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					Allianz Dresdner Pension Consult GmbH




5° Aniversario des Sistema Mexicano de
Pensionses - Reformas de los Sistemos
Previsionales en el Mundo


German Pension Reform


Dr. Alexander Schrader
Managing Director
Allianz Dresdner Pension Consult


Mexico, July 2002
Allianz Dresdner Pension Consult GmbH



Agenda.



 The German pension market today and the need to reform.

 Main elements of the German pension reform.

 Changing market structures - players, products, distribution.

 First experience.

 Allianz‟s strategy to capture the pension opportunity.




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Allianz Dresdner Pension Consult GmbH



The German pension system.
    Not able to keep
      the pension
        promise!                                Retirement income


                          Statutory pension       Corporate pension          Private provision

Access:
                        all employees           50% of employees          everybody
                        mandatory               voluntary                 voluntary
Economic                85% of retirement       5% of retirement          10% of retirement
impact:                  income                   income                     income
Cover stock:            PAYG                    partially funded (16%)    funded (37% of GDP)
Vehicles:               income related          (mostly) unfunded         life insurance and
                         pension: 67% of last     pension reserves and
                         net income                                          retirement savings
                                                  insurance products for
                                                                             plans („AS-Fonds“)
                                                  db plans
Taxation:               mostly EEE              TEE and EET               TEE and EEE



24.06.02 / ADPC /ICM /D. Fleischer                                                                 Seite 2
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Vehicles for corporate pensions.
                                     Employer enters into a pension commitment; tax deductible pension provisions based on
 Pension reserves                    actuarial calculations with interest rate of 6% („unfunded liabilities“ according to IAS); no
                                     rules governing investment or statutory supervision; benefits are safeguarded by the
                                     Pension Guarantee Fund; investment in external pension funds possible.

                                     Legally autonomous pension funds; can be operated by one or more employers;
Support funds                        employees have no legal entitlement to benefits; no investment restrictions; benefits are
                                     safeguarded by the Pension Guarantee Fund; only partial asset funding; reinsurance
                                     possible.

                                     Company takes out an individual or group life insurance policy in favour of its employees;
                                     life insurance companies are subject to government insurance supervision; benefit risk is
 Direct insurance                    assumed by the insurance company; contributions subject to flat tax rate of 20%; not all
                                     new tax incentives can be applied.

                                     Legally autonomous pension funds; can be operated by one or more employers;
„Pensionskasse“                      employees are legally entitled to benefits; subject to government insurance supervision;
                                     quantitative restrictions on capital allocation; contributions subject to flat tax rate of
                                     30%; access to new tax incentives.


                                     Legally autonomous pension funds; can be operated by one or more employers;
 Pension funds                       employees are legally entitled to benefits; subject to government insurance supervision;
                                     benefits are safeguarded by the Pension Guarantee Fund; capital allocation following
                                     the Prudent Person Rule; access to new tax incentives.
24.06.02 / ADPC /ICM /D. Fleischer                                                                                             Seite 3
Allianz Dresdner Pension Consult GmbH



The German market for corporate pensions:
Momentum needed.


                            direct                            Shadowy existence of corporate
                            insurance                          pensions in Germany:
                            13%                                Stagnating market and low
                                                               penetration.
                                                              Occupational pensions as
                                                pension        employer-financed instrument
                                                reserves       mainly aimed at encouraging
                „Pensions-                      59%            loyality of highly qualified
                kasse“
                                                               employees.
                21%
                                     support       thereof   Unfunded pension reserves are
                                     funds 7%       funded
                                                               still the dominating vehicle,
                                                    27%*
                                                               followed by insurance products.
Cover funds 2000: EUR 331 bn.

Source: aba; * Estimate

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Pressure to reform pension systems.
 Elderly dependency ratios *) in percent                                               The population in all industrialized
              2000                                                                      countries is ageing, bringing the Pay-As-
              2050                                                                      You-Go (PAYG) state pension systems
                                                                                        and consequently state budgets under
         UK                                                                             severe pressure.

