Germany s largest public pension group... Bayerische Versorgungskammer

Transcription

1 Who we are

2 2 3

3 1,200 employees 100 years of experience 62 billion Euro capital assets 12 pension schemes under one roof 2 million active members and pensioners Germany s largest public pension group... Bayerische Versorgungskammer

4 Uniqueness in combination Competence bundled together in one group. Our active members and pensioners have profited from this for 100 years. As the largest public pension group in Germany, Bayerische Versorgungskammer is the joint executive body of twelve professional and communal pension schemes. These offer comprehensive provision for old age, disability and survivors. Bayerische Versorgungskammer is headed by five executive board members: Chairman Daniel Just, Vice Chairman Ulrich Böger, Member of the Board André Heimrich (capital investment), Member of the Board Reinhard Dehlinger (medical doctors pensions, IT and mathematics), Member of the Board Reinhard Graf (communal and public service pensions). 7

5 Experts As pension experts, our competence and our specialist knowledge are also in demand outside of Bavaria. As a result, members of professional groups from other federal states in Germany have joined our pension schemes. Our business areas extend to the states of Rhineland Palatinate, Saarland, Lower Saxony, Hesse, Thuringia, Baden-Württemberg, North Rhine Westphalia, Saxony and Berlin. For the pensions of stage artists, orchestra musicians and chimney sweeps, across Germany. 9

6 Partner Our pension schemes ensure different professional groups with a solid old-age pension: Medical doctors, pharmacists, construction engineers or lawyers, but also artists in orchestras or at German theaters can leave their pensions with us. Especially for the latter professional groups, whose career paths do not always run in such a linear way, it is particularly important to have a partner by their side who offers them stability for the time after their career. 11

7 We see ourselves as a modern company which at present manages a capital investment volume of circa 62 billion Euro. We rely on a diversified capital investment strategy: fixed income, alternative investments, bonds and real estate. Only a broad portfolio is of value in the long run. Our capital investment strategy has won serveral international awards. With 12,500 accommodation units in Germany, we are also among the leading institutional lessors. Modern Company 13

8 Public Authority Formally, we are an authority in the department of the Bavarian Ministry of the Interior. We combine this solidity with the strengths of a commercial enterprise. As the executive body of our twelve pension schemes, we finance ourselves without public money. This combination makes us unique. 15

9 Tradition with a future The oldest pension scheme of Bayerische Versorgungskammer is the Civil Servants Pension Scheme, which was founded in For 100 years it has provided a secure old-age pension sustainable over generations for its pensioners and active members. 17

10 Payments The Pension Scheme for Bavarian Medical Doctors, Dentists and Veterinarians old-age pension early retirement pension incapacity benefits child benefits as supplement to pension grants for rehabilitation measures survivorship annuity to the widow/widower or registered civil partner of the member according to the Lebenspartnerschaftsgesetz (German law on civil partnerships) half/complete orphan benefits The Pension Scheme for Bavarian Medical Doctors, Dentists and Veterinarians in numbers insured and recipients of payments: 133,100 people contributions per year: 1,124 million Euro payments per year 1 : 913 million Euro The Pension Scheme for Bavarian Medical Doctors, Dentists and Veterinarians was established in 1923 and is Germany s oldest and largest professional pension scheme. It provides old-age pension, vocational disability benefits and dependents pension and benefits for doctors, veterinarians and dentists in Bavaria, and also covers the former government districts of Palatinate and Rhine Hessen of the federal state Rhineland-Palatinate, for dentists the former government district of Palatinate of the federal state Rhineland-Palatinate and for veterinarians Rhineland-Palatinate and the Saarland. The pension fund is financed in open capitalization. This system consists of a continuously accumulating capital stock as well as integrating future members payments to a certain degree. Beyond the mandatory contributions, members can make additional payments which they are fundamentally free to choose and change. The Pension Scheme for Bavarian Medical Doctors, Dentists and Veterinarians manages its matters by genuine self-administration. In doing so the managing committee functions as a norm-setting and control organ. It decides in particular on the guidelines for pension policies, the articles of association, the annual accounts including the approval of the management board, adaptation of rights to pensions, economic planning and the formation of subcommittees. The managing committee chooses the members of the subcommittee from its own members. The tasks of the subcommittee include, alongside the preliminary consultation and recommendation for decisions of the managing committee, above all monitoring of the management board. 1 Data for all pension schemes without adjustment expenditures 18 19

