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Pension and other post-employment benefit plans (Tables)
 12 Months Ended
Dec. 31, 2019
Disclosure Of Pension And Other Post-employment Benefit Plans [Line Items]  
Disclosure of expenses on post-employment benefit [text block]
Income statement – expenses related to pension and other post-employment benefit plans
USD million31.12.1931.12.1831.12.17
Net periodic expenses for defined benefit plans 461 188 481
of which: related to major pension plans1 440 186 460
of which: Swiss plan2 417 153 414
of which: UK plan 3 11 15
of which: US and German plans 21 22 31
of which: related to post-employment medical insurance plans3 2 (11) 3
of which: related to remaining plans and other expenses4 18 13 17
Expenses for defined contribution plans5 326 268 243
of which: UK plans 82 80 72
of which: US plan 173 127 110
of which: remaining plans 71 61 61
Total pension and other post-employment benefit plan expenses6 787 457 723
1 Refer to Note 29a for more information. 2 Changes to the Swiss pension plan in 2018 resulted in a pre-tax gain of USD 241 million related to past service. Refer to Note 29a for more information on these changes. 3 Refer to Note 29b for more information. 4 Other expenses include differences between actual and estimated performance award accruals. 5 Refer to Note 29c for more information. 6 Refer to Note 6.
Disclosure of Other comprehensive income gains/(losses) on defined benefit plans [text block]
Other comprehensive income – gains / (losses) on defined benefit plans
USD million31.12.1931.12.1831.12.17
Major pension plans1 (135) (230) 253
of which: Swiss plan (22) (352) (79)
of which: UK plan (78) 130 304
of which: US and German plans (35) (8) 28
Post-employment medical insurance plans2 (3) 7 1
Remaining plans (8) 3 31
Gains / (losses) recognized in other comprehensive income, before tax (146) (220) 286
Tax (expense) / benefit relating to defined benefit plans recognized in other comprehensive income (41) 276 11
Gains / (losses) recognized in other comprehensive income, net of tax3 (186) 56 296
1 Refer to Note 29a for more information. 2 Refer to Note 29b for more information. 3 Refer to the “Statement of comprehensive income.”
Disclosure of net defined benefit liability [text block]
Balance sheet – net defined benefit pension and post-employment asset
USD million31.12.1931.12.18
Major pension plans1 9 0
of which: Swiss plan 0 0
of which: UK plan 4 0
of which: US and German plans 5 0
Total net defined benefit pension and post-employment asset2 9 0
1 Refer to Note 29a for more information. 2 Refer to Note 17.
Balance sheet – net defined benefit pension and post-employment liability
USD million31.12.1931.12.18
Major pension plans1 527 671
of which: Swiss plan 0 0
of which: UK plan 0 160
of which: US and German plans2 527 511
Post-employment medical insurance plans3 62 62
Remaining plans 44 42
Total net defined benefit pension and post-employment liability4 633 775
1 Refer to Note 29a for more information. 2 Of the total liability recognized as of 31 December 2019, USD 111 million related to US plans and USD 416 million related to German plans (31 December 2018: USD 137 million and USD 374 million, respectively). 3 Refer to Note 29b for more information. 4 Refer to Note 22.
Disclosure Of Transactions Between Related Parties Explanatory
Related-party disclosure
For the year ended
USD million31.12.1931.12.1831.12.17
Received by UBS
Fees 34 35 36
Paid by UBS
Rent 4 4 5
Dividends, capital repayments and interest 11 10 10
Disclosure of transaction volumes of UBS shares and UBS debt instruments [text block]
Transaction volumes – UBS shares and UBS debt instruments
For the year ended
31.12.1931.12.18
Financial instruments bought by pension funds
UBS shares (in thousands of shares) 967 889
UBS debt instruments (par values, USD million) 2 13
Financial instruments sold by pension funds or matured
UBS shares (in thousands of shares) 1,977 547
UBS debt instruments (par values, USD million) 8 3
UBS shares held by pension and other post-employment benefit plans
31.12.1931.12.18
Number of shares (in thousands of shares) 15,701 16,712
Fair value (USD million) 198 207
Major pension plans  
Disclosure Of Pension And Other Post-employment Benefit Plans [Line Items]  
Disclosure Of Defined Benefit Plans Explanatory
Defined benefit pension plans
USD millionSwiss planUK planUS and German plansTotal
20192018201920182019201820192018
Defined benefit obligation at the beginning of the year 22,566 23,419 3,192 3,744 1,679 1,816 27,437 28,978
Current service cost 409 405 0 0 6 7 415 413
Interest expense 200 151 92 93 59 55 351 299
Plan participant contributions 240 218 0 0 0 0 240 218
Remeasurements 1,728 (242) 361 (266) 185 (69) 2,275 (577)
of which: actuarial (gains) / losses due to changes in demographic assumptions (196) 0 (26) (18) 3 (5) (220) (23)
of which: actuarial (gains) / losses due to changes in financial assumptions 1,641 (639) 421 (257) 179 (69) 2,241 (964)
of which: experience (gains) / losses1 284 397 (34) 8 4 5 254 410
Past service cost related to plan amendments 0 (241) 0 4 0 0 0 (237)
