2.10Employee benefits
TX Group is affiliated with a range of defined benefit plans in Switzerland. These plans are managed in accordance with legal requirements by autonomous, legally independent pension funds. The Board of Trustees, as the highest management body of these pension funds, is composed of an equal number of employee and employer representatives.
Plan members are insured against the economic consequences of old age, disability and death, with the benefits governed by the respective plan policies on the basis of the contributions paid. Depending on the individual plan, the employer pays contributions of at least 50%, up to a maximum of 65%, to the pension funds.
The pension funds can change their financing system (contributions and future benefits). In the event of underfunding, determined in accordance with Swiss legal requirements, and if other measures do not produce the desired result, the pension funds may charge the employer deficit reduction contributions.
All insurance risks are borne by the pension funds. These risks can be broken down into demographic and financial risks, and are regularly assessed by the Board of Trustees. The Board of Trustees is also responsible for asset management.
The management of plan assets aims at securing the insured partiesʼ benefit entitlements over the long term using the contributions paid by the employees and employer, as stipulated in the plan policies. Criteria such as security, a market-oriented return on investments, risk distribution, efficiency, and guaranteeing the necessary cash and cash equivalents are all taken into account.
Risk capacity, calculated in accordance with recognised rules, is taken into account when determining the investment strategy. The structure of the plan assets takes particular account of the employee benefit obligations, including the planʼs actual financial position and expected changes to the number of insured members. Hence the plan assets are distributed across different asset classes, markets and currencies, while ensuring that there is sufficient market liquidity. The targeted return on plan assets is determined within the framework of risk capacity, and should play a key role in financing the benefits promised.
Actuarial assumptions
in per cent | 2025 | 2024 |
Discount rate as of 1 January | 1.00 | 1.50 |
Discount rate as of 31 December | 1.30 | 1.00 |
Interest rate on retirement savings capital | 1.69 | 1.25 |
Future salary increases | 1.00 | 1.00 |
Mortality tables | BVG2020 GT | BVG2020 GT |
Date of last actuarial valuation | 30.09.2025 | 30.09.2024 |
Amounts recognised in the balance sheet
in CHF mn | 2025 | 2024 |
Defined benefit obligation as of 31 December | -1’344.2 | -1’375.5 |
Fair value of plan assets as of 31 December | 1’780.0 | 1’717.4 |
Surplus / (deficit) as of 31 December | 435.8 | 341.9 |
Adjustment to asset ceiling | -251.6 | -107.5 |
Net defined benefit asset / (liability) as of 31 December | 184.2 | 234.4 |
of which recognised as separate asset | 202.8 | 258.2 |
of which recognised as separate liability | -18.6 | -23.8 |
In the current year there is a surplus of around CHF 435.8 million, of which only CHF 184.2 million can be capitalised. At the end of 2024, the surplus was somewhat lower at around CHF 341.9 million, of which CHF 234.4 million was capitalisable. The main reason for the increased surplus is the good return on investments in 2025. The lower capitalisable amount compared with the previous year results from the higher discount factor, which reduces the maximum available economic benefit. According to IFRIC 14, the amount of the economic benefit is the present value of the difference between the employerʼs current service cost and the employerʼs contributions plus any available employer contribution reserves.
Amounts recognised in the income statement
in CHF mn | 2025 | 2024 |
Current employer service cost | -21.0 | -22.2 |
Past service (cost) / income | 0.1 | 2.8 |
(Gains) / losses on settlement | 1.1 | 4.0 |
Interest expense for employee benefit obligation | -13.6 | -21.1 |
Interest income on plan assets | 17.0 | 26.5 |
Net interest on effect of asset ceiling | -1.1 | -4.5 |
Administration cost (excl. asset management costs) | -0.7 | -0.7 |
Other effects | -2.8 | -14.5 |
Net periodic pension cost | -21.0 | -29.7 |
of which service and administration cost | -23.3 | -30.6 |
of which interest on net defined benefit asset / (liability) | 2.3 | 0.9 |
The past service gain is attributable in both years to reductions in conversion rates for various follow-on agreements with collective foundations. The value of plan settlements relates to outflows that have arisen due to insured employees leaving the TX Group pension fund during the restructuring of 20 Minuten and the Goldbach Group. Since interest in each case is calculated on the discount rate at the start of the financial year, the interest effects in 2025 were also much less significant. The other effects related to the formation of accruals to finance the social plans as a result of the reorganisation at Tamedia and 20 Minuten.
