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Post-employment benefit plans (Tables)
 12 Months Ended
Dec. 31, 2021
Entity [Table]  
Disclosure Of Defined Benefit Plans Explanatory
Defined benefit plans
USD million
Swiss pension plan
UK pension plan
US and German
pension plans
Total
2021
2020
2021
2020
2021
2020
2021
2020
Defined benefit obligation at the beginning of the year
27,728
24,496
4,162
3,654
1,905
1,820
33,795
29,970
Current service cost
494
447
0
0
6
6
500
453
Interest expense
58
72
58
73
30
45
147
190
Plan participant contributions
266
259
0
0
0
0
266
259
Remeasurements
837
1,279
71
449
(62)
105
846
1,832
of which: actuarial (gains) / losses due to changes in demographic
 
assumptions
51
(164)
14
(14)
4
(34)
69
(212)
of which: actuarial (gains) / losses due to changes in financial
 
assumptions
(678)
983
(3)
505
(78)
134
(759)
1,621
of which: experience (gains) / losses
1
1,464
460
59
(42)
12
5
1,535
423
Past service cost related to plan amendments
0
0
0
3
4
0
4
3
Curtailments
(80)
0
0
0
0
0
(80)
0
Benefit payments
(1,097)
(1,153)
(148)
(148)
(112)
(108)
(1,357)
(1,409)
Other movements
0
(4)
0
0
1
0
1
(4)
Foreign currency translation
(809)
2,333
(38)
132
(33)
37
(880)
2,501
Defined benefit obligation at the end of the year
27,398
27,728
4,105
4,162
1,740
1,905
33,242
33,795
of which: amounts owed to active members
14,333
13,765
150
159
222
245
14,705
14,169
of which: amounts owed to deferred members
0
0
1,593
1,879
669
743
2,262
2,622
of which: amounts owed to retirees
13,065
13,963
2,362
2,124
849
917
16,276
17,004
of which: funded plans
27,398
27,728
4,105
4,162
1,222
1,319
32,724
33,209
of which: unfunded plans
0
0
0
0
518
586
518
586
Fair value of plan assets at the beginning of the year
32,590
28,219
4,149
3,658
1,360
1,299
38,100
33,176
Return on plan assets excluding interest income
2,322
1,818
277
388
40
118
2,639
2,324
Interest income
74
84
58
73
26
38
159
196
Employer contributions
 
763
729
0
46
16
17
779
792
Plan participant contributions
266
259
0
0
0
0
266
259
Benefit payments
(1,097)
(1,153)
(148)
(148)
(112)
(108)
(1,357)
(1,409)
Administration expenses, taxes and premiums paid
(13)
(13)
0
0
(4)
(4)
(17)
(17)
Other movements
0
0
0
0
1
0
1
0
Foreign currency translation
(930)
2,647
(39)
132
0
0
(969)
2,779
Fair value of plan assets at the end of the year
33,975
32,590
4,297
4,149
1,329
1,360
39,601
38,100
Surplus / (deficit)
6,577
4,862
192
(13)
(411)
(545)
6,358
4,304
Asset ceiling effect at the beginning of the year
4,862
3,724
0
0
0
0
4,862
3,724
Interest expense on asset ceiling effect
15
12
0
0
0
0
15
12
Asset ceiling effect excluding interest expense and foreign currency
 
translation on
asset ceiling effect
1,821
814
0
0
0
0
1,821
814
Foreign currency translation
(121)
313
0
0
0
0
(121)
313
Asset ceiling effect at the end of the year
6,577
4,862
0
0
0
0
6,577
4,862
Net defined benefit asset / (liability) of major plans
0
0
192
(13)
(411)
(545)
(219)
(558)
Net defined benefit asset / (liability) of remaining plans
(112)
(123)
Total net defined benefit asset / (liability)
(331)
(680)
of which: Net defined benefit asset
302
42
of which: Net defined benefit liability
2
(633)
(722)
1 Experience (gains) /
 
losses are a component
 
of actuarial remeasurements of
 
the defined benefit obligation
 
and reflect the effects
 
of differences between
 
the previous actuarial assumptions
 
and what has actually
occurred.
 