         France                                                                        To ensure sustainable pensions, the
                                                                                        PAYG systems need to be
         Italy                                                                          complemented by funded pension plans,
                                                                                        either corporate or private pension
                                                                                        provision schemes.
         Spain
                                                                                       Germany as a country that has been
         Germany                                                                        heavily relying on statutory PAYG
                                                                                        pension faces one of the biggest
         US                                                                             challenges.
                                                                                       With the pension reform Germany has
         Japan                                                                          taken a decisive step towards funded
                                                                                        pensions strongly promoting corporate
                                                                                        pensions.
*) 65+ in population as a percentage of working age population; Source: Eurostat, UN

24.06.02 / ADPC /ICM /D. Fleischer                                                                                          Seite 5
Allianz Dresdner Pension Consult GmbH



High Reliance in Europe on Government PAYG Systems.
Retirement income by sources:




Source: DIA

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Accelerating reform pace in Europe.
Reforms on behalf of EU memberstates


   France                                                   Consolidation of
                                                            statutory PAYG
                                                            systems:
                                                            • reductions in benefits
                                                            • increase in pension age
   Germany,
   Italy, Spain
                                                            Enhancement of funded
                                                            private pension
                                                            systems:
   Netherlands, Switzerland                                 • modern pension funds
   Austria, Sweden                                          • tax incentives


 reforms                             steps been   reforms
 lagging                             taken        leading
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Allianz Dresdner Pension Consult GmbH



Agenda.



 The German pension market today and the need to reform.

 Main elements of the German pension reform.

 Changing market structures - players, products, distribution.

 First experience.

 Allianz‟s strategy to capture the pension opportunity.




 24.06.02 / ADPC /ICM /D. Fleischer                               Seite 8
 Allianz Dresdner Pension Consult GmbH



The German pension reform: Objectives.


                Income
                                                                                       Stabilize the PAYG statutory system:
               replacement
               level approx.
                                       Benefit loss to be compensated by                    Limit contributions at a long-
                                         additional retirement income                        term level of 22% (2002:
                   70 %                                                                      19,1%).
                   67 %                            Mixing of 2nd and 3rd pillar              Retirement pensions of the
                                                                                             “model retiree*” were reduced
Contribution




                                                                                             from 70% to 67% of last net
level 22%




                                                                                             income.

                                             Occupational               Personal       Encourage personal retirement
               Social Security
                                             Pension Plans               Funded         savings for retirement by introducing
                                                                        Pensions        tax incentivized and officially certified
                 1st pillar
                                                                                        personal retirement plans (so called
                                               2nd pillar                 3rd pillar
                                                                                        “Riester pension”).
                             to play a more dominant role                              Revitalize corporate pension
                       TO TAL RE T I R EM E NT I NC O ME                                schemes as strong pillar of old age
                                                                                        income.
  24.06.02 / ADPC /ICM /D. Fleischer                                                   * 45 years of creditable work        Seite 9
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Reforming corporate pensions: Main elements.

 Legal entitlement to deferred compensation:
         As of 2002, any employee can legally demand that up to 4% of his gross income (up to the
          social security ceiling) will be converted into pension entitlements (2002: max. EUR 2,160).
         Establishment of deferred compensation schemes mostly subject to collective bargaining
          agreements.
 Introduction of a defined contribution (dc) plans, albeit with some defined benefit (db) elements:
         dc plan with a minimum guarantee: Employer has to guarantee the sum of the paid in
          contributions, less the disbursements for the coverage of biometric risks.
 Shortening of vesting period for employer-financed benefits (max. 5 years) and improvement of the
  portability of company pension claims.
 Introduction of a German-style pension fund as a 5th funding vehicle.
 New tax incentives.




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Pension reform changes corporate pensions...
   Classical pension plan                                  New pension plans

              Employer
           contribution                           Employer                  Employee
                                                  contribution and/or deferred compensation




                                                                                                          Tax incentives
                                                                          Asset
    Unfunded reserves/                        Insurance product           Management
                                                                          product
     Insurance product



                                                              New German
                                                              pension fund

         Defined benefit                 Defined benefit or defined contribution with minimum guarantee

24.06.02 / ADPC /ICM /D. Fleischer                                                                        Seite 11
Allianz Dresdner Pension Consult GmbH



... but has not made it easier.
             Company Sponsored Plans                   Deferred Compensation Plans                      Personal Pensions

                                                            Tax Free    Riester-Subsidy                    Riester-Subsidy

    § 40 b EStG                      4%                4%                    1- 4%
                              (§ 3 No. 63 EStG) (§ 3 No. 63 EStG)                                       1 - 4 % (§ 10 a EStG)
    Flat Tax Rate                                                        (§ 10 a EStG)



