Ten thousand sign up for new Bosch pension
GERMANY – Ten thousand employees have signed up for the supplementary pension of German engineering company and appliance maker Robert Bosch.
Stuttgart-based Bosch launched the separate pension fund in July 2002 for its more than 102,000 domestic workers to supplement its existing 4.4 billion euro scheme.
As at the end of 2002 “it had already registered its 10,000th participant”, the company says in its latest annual report and accounts. It said the scheme is “an innovative offer which is well-received”.
Bosch added that its pension costs in 2002 rose to 686 million euros in 2002, from 569 million euros in 2001.
Munich-based Allianz Dresdner Asset Management is the Bosch fund’s sole investment manager whilst Wiesbaden-based investment consultancy Heißmann runs the administration.
The Bosch fund is part of a wave of new supplementary pension funds being created by some of Germany’s major companies. Influenced by the Riester pension reforms, the creation of the new company schemes comes at the same time as the establishment of the new industry-wide pension schemes in Germany.