2 Refer to Note 19c.
Income statement – expenses related to defined benefit plans
1
USD million
Swiss pension plan
UK pension plan
US and German
pension plans
Total
For the year ended
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
Current service cost
494
447
0
0
6
6
500
453
Interest expense related to defined benefit obligation
58
72
58
73
30
45
147
190
Interest income related to plan assets
(74)
(84)
(58)
(73)
(26)
(38)
(159)
(196)
Interest expense on asset ceiling effect
15
12
0
0
0
0
15
12
Administration expenses, taxes and premiums paid
13
13
0
0
4
4
17
17
Past service cost related to plan amendments
0
0
0
3
4
0
4
3
Curtailments
(80)
0
0
0
0
0
(80)
0
Net periodic expenses recognized in net profit for major plans
426
459
0
3
18
18
444
479
Net periodic expenses recognized in net profit for remaining plans
2
25
23
Total net periodic expenses recognized in net profit
470
502
1 Refer to Note 6.
 
2 Includes differences between actual and estimated performance award accruals.
Other comprehensive income – gains / (losses) on defined benefit plans
 
USD million
Swiss pension plan
UK pension plan
US and German
pension plans
Total
For the year ended
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
Remeasurement of defined benefit obligation
(837)
(1,279)
(71)
(449)
62
(105)
(846)
(1,832)
of which: change in discount rate assumption
870
(777)
319
(504)
77
(141)
1,267
(1,421)
of which: change in rate of salary increase assumption
(3)
(230)
0
0
0
0
(3)
(230)
of which: change in rate of pension increase assumption
0
0
(316)
(1)
(1)
1
(318)
0
of which: change in rate of interest credit on retirement savings
 
assumption
(193)
26
0
0
(1)
24
(194)
50
of which: change in life expectancy
0
261
9
22
(3)
50
5
333
of which: change in other actuarial assumptions
(47)
(99)
(23)
(8)
2
(34)
(68)
(142)
of which: experience gains / (losses)
1
(1,464)
(460)
(59)
42
(12)
(5)
(1,535)
(423)
Return on plan assets excluding interest income
2,322
1,818
277
388
40
118
2,639
2,324
Asset ceiling effect excluding interest expense and foreign currency
 
translation
(1,821)
(814)
0
0
0
0
(1,821)
(814)
Total gains / (losses) recognized in other comprehensive income for major plans
(336)
(276)
207
(61)
103
14
(27)
(323)
Total gains / (losses) recognized in other comprehensive income for remaining plans
30
(4)
Total gains / (losses) recognized in other comprehensive income
2
2
(327)
1 Experience (gains) /
 
losses are a component
 
of actuarial remeasurements of
 
the defined benefit obligation
 
and reflect the effects
 
of differences between
 
the previous actuarial assumptions
 
and what has actually
occurred.
 
2 Refer to the “Statement of comprehensive income.”
Disclosure of maturity analysis of expected benefit payments [text block]
Swiss pension plan
UK pension plan
US and German pension
plans
1
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
Duration of the defined benefit obligation (in years)
15.1
15.7
18.8
19.0
9.5
10.2
Maturity analysis of benefits expected to be paid
USD million
Benefits expected to be paid within 12 months
1,312
1,293
110
114
123
122
Benefits expected to be paid between 1 and 3 years
2,636
2,630
248
232
237
235
Benefits expected to be paid between 3 and 6 years
3,824
3,839
418
406
338
346
Benefits expected to be paid between 6 and 11 years
6,220
6,166
743
744
495
532
Benefits expected to be paid between 11 and 16 years
5,572
5,646
751
758
392
413
Benefits expected to be paid in more than 16 years
18,092
18,884
3,028
3,206
519
541
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 pension plan
UK pension plan
US and German pension
plans
1
In %
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
Discount rate
0.34
0.10
1.82
1.42
2.10
1.62
Rate of salary increase
2.01
2.00
0.00
0.00
2.35
2.25
Rate of pension increase
0.00
0.00
3.32
2.89
1.80
1.70
Rate of interest credit on retirement savings
 
