In 2018, 663 employees of our corporate Group who work in Liechtenstein were covered by the retirement, life and disability insurance plans of the autonomous Personnel Pension Fund Foundation of Liechtensteinische Landesbank. The pension fund and its defined contribution scheme offer three attractive savings plans that go beyond the requirements of the law (Occupational Pension Act (OPA)). In addition, LLB’s contributions as an employer amount to two-thirds of the financing of the fund.
As at the end of December 2018, the liquidity ratio of the LLB pension fund stood at 106.4 per cent (as at the end of December 2017: 112.1 %) and had thus decreased by 5.7 per centage points on the previous year. The return on investment was minus 4.16 per cent (2017: 5.78 %). The accumulated capital bore no interest in 2018. The fluctuation reserve amounts to CHF 18.3 million (2017: CHF 33.5 million). The pension fund capital totalled CHF 287.9 million (2017: CHF 277.4 million).
From 1 January 2018 onwards, the pension conversion rate at the retirement age of 64 is being gradually reduced by 0.1 per cent per year to 5.1 per cent. From 1 January 2023, the normal retirement age for drawing the Liechtenstein AHV (state pension) will be raised to 65 and the conversion rate to 5.22 per cent.