Retirement plans offered to employees, 2012
Country Principal retirement plans
The majority of complementary pension plan include defined contribution
funds in addition to defined benefit fundsA, the latter of which are not
available to new employees. Most benefit funds do not have separate funds.
In 2012, the liabilities of these funds, which were estimated on an actuarial
basis pursuant to international accounting standards, were adequately
covered, primarily due to an increase in the discounting back rate based on
Italy economic variable estimates. Refer to the 2012 Consolidated Reports and
Accounts for further details. We are working to achieve an optimal balance
between the yields, costs and risks associated with complementary pension
plans (i.e., to profit from greater assets and economies of scale). As a result,
since 2009 UniCredit has signed collective labor agreements to enable
employees participating in Group pension funds to transfer their accounts to
the Fondo pensione per il personale delle aziende del Gruppo UniCredit.
In Germany, there are a variety of defined benefit plansA that derive from
our company’s history. Several are final pay plans, where the pension
entails a certain percentage of the last monthly gross salary received by
the employee. Others are career average plans, where a percentage of an
employee’s average annual gross salary is converted into a fixed pension
Germany
amount. These plans are closed to new beneficiaries. Currently, there are two
career average plans. One is closed for new entries, the other one is the only
open plan for new entries. Regarding this second plan, a certain percentage
of the monthly gross salary is used as a fixed pension amount. In the event of
a surplus in assets under management, employees have the option to credit
the profits to their individual pension accounts.
Austria Defined contribution plan
Poland No plans
Bosnia and Herzegovina No plans
Bulgaria No plans
Croatia No plansB
Czech Republic Not applicableC
Hungary No plans
Kazakhstan No plans
Romania
UniCredit Țiriac Bank SA No plans
UniCredit Business Integrated Solutions ScpA
UniCredit Business Integrated Solutions Defined contribution plans
Austria GmbH
Russia Defined contribution plans
Serbia No plans
Slovakia No plans
Slovenia No plans
Ukraine Defined contribution plans
A. As of December 31, 2012, defined benefit plans are almost fully funded via contractual trust arrangements (in Germany) or via pension funds (in
other countries).
B. In 2012, UniCredit’s pilot project using age as a framework for a retirement plan was still under development and thus not applicable to all
employees.
C. Every employee has the option to join a voluntary pension insurance program, wherein the employee signs a contract with an insurance company
after independently selecting a policy. UniCredit is only privy to the contribution amount that the employee asks the bank to make.
UniCredit · 2012 Sustainability Report 33