11 Payments The Bavarian Pharmacists Pension Scheme old-age pension from 67 years of age (transitional arrangements for those born up to 1966) early retirement pension with deductions based on insurance mathematics (earliest from 62 years of age with transitional provisions for those born up to 1959, as long as membership before has been established) incapacity benefits survivorship annuity to the widow/widower or registered civil partner of the member according to the Lebenspartnerschaftsgesetz (German law on civil partnerships) half/complete orphan benefits The Bavarian Pharmacists Pension Scheme in numbers insured and recipients of payments: 39,200 people contributions per year: 205 million Euro payments per year: 226 million Euro The Bavarian Pharmacists Pension Scheme was founded in After the Pension Scheme for Bavarian Medical Doctors, Dentists and Veterinarians, the Bavarian Pharmacists Pension Scheme is the second-oldest pension scheme in Germany. Its members are the compulsory members of the pharmacist associations in Bavaria, Baden-Württemberg, Rhineland- Palatinate and the Saarland, as well as pharmacy interns who are employed in Bavaria, in Rhineland-Palatinate, in Baden- Württemberg and in the Saarland. As of January 1 st, 2015, the pension scheme s qualifying funding procedures - where a member s pension claims accrue from individually saved-up capital as well as investment revenues - are complemented by elements of open capitalization. Alongside the compulsory contributions, members can make additional payments continuously or sporadically, each according to their financial means. The amount of the pension is therefore largely the result of contributions paid in. Through the managing committee, the members have direct influence on their pension scheme. The managing committee has in particular the right to create rules and arranges the guidelines of the pension policy. Besides that it concludes the annual accounts, financial planning, as well as the dynamism of pension and rights to future pension payments. It also supervises the executive board

12 Payments The Bavarian Architects Pension Scheme old-age pension from 67 years of age; for those born 1947 to 1963, phased increase from ages 65 to 67 early retirement pension with deductions based on insurance mathematics (earliest from 62 years of age; as long as membership before has been established; from 60 years of age, depends on year of birth) incapacity benefits survivorship annuity to the widow/widower or registered civil partner of the member according to the Lebenspartnerschaftsgesetz (German law on civil partnerships) half/complete orphan benefits The Bavarian Architects Pension Scheme in numbers insured and recipients of payments: 42,300 people contributions per year: 216 million Euro payments per year: 96 million Euro The Bavarian Architects Pension Scheme has existed since 1971 and is based on the initiative by the professional group in Bavaria, which wanted to allow its professional members an efficient old-age pension, provision for disability and survivorship annuity tailored to their needs. Since then all members of the Bavarian Chamber of Architects, founded in the same year, are at the same time also members of the Bavarian Architects Pension Scheme. The members of the trade associations in Lower Saxony joined the pension fund in 1979 or respectively 1986 and those in Rhineland-Palatinate joined in Graduates from the relevant courses of study who exercise a practical activity according to the Baukammerngesetz (law on builders associations) or the particular law on architects in their regional chamber for registration in the lists of architects are likewise insured. As of January 1 st, 2015, the pension scheme s qualifying funding procedures - where a member s pension claims accrue from individually saved-up capital as well as investment revenues - are complemented by elements of open capitalization. Alongside the compulsory contributions, members can make additional payments, each according to their financial means. Through the managing committee, which is made up of members of the Architects Chambers in Bavaria, Lower Saxony and Rhineland-Palatinate, the members have direct influence on their pension fund. The managing committee has in particular the right to provide the articles of association and arranges the guidelines of the pension policy. Besides that it concludes economic planning and accepts the annual accounts

