KlinikRente, the pension fund for employees in the health sector, is teaming up with MetallRente to offer a Pensionsfonds option to members from 2021.
Employees in the healthcare sector can now opt for the MetallPensionfonds for company pension schemes under the name “KlinikRente in the MetallPensionsfonds”, said Hubertus Mund, managing director of KlinikRente.
KlinikRente has gone for the MetallPensionsfonds in view of the persistent low interest rate environment. The MetallPensionsfonds can invest with a higher degree of freedom compared to other occupational pension vehicles.
The Pensionsfonds gives opportunities to achieve “very good” performance levels especially for employees with longer-term savings horizons, KliniKrente said.
MetallPeniosnfonds invests 80% of its capital in equities and bonds through the MetallRente.Fonds, and the remaining in Allianz-Lebensversicherung’s special bond (5%) and hedging products (15%).
KlinikRente applies an interest rate on pension products in 2021 of up to 3%, despite zero or negative interest rates. It will apply an interest rate to the direct insurance product “Perspective” of 2.95% this year, and of 3% for the Unterstützungskasse.
Last year, 360 companies opted for KlinikRente. The number of member companies rose to 4,700, while 14,300 employees in the health sector chose the pension fund. KlinikRente added 6,800 new contracts in 2020.
BVV adds direct promises of Dwpbank to Pensionsfonds
The pension provider for the German financial sector, BVV, has taken over €33m in direct pension promises from Deutsche WertpapierService Bank’s (Dwpbank).
Dwpbank, a provider of security services, has outsourced its pension obligations to the BVV Pensionsfonds last December.
“We are aware that internal company pension systems are increasingly under pressure in terms of balance sheet and risk assessment,” said Marco Herrmann, executive board member at BVV, with the reference to the decision of Dwpbank to outsource pension promises.
Dwpbank has been a member of BVV since 1997. BVV has recently taken over the pension obligations of Barclaycard, Barclays Bank’s credit card business branch in Hamburg. It currently manages assets worth over €30bn for 354,000 insured and 121,000 retirees in the financial sector.