Amounts recognised in other comprehensive income
in CHF mn | 2025 | 2024 |
Actuarial (gain) / loss on defined benefit obligation | -3.7 | -78.5 |
Return on plan assets excl. interest income | 93.6 | 68.8 |
Change in effect of asset ceiling excl. interest expense / income | -143.0 | 195.8 |
Other effects | 5.3 | – |
Total | -47.7 | 186.1 |
Composition of actuarial gains/(losses)
in CHF mn | 2025 | 2024 |
Financial assumptions | 33.0 | -68.4 |
Demographical assumptions | – | 7.7 |
Adjustments due to experience | -36.7 | -17.8 |
Total | -3.7 | -78.5 |
As in 2024, there was an actuarial loss in the current reporting year. The gain from the changes in financial assumptions is primarily due to higher interest rates, as the discount rate increased by around 0.3% compared to the previous year. However, the loss from adjustments due to experience is slightly higher than this gain, resulting in an overall actuarial loss on defined benefit obligations. Adjustments due to experience arise because the number of plan members does not develop as expected at the beginning of the year, e.g., because of deviations due to departures, deaths, new cases of disability or retirements.
Changes in net defined benefit assets
in CHF mn | 2025 | 2024 |
Net defined benefit asset / (liability) at 1 January | 234.4 | 57.4 |
Defined benefit cost recognised in profit or loss | -21.0 | -29.7 |
Defined benefit cost recognised in OCI | -47.7 | 185.8 |
Contributions by the employer | 18.5 | 20.3 |
Effect of business combination and disposal | – | 0.6 |
Net defined benefit asset / (liability) at 31 December | 184.2 | 234.4 |
Changes in employee benefit obligations
in CHF mn | 2025 | 2024 |
Present value as of 1 January | -1’375.5 | -1’448.5 |
Interest expense | -13.6 | -21.1 |
Current employer service cost | -21.0 | -22.2 |
Employee contributions | -17.1 | -18.9 |
Benefits paid | 68.3 | 114.1 |
Past service cost / (income) | 0.1 | 2.8 |
Gains / (losses) on settlement | 19.0 | 96.2 |
Change in group of consolidated companies | – | 1.4 |
Administration cost (excl. cost for managing plan assets) | -0.7 | -0.7 |
Actuarial gains / (losses) | -3.7 | -78.5 |
Present value as of 31 December | -1’344.2 | -1’375.5 |
of which employee benefit obligation for current employees | -561.0 | -559.8 |
of which employee benefit obligation for retired employees | -783.2 | -815.7 |
Changes in plan assets
in CHF mn | 2025 | 2024 |
Market value as of 1 January | 1’717.4 | 1’804.7 |
Interest income on plan assets | 17.0 | 26.5 |
Employer contributions | 18.5 | 20.3 |
Employee contributions | 17.1 | 18.9 |
Benefits paid | -68.3 | -114.1 |
Gains / (losses) on settlement | -17.8 | -92.2 |
Change in group of consolidated companies | – | -1.1 |
Other effects | 2.5 | -14.5 |
Gain / (loss) on plan assets, excluding net interest | 93.6 | 68.8 |
Market value as of 31 December | 1’780.0 | 1’717.4 |
Allocation of plan assets
in CHF mn | 2025 | 2024 |
Quoted market prices | ||
Shares | 502.3 | 517.0 |
Bonds | 634.5 | 641.7 |
Real estate | 177.9 | 196.1 |
Other | 5.3 | 3.0 |
Total quoted market prices | 1’320.0 | 1’357.7 |
Non-quoted market prices | ||
Cash and cash equivalents | 90.6 | 7.9 |
Real estate | 306.9 | 284.2 |
Other | 62.5 | 67.5 |
Total non-quoted market prices | 460.0 | 359.6 |
Total assets at fair value | 1’780.0 | 1’717.4 |
of which shares of TX Group AG | – | – |
of which assets used by Group companies | – | – |
Expected contributions for the coming year
in CHF mn | 2025 | 2024 |
Employer contributions | 17.8 | 17.9 |
Employee contributions | 16.3 | 16.4 |
Maturity of employee benefit obligations
in years | 2025 | 2024 |
Weighted average duration of employee benefit obligation | 11.1 | 11.4 |
Sensitivity analysis
in CHF mn | 2025 | 2024 |
