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1 The portability of supplementary pension rights in Germany The experiences in the public and church sector Hagen Hügelschäffer 1
2 Contenu 1) Introduction 2) The Legal Framework 3) The Transfer Agreements in the public and church sector 4) Conclusions 2
3 1) Introduction Portability / transferability of pension rights: a long tradition in the supplementary retirement system of the public and church sector The second pillar system Some figures: employers, 4,9 millions of employees, 2 millions of retirees 1/3 of those who of rights for supplementary pensions in Germany, the most important system 3
4 1) Introduction Management ensured by - 1 retirement institution (= VBL) for the civil servants of the regional («Länder») and federal sector (1,8 mio.) - 24 retirement institutions for the civil servants of the local and church sector (3,1 mio.) fédéral régional communal Legal Basis: collective agreements of 2002 (ATV / ATV-K): introduction of a so-called point system VBL ecclésiastique 24 institutions 4
5 1) Introduction Financing: mostly PAYG (with considerable reserves); some institutions are funded systems Legal Structure Supplementary retirement institution affiliation Benefits in case of retirement employer labour contract employees 5
6 2) Le cadre légal Portability / transférability of supplementary pension rights introduced in 2004 (effective as of: 1/1/2005) in the framework of a reform of the tax law ( 4 of the law about occupational retirement provision Betriebsrentengesetz BetrAVG) Possibilities: Transfer on the basis of a mutual contract between the concerned parties (see old and new employer and the employee) no restriction Right to ask for the transfer, but with following restrictions - Engagements concluded after 1/1/ Limited value to about One year after termination of the labour contract - exclusion of certain supplementary retirement systems 6
7 2) The Legal Framework Object of the transfer the possibilities The whole right The actuarial value Exceptions: non-funded systems: example: the systems of the public sector (see above) reason: protection of the financial basis Important: exempted systems can nonetheless execute portability Similar regulation: Art. 9 (3) of the proposed directive of the Commission about improving the portability of supplementary pension rights Tax exempted upon certain conditions 7
8 2) The Legal Framework Right to information (cp. Art. 7 of the proposed directive) By former employers / retirement institution : - Amount of benefits of pension - Amount of the actuarial value in case of transfer By new employer / retirement institution : - Amount of benefits of pensions based on the actuarial value transfered - Widower and disability pension 8
9 a) Preliminary Observations Portability = transferability Portability for 30 years Reasons : 3) The transfer agreements in the public and church sector improving mobility in the public and church sector protection of acquired supplementary pension rights Portability foreseen despite legal exception for PAYG systems (see above) transfers per year Basis : Collective agreements (ATV / ATV-K; see above) Transfer agreements (details) 9
10 b) Portability in practice Transfer agreements 3) The transfer agreements in the public and church sector within the local and church sector (24 institutions see above) aa) Between the local and the curch and the federal and regional sectors (VBL) bb) With other supplementary retirement institutions Applicable only in case of change of jobs and retirement institution Not in the case of mass transfers (of a high number of employees) in case of relocation 10
11 3) The transfer agreements in the public and church sector aa) Within the local and church sector Transfer of acquired rights in case of change of job (see above) Compensations of the actuarial value, even if the institutions are financed by PAYG! Done electronically (software developed by the retirement institutions of the public and church sector for its members) 11
12 Flowchart of a transfer within the local sector: 1. Request to transfer after change of jobs (provided for based on collective agreeements) New Employer Insured 2. Transfer of this request 3. Information about transfer New retirement institution 4. Asks for: value of acquired rights, period of insurance, acturial value Old retirement institution 5. Financial Compensation (4 times a year) 12
13 3) The transfer agreements in the public and church sector bb) Between the local and church sector and the federal and regional sector No real transfer of acquired rights / of actuarial value, but only mutual recognition of periods spent in another institution Reason: insufficient reserves to compensate actuarial value Payment of future pensions by two different institutions But: promotion of the worker s mobility 13
14 4) Conclusions Portability works fine for a long time already Regulations of transfer agreements are more favourable than legal requirements Adequate solutions despite different financial models of the retirement institutions of the public and church sector (PAYG funded) Regulation through transfer agreements allows to take account of the specificities of retirement institutions Information (only in German) : and 14
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