freshly prepared in front of the customers. Thanks to the success of the Vapiano concept, the company was able to open a new restaurant in Bern in early 2016. The high-quality, comfortable ambience of the new rooms is saturated with a Mediterranean feel.

Page 7: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

VAPIANOBERN

Page 8: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

Business operations of the Compensation Fund

Page 9: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

GASTROSOCIAL COMPENSATION FUND 1514 GASTROSOCIAL COMPENSATION FUND

Key figures at a glance

20’707

20’294

169’766

5’988 m CHF

26’515

114 m CHF

1’037 m CHF

Affiliated companies+ 0.3 % 2015: 20’231

The number of affiliated companies has stabilised at a high level over the past few years.

Contribution volume+ 0.6 % 2015: 1’031 m CHF

Due to the lowering of the EO (Income Compensation Scheme) contribution rate, there was a slight increase in the total contributions compared to the previous year.

Number of pensions– 1.1 % 2015: 26’807

In 2016, GastroSocial paid benefits totalling around CHF 570 million to its AHV and IV pensioners.

Daily sickness benefits and accident insurance contracts (SWICA)+ 0.5 % 2015: 20’611

The number of premiums for daily sickness benefits insu-rance and accident insurance also rose slightly.

Family allowances– 2.4 % 2015: 117 m CHF

Family allowances are set according to the relevant cantonal law, which differs from canton to canton.

Insured persons+ 1.7 % 2015: 166’920

The number of insured persons whose employer are affiliated with the Compensation Fund has steadily increased over the past few years.

Gross payroll+ 1.1 % 2015: 5’920 m CHF

This increase is primarily due to the successful acquisition of larger companies.

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GASTROSOCIAL COMPENSATION FUND 1716 GASTROSOCIAL COMPENSATION FUND

Key figures in detail

Affiliated companies

201620152014201320120

5‘000

10‘000

15‘000

20‘000

25‘000

Total affiliated companies Legal entities Natural entities

Payroll and income structure

Invoiced contributions

CHF 2015 2016

AHV/IV/EO, personal and equal contributions 665’383’000 666’655’000

Maternity insurance 401’000 397’000

ALV contributions 129’202’000 130’352’000

Family Compensation Fund contributions 128’194’000 129’786’000

of which contributions from outsourced tasks 12’473’000 12’540’000

Premiums for daily sickness benefits insurance 54’940’000 55’533’000

Accident insurance premiums 53’364’000 54’765’000

Total contribution volume 1’031’484’000 1’037’488’000

Trend in contribution volumesm CHF

2015 20162014201320120

200

400

600

800

1‘000

1‘200

The Federal Social Insurance Office places tight regulation on compensation funds with regard to contribution collection, fees, default interest and time limits, and ensures that these are complied with at all times. Over the past year the total contributions to the Compensation Fund has been around the billion mark.

Payroll totals and income in CHF

< 100’000

100’001 – 300’000

300’001 – 500’000

500’001 – 1’000’000

> 1’000’000

The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation is based on taxable income.

The diagram shows the distribution of the affiliated companies in relation to gross payroll and income. Most of these companies are very small scale enterprises.

5.4 %

17.0 % 71.4 %

4.1 %

2.1 %

Page 11: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

GASTROSOCIAL COMPENSATION FUND 1918 GASTROSOCIAL COMPENSATION FUND

Number of AHV pensions

2015 2016

Retirement pensions 19’998 20’081

Widow’s and widower’s pensions 891 888

Orphan’s pensions 564 527

Supplementary spouse’s pensions 25 21

Supplementary child’s pensions 272 279

Care allowances 551 583

Total of AHV pensions 22’301 22’379

Number of IV pensions

2015 2016

Disability pensions 3’088 2’867

Supplementary spouse’s and child’s pensions 1’180 1’047

Care allowances 238 222

Total of IV pensions 4’506 4’136

Trend in pensions

0

4‘000

8‘000

12‘000

16‘000

20‘000

24‘000

20162015201420132012

Total of AHV pensions Total of IV pensions

Outsourced tasks

Institution Tasks

SWICAContribution collection, contract administration and premium collection

Canton of Geneva Maternity insurance clearing office

BBF Ticino Contribution collection for Ticino vocational training fund

Family compensation offices Management in 19 cantons, clearing office in 7 cantons

Swiss Confederation Refunding CO2 levies

GastroSuisse and cantonal associations Contribution collection for vocational training funds

