EUROPE - The German insurance company Allianz has revealed details of its pan-European pension product "European CompPension".
"Allianz corporate customers with branches in various European countries can standardise key elements of their company pension schemes across national borders," a press release stated.
Asked how they solved the problem of different tax laws a spokeswoman told IPE: "There is a unified capital investment strategy behind it but the product is tailored to national tax laws in every country it is being offered."
So far Allianz has launched "European CompPension" only in Germany but from mid-December and early 2007 respectively it will also be available in France and Italy from Allianz subsidiaries AGF and RAS operating in these countries. Allianz could not say which countries would be targeted next but a spokeswoman confirmed that other European countries were being looked at.
"The new Allianz European ComPension product line is another step along the road to creating a Europe-wide platform for company pensions," explains Michael Hessling, member of the board of management at Allianz Leben responsible for corporate customers and broker sales.
Apart from offering companies a comparable pension product throughout Europe, All Net, Allianz's international network, will also provide an annual Pension Report to give customers a better overview of the old-age provision for their employees.