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German chemical industry to create huge fund

GERMANY – The German chemical employers association, the Bundesarbeitgeberverband Chemie (BAVC) has laid the framework with the industry’s trade union, the Industiregewerkschaft Bergbau, Chemie, Energie (IG-BCE), for the creation of a potentially 590,000 strong industry wide pension fund.

The fund, which as yet doesn’t have a predetermined size, is inspired by the pensions reforms sweeping the German market.

The plan, which will includes paper and glass industry workers, is expected to take the form of a 'Pensionsfond', though not to replace existing retirement savings vehicles, such as the Pensionskassen and insurance funds, according to Michael Denecke, a representative for the IG-BCE.

Denecke says that the two bodies are looking to select one service provider, who may in turn outsource investment management. Further details are expected later this month.

IG-BCE says that it is looking to reach similar agreements with industry associations for the energy and mining sectors.

The BAVC/IG-BCE link-up comes soon after the metal workers union and its industry employers association announced in September that they were looking for managers for a similar scheme, as reported by IPE Newsline.

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