13 Payments old-age pension from the age of 67 early retirement pension with deductions based on insurance mathematics (from age 62 at the earliest) incapacity benefits survivorship annuity to the widow/widower or registered civil partner of the member according to the Lebenspartnerschaftsgesetz (German law on civil partnerships) half/complete orphan benefits up to 27 years of age at the most, up to the end of the 30th year at the most in the case of permanent disability The Bavarian Construction Engineers Pension Scheme with Psychological Psychotherapists Pension Scheme in numbers insured and recipients of payments: 8,780 people contributions per year: 53 million Euro payments per year: 3 million Euro The Bavarian Construction Engineers Pension Scheme with Psychological Psychotherapists Pension Scheme In 1995 an independent pension fund was founded for the members of the Bavarian Construction Engineers. Further professional associations have joined through state contracts: in 1998 the members of the Chamber of Engineers Rhineland- Palatinate and the Chamber of Engineers Saxony, in 2001 the members of the Chamber of Engineers Berlin and the Chamber of Engineers of the Saarland, 2003 the members of the Chamber of Engineers of the State of Hessen and the Chamber of Engineers Thuringia. As of 2006, the pension fund extends to members of the Bavarian State Chamber of Psychological Psychotherapists and Child and Youth Psychotherapists. In 2008 the pension fund extended to the members of the Chamber of Psychotherapists of the Saarland. As of January 1 st, 2015, the pension scheme s qualifying funding procedures - where a member s pension claims accrue from individually saved-up capital as well as investment revenues - are complemented by elements of open capitalization. Alongside the compulsory contributions, members can also make additional payments continually or sporadically, each according to their financial means. All fundamental decisions regarding the pension fund are made by the managing board. It decides in particular on the articles of association and arranges the guidelines of the pension policy. Besides that, it decides about the economic planning and accepts the annual accounts

14 Payments The Bavarian Lawyers and Tax Accountants Pension Scheme old-age pension from the age of 67 early retirement pension with deductions based on insurance mathematics (from age 62 at the earliest) deferred old-age pension (at the latest up to 70 years of age) with actuarial advance payments incapacity benefits survivorship annuity in the form of: burial expenses, widow s and widower s pension or respectively civil partner pension for registered civil partnerships, half and complete orphan benefits The Bavarian Lawyers and Tax Accountants Pension Scheme in numbers insured and recipients of payments: 42,760 people contributions per year: 324 million Euro payments per year: 34 million Euro The pension scheme was founded in 1984 as the Bavarian Lawyers Pension for the members of the Chamber of Lawyers in Munich, Nuremburg and Bamberg. Since 2000, the members of both the Bavarian Chamber of Tax Accountants Munich and Nuremburg have also entrusted their contributions to the pension scheme. It has since then been renamed the Bavarian Lawyers and Tax Accountants Pension Scheme. Since 2006, the patent lawyers with offices in Bavaria have also been members of the pension fund. The latest addition came in 2013 with the patent lawyers in North Rhine-Westphalia. Membership in the pension fund for lawyers and tax accountants begins together with membership in the particular professional association in Bavaria, and ends with their exit from the professional association. Alongside membership in a chamber of patent lawyers, the existence of a law firm in Bavaria or North Rhine-Westphalia is mandatory for starting and ending membership in the pension fund for patent lawyers. As of January 1 st, 2015, the pension scheme s qualifying funding procedures - where a member s pension claims accrue from individually saved-up capital as well as investment revenues - are complemented by elements of open capitalization. Alongside the compulsory contributions, members can also make additional payments continually or sporadically, each according to their financial means. The pension fund is organised and controlled by the professional group, guaranteeing transparency and competence. Through the managing board, the members have a particular influence on the pension fund. The managing board decides in particular on the articles of federation and arranges the guidelines of the pension policy. Besides that, it decides about the economic planning and accepts the annual accounts

