Speaking at a Euroforum event in Cologne last week, Dietmar Keller, head of occupational pensions at BaFin, said the regulator was available for meetings with those looking to set up such plans.
It would be sensible for the collective bargaining parties to start discussions with the regulator early to avoid any problems arising at a more advanced stage of preparations, he said.
Germany’s €26.6bn pension provider for the financial industry is getting ready to offer pension plans without guarantees to its members and Marco Herrmann, head of strategy, legal and communication at BVV, suggested it would look to take up the regulator’s offer.
He said that although there was relatively high occupational pensions coverage in the finance sector, aspects of the new defined contribution plans were still of interest to both employees and employers.
The new defined contribution plans have been made possible by a major pension reform law, the Betriebsrentenstärkungsgesetz (BRSG). Companies can only offer the plans if they have signed on to collective bargaining agreements forming the basis of the plans. Trade unions and employer representatives in a given industry or sector therefore have to opt for such plans being set up, and reach an agreement on terms.
BVV has already come up with a six-page draft of a collective bargaining agreement for its sector for the implementation of a defined contribution plan, according to Herrmann.
The draft contract sets out several issues, such as a minimum contribution level, the type of provider that will implement the scheme, and the agreement about, if the social partners opt for it, a “Sicherungsbeitrag”, which is an employer contribution that is intended to build a cushion in case of eventual fluctuations in pension levels.
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