Versorgungswerk der Zahnärztekammer Berlin (VZB) has pushed back against its industry association, which accused the pension fund for dentists in Germany of failing to quickly clarify a major financial scandal.
ABV, Germany’s association of pension funds for professionals, asked VZB chair Thomas Schieritz to guarantee the functioning of the scheme’s operations, with clear procedures “untainted by past events”, and to accelerate submission of audited 2024 and 2025 financial statements.
The association offered support on the condition that it receives “unsolicited, regular, and fact-based written updates on all current developments”. It expressed concern that ongoing disputes within VZB and public statements from board members were harming pension funds managing €300bn of assets.
In a statement, VZB said it “categorically and unequivocally” rejected the association’s claims, calling them “completely without factual basis”.
It said the investigation into a financial and corruption scandal – unprecedented in German pension fund history – is complex, time-consuming, and costly.
Decision-makers at the pension fund are determined to pursue an investigation into past events despite internal and external resistance, the fund said, adding: “Without this courageous initiative, key issues would never have been adequately investigated.”
Work in progress
Since the scandal emerged, VZB has replaced its entire management team and is probing what it considers unlawful past investment practices, aiming to protect members amid €1.1bn of losses on private market investments.
“This includes close forensic cooperation with the Berlin Public Prosecutor’s Office, comprehensive investigations of the investments, external assessments, the enforcement of potential liability and damage claims, and structural changes to functioning control systems and effective state oversight,” VZB’s statement said.
Rules of procedure will be updated in 2026 to clarify roles, responsibilities and board accountabilities.
VZB initially expected audited 2024 figures by the end of the first quarter, but now says these will not be available before the fourth quarter.
The pension fund said external, reliable investment analyses had not been commissioned for many years, a lapse not flagged by auditors also working with other funds. A clear assessment can only begin once a Berlin court appoints an auditing firm – a decision still pending.
The fund questioned whether ABV has any “specific evidence” linking current management to the audit delays.
“In the future, the ABV board should exercise particular care in its public communications and only make statements after thorough and reliable review,” VZB said.
The fund is also maintaining its critical stance on new ABV standards aimed at strengthening risk management for professional pension funds, arguing that the guidelines offer little protection if underlying information is not independently verified.