15 Payments The Civil Servants Pension Scheme pension (old-age or disability) survivorship annuity and burial expenses accident relief payments to settle pension after divorce supplementary insurance contributions in statutory pensions payments according to German law on improved occupational pensions shares of burdens to pay pensions and indemnity payment contributions in cases of allocation voluntary payments (e. g. for rehabilitation measures) The Civil Servants Pension Scheme in numbers The Civil Servants Pension Scheme was founded in 1916 to safeguard municipal households from excessive pension burdens. It is an insurance association based on the principle of solidarity, which makes pension payments to be made by its members (employers), as well as other statutorily prescribed payments (e. g. accident relief, payments to settle pensions, supplementary pension contributions). As a result direct legal relationships exist only between the Civil Servants Pension Scheme and its members (employers), but not with its civil servants/employees with pension rights corresponding to those of civil servants. Members of the Civil Servants Pension Scheme are municipalities with fewer than 100,000 inhabitants, administrative districts, administrative partnerships, special-purpose associations and school associations, if these employ civil servants entitled to pensions. The managing board acts as decision-making and control organ. It decides in particular on the guidelines for the pension policy, the statutes, the annual accounts including the exoneration of the management and economic planning. In addition, it determines the contribution rate and monitors the executive board s management. active members and recipients of payments: 30,760 people contributions per year: 506 million Euro payments per year: 410 million Euro 28 29

16 Payments The Pension Scheme for Local and Church Employees old-age pension plan in the form of: old-age pensions, limited incapacity benefits, survivorship annuities additional voluntary old-age pension (PlusPunktRente) survivorship annuities in the form of: widow and widower pensions or respectively civil partner pensions for registered civil partnerships, half and complete orphan pensions The Pension Scheme for Local and Church Employees in numbers insured and recipients of payments: 1,608,240 people allocations and contribution per year: 1,553 million Euro payments per year: 980 million Euro The Pension Scheme for Local and Church Employees (founded 1940) manages the old-age pension plan for employees in communal public and church service in the area of Bavaria, as well as the former government region of Palatinate of the federal state Rhineland-Palatinate. Payments are additional pensions alongside the statutory pension and private pension funds, and they are paid on request generally from the start of the statutory pension. A waiting time of 60 months, during which the employer has provided expenses, is required for pension payments to start. In addition, employees can increase their pension plan with PlusPunktRente (voluntary insurance) and profit from public financial assistance for private retirement provision ( Riester pension or deferred compensation). In this field of business of voluntary insurance, the Pension Scheme for Local and Church Employees is in competition with other providers. Through the managing committee, employers (members) and the insured have direct influence on the pension fund. The committee is comprised of employer representatives and representatives of the insured employees

17 Payments The Pension Scheme of the Bavarian Parliament old-age pension incapacity benefits survivorship annuity in the form of widow s and widower s allowance, as well as orphans allowance The Pension Scheme of the Bavarian Parliament in numbers recipients of payments: 116 people state grant per year: 3 million Euro payments per year: 3 million Euro The Pension Fund has provided pension and survivorship annuity payments for former members of the Bavarian State Parliament since After the amendment of the Bavarian Abgeordnetengesetz (law on representatives), only those members who left the Bavarian State Parliament up to 27 th October 1978, or who opted for the so-called mixed pension, still receive payments. Mixed pension means they receive a pension proportionately to their work until 27 th October 1978, and pensions for the time after that in accordance with the Bavarian Abgeordnetengesetz. Since the members are no longer members of the pension fund from that date onwards, it also no longer receives contributions. The Free State of Bavaria guarantees, however, that all 116 remaining pension recipients receive the promised payments, even if the funds of the pension fund should no longer be sufficient