Cantons Contribution collection for various cantonal funds

Daily sickness benefits and accident insurance

2015 20162014201320120

2‘000

4‘000

6‘000

8‘000

10‘000

Daily sickness benefits contracts Accident insurance contractsSupplementary accident insurance contracts

Page 12: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

EMPLOYEES THE KEY TO SUCCESSHotel Royal Savoy, Lausanne

Only employees whose morale is good can offer the guest a high-quality service, and this is something which Hotel Royal Savoy is very conscious of. The guests also value the care and attentiveness of the staff. The hotel is moreover renowned for its exquisite cuisine and superlative ambience. The Royal Savoy was reopened in November 2015 after several years of renovation works. Today, this historic building is one of the architectural treasures of Lausanne.

«GastroSocial knows exactly what my needs are as an employee, and what the challenges are that I face in my line of work.»

Reza Nahaboo, sommelier, Best Swiss Sommelier Award 2016Hotel Royal Savoy, Lausanne

Page 13: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

HOTEL ROYAL SAVOYLAUSANNE

Page 14: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

«Support from a competent industry specialist like GastroSocial gives me a great sense of security.»

Nicola Albanese, Head Ambassador The View, Lugano

ARCHITECTURAL SHOWPIECE

The View, Lugano

It’s the smallest details that make all the difference, and in the knowledge of this fact, The View pampers its guests in more ways than one. The needs and comfort of the guests are the number-one priority here. Attentive staff and a cultured and elegant atmosphere guarantee an extremely high-quality service. The interior design of the building is striking, reminiscent of a modern luxury yacht. The 5-star design hotel was opened in 2015.

Page 15: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

THE VIEW LUGANO

Page 16: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

GASTROSOCIAL COMPENSATION FUND 2928 GASTROSOCIAL COMPENSATION FUND

Annual financial statements Legal form, governing & executive bodies and management

Legal structure Independent federal institution under public law

Board of Directors of Compensation Fund Josef Schüpfer Chairman

Ernst Bachmann Vice-Chairman

François Gessler

Muriel Hauser

Walter Höhener

Gilles Meystre

Casimir Platzer

Moritz Rogger-Riechsteiner

Massimo Suter

The Board of Directors consists of ex officio members of the Board of GastroSuisse.

PresidiumUrs-Peter Amrein Chairman

Josef Schüpfer

Tobias Zbinden

Head of Compensation FundUrs-Peter Amrein from 1.11.2016

Andreas Markwalder until 31.10.2016

Auditing and supervisionAuditors PricewaterhouseCoopers Ltd, Basel

Supervision Federal Social Insurance Office, Bern

Compensation balance sheet

CHF 2015 2016

AHV/IV/EO contributions 665’383’000 666’655’000

Benefits paid out – 597’339’000 – 606’214’000

AHV pensions – 468’992’000 – 477’835’000

AHV care allowances – 5’290’000 – 5’477’000

IV pensions – 73’040’000 – 72’211’000

IV care allowances – 2’635’000 – 2’671’000

IV daily allowances – 11’162’000 – 11’612’000

Income compensation payments – 14’837’000 – 13’985’000

Maternity allowances – 21’383’000 – 22’423’000

Surplus transferred to AHV Compensation Fund 68’044’000 60’441’000

Administrative costs

CHF 2015 2016

Operating expenses

Personnel expenses 14’316’000 15’159’000

General expenses 2’540’000 2’627’000

Real estate expenses 862’000 1’361’000

Project reserves 4’173’000 2’895’000

Depreciation on investments 160’000 364’000

Other expenses 475’000 475’000

Income surplus 430’000 335’000

Total operating expenses 22’956’000 23’216’000

CHF 2015 2016

Operating income

Company contributions to administrative costs 13’357’000 13’357’000

Cost contributions for outsourced tasks 8’149’000 8’274’000

Fees 1’268’000 1’253’000

Investment income 12’000 13’000

Other income 170’000 319’000

Total operating income 22’956’000 23’216’000

Page 17: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

Business operations of the Pension Fund

Page 18: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

GASTROSOCIAL PENSION FUND 3332 GASTROSOCIAL PENSION FUND

Key figures at a glance

117.1

20’337

158’191

2’748 m CHF

11’350

6’278 m CHF

359 m CHF

Affiliated companies + 0.8 % 2015: 20’169

The GastroSocial Pension Fund is the largest association based pension fund in Switzerland.

Contribution volume+ 0.8 % 2015: 356 m CHF

The key figure reflects the continued growth of GastroSocial.