     DI           PK                 PK     PF         PK         PF    DI    PK        PF             1           PC             2

    € 1.752 p.a.                      4% of Social Security Ceiling                                        Personal Contracts

                                                                                                 1 Annuity Insurance
               PR               SF                       DI      PK          PR    SF
                                                                          Contributory DB Plan   2 Combination of Mutual Funds
            Defined Benefit Plan                      § 40b EStG
                                                      (Flat Tax Rate:     Cash Balance Plan        and Annuity Insurance
            Defined Contribution
            Plan                                      € 1.752)            Deferred Comp.

                                                                                             DI: direct insurance (Direktversicherung)
                                                                                             PK: „Pensionskasse“
Bargaining agreements between Management and Unions                                          PF: pension f unds (Pensionsf onds)
                                                                                             PR: pension reserves (Direktzusage)
                                                                                             SF: support f unds (Unterstützungskasse)


24.06.02 / ADPC /ICM /D. Fleischer                                                                                                       Seite 12
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Tax incentives favour corporate pensions.

In EURO per employee per year.
                                                        2002                                       2008
„Riester pension“
                                               525 (1% SSC)                              2.480* (4% SSC)
 (§10a EStG)

Deferred taxation
                                              2,160 (4% SSC)                                        2,480      (4% SSC)
(§ 3 No. 63 EStG)

Flat rate tax                                           1,752 -                                               1,752 -
(§ 40b EStG)                                            2,148**                                               2,148**

                                                                  4.437 -                                                6.712 -
Total                                            88 - 89 %                                             63 - 65 %
                                                                  4.833                                                  7.108

                                                                  Utilization via corporate pensions

*            The social security ceiling is calculated at 62,000 EURO in 2008
**           In case of group contracts, it is possible to invest up to 2.148 EUR as long as the average contribution rate does not
             exceed 1.752 EUR.
Source:      McKinsey
24.06.02 / ADPC /ICM /D. Fleischer                                                                                                    Seite 13
Allianz Dresdner Pension Consult GmbH



Cost effectiveness favours corporate pensions.

         Corporate pensions:                             Private provisions:
         easy access to working                         product choice according to
          population through HR                           individual investment preferences
          departments of companies                        (life-cycle investment, annuity
                                                          vs. high-yielding products)
         lower distribution and
          administration costs („economies               highly standardized products
          of scale“)                                      common practice
         taylor-made solutions for                      broad distribution network (agents,
          larger companies possible                       banks)
         layer of security thru„                        clear link to individual savings
          employer„s commitment                           decisions
         collective investment decision
          possible


                        We expect corporate pensions to attract more than 50% of the tax
                        incentivised new inflow of pension assets.
24.06.02 / ADPC /ICM /D. Fleischer                                                              Seite 14
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German pension funds: Example for the new hybrid
products of asset management and insurance components.


 Separate legal entity regulated by German      Liability to contribute to the Pensions
  Federal Financial Supervisory Agency .          Guarantee Fund as additional safeguard
                                                  against insolvency risk.
 Legal entitlement of employee to benefits.
                                                 Tax incentivised vehicle for new deferred
 Benefits as annuity or payment plan, up to      compensation plans (§10 a plus § 3 No. 63
  20% of the capital as lump sum payments,        EStG) as well as the transfer of cover stock
  additional biometrical risk cover possible.     of existing plans from pension reserves
 Minimum capital guarantee.                      and/or support funds.

 Db or dc with minimum guarantee.               Company, third party or industry-wide
                                                  pension funds possible (schemes
 Capital adequacy requirement min. € 3 m.        established in the metal & engineering and
                                                  chemical industry ).
                                                 Investment process following the Prudent
                                                  Person Principle.
24.06.02 / ADPC /ICM /D. Fleischer                                                          Seite 15
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 German pension funds: Liberal investment regulations.
  Finally, investment directive essentially follows Prudent Person Principle.

  Diversification of assets in accordance with the upcoming EU pension fund directive.

             max. 5%                investments in sponsoring company, in case of more than 2
                                     sponsoring companies up to 15%.
                max. 10%            share capital of one company
                max. 5%             one borrowing name, exception:
                max. 30%            public borrowers and financial institutions
                max. 10%            sole property


  Currency exposure is restricted to 30% of assets.