1.04
0.60
0.00
0.00
1.18
1.12
1 Represents weighted average assumptions across US and German plans.
Disclosure Of Sensitivity Analysis For Actuarial Assumptions Explanatory
Sensitivity analysis of significant actuarial
 
assumptions
1
Increase / (decrease) in defined benefit obligation
Swiss pension plan
UK pension plan
US and German pension plans
USD million
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
Discount rate
Increase by 50 basis points
(1,695)
(1,793)
(361)
(370)
(78)
(91)
Decrease by 50 basis points
1,933
2,048
411
423
84
99
Rate of salary increase
Increase by 50 basis points
109
117
–
2
–
2
0
1
Decrease by 50 basis points
(104)
(111)
–
2
–
2
0
(1)
Rate of pension increase
Increase by 50 basis points
1,333
1,413
334
358
6
8
Decrease by 50 basis points
–
3
–
3
(306)
(316)
(6)
(7)
Rate of interest credit on retirement savings
Increase by 50 basis points
224
236
–
4
–
4
8
9
Decrease by 50 basis points
(224)
5
(188)
–
4
–
4
(7)
(8)
Life expectancy
Increase in longevity by one additional year
915
1,061
184
182
56
60
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 2021 and as
 
of 31 December 2020, 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 2021,
19
% 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 pension plan
31.12.21
31.12.20
Fair value
Plan asset
allocation %
Fair value
Plan asset
allocation %
USD million
Quoted
in an active
market
Other
Total
Quoted
in an active
market
Other
Total
Cash and cash equivalents
187
0
187
1
219
0
219
1
Real estate / property
Domestic
0
3,530
3,530
10
0
3,582
3,582
11
Foreign
0
580
580
2
0
331
331
1
Investment funds
Equity
 
Domestic
843
0
843
2
826
0
826
3
Foreign
6,213
2,652
8,865
26
6,284
1,958
8,242
25
Bonds
1
Domestic, AAA to BBB–
4,446
0
4,446
13
3,721
0
3,721
11
Foreign, AAA to BBB–
5,093
0
5,093
15
6,146
0
6,146
19
Foreign, below BBB–
1,314
0
1,314
4
1,303
0
1,303
4
Other
4,211
3,558
7,769
23
3,363
3,722
7,085
22
Other investments
668
682
1,349
4
663
473
1,136
3
Total fair value of plan assets
22,973
11,002
33,975
100
22,525
10,065
32,590
100
31.12.21
31.12.20
Total fair value of plan assets
33,975
32,590
of which:
2
Bank accounts at UBS
 
194
231
UBS debt instruments
28
34
UBS shares
25
24
Securities lent to UBS
3
1,079
1,416
Property occupied by UBS
93
96
Derivative financial instruments, counterparty UBS
3
128
149
1 The bond credit ratings
 
are primarily based on S&P’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 S&P’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
 
2021 and 31
 
December 2020. Net
 
of collateral, derivative
 
financial instruments
amounted to USD
43
 
million as of 31 December 2021 (31 December 2020: negative USD
17
 
million).
Composition and fair value of plan assets
 
(continued)
UK pension plan
31.12.21
31.12.20
Fair value
Plan asset
allocation %
Fair value
Plan asset
allocation %
USD million
Quoted
in an active
market
Other
Total
Quoted
in an active
market
Other
Total
Cash and cash equivalents
147
0
147
3
195
0
195
5
Bonds
1
Domestic, AAA to BBB–
2,605
0
2,605
61
2,150
0
2,150
52
Foreign, AAA to BBB–
372
0
372
9
53
0
53
1
Foreign, below BBB–
4
0
4
0
0
0
0
0
Investment funds
Equity
 
Domestic
44
4
47
1
34
3
37
1
Foreign
921
0
921
21
1,077
0
1,077
26
Bonds
1
Domestic, AAA to BBB–
532
147
679
16
919
131
1,050
25
Domestic, below BBB–
12
0
12
0
47
0
47
1
Foreign, AAA to BBB–
179
0
179
4
149
0
149
4
Foreign, below BBB–
115
0
115
3
110
0
110
3
Real estate
Domestic
110
12
122
3
98
16
114
3
Foreign
6
34
40
1
0
37
37
1
Other
(313)
0
(313)
(7)
(86)
0
(86)
(2)
Insurance contracts
0
8
8
0
0
8
8
0
Derivatives
57
(3)
54
1
(3)
0
(3)
0
Asset-backed securities
0
11
11
0
0
6
6
0
Other investments
2
(717)
10
(707)
(16)
(803)
9
(794)
(19)
Total fair value of plan assets
4,074
223
4,297
100
3,940
209
4,149
100
1 The bond credit ratings
 
are primarily based on S&P’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 S&P’s
 
rating classification.
 