18 Payments The Pension Scheme for German Theaters old-age pension from the end of 65 years of age; for those born in 1947 or later, the entry age gradually rises up to age 67 flexible old-age pension from 60 years onwards; the entry age gradually rises for those born in 1952 or later. This payment entails deductions based on insurance mathematics incapacity benefits in case of disability in insured profession survivorship annuity to the widow/widower or the civil partner of the insured registered under the Lebenspartnerschaftsgesetz (German law on civil partnerships), as well as half/complete orphan pensions to surviving children up to 25 years of age grants for medical expenses (in particular to artificial dentition and treatments) The Pension Scheme for German Theaters in numbers insured and recipients of payments: 98,670 people contributions per year: 82 million Euro payments per year: 105 million Euro Since 1925 the Pension Scheme for German Theaters has provided supplementary pension, incapacity benefits and survivors pension in addition to the statutory pension for all artistic employees of German theaters. Members of this pension fund are all theater companies in Germany which employ stage artists, whereas the insured are all employed stage artists. Stage artists who have longer employment breaks at theaters can nevertheless maintain their pension plan by voluntary payments (at least Euro per month). This way they can avoid disadvantages and breaks in their insurance. The pension scheme is financed by qualifying funding procedures. The payments are financed by the contributions of the insured and their employers, as well as capital revenues. The contributions paid by the individual insured parties serve to accrue their respective pension. Through the managing board, the members, insured and pension recipients have a particular influence on the pension fund. It is made up of employer and employee representatives. It has in particular the right to set the articles of association and arranges the guidelines of the pension policy. Besides that it decides on economic planning and accepts the annual accounts

19 Payments The Pension Scheme for German Orchestras old-age pension from the end of 65 years of age; for those born in 1947 or later, the entry age gradually rises up to age 67 flexible old-age pension from 60 years onwards; the entry age gradually rises for those born in 1952 or later. This payment entails deductions based on insurance mathematics incapacity benefits in case of disability in insured profession survivorship annuity to the widow/widower or the civil partner of the insured registered under the Lebenspartnerschaftsgesetz (German law on civil partnerships), as well as half/complete orphan pensions to surviving children up to 25 years of age grants for medical expenses (in particular to artificial dentition and treatments) The Pension Scheme for German Orchestras in numbers insured and recipients of payments: 22,640 people contributions per year: 48 million Euro payments per year: 58 million Euro Founded in 1938, the Pension Scheme for German Orchestras provides old-age pensions, incapacity benefits and survivorship annuities in addition to the statutory pension to Orchestra musicians. Members are all cultural orchestras in Germany, whereas insured are all employed musicians at these orchestras. Orchestra musicians who have longer employment breaks can nevertheless maintain their pension plan by voluntary payments. This way they can avoid disadvantages and breaks in their insurance. The pension scheme is financed by qualifying funding procedures. The payments are made up of contributions of the insured and their employers, as well as capital revenues. The contributions paid by the individual insured parties serve to accrue their respective pension. Through the managing board, the members, insured and pension recipients have a particular influence on the pension fund. It is made up of employer and employee representatives. It has in particular the right to set the articles of association and arranges the guidelines of the pension policy. Besides that it decides on economic planning and accepts the annual accounts