  Defined range of investment vehicles essentially following regulations for insurance companies.

  Qualified management of capital investment, especially risk management:
             stress testing / value-at-risk-modelling / scenario analyses


24.06.02 / ADPC /ICM /D. Fleischer                                                               Seite 16
Allianz Dresdner Pension Consult GmbH



Pension fund design
Allianz Dresdner Pension Fund (ADPF) - conceptual.

                                                                                         Other biometric
                                                                       Contribution
                                                                                             Risks



                                                                         ADPF

              Asset-Liability
              Management
                                            Free assets (in “segregated fund”)
                                                                                                 Safe
                                          Equities Europe              Bonds Europe             Assets
             Strategic Asset              Benchmark MSCI
                Allocation                                        Benchmark JPM Europe
                                              Europe


               Multi-Advise
            (Selection and              Subfund 1          Subfund 2         Subfund 3        Insurance
                                          (MSCI              (MSCI             (JPM
          Controlling of Asset           Europe)            Europe)           Europe)          product
              Managers)

24.06.02 / ADPC /ICM /D. Fleischer                                                                       Seite 17
Allianz Dresdner Pension Consult GmbH



Allianz Dresdner Pension Fund.
Investment Strategies - conceptual.


         Client                                                                                                      Client
      pay-in period                                                                                              pay-out period

      contribution A                  Cover stock
                                                                                                                   pension A
                                     section „u55“
                                       (stock ratio
      contributionB                      > 50 %)                                                                   pension B

      contribution C                                   Cover stock                                                 pension C
                                                       section „55+“
               .                                      (stock ratio ca. 50 %)                                           .
               .                                                                                                       .
               .                                                               Cover stock                             .
                                                                               section „58“
      contribution X                                                        capital investment                     pension X
                                                                         restructuring pre pay-out

      contribution Y                                                                                               pension Y
                                                                                              Pay-out period
      contribution Z                                                                        re-insurance cover     pension Z
                                                                                                   stock
24.06.02 / ADPC /ICM /D. Fleischer                                                                                             Seite 18
Allianz Dresdner Pension Consult GmbH



Agenda.



 The German pension market today and the need to reform.

 Main elements of the German pension reform.

 Changing market structures - players, products, distribution.

 First experience.

 Allianz‟s strategy to capture the pension opportunity.




 24.06.02 / ADPC /ICM /D. Fleischer                               Seite 19
Allianz Dresdner Pension Consult GmbH



Change drivers.
                                        Legal entitlement provides a strong stimulus for corporate pensions
  Deferred                              Delevopment of the so-called instividual market
  compensation
                                           market pension schemes to employers firsts (e.g. group
                                           insurance, group or individual pension fund)
                                             market scheme or scheme products (e.g. unit-linked pension
                                             plans) to employees.

                                        Hybrid product structures to tap the return potential of global capital
  Hybrid products                        markets while maintaining a high degree of security.
                                             Combination of asset management and insurance know how.
                                             German-style pension fund, funding of pension reserves
                                             Competitive edge for integrated financial services providers

                                        Employer´s associations and the trade unions establish
  „Collective“ pension                   collective, industry-wide pension schemes, e.g. MetallRente
  market segment
                                             .Employees profit from economies of scale.
                                             Reduced distribution margins

24.06.02 / ADPC /ICM /D. Fleischer                                                                         Seite 20
 Allianz Dresdner Pension Consult GmbH



 MetallRente as a benchmark for „collective schemes“
 Market potential:
   MetallRente directly geared at over 4 mio. employees in the metal and electrical
   industries and other associated sectors (textiles and clothing, wood and plastics, iron
   and steel)
 Retirement schemes set new benchmarks for the management and administration of company
  pension schemes:
    three pension vehicles to take advantage of all tax incentives introduced by the pension
       reform
    product spectrum covering 12 different insurance, unit-linked products and pension fund
       products
    a common, cost-effective administration platform
    high level of service, full portability among member firms, no switching costs for employees
    MetallRente direct insurance industry benchmark with regards to costs and performance

