Customer expectations regarding occupational retirement plans change over time. In recent years, to remain competitive providers have been increasingly promoting standalone solutions. Accordingly, from 2028 the Vita Collective Foundation will be autonomously managed, in a move that will ensure our ability to offer the best retirement plan solutions to our roughly 150,000 insured plan participants. This means that death and disability risks, previously reinsured by Zurich Switzerland, will in future be borne by the foundation itself. This step gives the Vita Collective Foundation greater flexibility in structuring the risk/insurance portion of plan contributions and enables swifter response to changing market situations.
Security remains a top priority for the Foundation Board. Despite the Vita Collective Foundation assuming death and disability risk going forward, the Foundation's stability will still be guaranteed. "With around 150,000 insured persons, the Vita Collective Foundation has reached a size that enables it to bear these risks independently, meaning that reinsurance is no longer necessary," explained Rolf Wehrli, Managing Director of the Foundation. Foundation Board President Petra Arnold Schlüssel added: "Our aim is to offer our insured plan participants the best possible occupational pension plan with more attractive conditions that benefit both employers and employees."
The Vita Collective Foundation and Zurich Switzerland are carefully preparing for the changeover to the new structure so as to ensure a smooth process, pooling their resources and focussing exclusively on existing customers. Zurich Switzerland is to continue handling distribution and administration for the Foundation. "I look forward to continuing our strong partnership," said Thorsten Schneidewind, CEO of Zurich Life Insurance Company Ltd and Executive Board member of Zurich Switzerland. "Our insured persons can thus rely on continuing stability, familiar processes and ongoing support both during and after the changeover."
With over 27,000 affiliated employer firms and more than 150,000 insured persons, the Vita Collective Foundation is one of Switzerland's leading collective foundations. It was established in 2003 by Zurich Life Insurance Company Ltd as a legally independent, semi-autonomous foundation. While independent of Zurich Switzerland, the Vita Collective Foundation works closely together with the insurer. Their combined expertise affords customers secure, flexible and fairly priced occupational pension plan solutions.