Since the creation of the Guarantee Fund with the entry into force of LOB in 1985 the guarantee for insured persons’ claims has become its main task. From 1997, the non-compulsory entitlements up to a higher limit are guaranteed in addition to the compulsory benefits under LOB.
The Guarantee Fund guarantees the benefits of insured persons under the 2nd pillar in the event of insolvency of the benefit scheme or group of insured (affiliation of an employer to a collective or cooperative foundation).
The applicant for the Guarantee Fund benefits is the insolvent benefit scheme or the legal owner of the insolvent insurance group.
The Guarantee Fund guarantees the benefits of insolvent benefit schemes (Art. 56 para. 1, letters b. and c. LOB).
Where several employers or several associations which are not closely related in economic or financial terms are affiliated to a benefit scheme, the Guarantee Fund guarantees the benefits for each insolvent group of insured (all employees of an employer insured pursuant to the affiliation contract with the benefit scheme; benefit fund) (Art. 56 para. 3 in conjunction with art. 56 para. 1, letters b. and c. LOB).