Sonova Pensionskasse

The foundation board holds fiduciary responsibility for asset allocation and investment policy, with employer and employee representatives sitting in parity as required under Swiss pension law. Elodie Carr-Cingari is a named member of management on that board. Day-to-day manager selection and portfolio implementation are typically delegated to external Swiss institutional asset managers and global mandates, consistent with the lean governance model of corporate Pensionskassen of this size.

Yes, it is a single-employer Pensionskasse serving Sonova Holding AG and its affiliated Swiss entities. The group includes Phonak AG and Advanced Bionics AG, both headquartered in the Zurich area and covered by the same pension vehicle. Employees of Sonova's global subsidiaries outside Switzerland typically fall under local-country retirement arrangements rather than the Swiss Pensionskasse.

Swiss hybrid plans, commonly called cash-balance or 'umhüllende' Pensionskassen, combine a defined-contribution savings element with defined-benefit guarantees on the mandatory BVG portion. Members accrue retirement credits on a fixed-interest basis set by the foundation board, while the sponsoring employer bears conversion-rate and longevity risk. The structure provides predictable accumulation with some insulation from market volatility for insured members.

Direct Swiss real estate is a core allocation for Sonova Pensionskasse, as it is for most Swiss Pensionskassen. Domestic property provides an inflation-linked income stream, operates within OAK BV regulatory limits that favor tangible assets, and serves as a partial hedge against the fund's long-duration Swiss-franc liabilities. The allocation is typically held via direct title or pooled Swiss real estate funds.

Sonova Pensionskasse categorizes its non-traditional exposures under a general 'alternative investments' allocation, which for Swiss pension funds is almost exclusively accessed through commingled fund structures rather than direct deals. The fund does not run an in-house direct-investment team. Fund commitments to private equity, infrastructure, and possibly private credit are standard among peer Swiss Pensionskassen in its size band.

The Hear the World Foundation is a separate philanthropic entity established by Sonova Group, not a division of the Pensionskasse. There is no commingling of pension assets with foundation assets. The two entities share a corporate sponsor but operate under distinct legal and governance structures, with the Pensionskasse subject to Swiss occupational-pension regulation and the foundation governed by Swiss foundation law.

Sonova Pensionskasse does not publicly signal an active co-investment program. Swiss corporate Pensionskassen in its size range typically lack the internal resources for co-investment underwriting and prefer fully delegated fund commitments. Any co-investment activity would be exceptional and likely routed through a discretionary manager with a co-investment sleeve rather than a direct relationship with GPs.