Curtailments 0 (20) 0 0 0 0 0 (20)
Benefit payments (1,046) (954) (135) (202) (102) (112) (1,283) (1,268)
Foreign currency translation 399 (170) 144 (181) (8) (18) 535 (369)
Defined benefit obligation at the end of the year 24,496 22,566 3,654 3,192 1,820 1,679 29,970 27,437
of which: amounts owed to active members 11,577 10,452 164 146 235 226 11,976 10,823
of which: amounts owed to deferred members 0 0 1,559 1,434 675 606 2,233 2,040
of which: amounts owed to retirees 12,918 12,114 1,931 1,612 911 847 15,760 14,574
Fair value of plan assets at the beginning of the year 25,839 26,656 3,032 3,469 1,168 1,265 30,039 31,390
Return on plan assets excluding amounts included in interest income 2,059 (523) 284 (136) 150 (77) 2,492 (736)
Interest income 233 177 89 86 47 44 369 306
Employer contributions 452 505 242 0 38 51 732 556
Plan participant contributions 240 218 0 0 0 0 240 218
Benefit payments (1,046) (954) (135) (202) (102) (112) (1,283) (1,268)
Administration expenses, taxes and premiums paid (11) (11) 0 0 (2) (3) (13) (14)
Foreign currency translation 453 (228) 146 (185) 0 0 599 (412)
Fair value of plan assets at the end of the year 28,219 25,839 3,658 3,032 1,299 1,168 33,176 30,039
Asset ceiling effect at the beginning of the year 3,274 3,237 0 0 0 0 3,274 3,237
Interest expense on asset ceiling effect 30 23 0 0 0 0 30 23
Asset ceiling effect excluding interest expense and foreign currency translation on asset ceiling effect 353 71 0 0 0 0 353 71
Foreign currency translation 67 (58) 0 0 0 0 67 (58)
Asset ceiling effect at the end of the year 3,724 3,274 0 0 0 0 3,724 3,274
Net defined benefit asset / (liability) 0 0 4 (160) (521) (511) (518) (671)
Movement in the net asset / (liability) recognized on the balance sheet
Net asset / (liability) recognized on the balance sheet at the beginning of the year 0 0 (160) (275) (511) (550) (671) (825)
Net periodic expenses recognized in net profit (417) (153) (3) (11) (21) (22) (440) (186)
Gains / (losses) recognized in other comprehensive income (22) (352) (78) 130 (35) (8) (135) (230)
Employer contributions 452 505 242 0 38 51 732 556
Foreign currency translation (13) 0 2 (4) 8 18 (3) 14
Net asset / (liability) recognized on the balance sheet at the end of the year 0 0 4 (160) (521) (511) (518) (671)
Funded and unfunded plans
Defined benefit obligation from funded plans 24,496 22,566 3,654 3,192 1,319 1,219 29,469 26,976
Defined benefit obligation from unfunded plans 0 0 0 0 501 460 501 460
Plan assets 28,219 25,839 3,658 3,032 1,299 1,168 33,176 30,039
Surplus / (deficit) 3,724 3,274 4 (160) (521) (511) 3,206 2,603
Asset ceiling effect 3,724 3,274 0 0 0 0 3,724 3,274
Net defined benefit asset / (liability) 0 0 4 (160) (521) (511) (518) (671)
1 Experience (gains) / losses are a component of actuarial remeasurements of the defined benefit obligation that reflect the effects of differences between the previous actuarial assumptions and what has actually occurred.
Analysis of amounts recognized in net profit
USD millionSwiss planUK planUS and German plansTotal
For the year ended31.12.1931.12.1831.12.1931.12.1831.12.1931.12.1831.12.1931.12.18
Current service cost 409 405 0 0 6 7 415 413
Interest expense related to defined benefit obligation 200 151 92 93 59 55 351 299
Interest income related to plan assets (233) (177) (89) (86) (47) (44) (369) (306)
Interest expense on asset ceiling effect 30 23 0 0 0 0 30 23
Administration expenses, taxes and premiums paid 11 11 0 0 2 3 13 14
Past service cost related to plan amendments 0 (241) 0 4 0 0 0 (237)
Curtailments 0 (20) 0 0 0 0 0 (20)
Net periodic expenses recognized in net profit 417 153 3 11 21 22 440 186
Analysis of amounts recognized in other comprehensive income (OCI)
USD millionSwiss planUK planUS and German plansTotal
For the year ended31.12.1931.12.1831.12.1931.12.1831.12.1931.12.1831.12.1931.12.18
Remeasurement of defined benefit obligation (1,728) 242 (361) 266 (185) 69 (2,275) 577
Return on plan assets excluding amounts included in interest income 2,059 (523) 284 (136) 150 (77) 2,492 (736)
Asset ceiling effect excluding interest expense and foreign currency translation on asset ceiling effect (353) (71) 0 0 0 0 (353) (71)
Total gains / (losses) recognized in other comprehensive income, before tax (22) (352) (78) 130 (35) (8) (135) (230)
Disclosure of maturity analysis of expected benefit payments [text block]
Swiss planUK planUS and German plans1
31.12.1931.12.1831.12.1931.12.1831.12.1931.12.18
Duration of the defined benefit obligation (in years) 14.9 14.5 20.2 19.5 10.1 9.8
Maturity analysis of benefits expected to be paid
USD million
Benefits expected to be paid within 12 months 1,232 1,153 93 82 121 108
Benefits expected to be paid between 1 and 3 years 2,483 2,356 209 187 228 216
Benefits expected to be paid between 3 and 6 years 3,670 3,554 384 345 346 336
Benefits expected to be paid between 6 and 11 years 5,761 5,643 748 701 548 566
Benefits expected to be paid between 11 and 16 years 5,070 5,142 807 770 455 494
Benefits expected to be paid in more than 16 years 15,517 16,792 3,913 3,927 721 798