Number of pensions+ 4.7 % 2015: 10’842

The increase is primarily seen in the retirement pensions.

Funding ratio+ 2.4 % 2015: 114.7 %

The funding ratio has once again seen a significant increase and bears out the sound financial position of the GastroSocial Pension Fund.

Investment capital+ 6.9% % 2015: 5’872 m CHF

The growth of the business and the sound investments lead to positive growth in the managed assets.

Insured persons+ 0.3 % 2015: 157’661

The number of insured persons has been experiencing moderate and continuous growth for several years.

Insured payroll+ 0.7 % 2015: 2’730 m CHF

The increase in payroll is mainly attributable to the increase in the number of larger-scale affiliated companies.

Page 19: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

GASTROSOCIAL PENSION FUND 3534 GASTROSOCIAL PENSION FUND

Key figures in detail Invoiced contributionsm CHF

0

50

100

150

200

250

300

350

400

2015 2016201420132012

Number of insured persons

0

20‘000

40‘000

60‘000

80‘000

100‘000

120‘000

140‘000

160‘000

20162015201420132012

Insured under 25 Insured over 25

Number of pensions

01‘0002‘0003‘0004‘0005‘0006‘0007‘000

20162015201420132012

Retirement pensions IV pensions Partner’s pensions Child’s pensions

In 2016, 6’080 retirement pensions, 3’015 IV pensions, 894 partner’s pensions and 1’361 child’s pensions were paid out.

Affiliated companies

0

5‘000

10‘000

15‘000

20‘000

25‘000

20162015201420132012

Total affiliated companies Legal entities Natural entities

Payroll structure

Gross payroll

< 100’000

100’001 – 300’000

300’001 – 500’000

500’001 – 1’000’000

> 1’000’000

The diagram shows the distribution of the affiliated companies in relation to payroll. Most of these companies are very small scale enterprises.

5.7 %

24.3 %65.6 %

1.3 %

3.1 %

Page 20: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

«The advice I receive from the specialists at GastroSocial is easy to understand and is tailored to what I need.»

Alison Deleuze, Cheffe de rang and supervisor La Pinte vaudoise, Pully

CUSTOMER-FOCUSED AND ATTENTIVE

La Pinte vaudoise, Pully

Over the course of three months, 38 job seekers complete their theoretical and practical training in the areas of service, kitchen work and housekeeping. Thanks to the professional support they receive, these individuals are able to successfully enter the job market. The guests are always the central focus, and they enjoy the variety and creativity in the menus. The restaurant’s success is proof that its approach is working – customer satisfaction levels are very high. In the winter of 2015, all the furnishings were completely renewed, giving the restaurant a much more modern and more friendly look.

Page 21: ANNUAL REPOR T - gastrosocial.ch · The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation

GASTROSOCIAL PENSION FUND 3938 GASTROSOCIAL PENSION FUND

CHF 2015 2016

Inflow from contributions and deposits 572’716’000 568’560’000

Contributions 365’971’000 373’958’000

Purchases 13’395’000 14’434’000

Vested benefits paid in 193’350’000 180’168’000

Outflows for benefits and advance withdrawals – 340’247’000 – 397’475’000

Regulatory benefits – 127’889’000 – 152’059’000

Retirement pensions – 37’942’000 – 42’103’000

Partner’s pensions – 6’675’000 – 6’988’000

Disability pensions – 25’479’000 – 25’081’000

Other regulatory benefits – 2’142’000 – 5’243’000

Lump sum payments at retirement – 52’901’000 – 68’589’000

Lump sum death payments – 2’750’000 – 4’055’000

Vested benefits paid out – 212’358’000 – 245’416’000

Creation (–)/Release (+) of pension capital and technical reserves – 293’063’000 – 247’807’000

