Contributions of member companies of the German lifeboat scheme for occupational pensions – Pensions-Sicherungs-Verein VVaG (PSVaG) – have increased this year to approximately €726m, from €673m last year, the scheme said in a statement.
The lifeboat scheme has set the contribution rate at 1.9‰ this year, an uptick from the 1.8‰ set in 2022, which led to an increase in contributions of member companies.
In June, the PSVaG expected a contribution rate for 2023 averaging the levy seen over the last 10 years (2.0‰), it added.
The volume of claims for insolvencies grew in the first half of the year significantly compared to the previous year, and this development cemented in the second half of the year, it said. The volume of claims was 50% higher in June this year, compared with the low level recorded instead last year, the scheme said.
The volume of benefits paid in the event of employer insolvency has more than doubled this year compared with 2022, it added.
The volume of contributions increased last year to €685m from €242m in 2021, and the number of scheme company members increased to 101,300 last year compared with 99,400 the previous year, according to PSVaG’s financial statement.
This year, as happened also last year, members have to pay an additional contribution amounting to 1.5‰ for pension promises made through Pensionskassen that will be paid to the equalisation fund, which had total assets of €3.3bn.