!!!Pensionskassen

Pension Funds, the Pension Funds Act of 1990 is the legal basis for 
the introduction of pension funds as the "second pillar" of 
the old age and survivors' social security system, the first one being 
the national  pension insurance. Pension funds are established as 
public limited companies and are licensed by the Federal Ministry of 
Finance. There are two different types of pension funds: company and 
inter-company pension schemes. Employers and pension funds sign 
contracts which are based on the company pension deals concluded 
between the employer and the staff works council. This contract lays 
down the amounts of contribution payments paid by the employer and by 
the employees, it also regulates the types of capital investment 
allowed (in the context of certain legal restrictions). As regards 
insurance and investment risks respecting the paid-in capital, the 
members (contributors and beneficiaries) of a Pension Fund form an 
investment and risk-sharing association (or several associations). The 
kind and amount of the benefit the individual member will draw depends 
on the benefit formula used in the company agreement, which is based 
on the Company Pensions Act. This Act governs all forms of pension 
commitment on the part of an employer, irrespective of whether such 
commitment is made by the employer establishing or joining a pension 
fund, by direct promises of benefit payments, or by the employer 
taking out life insurance for the benefit of his/her employee(s). 
Further basic provisions of the Company Pensions Act are the 
non-forfeitability of the benefits in case of termination of 
employment and the limited revocability of pension commitments already 
granted, as well as a number of binding protection clauses.

[Guide to important life insurance site|https://discountlifecover.co.uk/the-ultimate-guide-to-life-insurance]


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