Creation (–)/Release (+) of pension capital – 287’620’000 – 227’744’000

Creation (–)/Release (+) of technical reserves – 5’443’000 – 20’063’000

Income from insurance benefits 8’301’000 10’322’000

Insurance costs – 5’352’000 – 4’941’000

Net result from insurance component – 57’645’000 – 71’341’000

CHF 2015 2016

Investment income 44’828’000 282’682’000

Money market 439’000 – 1’224’000

Bonds – 39’735’000 44’942’000

Mortgages/Constant Cash Flow 14’657’000 38’608’000

Real estate 67’447’000 96’346’000

Equities 2’020’000 104’010’000

Asset management costs – 25’694’000 – 30’976’000

Net investment result 19’134’000 251’706’000

Administrative costs – 11’763’000 – 12’709’000

General administration – 10’216’000 – 11’081’000

Marketing and advertising – 506’000 – 484’000

Agents and brokers – 825’000 – 874’000

Auditors and pension actuary of employee benefits insurance – 137’000 – 202’000

Supervisory authorities – 79’000 – 68’000

Administrative income 1’422’000 1’631’000

Other income 1’422’000 1’631’000

Net result for the administrative account – 10’341’000 – 11’078’000

Income (+)/Expenses (–) surplus before creation/release of fluctuation reserve

– 48’852’000 169’287’000

Creation (–)/Release (+) of fluctuation reserve 48’852’000 – 169’287’000

Income/Expenses surplus 0 0

The GastroSocial Pension Fund is a non-profit foundation. Its administrative costs are the lowest in Switzerland, standing at CHF 65 per beneficiary.

Operating statement

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GASTROSOCIAL PENSION FUND 4140 GASTROSOCIAL PENSION FUND

Balance sheet Funding ratio/Interest

Assets

CHF 31.12.2015 31.12.2016

Investment 5’871’831’000 6’277’981’000

Liquid resources and money market 172’443’000 150’128’000

Bonds 1’766’287’000 1’879’576’000

Mortgages/Constant Cash Flow 552’498’000 638’614’000

Real estate 1’313’799’000 1’443’884’000

Equities 2’066’804’000 2’165’779’000

Receivables 55’006’000 57’193’000

Accrued income and deferred expenses 24’137’000 31’019’000

Total assets 5’950’974’000 6’366’193’000

Liabilities

CHF 31.12.2015 31.12.2016

Liabilities 35’464’000 29’060’000

Accrued expenses and deferred income 1’798’000 418’000

Employer contribution reserves 11’460’000 12’553’000

Pension capital and technical reserves 5’146’888’000 5’399’511’000

Pension capital active insured 3’921’852’000 4’097’965’000

Pension capital pensioners 1’099’732’000 1’156’180’000

Technical reserves 125’304’000 145’366’000

Fluctuation reserve 755’359’000 924’646’000

Foundation capital 5’000 5’000

Total liabilities 5’950’974’000 6’366’193’000

Funding ratio 114.7 % 117.1 %

Funding ratio

117.1 %114.7 %116.6 %111.0 %106.8 %

90 %

95 %

100 %

105 %

110 %

115 %

120 %

20162015201420132012

The funding ratio represents the relationship between pension assets and pension liabilities. Over the course of 2016, the funding ratio rose from 114.7 % to 117.1 %.

Interest

0.0 %

0.5 %

1.0 %

1.5 %

2.0 %

20162015201420132012

1.50 % / 1.25 %1.75 % / 1.75 %2.00 % / 1.75 %1.50 % / 1.50 %1.50 % / 1.50 %

GastroSocial Pension Fund BVG minimum interest

The pensioners’ pension capital is calculated on the basis of a technical interest rate of 3.00 % as of 31.12.2016. The Board of Trustees decided to lower the rate to 2.75 % for 2017.

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«GastroSocial’s user-friendly online programmes save me a lot of work.»

Markus Gfeller, proprietor Restaurant Brücke, Niedergösgen

HOSPITALITY ON THE AARE

Restaurant Brücke, Niedergösgen

Restaurant Brücke in Niedergösgen not only prides itself on the personal service it offers to its guests, but also on its creative and seasonal menu. Guests enjoy freshly prepared dishes in a congenial atmos- phere right by the river Aare. In 2008, the restaurant was fully refurbished, and the redesign of the grounds followed in 2011. The new light-flooded, modern rooms and wonderful garden restaurant are perfect places for relaxation and a leisurely meal.

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GASTROSOCIAL PENSION FUND 4544 GASTROSOCIAL PENSION FUND

Investment

Review/Outlook 2016 will be remembered as a year of unexpected change. Such changes demonstrated that only robust and diversified portfolios like that of the GastroSocial Pension Fund will successfully withstand rapidly changing conditions.

In 2016, thanks to stabilised growth in China, and the recovery of oil prices, the investment markets moved on relatively quickly from an initial phase that was fraught with scepticism. The recovery was faster and more vigorous than had been expected. The Brexit vote came as a surprise to most forecasters, as did the lack of sustained turbulence in the aftermath. The next surprise to follow was the American presidential election. The final major occurrence in 2016 was the increased inflation expectations after years of low and falling inflation rates.