 Distribution:
    Special sales force with currently 60 consultants focussing exclusively on
       marketing MetallRente products to employers and employees using a broad
       spectrum of marketing tools
    Other distribution channels of the members of the consortium are allowed to sell
       MetallRente as well, albeit at reduced fees
 24.06.02 / ADPC /ICM /D. Fleischer                                                                 Seite 21
Allianz Dresdner Pension Consult GmbH




                                         IG Metall            Gesamtmetall

                                     MetallRente Organisation (GbR) by
                                                  Civil Law

                                                 Operator MetallRente
                                           consortium under Allianz leadership
                                           Administration Platform

                                                                                            MetallRente
                     MetallRente                MetallRente             MetallRente          Sales and
                  Direct Insurance            Pensionskasse           Pension Fund
                                                                                          Consultancy Unit
                     Allianz with               Allianz with            Allianz with
                   Victoria, BHW               Victoria, BHW         Victoria, West LB,
                                                                            BHW           Allianz Dresdner
                                                                                          Pension Consult

                                                Investment
                            Multiadvise Approach for Public and Segregated Funds


24.06.02 / ADPC /ICM /D. Fleischer                                                                           Seite 22
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Implications.
                                     Well established players get under pressure: Predominantly life insurers
     Players                          with fee driven tied agents network, pension brokers and specialized
                                      pension consultants focussing on actuarial business and complex
                                      restructuring are facing ...
                                     ...new players: large scale market entry of asset managers and banks
                                      combining product know-how and sales power, and consultancy firms tied
                                      to production factories.

                                     New product management capabilities required
     Products                            Increasing product complexity at shrinking margins.
                                         Product packaging of standardized asset management and insurance
                                         components

                                     Different distribution strategy critical in capturing the pension opportunity:
     Distribution
                                         A more complex product demands specialized, highly skilled sales
                                         networks focussing more on consultancy
                                         Bank‟s distribution networks will gain in importance
                                         Well-crafted direct marketing and workplace marketing strategies
                                         necessary to cope with lower distribution margins

24.06.02 / ADPC /ICM /D. Fleischer                                                                                     Seite 23
Allianz Dresdner Pension Consult GmbH



The market for pension products in Germany.
Germany with large growth opportunity                        Corporate pensions: shift towards funding

  Pension assets
                                        1.906       CAGR                         100 %     100 %
  (€ bn)
                                                             Funded schemes:                       New German
                                                                                                   Pension funds
                                                             “Pensionskasse” +
                                                             direct insurance

                                                     7,3%
                                                             Funded pension
                                                             reserves
                               890
                                                             Non funded
                                                             schemes:
      Corporate                                       8,5%
       pensions
                                                             Support funds
           Private                                           Pension reserves
        provisions



Source: EFRP, ADPC, Allianz Group Center Economic Research
24.06.02 / ADPC /ICM /D. Fleischer                                                                      Seite 24
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Agenda.



 The German pension market today and the need to reform.

 Main elements of the German pension reform.

 Changing market structures - players, products, distribution.

 First experience.

 Allianz‟s strategy to capture the pension opportunity.




 24.06.02 / ADPC /ICM /D. Fleischer                               Seite 25
Allianz Dresdner Pension Consult GmbH



First experience with the Riester reform.

 Subdued start: In the first five months, only 2 m contracts offering a Riester pension
  were signed. That is roughly 6% of the total market.


 Employers´associations and trade unions stepped up their activities in implementing
  the necessary preconditions for establishing deferred compensation schemes.
         180 collective bargaining agreements have been closed, ...
         ... covering 16 m employees, about 60% of the market potential.


 Regulatory bottle-neck: up to now, the German Federal Financial Supervisory
  Agency has approved only seven new pension funds with a further 23 requests
  waiting for approval. Three new „Pensionskassen“ are authorized, 18 further requests
  are pending.



24.06.02 / ADPC /ICM /D. Fleischer                                                         Seite 26
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German Pension Reform (2001/2002): pros and cons

 Pros                                               Cons / Risks (-)

  Important step towards a funded and private       Pension reform too complex, e.g. by mixing
   Pension System.                                    of 2nd and 3rd pillar of retirement income
                                                      (personal pensions and/or group pensions or
  Strengthening of dc type schemes.                  a mix of both), also with regard to taxation
  Reform policy as catalyst for a renaissance of    Personal pensions appear to be
   occupational pension schemes.                      overregulated and lacking transparency.
  Numerous deferred compensation models on a        New „Riester plans“ might be used as a
   pre- and after-tax basis and with or without       benchmark regarding costs and thus
   limit.                                             exerting pressure on the margins of existing
  Tendency to move from on-balance sheet             traditional life products
   pension schemes to off-balance sheet pension
   schemes.
  Attractive tax incentives for corporate plans           Overall positive assessment




24.06.02 / ADPC /ICM /D. Fleischer                                                           Seite 27
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Winners and losers from pension reform?