2 Mainly relates to repurchase arrangements on UK treasury bonds.
US and German pension plans
31.12.21
31.12.20
Fair value
Plan asset
allocation %
Fair value
Plan asset
allocation %
USD million
Quoted
in an active
market
Other
Total
Quoted
in an active
market
Other
Total
Cash and cash equivalents
11
0
11
1
38
0
38
3
Equity
Domestic
79
0
79
6
0
0
0
0
Foreign
31
0
31
2
0
0
0
0
Bonds
1
Domestic, AAA to BBB–
486
0
486
37
490
0
490
36
Domestic, below BBB–
17
0
17
1
7
0
7
0
Foreign, AAA to BBB–
97
0
97
7
99
0
99
7
Foreign, below BBB–
6
0
6
0
1
0
1
0
Investment funds
Equity
 
Domestic
3
0
3
0
210
0
210
15
Foreign
56
0
56
4
169
0
169
12
Bonds
1
Domestic, AAA to BBB–
269
0
269
20
195
0
195
14
Domestic, below BBB–
147
0
147
11
34
0
34
2
Foreign, AAA to BBB–
11
0
11
1
19
0
19
1
Foreign, below BBB–
2
0
2
0
3
0
3
0
Real estate
Domestic
0
9
9
1
0
14
14
1
Other
99
0
99
7
79
0
79
6
Insurance contracts
0
1
1
0
0
1
1
0
Other investments
5
0
5
0
0
0
0
0
Total fair value of plan assets
1,319
10
1,329
100
1,345
15
1,360
100
1 The bond credit ratings
 
are primarily based on S&P’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 S&P’s
 
rating classification.
Disclosure Of Expenses On Defined Contribution Plans Explanatory
Expenses related to defined contribution
 
plans
For the year ended
USD million
31.12.21
31.12.20
31.12.19
US plan
198
190
173
UK plan
101
88
82
Remaining plans
64
65
71
Total
1
363
343
326
1 Refer to Note 6.
Disclosure Of Transactions Between Related Parties Explanatory
Related-party disclosure
For the year ended
USD million
31.12.21
31.12.20
31.12.19
Received by UBS
Fees
39
34
34
Paid by UBS
Rent
4
5
4
Dividends, capital repayments and interest
5
10
11
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
31.12.21
31.12.20
Financial instruments bought by pension funds
UBS shares (in thousands of shares)
907
1,758
UBS debt instruments (par values, USD million)
37
28
Financial instruments sold by pension funds or matured
UBS shares (in thousands of shares)
1,688
2,605
UBS debt instruments (par values, USD million)
40
6
UBS shares held by post-employment benefit
 
plans
31.12.21
31.12.20
Number of shares (in thousands of shares)
14,073
14,854
Fair value (USD million)
252
210
Actuarial Assumption Of Mortality Rates [Member]  
Entity [Table]  
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 65
aged 45
Country
Mortality table
31.12.21
31.12.20
31.12.21
31.12.20
Switzerland
BVG 2020 G with CMI 2019 projections
21.7
21.7
23.3
23.2
UK
S3PA with CMI 2020 projections
1
23.4
23.4
24.5
24.6
USA
Pri-2012 with MP-2021 projection scale
2
21.9
21.8
23.3
23.2
Germany
Dr. K. Heubeck 2018 G
20.5
20.8
23.2
23.6
Life expectancy at age 65 for a female member currently
aged 65
aged 45
Country
Mortality table
31.12.21
31.12.20
31.12.21
31.12.20
Switzerland
BVG 2020 G with CMI 2019 projections
23.4
23.4
25.0
24.9
UK
S3PA with CMI 2020 projections
1
24.9
24.9
26.3
26.3
USA
Pri-2012 with MP-2021 projection scale
2
23.3
23.2
24.7
24.5
Germany
Dr. K. Heubeck 2018 G
23.9
24.3
26.1
26.5
1 In 2020, S3PA with CMI 2019 projections was used.
 
