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Annual report 2019
INVOR's financial situation remains very good: the funding ratio as of 31 December 2019 is at 118,3% (previous year: 112,9%). The fluctuation reserve is funded up to its target level. In addition the Foundation has free funds of CHF 5,4 million. The financial markets developed extraordinary positively in 2019. Thanks to significant price gains on equity investments, the return on investments was excellent at +11,36% (previous year: -1,09%). Thanks to this result, an interest rate of 2,0% is provided to actively contributing members' retirement capital for 2019. As of 1 January 2020, actively contributing members also received an additional credit of 4,8% on their retirement capital as at 31 December 2019.


Annual report 2018
INVOR's financial situation remains good: the funding ratio as of 31 December 2018 is at 112.9% (previous year: 118.7%). The funding reserve is at 75% of its target level of 17.5%. Financial markets mostly developed negatively in 2018. In this challenging investment environment, inVor made a return on investments of -1.09% as of 31 December 2018 (previous year: +8.31%). When compared with other pension funds, this result is significantly better than the average. An interest rate of 1.0% is provided to actively contributing members' retirement capital for 2018. As of 1 January 2019, actively contributing members also received an additional credit of 1.0% on their retirement capital as at 31 December 2018. 


Annual report 2017
INVOR's financial situation is still very satisfactory: The coverage ratio as of 31 December 2017 is at 118.7% (previous year: 116.5%).In particular significant price gains on the equity investments, lead to an exceptionally good return on investments in the year 2017 of +8.31% (previous year: +4.48%). This result made it possible to provide a very attractive interest rate of 3.5% on the retirement capital of persons insured as of 31 December 2017. The value fluctuation reserves were built up to the target level, and the necessary provisions were formed in full. In addition, uncommitted funds of CHF 7.1 million are available as at 31.12.2017.

Annual report 2017 (in German)

Annual report 2016
Although the average return of all pension funds was +3.70%, INVOR achieved a return of +4.48% (2015: +2.09%). Significant gains were achieved on shares, and the favourable tenancy rate for the property 'Handelshof' led to an appreciation in its value. This outcome enabled the necessary provisions to be created and the retirement savings of actively insured members to yield an interest of 2.0%. The asset/liability ratio as of 31 December 2016 amounts to 116.5% (previous year: 117.1%).

Annual report 2016 (in German)

Annual report 2015
While the average return for all pension funds in the difficult investment year 2015 was +0.8%, INVOR achieved a return of +2.09% (2014: +7.72%). It was not possible to achieve satisfactory returns either with bonds or shares. Real estate, especially the rise in value resulting from revaluation, contributed to the above-average result. The coverage ratio as of 31 December 2015 amounts to 117.1% (2014: 118.2%). This means that INVOR is doing well financially compared to other pension funds.

Annual report 2015 (in German)

Annual report 2014
Thanks to the positive development on the bond and stock markets in 2014, it was possible to increase the currency fluctuation reserve by 28.76 million CHF to the target amount of 98.28 million CHF. In addition, uncommitted funds of 5.26 million CHF exist as per the end of 2014. The Board of Trustees decided not to increase pensions, but to allocate the uncommitted funds to the employee pension funds in favour of the active insured persons. The annual yield for 2014 was + 7.72% (2013: + 6.58%). Our technical bases and provisions are sustainably established, coverage as per 31 December 2014 stands at a pleasing 118.2% (2013: 112.1%).

Annual report 2014 (in German)

Annual report 2013
Thanks to the development on the stock market in the year under review 2013, it was possible to increase the currency fluctuation reserve by 24.5 million CHF. The reserve now amounts to 69.5 million CHF, which is the equivalent of 70% of the target amount. The annuual yield for 2013 was +6.58% (2012: +6.38%). Our technical bases and provisions are sustainably established, coverage as per 31 December 2013 stands at 112.1% (previous year: 107.6%).

Annual report 2013 (in German)

Annual report 2012

The foundation board has taken the opportunity afforded by the favourable shares year 2012 to ensure that Invor continues to be ready for the future. Technically speaking, the the mortality tables were changed from period tables to generation tables and the technical interest rate was lowered from 3% to 2%. This results in a lowering of the target yield from 3.77% to 2.5% and a positive, long-term effect on the financial situation. Nevertheless, the coverage ratio as of 31.12.2012 was a gratifying 107.6% (previous year: 110.6%).

Annual report 2012 (in German)

Annual report 2011
In spite of a difficult year for investments, the coverage ratio was a comfortable 110.6%.
Due to exchange losses on the stock markets and decreased real estate earnings, the reserves for fluctuations in value in the year under report of 2011 had to be reduced by 17.4 million CHF. The yield on assets fell by 4.2 million CHF, the rate of return lies at about plus 0,97%. Despite a difficult investment year, the coverage ratio as per 31 December 2011 stands at 110.6%.

Annual report 2011 (in German)

Annual report 2010
Invor scores with high coverage ratio and robust financial position
There’s no question – 2010 was a demanding year for the world of finance. Nonetheless Invor overcame all challenges. Thanks to sustainably established technical principles and provisions as well as the precautious investment policy of the foundation board, we closed our 2010 accounts in a good financial position and with a solid performance record. Thereby the coverage ratio remained very steady at 113.2%. A positive cover ratio, stable yield returns and an effective management structure guaranteed Invor’s financial security in a complex environment. This is a highly positive result compared to other Swiss pension funds.

Annual report 2010 (in German)