GERMANY - Allianz-Dresdner Pensionsfonds, one of Germany’s new equity-oriented pension vehicles, says its occupational pensions business improved dramatically in 2004.
It said that last year, 34 companies, representing pension contributions of €66.8m, decided to transfer their pension assets from existing schemes to its vehicle.
By comparison, ADPF said that in 2002 and 2003, pension contributions to its fund totalled €1.5m and €5.8m, respectively.
Due to the strong performance in 2004, ADPF said it had a 60% share of the German Pensionsfonds market. The fund added that its full results for 2004, including its total assets, would be disclosed in mid-April.
Unlike other German Pensionsfonds, ADPF is neither company nor industry specific but open to all of corporate Germany. The fund, which is a unit of German insurance giant Allianz, currently insures 5,700 employees.
Pensionsfonds have not met expectations since they were launched 2002 as part of the so-called Riester pension reforms.
The vehicles were Germany’s answer to the Anglo-Saxon pension fund, and had fewer investment restrictions.
However, estimates are that the Pensionsfonds as a whole has taken in a few hundred million euros in assets – far below the tens of billions many in the industry had expected at this stage.