1 The duration of the defined benefit obligation represents a weighted average across US and German plans.
Disclosure of actuarial assumptions [text block]
Significant actuarial assumptions
Swiss planUK planUS and German plans1
In %31.12.1931.12.1831.12.1931.12.1831.12.1931.12.18
Discount rate 0.29 0.92 2.07 2.90 2.58 3.69
Rate of salary increase 1.50 1.50 0.00 0.00 2.37 2.81
Rate of pension increase 0.00 0.00 2.92 3.10 1.80 1.50
Rate of interest credit on retirement savings 0.49 0.92 0.00 0.00 2.57 3.70
1 Represents weighted average assumptions across US and German plans.
Disclosure Of Sensitivity Analysis For Actuarial Assumptions Explanatory
Sensitivity analysis of significant actuarial assumptions1
Increase / (decrease) in defined benefit obligationSwiss planUK planUS and German plans
USD million31.12.1931.12.1831.12.1931.12.1831.12.1931.12.18
Discount rate
Increase by 50 basis points (1,505) (1,327) (346) (292) (86) (77)
Decrease by 50 basis points 1,710 1,503 395 333 93 84
Rate of salary increase
Increase by 50 basis points 76 68–2–2 1 1
Decrease by 50 basis points (73) (65)–2–2 (1) (1)
Rate of pension increase
Increase by 50 basis points 1,221 1,090 331 260 7 6
Decrease by 50 basis points–3–3 (299) (262) (7) (6)
Rate of interest credit on retirement savings
Increase by 50 basis points 175 231–4 –4 9 9
Decrease by 50 basis points (102)5 (219)–4 –4 (9) (9)
Life expectancy
Increase in longevity by one additional year 886 751 154 122 51 42
1 The sensitivity analyses are based on a change in one assumption while holding all other assumptions constant, so that interdependencies between the assumptions are excluded. 2 As the plan is closed for future service, a change in assumption is not applicable. 3 As the assumed rate of pension increase was 0% as of 31 December 2019 and as of 31 December 2018, a downward change in assumption is not applicable. 4 As the UK plan does not provide interest credits on retirement savings, a change in assumption is not applicable. 5 As of 31 December 2019, 21% of retirement savings were subject to a legal minimum rate of 1.00%.
Disclosure of composition and fair value of plan assets [text block]
Composition and fair value of plan assets
Swiss plan
31.12.1931.12.18
Fair valuePlan assetallocation %Fair valuePlan assetallocation %
USD millionQuotedin an activemarketOtherTotalQuotedin an activemarketOtherTotal
Cash and cash equivalents 159 0 159 1 137 0 137 1
Real estate / property
Domestic 0 3,050 3,050 11 0 2,963 2,963 11
Foreign 0 160 160 1 0 0 0 0
Investment funds
Equity
Domestic 701 0 701 2 628 0 628 2
Foreign 6,091 1,653 7,743 27 5,721 1,515 7,237 28
Bonds1
Domestic, AAA to BBB– 3,238 0 3,238 11 2,570 0 2,570 10
Foreign, AAA to BBB– 5,880 0 5,880 21 6,194 0 6,194 24
Foreign, below BBB– 999 0 999 4 892 0 892 3
Real estate
Foreign 0 0 0 0 0 11 11 0
Other 1,604 3,956 5,560 20 518 4,142 4,659 18
Other investments 535 194 729 3 531 18 549 2
Total fair value of plan assets 19,206 9,014 28,219 100 17,190 8,649 25,839 100
31.12.1931.12.18
Total fair value of plan assets 28,219 25,839
of which:2
Bank accounts at UBS 159 132
UBS debt instruments 7 13
UBS shares 21 25
Securities lent to UBS3 1,328 1,567
Property occupied by UBS 88 88
Derivative financial instruments, counterparty UBS3 10 34
1 The bond credit ratings are primarily based on Standard & Poor’s credit ratings. Ratings AAA to BBB– and below BBB– represent investment grade and non-investment grade ratings, respectively. In cases where credit ratings from other rating agencies were used, these were converted to the equivalent rating in Standard & Poor’s rating classification. 2 Bank accounts at UBS encompass accounts in the name of the Swiss pension fund. The other positions disclosed in the table encompass both direct investments in UBS instruments and indirect investments, i.e., those made through funds that the pension fund invests in. 3 Securities lent to UBS and derivative financial instruments are presented gross of any collateral. Securities lent to UBS were fully covered by collateral as of 31 December 2019 and 31 December 2018. Net of collateral, derivative financial instruments amounted to USD 6 million as of 31 December 2019 (31 December 2018: USD 10 million).
