A century of pension scheme care
Even back in the 19th Century, the Schnorf brothers looked after their employees with a company health insurance scheme. And in 1918 they founded the first occupational pension scheme of the CPH Group.
With the state at the time limiting itself to providing basic schooling and relief for the truly poor, the industrialists of the 19th Century often showed a strongly philanthropic dimension, with employers taking on many of the responsibilities that the authorities meet today.
The Schnorf family were certainly deeply committed to communal welfare in their home town of Uetikon. They were actively involved in the local authorities, schools and churches. And they established the town’s first kindergarten, founded a welfare house and supported the construction of its first old people’s home.
The Schnorfs were keen to look after their employees, too. They established a company health insurance scheme in 1864. They introduced a scheme for retirement provision in 1901 and regulations for pension payments the following year. And in 1918 the company founded its Stiftung Pensionsfonds – the forerunner of today’s company pension scheme – with an initial capital of CHF 800,000.
The Perlen paper factory established its company pension scheme in 1938. And this year, on the occasion of the Uetikon scheme’s 100th anniversary, the two schemes were merged to form the CPH Group Occupational Pension Scheme. The fully autonomous scheme has total assets of some CHF 320 million under its management. And with a funding ratio of 116% it is in sound financial health.