                                     The larger part of fresh pension money is going to flow into corporate (and
     Vehicles                         collective?) schemes, due to
                                          higher tax incentives
                                          lower (distribution and administration) costs
                                     „Hard facts“ are not available yet, but the establishment of collective, industry -
                                      wide schemes are a strong indicator


                                     Conventional wisdom speaks for insurance companies
     Distribution
     channels                             active, fee-driven sales force
                                          insurance-type products prevailing in the market
                                          but trend towards asset management-style pension products (unit-linked,
                                          pension funds)
                                     Banks could gain pension market share because of the higher quality of
                                      advise for asset management-style pension products.


24.06.02 / ADPC /ICM /D. Fleischer                                                                                   Seite 28
Allianz Dresdner Pension Consult GmbH



Agenda.



 The German pension market today and the need to reform.

 Main elements of the German pension reform.

 Changing market structures - players, products, distribution.

 First experience.

 Allianz‟s strategy to capture the pension opportunity.




 24.06.02 / ADPC /ICM /D. Fleischer                               Seite 29
Allianz Dresdner Pension Consult GmbH



Allianz„s strategic position in the market for
corporate pensions.

Well positioned in the corporate business: 50% of all companies are customers of Allianz Group.
Unique selling proposition as allround provider of pensions products:
             Complete product range of asset management and insurance products.
             Development of tailor-made product bundles for corporate pensions.
             Pensions administration as integrated part of value chain.
             Allianz Dresdner Pension Consult GmbH: specialised consultancy offering product
              neutral advise to multinational companies and complex pension schemes as well as
              managing the sales force MetallRente.



                Winning the MetallRente consortium leadership was a major success.



24.06.02 / ADPC /ICM /D. Fleischer                                                                 Seite 30
Allianz Dresdner Pension Consult GmbH



Integrated process for distributing pension products.
                                                       Process                                                    Producer

     Servicing                                                                                               Allianz Group´s institutional
                               • Relationship management by client manager                                   distribution channels
                               • specialised consulting



  Administration
                               • Administration of standard products
                                                                                                             Different divisions of Allianz Group
                               • Interactive administration of individual and collective retirement claims


                                                                                                             Product range of Allianz Group
     Production                • Supply of standard products
                               • interdisciplinary expert team develops innovative and                       (Asset management and insurance
                                 individual products                                                         products)


      Advisory                 • Systematic analysis of client´s need
                               • development and implementation of individual solutions                       Allianz Group´s consulting divisions
                               • initiative for development of new products


                                                                                                             Allianz Group´s institutional
                               • Distribution of highly standardized pension products                        distribution channels
     Distribution              • Analysis of client´s need for complex products
                               • Involvement of specialists

24.06.02 / ADPC /ICM /D. Fleischer                                                                                                           Seite 31
Allianz Dresdner Pension Consult GmbH



Pension solutions offered by Allianz Group.



                                                      Instividual market
                Corporate pension products:                                Private provisions
                                                      Employee incentive
                     • Asset funding of/reinsurance   saving schemes       • Allianz Dresdner Fondspolice
                       for pension commitments
                                                                           • „dit FondsVorsorge“
                     • Asset funding of/reinsurance
                                                                           • „dit-Vorsorgeplan mit AS-Fonds“
                       for working-time accounts
                                                                           • Future annuity/capital benefit
                     • Reinsured support fund
                                                                           • Immediate annuity
                     • Direct insurance
                                                      Hybrid solutions     • Unit linked annuity
                     • „Pensionskasse“*
                                                      Pension fund         • DIT-private pension
                     • Pension consulting
                                                                           • DREVEST PLUS
                     • Pension administration


* classical annuity or unit linked annuity
24.06.02 / ADPC /ICM /D. Fleischer                                                                             Seite 32
Allianz Dresdner Pension Consult GmbH




                                        The End.




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