Dear insured persons

We would like to inform you about the 2024 annual financial statements of our pension fund and other topics:

Key figures:

• Investment performance 2024: 7.00%
• Coverage ratio 2024: 116.40% taking into account the interest on retirement savings of 6.5%
• Performance YTD 21.05.2025: ca. 2%

Partial liquidation:

• No change for employees, former employees and pensioners
• Partial liquidation balance sheet available for inspection from 28 May on

Change in the Board of Trustees as of January 1, 2026:

• Reduction of the Board of Trustees from 10 to 8 members (4 employee and 4 employer representatives)
• Markus Fialkowski new employer representative on the Board of Trustees
• Ordinary elections of employee representatives in September/October 2025

Annual financial statements 2024 and sustainability aspects

At its meeting on May 16, 2025, the Board of Trustees approved the 2024 annual financial statements of our pension fund. Our pension fund achieved a performance of 7.00% in the 2024 fiscal year. Foreign equities again contributed significantly to this strong performance. The other investment vehicles also delivered positive investment results.

Our pension fund closed the 2024 financial year with a coverage ratio of 116.40% (2023: 113.30%), taking into account the interest rate on your retirement savings of 6.5%. 

Below are the key figures for 2024:



• Total assets: CHF 835.15 million (2023: CHF 746.89 million)
• Value fluctuation reserve: CHF 113.98 million (2023: CHF 85.80 million)
• Number of active insured persons: 1,398 (2023: 1,451)
• Number of pensioners: 215 (2023: 209)

Administrative expenses per insured person (excluding asset management) amounted to CHF 278. Comparison Swisscanto study 2024: CHF 350¹ per insured person from pension funds of private employers.

Asset management expenses amounted to 0.29% of assets, which is significantly below the average of 0.41%² (median value of all pension funds). The amount of asset management expenses depends largely on the defined investment strategy.

When determining its investment strategy, the Board of Trustees also considers sustainability aspects. These include engagement/exercise of voting rights as well as climate risks/decarbonization/measurement of the carbon footprint.

Since Bayer Pension Fund Switzerland does not hold any directly held shares in its portfolio, its engagement and voting rights are handled through its asset manager, Zürcher Kantonalbank. The bank actively engages and exercises its voting rights, based on the sustainable voting guidelines it has defined. 

Nearly 40% of Zürcher Kantonalbank’s investments are invested in sustainable index funds, “Swisscanto Indexfonds Responsible.” Compared to the standard benchmark, the Swisscanto Indexfonds Responsible have reduced CO2 emissions, among other things. Further information can be found in Zürcher Kantonalbank’s ASIP ESG Report, see the following link: https://bayerpensionskasse.ch/images/uploads/2024-12_asip_esg-bericht_de.pdf

The pension fund is currently facing extremely volatile investment markets. The Investment Committee and the Board of Trustees are monitoring the performance of the investment portfolio with the support of the investment controller. The year-to-date performance as of May 21, 2025, is approximately 2%.

The 2024 annual financial statements are available on the website: https://bayerpensionskasse.ch/images/uploads/jahresrechnung-2024.pdf

Partial liquidation 2025 – Right to inspect relevant documents

We informed you on March 21, 2025, that we must conduct a partial liquidation of our pension fund. The pension fund’s financial situation remains solid. The pension fund has sufficient provisions and fluctuation reserves. However, it does not have any available funds that can be distributed to insured employees, retired insured employees, or retirees.

You have the right to inspect the relevant documents. These include the 2024 annual financial statements audited by our auditing firm PwC and the partial liquidation report as of December 31, 2024. Both documents will be available at our Kessler Vorsorge office as of May 28, 2025. Please contact the Managing Director of Bayer Pensionskasse Schweiz (Roland Lüthold, Kessler Vorsorge, pk-bayer@kessler.ch). If you do not agree with the partial liquidation, you can submit written objections to the Board of Trustees within 30 days of May 28, 2025. If no objections are received by the Board of Trustees within this period, or if they can be resolved, the partial liquidation will be implemented and concluded.

The partial liquidation report is available on the homepage: https://bayerpensionskasse.ch/images/uploads/2024-12-31-teilliquidationsbericht-.pdf

Changes in the Board of Trustees

New employer representation from 1 July 2025

Markus Fialkowski will be the new employer representative for Bayer CropScience Schweiz AG and a member of the Board of Trustees of the Bayer Pension Fund Switzerland effective July 1, 2025. He replaces Sebastian Hoch, who will also step down from the Board of Trustees due to his departure from the company.

The Board of Trustees would like to thank Sebastian Hoch for his support over the past years and looks forward to working with Markus Fialkowski.

Composition of the Board of Trustees

From January 1, 2026, the Board of Trustees will be newly composed as follows:

• 4 representatives for Bayer Consumer Care AG
• 2 representatives for Bayer CropScience Schweiz AG
• 2 representatives for Bayer (Switzerland) AG

Board of Trustees – Renewal elections for the term of office 2026 to 2029

The current term of office expires on December 31, 2025. We will hold renewal elections this year for the new term of office from 2026 to 2029. We will inform you about the renewal election in September/October. 

If you have any questions, please do not hesitate to contact the contact persons at Kessler Vorsorge AG or the members of the foundation’s board of directors.

Best regards

Bayer Pension Fund Switzerland

Pascal Bürgin, President

Yves Windhäuser, Vice President

• ¹ Information according to the Swisscanto Study 2024 on the 2023 annual financial statements. The Swisscanto Study 2025 based on the 2024 annual financial statements has not yet been published.
  
• ² Information according to the Swisscanto Study 2024 on the 2023 annual financial statements. The Swisscanto Study 2025 based on the 2024 annual financial statements has not yet been published.