2 In 2020, Pri-2012 with MP-2020 projection scale was used.
UBS AG  
Entity [Table]  
Disclosure Of Defined Benefit Plans Explanatory
Defined benefit plans
USD million
Swiss pension plan
UK pension plan
US and German
pension plans
Total
2021
2020
2021
2020
2021
2020
2021
2020
Defined benefit obligation at the beginning of the year
15,619
13,809
4,162
3,654
1,905
1,820
21,686
19,283
Current service cost
285
262
0
0
6
6
291
268
Interest expense
33
40
58
73
30
45
122
159
Plan participant contributions
161
159
0
0
0
0
161
159
Remeasurements
490
677
71
449
(62)
105
498
1,231
of which: actuarial (gains) / losses due to changes in demographic
 
assumptions
26
(53)
14
(14)
4
(34)
45
(101)
of which: actuarial (gains) / losses due to changes in financial
 
assumptions
(385)
565
(3)
505
(78)
134
(466)
1,204
of which: experience (gains) / losses
1,2
848
165
59
(42)
12
5
919
127
Past service cost related to plan amendments
0
0
0
3
4
0
4
3
Curtailments
(49)
0
0
0
0
0
(49)
0
Benefit payments
(602)
(641)
(148)
(148)
(112)
(108)
(862)
(898)
Other movements
0
(4)
0
0
1
0
1
(4)
Foreign currency translation
(456)
1,317
(38)
132
(33)
37
(527)
1,486
Defined benefit obligation at the end of the year
15,480
15,619
4,105
4,162
1,740
1,905
21,324
21,686
of which: amounts owed to active members
8,604
8,290
150
159
222
245
8,976
8,694
of which: amounts owed to deferred members
0
0
1,593
1,879
669
743
2,262
2,622
of which: amounts owed to retirees
6,876
7,329
2,362
2,124
849
917
10,086
10,370
of which: funded plans
15,480
15,619
4,105
4,162
1,222
1,319
20,806
21,100
of which: unfunded plans
0
0
0
0
518
586
518
586
Fair value of plan assets at the beginning of the year
18,358
15,908
4,149
3,658
1,360
1,299
23,867
20,864
Return on plan assets excluding interest income
2
1,319
962
277
388
40
118
1,637
1,469
Interest income
42
48
58
73
26
38
127
159
Employer contributions
 
450
436
0
46
16
17
466
499
Plan participant contributions
161
159
0
0
0
0
161
159
Benefit payments
(602)
(641)
(148)
(148)
(112)
(108)
(862)
(898)
Administration expenses, taxes and premiums paid
(8)
(8)
0
0
(4)
(4)
(11)
(11)
Other movements
0
0
0
0
1
0
1
0
Foreign currency translation
(524)
1,495
(39)
132
0
0
(563)
1,626
Fair value of plan assets at the end of the year
19,196
18,358
4,297
4,149
1,329
1,360
24,821
23,867
Surplus / (deficit)
3,716
2,739
192
(13)
(411)
(545)
3,497
2,181
Asset ceiling effect at the beginning of the year
2,739
2,099
0
0
0
0
2,739
2,099
Interest expense on asset ceiling effect
8
7
0
0
0
0
8
7
Asset ceiling effect excluding interest expense and foreign currency
 
translation on
asset ceiling effect
1,037
457
0
0
0
0
1,037
457
Foreign currency translation
(68)
176
0
0
0
0
(68)
176
Asset ceiling effect at the end of the year
3,716
2,739
0
0
0
0
3,716
2,739
Net defined benefit asset / (liability) of major plans
0
0
192
(13)
(411)
(545)
(219)
(558)
Net defined benefit asset / (liability) of remaining plans
(96)
(112)
Total net defined benefit asset / (liability)
(315)
(670)
of which: Net defined benefit asset
302
42
of which: Net defined benefit liability
3
(617)
(711)
1 Experience (gains) /
 
losses are a component
 
of actuarial remeasurements of
 
the defined benefit obligation
 
and reflect the effects
 
of differences between
 
the previous actuarial assumptions
 
and what has actually
occurred.
 