20 Payments old-age pension from 60 years of age (for new entries as of 2012: 62 years of age) payments in case of reduced earning capacity survivorship annuity to the widow/widower or the civil partner of the member registered under the Lebenspartnerschaftsgesetz (German law on civil partnerships) half and complete orphan pension The Pension Scheme for Assistant Chimney Sweepers with the Chimney Sweeper Pension Fund Association in numbers insured and recipients of payments: 11,230 people contributions per year: 11 million Euro payments per year: 0.7 million Euro The Pension Scheme for Assistant Chimney Sweepers with the Chimney Sweeper Pension Fund Association The Pension Scheme for Assistant Chimney Sweepers with the Chimney Sweeper Pension Fund Association was founded in 1926 and since then has played an important part in supporting the survivors of employees in the chimney sweeper associations in Bavaria and Rhineland-Palatinate. As of 2007, a compulsory insurance in the Supplementary Retirement Institution for Chimney Sweepers no longer exists. All payments and pension claims accrued until then are continued by the pension scheme. As a pension fund of the Chimney Sweepers Association, it has been responsible for the old-age pension plan of employees and apprentices in the Chimney Sweepers Association since The pension fund was established on the basis of a trade agreement. All employees of regional chimney sweepers, including apprentices and administrative staff, can become members of the pension fund. The employers as members of the pension fund pay contributions for their employees in the form of deferred compensation. Set up on the principle of parity, the managing board ensures that employers and employees can directly influence their pension fund. The executive board has in particular the right to set articles of association, decides on the dynamics of current pension payments and right to future pension payments, accepts the annual accounts and decides on economic planning

21 Payments The Pension Scheme for German Chimney Sweepers old-age pension from 67 years of age; for those born 1947 to 1963, gradual increase from 65 to 67 years of age according to regular age limit in the statutory pension old-age pension from 62 years of age with actuarial deductions; insured people in the statutory pension system for a particularly long period are exempted from these deductions incapacity benefits survivorship annuity to the widow/widower or the civil partner of the member registered under the Lebenspartnerschaftsgesetz (German law on civil partnerships) full orphan or complete orphan pension The Pension Scheme for German Chimney Sweepers 1 in numbers prospective beneficiaries and recipients of payments: 13,760 people contributions per year: 0 million Euro payments per year: 74 million Euro The beginnings of the Pension Scheme for German Chimney Sweepers date back to Up to 1970, it developed into a retirement institution covering all of Germany. The Chimney Sweepers Pension Scheme is a comprehensive pension system. It combines the statutory pension with the payments from the institution. Once retired, the regional chimney sweeper masters receive pensions from both pension systems on the basis of a determined pension level. Since the law on reorganization of the chimney sweeper profession came into action in 2008, the profession has undergone considerable change, and after a transitional period up to 2012 is now largely faced with market competition. The new situation of competition also has an impact on the pension rules of the Supplementary Retirement Institution for Regional Chimney Sweeper Masters, which could not be sustained in the previous form. On , the contribution payments of active members of the institution therefore ended. From on, further rights to future payments could no longer be acquired and no contributions could be collected anymore. The retirement institution, which since has been renamed the Supplementary Retirement Institution of Authorised Regional Chimney Sweepers, continues to satisfy the claims of insured and survivors. Pension payments acquired until are continued. The vested claims acquired up to that time also remain and later lead to pension payments. The existing assets of the institution will initially be used to finance the pension payments currently already guaranteed, as well as later pensions. After that, the German State will provide the necessary financial means to further guarantee the promised payments. 1 Since the Institution has been called the Supplementary Retirement Institution of Authorised Regional Chimney Sweepers ( 28 Para. 1 SchfHwG)

22 audit berufundfamilie Since 2009, Bayerische Versorgungskammer has been certified with the audit berufundfamilie and offers its employees a multitude of familyfriendly aspects at work and beyond. Flexible work and part-time models, no fixed core working hours, day-care places in a day-care centre or a parent-child office are only some of our offers

23 Creating a work environment free from prejudice is what we strive for at Bayerische Versorgungskammer. All employees should be treated with respect regardless of sex, nationality, ethnic background, religion or world view, disability, age, sexual orientation and identity. We therefore signed the Diversity Charter in Real diversity 44 45

24 Our insured and members entrust us with their contributions and allocations. It is all the more important that these are invested securely and profitably. In 2011 we were the first pension group in Germany to sign the UN Principles for Responsible Investment. By signing the principles we have obligated ourselves to include so-called ESG factors (Environmental, Social and Corporate Governance) into our analysis and decision processes in the investment sector. Sustainable capital asset management 46 47

