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Pensionskassen growth stagnates - GDV

GERMANY - Germans remain cautious about investing money long-term despite good economic development, the association of German insurers (GDV) has found.

The number of new contracts with Pensionskassen and Pensionsfonds, two vehicles of occupational pension provision, will pass the €8m mark again, similar to the €8.5m reported for last year despite a much improved economic situation.

"The remaining uncertainty, despite a drop in the jobless rate, means people are still reluctant to commit to retirement provision," the GDV noted in its nine-months interim report for 2007.

However, Germans are still very interested in the Riester-Rente, a government-subsidised private pension modelled on life insurance products, suggests the association.

Approximately 2.4 million new contracts have alredy been sold so far this year compared to 2.5 million for the whole of last year.

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