Composition and fair value of plan assets (continued)
UK plan
31.12.1931.12.18
Fair valuePlan assetallocation %Fair valuePlan assetallocation %
USD millionQuotedin an activemarketOtherTotalQuotedin an activemarketOtherTotal
Cash and cash equivalents 141 0 141 4 143 0 143 5
Bonds1
Domestic, AAA to BBB– 1,810 0 1,810 49 1,604 0 1,604 53
Investment funds
Equity
Domestic 33 0 33 1 26 0 26 1
Foreign 916 0 916 25 658 0 658 22
Bonds1
Domestic, AAA to BBB– 610 117 727 20 587 93 680 22
Domestic, below BBB– 22 0 22 1 15 0 15 0
Foreign, AAA to BBB– 310 0 310 8 258 0 258 9
Foreign, below BBB– 108 0 108 3 51 0 51 2
Real estate
Domestic 103 18 122 3 102 28 131 4
Foreign 0 19 19 1 0 0 0 0
Insurance contracts 0 7 7 0 0 0 0 0
Derivatives 3 0 3 0 0 0 0 0
Asset-backed securities 0 6 6 0 21 2 22 1
Other investments2 (572) 7 (565) (15) (565) 9 (556) (18)
Total fair value of plan assets 3,483 175 3,658 100 2,900 132 3,032 100
1 The bond credit ratings are primarily based on Standard & Poor’s credit ratings. Ratings AAA to BBB– and below BBB– represent investment grade and non-investment grade ratings, respectively. In cases where credit ratings from other rating agencies were used, these were converted to the equivalent rating in Standard & Poor’s rating classification. 2 Mainly relates to repurchase arrangements on UK treasury bonds.
Composition and fair value of plan assets (continued)
US plans
31.12.1931.12.18
Fair valuePlan assetallocation %Fair valuePlan assetallocation %
USD millionQuotedin an activemarketOtherTotalQuotedin an activemarketOtherTotal
Cash and cash equivalents 27 0 27 2 27 0 27 2
Bonds1
Domestic, AAA to BBB– 475 0 475 37 462 0 462 40
Domestic, below BBB– 2 0 2 0 2 0 2 0
Foreign, AAA to BBB– 99 0 99 8 92 0 92 8
Foreign, below BBB– 3 0 3 0 3 0 3 0
Investment funds
Equity
Domestic 208 0 208 16 143 0 143 12
Foreign 161 0 161 12 157 0 157 13
Bonds1
Domestic, AAA to BBB– 176 0 176 14 104 0 104 9
Domestic, below BBB– 28 0 28 2 23 0 23 2
Foreign, AAA to BBB– 17 0 17 1 56 0 56 5
Foreign, below BBB– 3 0 3 0 6 0 6 1
Real estate
Domestic 0 13 13 1 0 13 13 1
Other 69 0 69 5 64 0 64 5
Insurance contracts 0 18 18 1 0 17 17 1
Total fair value of plan assets 1,268 31 1,299 100 1,139 29 1,168 100
1 The bond credit ratings are primarily based on Standard & Poor’s credit ratings. Ratings AAA to BBB– and below BBB– represent investment grade and non-investment grade ratings, respectively. In cases where credit ratings from other rating agencies were used, these were converted to the equivalent rating in Standard & Poor’s rating classification.
Major pension plans | Actuarial Assumption Of Mortality Rates [Member]  
Disclosure Of Pension And Other Post-employment Benefit Plans [Line Items]  
Disclosure of actuarial assumptions [text block]
Mortality tables and life expectancies for major plans
Life expectancy at age 65 for a male member currently
aged 65aged 45
CountryMortality table31.12.1931.12.1831.12.1931.12.18
SwitzerlandBVG 2015 G with CMI 2016 projections 21.6 21.6 23.1 23.1
UKS2PA with CMI 2018 projections1 23.3 23.4 24.5 24.6
USARP2014 WCHA with MP2019 projection scale2 22.8 22.8 24.3 24.3
GermanyDr. K. Heubeck 2018 G 20.7 20.5 23.5 23.3
Life expectancy at age 65 for a female member currently
aged 65aged 45
CountryMortality table31.12.1931.12.1831.12.1931.12.18
SwitzerlandBVG 2015 G with CMI 2016 projections 23.6 23.5 25.1 25.0
UKS2PA with CMI 2018 projections1 25.1 25.2 26.4 26.5
USARP2014 WCHA with MP2019 projection scale2 24.4 24.4 25.9 26.0
GermanyDr. K. Heubeck 2018 G 24.2 24.1 26.4 26.3
1 In 2018, the mortality table S2PA with CMI 2017 projections was used. 2 In 2018, the mortality table RP2014 WCHA with MP2018 projection scale was used.
