German media industry launches new Riester fund
GERMANY – The media, printing and paper industries have become the latest industrial sector to establish a new industry-wide supplementary pension scheme as part of the Riester reforms. It has a potential membership of some 400,000 workers.
Called Zukunftfonds Medien, Druck und Papier, the new scheme consists purely of a Pensionskasse to be managed by Cologne-based insurance group, Gerling.
The new scheme is the result of co-operation between the service industries’ union, ver.di, and the BVDM and HPV, the respective trade and employers associations for the printing and media and paper, glue and plastics industries.
Thomas Mayer, managing director of the BVDM claims establishing a new Pensionskasse through an established service provider, such as Gerling, means the new system will offer a better deal than the other new sector-wide pension fund companies.
The employee contribution rate for Zukunftsfonds is only 5% compared with between 10% and 15% for some of its rival funds, such as the new metal and electronics workers fund, says the BVDM.
“The favourable conditions of our new Pensionskasse mean we are even able to offer a better deal than Metallrente,” says Mayer.
Furthermore, Mayer says the involvement of Gerling also eases the administrative burden on the employer of having to take care of pensions issues.
“The agreement with Gerling ensures that they as service provider will take away as many pensions obligations as possible from the employer.”