Thanks to our tendency towards conservative assessments of growth expectations, the GastroSocial Pension Fund retained its overweight in more defensive equity positions. These contributed significantly to the stabilisation of yield developments in the first six months.

The global economy is looking more robust for 2017 than it has done over the past few years. The recovery is more balanced regionally and in terms of sectors, and is broadly supported by current figures and leading indicators. Market valuations are nevertheless high. Disappointments and phases of increased political uncertainty can very quickly find expression in market corrections. The positioning of the GastroSocial Pension Fund therefore continues to be a balanced one.

Asset structure and strategic bandwidths

Asset class CHF Percentage as at 31.12.2016 Strategy Bandwidth

Money market 150’100’000 2.4 % 1 % 0 – 10 %

CHF bonds 568’900’000 9.0 % 12 % 8 – 16 %

Foreign currency bonds 1’310’700’000 20.9 % 19 % 10 – 28 %

Mortgages/Constant Cash Flow 638’600’000 10.2 % 10 % 4 – 16 %

Swiss equities 564’200’000 9.0 % 10 % 6 – 12 %

Foreign equities 1’600’700’000 25.5 % 24 % 13 – 35 %

Swiss real estate 1’238’100’000 19.7 % 20 % 18 – 22 %

Foreign real estate 205’800’000 3.3 % 4 % 1 – 6 %

Alternative investments 900’000 0.0 % 0 % 0 – 1 %

Total 6’278’000’000 100.0 % 100 %

Performance

Performance as at 31.12.2016 Benchmark

Money market 0.00 % – 0.91 %

CHF bonds 1.12 % 1.32 %

Foreign currency bonds 3.07 % 2.78 %

Mortgages/Constant Cash Flow 5.27 % 2.49 %

Swiss equities 1.18 % – 1.41 %

Foreign equities 5.60 % 7.23 %

Swiss real estate 7.44 % 4.00 %

Foreign real estate 6.54 % 4.00 %

Alternative investments – 12.83 % – 0.01 %

Overall performance 4.55 % 3.75 %

The achieved performance of 4.55% significantly exceeds the benchmark as well as the usual comparative values for the sector.

As a result of broad diversification and tactical positioning, all investment elements in the various market phases contri-buted to this success.

Cumulative performance comparison

0 %

2 %

4 %

6 %

8 %

10 %

20162015201420132012

2015 2016

Performance GastroSocial 0.50 % 4.55 %

Benchmark 1.24 % 3.75 %

Pictet reference index for pension funds 0.47 % 3.21 %

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LA PINTE VAUDOISEPULLY

RESTAURANT BRÜCKE NIEDERGÖSGEN

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48 GASTROSOCIAL PENSION FUND

Legal form, governing & executive bodies and management

Legal form

Pension foundation equality

Board of Trustees: Employer representativesTobias Zbinden Chairman, member of Investment Committee

Frédéric Haenni

Peter Oesch

Josef Schüpfer Member of Investment Committee

Ruedi Stöckli

Massimo Suter

Board of Trustees: Employee representativesStefan Unternährer Vice-Chairman, member of Investment Committee

René Haas

Franziska Hänggi

Markus Kunz Member of Investment Committee

Esther Lüscher

René Meier

The term of office for Trustees is 3 calendar years. The employer representatives have been elected by GastroSuisse and the employee representatives by the Hotel & Gastro Union.

PresidiumUrs-Peter Amrein Chairman

Josef Schüpfer

Tobias Zbinden

ManagerUrs-Peter Amrein from 1.11.2016

Andreas Markwalder until 31.10.2016

Auditing and supervisionPension actuary Mercer AG, Zurich

Auditors PricewaterhouseCoopers Ltd, Basel

Supervisory authorities BVG- und Stiftungsaufsicht Aargau, Aarau (BVSA)

Imprint

Content and layout GastroSocial, AarauPhoto Riechsteiner Fotografie, Micha Riechsteiner, Christa Minder, Worb

The printed matters are released in German, French, Italian and English and are also available on the website at www.gastrosocial.ch.

© 2017, GastroSocial, 5001 AarauISO 9001: 2008 / GoodPriv@cy

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GastroSocial

Buchserstrasse 1 | Postfach | 5001 Aarau | T 062 837 71 71 | F 062 837 72 97 [email protected] | www.gastrosocial.ch

Institution GastroSuisse