UBS AG  
Disclosure Of Pension And Other Post-employment Benefit Plans [Line Items]  
Disclosure of expenses on post-employment benefit [text block]
Income statement – expenses related to pension and other post-employment benefit plans
USD million31.12.1931.12.1831.12.17
Net periodic expenses for defined benefit plans 291 140 365
of which: related to major pension plans1 271 141 354
of which: Swiss plan2 248 108 307
of which: UK plan 3 11 15
of which: US and German plans 21 22 31
of which: related to post-employment medical insurance plans3 2 (11) 3
of which: related to remaining plans and other expenses4 17 10 8
Expenses for defined contribution plans5 278 223 236
of which: UK plans 34 35 65
of which: US plan 173 127 110
of which: remaining plans 71 61 61
Total pension and other post-employment benefit plan expenses6 569 363 601
1 Refer to Note 29a for more information. 2 Changes to the Swiss pension plan in 2018 resulted in a pre-tax gain of USD 132 million related to past service. Refer to Note 29a for more information on these changes. 3 Refer to Note 29b for more information. 4 Other expenses include differences between actual and estimated performance award accruals. 5 Refer to Note 29c for more information. 6 Refer to Note 6.
Disclosure of Other comprehensive income gains/(losses) on defined benefit plans [text block]
Other comprehensive income – gains / (losses) on defined benefit plans
USD million31.12.1931.12.1831.12.17
Major pension plans1 (128) (79) 276
of which: Swiss plan (15) (201) (56)
of which: UK plan (78) 130 304
of which: US and German plans (35) (8) 28
Post-employment medical insurance plans2 (3) 7 1
Remaining plans 1 3 31
Gains / (losses) recognized in other comprehensive income, before tax (129) (70) 308
Tax (expense) / benefit relating to defined benefit plans recognized in other comprehensive income (41) 245 6
Gains / (losses) recognized in other comprehensive income, net of tax3 (170) 175 314
1 Refer to Note 29a for more information. 2 Refer to Note 29b for more information. 3 Refer to the “Statement of comprehensive income.”
Disclosure of net defined benefit liability [text block]
Balance sheet – net defined benefit pension and post-employment asset
USD million31.12.1931.12.18
Major pension plans1 9 0
of which: Swiss plan 0 0
of which: UK plan 4 0
of which: US and German plans 5 0
Total net defined benefit pension and post-employment asset2 9 0
1 Refer to Note 29a for more information. 2 Refer to Note 17.
Balance sheet – net defined benefit pension and post-employment liability
USD million31.12.1931.12.18
Major pension plans1 527 671
of which: Swiss plan 0 0
of which: UK plan 0 160
of which: US and German plans2 527 511
Post-employment medical insurance plans3 62 62
Remaining plans 40 40
Total net defined benefit pension and post-employment liability4 629 773
1 Refer to Note 29a for more information. 2 Of the total liability recognized as of 31 December 2019, USD 111 million related to US plans and USD 416 million related to German plans (31 December 2018: USD 137 million and USD 374 million, respectively). 3 Refer to Note 29b for more information. 4 Refer to Note 22.
Disclosure Of Transactions Between Related Parties Explanatory
Related-party disclosure
For the year ended
USD million31.12.1931.12.1831.12.17
Received by UBS AG
Fees 19 22 36
Paid by UBS AG
Rent 2 3 5
Dividends, capital repayments and interest 10 10 10
Disclosure of transaction volumes of UBS shares and UBS debt instruments [text block]
Transaction volumes – UBS Group AG shares and UBS AG debt instruments
For the year ended
31.12.1931.12.18
Financial instruments bought by pension funds
UBS Group AG shares (in thousands of shares) 929 831
UBS AG debt instruments (par values, USD million) 1 9
Financial instruments sold by pension funds or matured
UBS Group AG shares (in thousands of shares) 1,778 547
UBS AG debt instruments (par values, USD million) 5 2
UBS Group AG shares held by pension and other post-employment benefit plans
31.12.1931.12.18
Number of shares (in thousands of shares) 14,991 15,934
Fair value (USD million) 189 197
UBS AG | Major pension plans  
Disclosure Of Pension And Other Post-employment Benefit Plans [Line Items]  
Disclosure Of Defined Benefit Plans Explanatory
Defined benefit pension plans
USD millionSwiss planUK planUS and German plansTotal
20192018201920182019201820192018
Defined benefit obligation at the beginning of the year 13,774 14,398 3,192 3,744 1,679 1,816 18,645 19,957
Current service cost 243 251 0 0 6 7 249 258
Interest expense 122 93 92 93 59 55 273 241
Plan participant contributions 149 137 0 0 0 0 149 137
Remeasurements (61) (263) 361 (266) 185 (69) 485 (598)
of which: actuarial (gains) / losses due to changes in demographic assumptions (125) 0 (26) (18) 3 (5) (148) (23)
of which: actuarial (gains) / losses due to changes in financial assumptions 1,006 (391) 421 (257) 179 (69) 1,605 (716)
of which: experience (gains) / losses1,2 (942) 128 (34) 8 4 5 (972) 142
Past service cost related to plan amendments 0 (132) 0 4 0 0 0 (128)
Curtailments 0 (17) 0 0 0 0 0 (17)
