BVV, the €34bn pension provider for Germany’s financial sector, is restructuring its management board as it seeks to extend its defined contribution (DC) pension offerings to employers beyond the financial services industry.
Axel-Rainer Hoffmann has been appointed chief investment officer and member of the management board, effective 1 September, the scheme announced on Friday following its annual general meeting. He succeeds Frank Egermann, who is set to retire at the end of the year.
Hoffmann joins from Volkswohl Bund Versicherungen, where he has served for a decade on the executive board. Prior to that, he held the role of CIO and management board member at AXA in Belgium.
As part of the governance restructure, Marco Herrmann, currently a member of BVV’s executive board, has been named chair of the board for BVV’s three pension vehicles: the multi-employer Pensionskasse BVV Versicherungsverein, the Unterstützungskasse BVV Versorgungskasse, and BVV Pensionsfonds.
Herrmann will also assume the position of chair of the management board at BVV Pension Management, the vehicle established in 2023 to operate as a full-service second pillar pension provider.
According to BVV’s 2024 financial statement, BVV Pension Management is expected to play a key role in expanding the scheme’s advisory and management services, including the administration of direct promises (Direktzusagen).
Following Egermann’s departure, the executive board of BVV Pension Management will comprise Helmut Aden, Hoffmann and Herrmann.
Chair of the supervisory board Heinz Laber said the creation of the new chair role for the pension vehicles would further sharpen BVV’s strategic focus.
The fund aims to open up its social partner model – which offers pure DC pensions – to employers outside the financial services industry.
BVV launched DC pensions for the German banking sector in 2023 through its Pensionsfonds vehicle, following a collective bargaining agreement between social partners, including the private banking employers’ association AGV Banken, the trade union Ver.di, and the German Bank Employees’ Association (DBV).
Deutsche Bank joined the model shortly after its launch and began offering DC pensions from January this year to around 4,000 employees at subsidiaries of the former Postbank Group.
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Luigi is IPE's Berlin-based DACH correspondent.
His coverage includes regulation and the latest pensions and investments trends, and, being a native Italian, he also covers Italy’s pensions market.
He has reported from Italy and Germany on international politics and business for European and US publications including USA Today, Bloomberg BNA and for the investigative magazine L’Espresso. He was previously Germany correspondent for Mergermarket covering M&A.View full Profile
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