100,000 join chemical fund in three months
GERMANY – The German chemical industry’s sector-wide supplementary pension fund, Chemie Pensionsfonds, has already signed up 160 large and mid-size companies, representing over 100,000 workers, since gaining regulatory approval in April.
The figure represents a sixth of the new fund’s overall forecast 600,000 potential membership. The fund is open to any industry or sector covered by the IG BCE, the chemicals, mining and energy trade union that was instrumental in establishing it.
Once given the green light, representatives from IG BCE, the BAVC - the chemical industry employers’ association, and HypoVereinsbank, which provides administration services to the fund, embarked on a roadshow in seven major cities across Germany to market it.
“Though the 100,000 employees from these companies still only represent potential membership, the number of companies that have signed up following the roadshow far exceeds expectation. This is a very encouraging start,” said a BAVC spokesman.
There are no plans to repeat the roadshow. "Paradoxically, the success of the roadshow means we don't need it anymore for the time being since we are constantly hearing from companies that are interested.
"We have promotion campaigns running on the internet and brochures being circulated.These are taking over where the roadshow left off."