Benefit payments (624) (586) (135) (202) (102) (112) (860) (900)
Foreign currency translation 206 (108) 144 (181) (8) (18) 342 (307)
Defined benefit obligation at the end of the year 13,809 13,774 3,654 3,192 1,820 1,679 19,283 18,645
of which: amounts owed to active members 7,073 6,380 164 146 235 226 7,472 6,751
of which: amounts owed to deferred members 0 0 1,559 1,434 675 606 2,233 2,040
of which: amounts owed to retirees 6,735 7,394 1,931 1,612 911 847 9,577 9,854
Fair value of plan assets at the beginning of the year 15,772 16,388 3,032 3,469 1,168 1,265 19,972 21,122
Return on plan assets excluding amounts included in interest income2 (30) (434) 284 (136) 150 (77) 403 (647)
Interest income 142 109 89 86 47 44 278 238
Employer contributions 271 308 242 0 38 51 550 360
Plan participant contributions 149 137 0 0 0 0 149 137
Benefit payments (624) (586) (135) (202) (102) (112) (860) (900)
Administration expenses, taxes and premiums paid (7) (7) 0 0 (2) (3) (9) (10)
Foreign currency translation 235 (144) 146 (185) 0 0 381 (328)
Fair value of plan assets at the end of the year 15,908 15,772 3,658 3,032 1,299 1,168 20,864 19,972
Asset ceiling effect at the beginning of the year 1,998 1,990 0 0 0 0 1,998 1,990
Interest expense on asset ceiling effect 18 14 0 0 0 0 18 14
Asset ceiling effect excluding interest expense and foreign currency translation on asset ceiling effect 46 30 0 0 0 0 46 30
Foreign currency translation 36 (36) 0 0 0 0 36 (36)
Asset ceiling effect at the end of the year 2,099 1,998 0 0 0 0 2,099 1,998
Net defined benefit asset / (liability) 0 0 4 (160) (521) (511) (518) (671)
Movement in the net asset / (liability) recognized on the balance sheet
Net asset / (liability) recognized on the balance sheet at the beginning of the year 0 0 (160) (275) (511) (550) (671) (825)
Net periodic expenses recognized in net profit (248) (108) (3) (11) (21) (22) (271) (141)
Gains / (losses) recognized in other comprehensive income (15) (201) (78) 130 (35) (8) (128) (79)
Employer contributions 271 308 242 0 38 51 550 360
Foreign currency translation (8) 0 2 (4) 8 18 2 14
Net asset / (liability) recognized on the balance sheet at the end of the year 0 0 4 (160) (521) (511) (518) (671)
Funded and unfunded plans
Defined benefit obligation from funded plans 13,809 13,774 3,654 3,192 1,319 1,219 18,782 18,184
Defined benefit obligation from unfunded plans 0 0 0 0 501 460 501 460
Plan assets 15,908 15,772 3,658 3,032 1,299 1,168 20,864 19,972
Surplus / (deficit) 2,099 1,998 4 (160) (521) (511) 1,582 1,327
Asset ceiling effect 2,099 1,998 0 0 0 0 2,099 1,998
Net defined benefit asset / (liability) 0 0 4 (160) (521) (511) (518) (671)
1 Experience (gains) / losses are a component of actuarial remeasurements of the defined benefit obligation that reflect the effects of differences between the previous actuarial assumptions and what has actually occurred. 2 Includes the effect from employees transferring between UBS AG and UBS Business Solutions during the period.
Analysis of amounts recognized in net profit
USD millionSwiss planUK planUS and German plansTotal
For the year ended31.12.1931.12.1831.12.1931.12.1831.12.1931.12.1831.12.1931.12.18
Current service cost 243 251 0 0 6 7 249 258
Interest expense related to defined benefit obligation 122 93 92 93 59 55 273 241
Interest income related to plan assets (142) (109) (89) (86) (47) (44) (278) (238)
Interest expense on asset ceiling effect 18 14 0 0 0 0 18 14
Administration expenses, taxes and premiums paid 7 7 0 0 2 3 9 10
Past service cost related to plan amendments 0 (132) 0 4 0 0 0 (128)
Curtailments 0 (17) 0 0 0 0 0 (17)
Net periodic expenses recognized in net profit 248 108 3 11 21 22 271 141
Analysis of amounts recognized in other comprehensive income (OCI)
USD millionSwiss planUK planUS and German plansTotal
For the year ended31.12.1931.12.1831.12.1931.12.1831.12.1931.12.1831.12.1931.12.18
Remeasurement of defined benefit obligation 61 263 (361) 266 (185) 69 (485) 598
Return on plan assets excluding amounts included in interest income (30) (434) 284 (136) 150 (77) 403 (647)
Asset ceiling effect excluding interest expense and foreign currency translation on asset ceiling effect (46) (30) 0 0 0 0 (46) (30)
Total gains / (losses) recognized in other comprehensive income, before tax (15) (201) (78) 130 (35) (8) (128) (79)
Disclosure of maturity analysis of expected benefit payments [text block]
Swiss planUK planUS and German plans1
31.12.1931.12.1831.12.1931.12.1831.12.1931.12.18
Duration of the defined benefit obligation (in years) 15.2 14.5 20.2 19.5 10.1 9.8
Maturity analysis of benefits expected to be paid
USD million
Benefits expected to be paid within 12 months 687 704 93 82 121 108
Benefits expected to be paid between 1 and 3 years 1,383 1,439 209 187 228 216
Benefits expected to be paid between 3 and 6 years 2,048 2,170 384 345 346 336
Benefits expected to be paid between 6 and 11 years 3,232 3,446 748 701 548 566
Benefits expected to be paid between 11 and 16 years 2,899 3,140 807 770 455 494
Benefits expected to be paid in more than 16 years 9,136 10,253 3,913 3,927 721 798