2 Includes the effect from employees being transferred between UBS AG and UBS Business Solutions during the period.
 
3 Refer to Note 19c.
Income statement – expenses related to defined benefit plans
1
USD million
Swiss pension plan
UK pension plan
US and German
pension plans
Total
For the year ended
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
Current service cost
285
262
0
0
6
6
291
268
Interest expense related to defined benefit obligation
33
40
58
73
30
45
122
159
Interest income related to plan assets
(42)
(48)
(58)
(73)
(26)
(38)
(127)
(159)
Interest expense on asset ceiling effect
8
7
0
0
0
0
8
7
Administration expenses, taxes and premiums paid
8
8
0
0
4
4
11
11
Past service cost related to plan amendments
0
0
0
3
4
0
4
3
Curtailments
(49)
0
0
0
0
0
(49)
0
Net periodic expenses recognized in net profit for major plans
243
269
0
3
18
18
261
289
Net periodic expenses recognized in net profit for remaining plans
2
19
17
Total net periodic expenses recognized in net profit
280
306
1 Refer to Note 6.
 
2 Includes differences between actual and estimated performance award accruals.
Other comprehensive income – gains / (losses) on defined benefit plans
 
USD million
Swiss pension plan
UK pension plan
US and German
pension plans
Total
For the year ended
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
Remeasurement of defined benefit obligation
(490)
(677)
(71)
(449)
62
(105)
(498)
(1,231)
of which: change in discount rate assumption
494
(447)
319
(504)
77
(141)
890
(1,092)
of which: change in rate of salary increase assumption
(2)
(132)
0
0
0
0
(2)
(132)
of which: change in rate of pension increase assumption
0
0
(316)
(1)
(1)
1
(317)
0
of which: change in rate of interest credit on retirement savings
 
assumption
(110)
15
0
0
(1)
24
(110)
39
of which: change in life expectancy
0
84
9
22
(3)
50
5
156
of which: change in other actuarial assumptions
(24)
(33)
(23)
(8)
2
(34)
(45)
(75)
of which: experience gains / (losses)
1,2
(848)
(165)
(59)
42
(12)
(5)
(919)
(127)
Return on plan assets excluding interest income
1,319
962
277
388
40
118
1,637
1,469
Asset ceiling effect excluding interest expense and foreign currency
 
translation
(1,037)
(457)
0
0
0
0
(1,037)
(457)
Total gains / (losses) recognized in other comprehensive income for major plans
(207)
(172)
207
(61)
103
14
102
(219)
Total gains / (losses) recognized in other comprehensive income for remaining plans
31
(3)
Total gains / (losses) recognized in other comprehensive income
3
133
(222)
1 Experience (gains) /
 
losses are a component
 
of actuarial remeasurements of
 
the defined benefit obligation
 
and reflect the effects
 
of differences between
 
the previous actuarial assumptions
 
and what has actually
occurred.
 
2 Includes the effect from employees being transferred between UBS AG and UBS Business Solutions during the period.
 
3 Refer to the “Statement of comprehensive income.”
Disclosure of maturity analysis of expected benefit payments [text block]
Swiss pension plan
UK pension plan
US and German pension
plans
1
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
Duration of the defined benefit obligation (in years)
15.5
16.2
18.8
19.0
9.5
10.2
Maturity analysis of benefits expected to be paid
USD million
Benefits expected to be paid within 12 months
719
710
110
114
123
122
Benefits expected to be paid between 1 and 3 years
1,440
1,442
248
232
237
235
Benefits expected to be paid between 3 and 6 years
2,097
2,100
418
406
338
346
Benefits expected to be paid between 6 and 11 years
3,467
3,408
743
744
495
532
Benefits expected to be paid between 11 and 16 years
3,156
3,184
751
758
392
413
Benefits expected to be paid in more than 16 years
10,733
11,186
3,028
3,206
519
541
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 pension plan
UK pension plan
US and German pension
plans
1
In %
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
Discount rate
0.34
0.10
1.82
1.42
2.10
1.62
Rate of salary increase
2.01
2.00
0.00
0.00
2.35
2.25
Rate of pension increase
0.00
0.00
3.32
2.89
1.80
1.70
Rate of interest credit on retirement savings
 
