GERMANY - Bayerische Hypo- & Vereinsbank AG is to create a pension fund for around 300,000 employees in the German chemicals industry.
The move will coincide with the launch of a market for industrywide pension funds ahead of Germany’s pension reform in January next year. From next year, all companies must offer workers access to a pension fund.
The chemicals industry fund, to be called HVB Pensionfond Chemie, will become the project of the Pension Consult Beratungsgesellschaft fuer Altervorsorge, the consulting arm of Hypovereinsbank. The company was unable to estimate how much the fund might be worth.
The investment strategy for the chemicals fund is also yet to be decided.
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