1 The duration of the defined benefit obligation represents a weighted average across US and German plans.
Disclosure of actuarial assumptions [text block]
Significant actuarial assumptions
Swiss planUK planUS and German plans1
In %31.12.1931.12.1831.12.1931.12.1831.12.1931.12.18
Discount rate 0.29 0.92 2.07 2.90 2.58 3.69
Rate of salary increase 1.50 1.50 0.00 0.00 2.37 2.81
Rate of pension increase 0.00 0.00 2.92 3.10 1.80 1.50
Rate of interest credit on retirement savings 0.49 0.92 0.00 0.00 2.57 3.70
1 Represents weighted average assumptions across US and German plans.
Disclosure Of Sensitivity Analysis For Actuarial Assumptions Explanatory
Sensitivity analysis of significant actuarial assumptions1
Increase / (decrease) in defined benefit obligationSwiss planUK planUS and German plans
USD million31.12.1931.12.1831.12.1931.12.1831.12.1931.12.18
Discount rate
Increase by 50 basis points (853) (797) (346) (292) (86) (77)
Decrease by 50 basis points 972 904 395 333 93 84
Rate of salary increase
Increase by 50 basis points 49 45–2–2 1 1
Decrease by 50 basis points (47) (43)–2–2 (1) (1)
Rate of pension increase
Increase by 50 basis points 673 643 331 260 7 6
Decrease by 50 basis points–3–3 (299) (262) (7) (6)
Rate of interest credit on retirement savings
Increase by 50 basis points 107 141–4 –4 9 9
Decrease by 50 basis points (62)5 (134)–4 –4 (9) (9)
Life expectancy
Increase in longevity by one additional year 459 446 154 122 51 42
1 The sensitivity analyses are based on a change in one assumption while holding all other assumptions constant, so that interdependencies between the assumptions are excluded. 2 As the plan is closed for future service, a change in assumption is not applicable. 3 As the assumed rate of pension increase was 0% as of 31 December 2019 and as of 31 December 2018, a downward change in assumption is not applicable. 4 As the UK plan does not provide interest credits on retirement savings, a change in assumption is not applicable. 5 As of 31 December 2019, 18.5% of retirement savings were subject to a legal minimum rate of 1.00%.
Disclosure of composition and fair value of plan assets [text block]
Composition and fair value of plan assets
Swiss plan
31.12.1931.12.18
Fair valuePlan assetallocation %Fair valuePlan assetallocation %
USD millionQuotedin an activemarketOtherTotalQuotedin an activemarketOtherTotal
Cash and cash equivalents 90 0 90 1 83 0 83 1
Real estate / property
Domestic 0 1,720 1,720 11 0 1,808 1,808 11
Foreign 0 90 90 1 0 0 0 0
Investment funds
Equity
Domestic 395 0 395 2 383 0 383 2
Foreign 3,433 932 4,365 27 3,492 925 4,417 28
Bonds1
Domestic, AAA to BBB– 1,825 0 1,825 11 1,569 0 1,569 10
Foreign, AAA to BBB– 3,315 0 3,315 21 3,781 0 3,781 24
Foreign, below BBB– 563 0 563 4 544 0 544 3
Real estate
Foreign 0 0 0 0 0 7 7 0
Other 904 2,230 3,134 20 316 2,528 2,844 18
Other investments 301 109 411 3 324 11 335 2
Total fair value of plan assets 10,827 5,081 15,908 100 10,493 5,279 15,772 100
31.12.1931.12.18
Total fair value of plan assets 15,908 15,772
of which:2
Bank accounts at UBS AG 90 80
UBS AG debt instruments 4 8
UBS Group AG shares 12 15
Securities lent to UBS AG3 748 957
Property occupied by UBS AG 50 54
Derivative financial instruments, counterparty UBS AG3 6 21
1 The bond credit ratings are primarily based on Standard & Poor’s credit ratings. Ratings AAA to BBB– and below BBB– represent investment grade and non-investment grade ratings, respectively. In cases where credit ratings from other rating agencies were used, these were converted to the equivalent rating in the Standard & Poor’s rating classification. 2 Bank accounts at UBS AG encompass accounts in the name of the Swiss pension fund. The other positions disclosed in the table encompass both direct investments in UBS AG instruments and UBS Group AG shares and indirect investments, i.e., those made through funds that the pension fund invests in. 3 Securities lent to UBS AG and derivative financial instruments are presented gross of any collateral. Securities lent to UBS AG were fully covered by collateral as of 31 December 2019 and 31 December 2018. Net of collateral, derivative financial instruments amounted to USD 3 million as of 31 December 2019 (31 December 2018: USD 6 million).