1.04
0.60
0.00
0.00
1.18
1.12
1 Represents weighted average assumptions across US and German plans.
Disclosure Of Sensitivity Analysis For Actuarial Assumptions Explanatory
Sensitivity analysis of significant actuarial
 
assumptions
1
Increase / (decrease) in defined benefit obligation
Swiss pension plan
UK pension plan
US and German pension plans
USD million
31.12.21
31.12.20
31.12.21
31.12.20
31.12.21
31.12.20
Discount rate
Increase by 50 basis points
(975)
(1,030)
(361)
(370)
(78)
(91)
Decrease by 50 basis points
1,116
1,181
411
423
84
99
Rate of salary increase
Increase by 50 basis points
69
74
–
2
–
2
0
1
Decrease by 50 basis points
(66)
(71)
–
2
–
2
0
(1)
Rate of pension increase
Increase by 50 basis points
749
793
334
358
6
8
Decrease by 50 basis points
–
3
–
3
(306)
(316)
(6)
(7)
Rate of interest credit on retirement savings
Increase by 50 basis points
134
142
–
4
–
4
8
9
Decrease by 50 basis points
(134)
5
(113)
–
4
–
4
(7)
(8)
Life expectancy
Increase in longevity by one additional year
475
566
184
182
56
60
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 2021 and as
 
of 31 December 2020, 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 2021,
17
% 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 pension plan
31.12.21
31.12.20
Fair value
Plan asset
allocation %
Fair value
Plan asset
allocation %
USD million
Quoted
in an active
market
Other
Total
Quoted
in an active
market
Other
Total
Cash and cash equivalents
106
0
106
1
123
0
123
1
Real estate / property
Domestic
0
1,994
1,994
10
0
2,018
2,018
11
Foreign
0
328
328
2
0
186
186
1
Investment funds
Equity
 
Domestic
476
0
476
2
465
0
465
3
Foreign
3,510
1,498
5,009
26
3,540
1,103
4,642
25
Bonds
1
Domestic, AAA to BBB–
2,512
0
2,512
13
2,096
0
2,096
11
Foreign, AAA to BBB–
2,877
0
2,877
15
3,462
0
3,462
19
Foreign, below BBB–
742
0
742
4
734
0
734
4
Other
2,379
2,010
4,389
23
1,894
2,097
3,991
22
Other investments
377
385
762
4
373
266
640
3
Total fair value of plan assets
12,980
6,216
19,196
100
12,688
5,670
18,358
100
31.12.21
31.12.20
Total fair value of plan assets
19,196
18,358
of which:
2
Bank accounts at UBS AG
109
130
UBS AG debt instruments
16
19
UBS Group AG shares
14
13
Securities lent to UBS AG
3
608
796
Property occupied by UBS AG
52
54
Derivative financial instruments, counterparty UBS AG
3
72
84
1 The bond credit ratings are
 
primarily based on S&P’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 S&P’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 2021 and 31 December 2020.
 
Net
of collateral, derivative financial instruments amounted to USD
24
 
million as of 31 December 2021 (31 December 2020: negative USD
9
 
million).
Composition and fair value of plan assets (continued)
UK pension plan
31.12.21
31.12.20
Fair value
Plan asset
allocation %
Fair value
Plan asset
allocation %
USD million
Quoted
in an active
market
Other
Total
Quoted
in an active
market
Other
Total
Cash and cash equivalents
147
0
147
3
195
0
195
5
Bonds
1
Domestic, AAA to BBB–
2,605
0
2,605
61
2,150
0
2,150
52
Foreign, AAA to BBB–
372
0
372
9
53
0
53
1
Foreign, below BBB–
4
0
4
0
0
0
0
 
0
Investment funds
Equity
 
Domestic
44
4
47
1
34
3
37
1
Foreign
921
0
921
21
1,077
0
1,077
26
Bonds
1
Domestic, AAA to BBB–
532
147
679
16
919
131
1,050
25
Domestic, below BBB–
12
0
12
0
47
0
47
1
Foreign, AAA to BBB–
179
0
179
4
149
0
149
4
Foreign, below BBB–
115
0
115
3
110
0
110
3
Real estate
Domestic
110
12
122
3
98
16
114
3
Foreign
6
34
40
1
0
37
37
1
Other
(313)
0
(313)
(7)
(86)
0
(86)
(2)
Insurance contracts
0
8
8
0
0
8
8
0
Derivatives
57
(3)
54
1
(3)
0
(3)
0
Asset-backed securities
0
11
11
0
0
6
6
0
Other investments
2
(717)
10
(707)
(16)
(803)
9
(794)
(19)
Total fair value of plan assets
4,074
223
4,297
100
3,940
209
4,149
100
1 The bond credit ratings are
 
primarily based on S&P’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 S&P’s
 
rating classification.
 