25 Civil Servants Pension Scheme (BayVV) 1916 Pension Scheme for Bavarian Medical Doctors, Dentists and Veterinarians (BÄV) 1923 Pension Scheme for German Theaters (VddB) 1925 Bavarian Pharmacists Pension Scheme (BApV) 1925 Pension Scheme for Assistant Chimney Sweepers with the Chimney Sweeper Pension Fund Association (VKg/PKS) 1926 Pension Scheme for German Orchestras (VddKO) 1938 Pension Scheme for Local and Church Employees (ZKdbG) 1940 Pension Scheme for German Chimney Sweepers (VdBS) 1951 Pension Scheme of the Bavarian Parliament (VdBL) 1968 Bavarian Architects Pension Scheme (BArchV) 1971 Bavarian Lawyers and Tax Accountants Pension Scheme (BRAStV) 1984 Bavarian Construction Engineers Pension Scheme with psychological Psychotherapists Pension Scheme (BIngPPV) 1995 The Civil Servants Pension Scheme was founded to protect municipal households from excessive pension burdens and joined the Versicherungskammer. Law on public insurance passed. Pension Scheme for Local and Church Employees changes its funding system from comprehensive pension system to model of insurance points. The voluntary supplementary insurance PlusPunktRente is launched. 75 th anniversary of the Pension Scheme for German Orchestras. 100 th anniversary of the Civil Servants Pension Scheme. Pension reform by Konrad Adenauer: The Royal Chamber of Fire Insurance was established by law by King Ludwig II in Munich. Mathematics department founded. Members of a professional pension scheme are freed from statutory pension. The Magna Charta of professional pension schemes. Capital investment department formed. Bayerische Versorgungskammer signs Diversity Charter. 75 th anniversary of the Pension Scheme for Local and Church Employees Name changed to Royal Bavarian Chamber of Insurance ( Versicherungskammer ). The Department of Asset Management (today s capital assets department) established. The first insurance broker apprentices start. Division of the company into the Versicherungskammer Bayern (manages all insurance institutions) and Bayerische Versor- UNPRI Guidelines for responsible investment signed. gungskammer (now administers all pension and social benefit institutions). Name changed to Bayerische Versicherungskammer after the end of the monarchy. Currency reform in post-war Germany: pension claims of insured are converted from RM into DM at 1:1. Certificate audit berufundfamilie. Funding procedures of four pension schemes switch from qualifying funding procedures to open capitalization: BApV, BArchV, BRAStV and BIngPPV

26 REAL ESTATE 2009 Best Core Investment (Real Estate) 2012 Best Institutional Investor in Austria/Germany/Switzerland An investor initiative in partnership with UNEP FI and the UN Global Compact ABOUT US Publisher Bayerische Versorgungskammer Denninger Straße München 2004 Best Pension Fund in Germany 2005 Themed Award Hedge Fund Investment 2006 Best Pension Fund in Germany 2007 Best Commodities Investment 2009 Best Use of Fixed Income 2011 Best Use of ESG/Corporate Governance 2014 Best Pension Fund in Germany 2014 Best Use of Fixed Income Telefon: Fax: info@versorgungskammer.de Photo credits: Title image: istock/ssuni; page 2: BVK/Weber; page 4: Fotolia/jessicahyde; page 6: istock/avtg; page 8: istock/ vandervelden; page 10: istock/sturti; page 12: Fotolia/Vahldiek, Opelka; page 14: Fotolia/zastol skiy, page 16: Fotolia/Merkle; page 18, 24, 30, 36: BVK/Reus; page 42: istock/visual 7; page 44: Fotolia/STB; page 46: istock/kandelfire; Printer: Kriechbaumer Druck GmbH & Co. KG Ehrenbreitsteiner Str München Dated:

27 Denninger Straße Munich Phone: +49 (0) Fax: +49 (0) info@versorgungskammer.de