DBV-Winterthur Insurance AG has launched a new pension fund to cater to the occupational benefit needs of employees in medium and large enterprises. The winsecura Pensionskasse AG i. Gr (based in Wiesbaden) received official approval at the end of July and is now open for business.The winsecura Pensionskasse AG is fully owned by DBV-Winterthur Insurance. The fund is managed by Prof Rainer Lorentz and Karl Lindenmayer.
“This new pension fund completes our tariff spectrum for occupational benefits”, says Frank- Henning Florian, Chairperson of the Board of DBV-Winterthur Insurance. “We are securing our position as a leading provider in the growing market for occupational benefit products by offering a range of products.
A pension fund (Pensionskasse in German) is a legal entity designed to provide employee occupational benefits and is not subject to the provisions of the insolvency insurance provided for by the Pensionssicherungsverein (PSV) [a collective German occupational benefits insurance scheme]. The pension fund offers various ways in which to create an occupational benefits scheme financed by the employer. Employees’ right to have pension contributions deducted from their salaries in accordance with the bill promoting private pension plans (Altersvermgensgesetz or AvmG) can be accommodated in a cost-effective manner.
Pension reform has led to a revaluation of the pension fund, the traditional approach to occupational benefits. The reason for this lies in the fact that the new Altersvermgensgesetz offers tax advantages to the pension fund. This has led DBVWinterthur Insurance to add a pension fund to the existing spectrum of products we offer in the area of occupational benefits. Other options include traditional direct insurance, direct insurance with contributions via salary deductions, occupational benefit schemes for corporate management, the “with profits” model, employee financed occupational benefits schemes and the UKW-Gruppenuntersttzungskasse or collective insurance scheme, specially suited to small and medium enterprises.
Medium and large enterprises seeking a high degree of security and an attractive yield are the target market for the pension fund.
The pension fund plan offers a traditional spectrum of tariffs and a guaranteed minimum return. It includes tariffs for retirement pensions, with the option to include benefits for survivors. In addition, there is provision for basic disability cover. The primary objective is reliable provision for retirement.
The framework provided by winsecura offers a trustworthy solution. Simplified tariffs and optimised procedures result in lower administrative costs and thus lower premiums.
In addition, the Riester provisions may be included in the pension fund contract.
Specialised consultation and practical assistance in labour and tax issues are central to the new pension fund. Well-known companies have already expressed an interest in pursuing the occupational benefits solution offered by winsecura Pensionskasse.