Germany: ABA chief sees regulatory “jungle”
GERMANY – The head of the German pension industry body ABA says the industry is facing a “jungle of regulation” and has called for a longer-term planning horizon.
Klaus Stiefermann, the general manager of the Arbeitsgemeinschaft fuer betriebliche Altersversorgung, said the industry is facing a "jungle of regulations". And he called for better information from politicians.
"Once again we appeal to politicians for transparency, reliable general frameworks and consequently a long-term planning horizon in the field of employees’ retirement income security," Stiefermann said in a statement ahead of the ABA’s 250-delegate autumn conference taking place this week in Munich.
The ABA says that around 80% of German companies offer retirement arrangements. It has conducted a poll which found that companies want to hire and retain their employees by using retirement arrangements. But the lack of information prevents the better acceptance and spread of retirement arrangements.
The findings tie in with the main theme of the most recent ABA conference in May. “Employers complain that the legal framework is too complicated, that there are five different types of pension promise that they can establish,” said ABA chief Boy-Juergen Andresen at the time. “We are trying to encourage a positive attitude and increase the number of companies that offer a pension scheme.”