Germany : the federal government improves the companies’ supplementary pensions’ guarantee system

Publication

5 May 2006 à 08h10

Updated on 26 March 2013 à 10h12

Reading time

2 minutes

Publication: 5 May 2006 à 08h10, Updated on 26 March 2013 à 10h12

Reading time: 2 minutes

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The German council of ministers passed, on May 3rd, a reform bill aiming for the improvement of the financial coverage of the Pensions-Sichergungs-Verein (PSVag), a pension fund that provides the payment of supplementary pensions of companies in case of bankrut. (Ref. 06446)
Publication

5 May 2006 à 08h10

Updated on 26 March 2013 à 10h12

Reading time

2 minutes

Publication: 5 May 2006 à 08h10, Updated on 26 March 2013 à 10h12

Reading time: 2 minutes

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About 60000 companies pay their contributions to PSVag that cover 3.8 million retired persons and the right to pension of 4.7 million salaried workers. Currently, the PSVag provides 440 000 retired persons whose company went bankrupt with supplementary pensions, for a yearly total amount of 50 millions euros. The reform that has been proposed by the federal government is a reaction to the current evolution of this insurance fund that manages a capital of a 251-billion-euro in face value....

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