2 Mainly relates to repurchase arrangements on UK treasury bonds.
Composition and fair value of plan assets (continued)
US and German pension plans
31.12.21
31.12.20
Fair value
Plan asset
allocation %
Fair value
Plan asset
allocation %
USD million
Quoted
in an active
market
Other
Total
Quoted
in an active
market
Other
Total
Cash and cash equivalents
11
0
11
1
38
0
38
3
Equity
Domestic
79
0
79
6
0
0
0
0
Foreign
31
0
31
2
0
0
0
0
Bonds
1
Domestic, AAA to BBB–
486
0
486
37
490
0
490
36
Domestic, below BBB–
17
0
17
1
7
0
7
0
Foreign, AAA to BBB–
97
0
97
7
99
0
99
7
Foreign, below BBB–
6
0
6
0
1
0
1
0
Investment funds
Equity
 
Domestic
3
0
3
0
210
0
210
15
Foreign
56
0
56
4
169
0
169
12
Bonds
1
Domestic, AAA to BBB–
269
0
269
20
195
0
195
14
Domestic, below BBB–
147
0
147
11
34
0
34
2
Foreign, AAA to BBB–
11
0
11
1
19
0
19
1
Foreign, below BBB–
2
0
2
0
3
0
3
0
Real estate
Domestic
0
9
9
1
0
14
14
1
Other
99
0
99
7
79
0
79
6
Insurance contracts
0
1
1
0
0
1
1
0
Other investments
 
5
 
0
 
5
 
0
 
0
 
0
 
0
 
0
Total fair value of plan assets
1,319
10
1,329
100
1,345
15
1,360
100
1 The bond credit ratings are
 
primarily based on S&P’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 S&P’s
 
rating classification.
Disclosure Of Expenses On Defined Contribution Plans Explanatory
Expenses related to defined contribution
 
plans
For the year ended
USD million
31.12.21
31.12.20
31.12.19
US plan
198
190
173
UK plan
41
36
34
Remaining plans
64
65
71
Total
1
303
291
278
1 Refer to Note 6.
Disclosure Of Transactions Between Related Parties Explanatory
Related-party disclosure
For the year ended
USD million
31.12.21
31.12.20
31.12.19
Received by UBS AG
Fees
22
19
19
Paid by UBS AG
Rent
2
3
2
Dividends, capital repayments and interest
5
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
31.12.21
31.12.20
Financial instruments bought by pension funds
UBS Group AG shares (in thousands of shares)
847
1,677
UBS AG debt instruments (par values, USD million)
22
16
Financial instruments sold by pension funds or matured
UBS Group AG shares (in thousands of shares)
1,505
2,556
UBS AG debt instruments (par values, USD million)
22
4
UBS Group AG shares held by post-employment
 
benefit plans
31.12.21
31.12.20
Number of shares (in thousands of shares)
13,456
14,112
Fair value (USD million)
241
199
UBS AG | Actuarial Assumption Of Mortality Rates [Member]  
Entity [Table]  
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 65
aged 45
Country
Mortality table
31.12.21
31.12.20
31.12.21
31.12.20
Switzerland
BVG 2020 G with CMI 2019 projections
21.7
21.7
23.3
23.2
UK
S3PA with CMI 2020 projections
1
23.4
23.4
24.5
24.6
USA
Pri-2012 with MP-2021 projection scale
2
21.9
21.8
23.3
23.2
Germany
Dr. K. Heubeck 2018 G
20.5
20.8
23.2
23.6
Life expectancy at age 65 for a female member currently
aged 65
aged 45
Country
Mortality table
31.12.21
31.12.20
31.12.21
31.12.20
Switzerland
BVG 2020 G with CMI 2019 projections
23.4
23.4
25.0
24.9
UK
S3PA with CMI 2020 projections
1
24.9
24.9
26.3
26.3
USA
Pri-2012 with MP-2021 projection scale
2
23.3
23.2
24.7
24.5
Germany
Dr. K. Heubeck 2018 G
23.9
24.3
26.1
26.5
1 In 2020, S3PA with CMI 2019 projections was used.
 
2 In 2020, Pri-2012 with MP-2020 projection scale was used.