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2065 dürfte die Lebenserwartung 90 Jahre betragen – jetzt passen Pensionskassen ihre Modelle an

Artikel in der "NZZ", August 2018

Für Lukas Riesen, Partner bei der Beratungsgesellschaft PPCmetrics, sind Periodentafeln ein Auslaufmodell. Er sieht zwei Grundprobleme. Bei ihrer Anwendung basierten die erwarteten Renten nicht auf einem «best estimate». Renten-Cashflows würden mit Periodentafeln zu tief eingeschätzt. Die erwartete Zunahme der Langlebigkeit dürfe nicht vernachlässigt werden. Zudem würden bei der Anwendung von Periodentafeln Rückstellungen für die Zunahme der Langlebigkeit bis zum Bilanzstichtag gemacht, nicht jedoch für die gesamte Dauer dieser bereits versprochenen Leistungen. Periodentafeln beruhen ausschliesslich auf historischen Sterblichkeitswerten. Riesen zitiert aus der Diskussionsrunde eines Ende Juni abgehaltenen Anlasses zu diesem Thema: «Bei Periodentafeln nimmt eine Pensionskasse quasi einen Regenschirm mit, weil es gestern geregnet hat. Bei Generationentafeln nimmt sie einen solchen mit, weil die Wetterprognose schlecht ist.»

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PPCmetrics AG is a leading consulting firm whose services include investment controlling and investment consulting, selection of financial service providers (asset manager selection) including public procurements for such selection, asset liability management (ALM), definition of investment strategies, asset allocation, portfolio analyses, drafting of investment regulations, consulting on sustainable investments, legal consulting (BVG/LPP, financial market legislation, pension fund governance) and actuarial consulting as well as activities as pension actuary. Our clients in Switzerland and abroad include institutional investors such as insurance companies, as well as renowned professional investors such as pension funds, employee benefits foundations, public social insurances and pension funds and other public-law entities, large companies, foundations, associations (in particular non-profit organisations) or ultra-high-net-worth individuals (UHNWI) and their consultants (e.g. family offices).

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