Composition and fair value of plan assets (continued)
UK plan
31.12.1931.12.18
Fair valuePlan assetallocation %Fair valuePlan assetallocation %
USD millionQuotedin an activemarketOtherTotalQuotedin an activemarketOtherTotal
Cash and cash equivalents 141 0 141 4 143 0 143 5
Bonds1
Domestic, AAA to BBB– 1,810 0 1,810 49 1,604 0 1,604 53
Investment funds
Equity
Domestic 33 0 33 1 26 0 26 1
Foreign 916 0 916 25 658 0 658 22
Bonds1
Domestic, AAA to BBB– 610 117 727 20 587 93 680 22
Domestic, below BBB– 22 0 22 1 15 0 15 0
Foreign, AAA to BBB– 310 0 310 8 258 0 258 9
Foreign, below BBB– 108 0 108 3 51 0 51 2
Real estate
Domestic 103 18 122 3 102 28 131 4
Foreign 0 19 19 1 0 0 0 0
Insurance contracts 0 7 7 0 0 0 0 0
Derivatives 3 0 3 0 0 0 0 0
Asset-backed securities 0 6 6 0 21 2 22 1
Other investments2 (572) 7 (565) (15) (565) 9 (556) (18)
Total fair value of plan assets 3,483 175 3,658 100 2,900 132 3,032 100
1 The bond credit ratings are primarily based on Standard & Poor’s credit ratings. Ratings AAA to BBB– and below BBB– represent investment grade and non-investment grade ratings, respectively. In cases where credit ratings from other rating agencies were used, these were converted to the equivalent rating in Standard & Poor’s rating classification. 2 Mainly relates to repurchase arrangements on UK treasury bonds.
Composition and fair value of plan assets (continued)
US plans
31.12.1931.12.18
Fair valuePlan assetallocation %Fair valuePlan assetallocation %
USD millionQuotedin an activemarketOtherTotalQuotedin an activemarketOtherTotal
Cash and cash equivalents 27 0 27 2 27 0 27 2
Bonds1
Domestic, AAA to BBB– 475 0 475 37 462 0 462 40
Domestic, below BBB– 2 0 2 0 2 0 2 0
Foreign, AAA to BBB– 99 0 99 8 92 0 92 8
Foreign, below BBB– 3 0 3 0 3 0 3 0
Investment funds
Equity
Domestic 208 0 208 16 143 0 143 12
Foreign 161 0 161 12 157 0 157 13
Bonds1
Domestic, AAA to BBB– 176 0 176 14 104 0 104 9
Domestic, below BBB– 28 0 28 2 23 0 23 2
Foreign, AAA to BBB– 17 0 17 1 56 0 56 5
Foreign, below BBB– 3 0 3 0 6 0 6 1
Real estate
Domestic 0 13 13 1 0 13 13 1
Other 69 0 69 5 64 0 64 5
Insurance contracts 0 18 18 1 0 17 17 1
Total fair value of plan assets 1,268 31 1,299 100 1,139 29 1,168 100
1 The bond credit ratings are primarily based on Standard & Poor’s credit ratings. Ratings AAA to BBB– and below BBB– represent investment grade and non-investment grade ratings, respectively. In cases where credit ratings from other rating agencies were used, these were converted to the equivalent rating in Standard & Poor’s rating classification.
UBS AG | Major pension plans | Actuarial Assumption Of Mortality Rates [Member]  
Disclosure Of Pension And Other Post-employment Benefit Plans [Line Items]  
Disclosure of actuarial assumptions [text block]
Mortality tables and life expectancies for major plans
Life expectancy at age 65 for a male member currently
aged 65aged 45
CountryMortality table31.12.1931.12.1831.12.1931.12.18
SwitzerlandBVG 2015 G with CMI 2016 projections 21.6 21.6 23.1 23.1
UKS2PA with CMI 2018 projections1 23.3 23.4 24.5 24.6
USARP2014 WCHA with MP2019 projection scale2 22.8 22.8 24.3 24.3
GermanyDr. K. Heubeck 2018 G 20.7 20.5 23.5 23.3
Life expectancy at age 65 for a female member currently
aged 65aged 45
CountryMortality table31.12.1931.12.1831.12.1931.12.18
SwitzerlandBVG 2015 G with CMI 2016 projections 23.6 23.5 25.1 25.0
UKS2PA with CMI 2018 projections1 25.1 25.2 26.4 26.5
USARP2014 WCHA with MP2019 projection scale2 24.4 24.4 25.9 26.0
GermanyDr. K. Heubeck 2018 G 24.2 24.1 26.4 26.3
1 In 2018, the mortality table S2PA with CMI 2017 projections was used. 2 In 2018, the mortality table RP2014 WCHA with MP2018 projection scale was used.