German energy company E.ON has decided to establish its own Pensionsfonds. It will be a separate entity and it is still awating its licence to operate from the financial supervisory authority, BaFin.
E.ON has appointed Stefan Brenk, head of pension finance and asset strategy, as chair of the board of the new Pensionsfonds.
It also plans to transfer the pension assets of the employees of Innogy, a company acquired from rival RWE and previously held with Willis Tower Watson, into the new Pensionsfonds.
WTW Pensionsfonds took over pension assets worth €2.6bn of 10,000 Innogy employees from the RWE Pensionsfonds in 2019.
Metzler Pensionsfonds ups coverage assets
Metzler, the German bank, saw the amount of coverage assets in its Pensionsfonds rise to €4.3bn at the end of 2020.
The number of pension accounts in the Pensionsfonds rose to 38,000, from 25 sponsoring companies.
Metzler Pensionsfonds took over pension obligations of an unnamed auditing firm and the bank itself.
Moreover, Bankhaus Metzler transferred pension obligations to the Pensionsfonds on 1 October last year. It won the largest mandate in its history that let to transfering pension assets of 15,000 beneficiaries to the Pensionsfonds.
Metzler Pension Management, the provider of services for corporate pension schemes, received a license for portfolio management to independently invest pension liabilities based on the requirements of strategic asset allocation (SAA) and overlay structuring for liability-driven investments (LDI).
The Pensionsfonds puts in place “different investment concepts”, said Martin Thiesen, managing director of Metzler Pension Management.
Christian Remke, co-managing director of Metzler Pension Management, added: “Outsourcing pension obligations opens up new possibilities for our customers for investing pension capital investments and protect pension claims over the long-term.”