Effects on employee benefit obligation as of 31 December in the event of | ||
Decrease in the discount rate by 0.25% | 37.8 | 39.9 |
Increase of discount rate by 0.25% | -35.9 | -37.8 |
Decrease in salary increases by 0.25% | -2.6 | -2.5 |
Increase of salary increases by 0.25% | 2.3 | 2.4 |
Increase of life expectancy by 1 year | 50.6 | 53.6 |
Decrease of life expectancy by 1 year | -51.9 | -54.6 |
Contributions to defined contribution plans
in CHF mn | 2025 | 2024 |
Total | 0.2 | 0.3 |
Liabilities to employee benefit funds
in CHF mn | 2025 | 2024 |
Liabilities to TX Group employee benefit funds | 0.2 | 0.0 |
Liabilities to other employee benefit funds | 1.2 | 1.2 |
Total | 1.4 | 1.2 |
The calculation of the employee benefit obligations requires an estimate of future service periods, future salary and pension trends, interest on savings, the timing of contractual service payments and the employee share of the financial shortfall. This assessment takes into account previous experience and predicted future trends.
TX Group is affiliated with both defined contribution and defined benefit pension plans. Employee benefit plans are largely in line with the regulations and conditions prevailing in Switzerland. The majority of employees are insured against old age, disability and death under the autonomous employee benefit plans of TX Group. All other employees are insured under collective insurance contracts with insurance companies. Contributions to the employee benefit plans are made by both the employer and the employees pursuant to legal requirements and in accordance with the respective plan policies.
The pension plans of the German and Austrian companies are defined contribution plans under which contributions are paid to public pension plans. There are no other payment obligations. The contributions are recognised immediately as personnel expense.
Every year, an independent actuary calculates the defined benefit obligation in accordance with the criteria stipulated by the IFRS, using the projected unit credit method. The obligations correspond to the present value of the anticipated future cash flows. The plan assets and income are calculated annually. Actuarial gains and losses are recognised immediately under other comprehensive income/(loss).
An economic benefit will result if the company can at some point in the future reduce its contributions. The amount that should become available to the company as a reduction of future contributions is defined as the present value of the difference between the service cost and the contributions laid down in the respective plan policies, and must be capitalised in compliance with the limitation imposed by IAS 19.64. The effects of the employer contribution reserves are also considered.
Of the pension costs, the current employee service cost and past service cost, plan settlements, etc. are reported as personnel expense, while the interest result is recognised in the financial result.
Any funding deficit of the defined benefit liability plans is recognised as an employee benefit liability. This is calculated by deducting the present value of the employee benefit obligations from the plan assets measured at fair value.
The calculations to determine the plan assets, employee benefit obligations and pension cost take into account long-term actuarial assumptions such as the discount rate, expected future salary increases, mortality rates and expected future pension increases, which can differ from the actual results and can have an impact on net assets, the financial position and earnings positions. As pension plans are long-term in nature, it should be assumed that these estimates are subject to a significant element of uncertainty.
Contributions to defined contribution plans are recognised in the income statement.