Allianz to head up new MetallRente

The new fund, MetallRente, is a joint venture between Germany’s biggest single trade union IG Metall, for metalworkers, and the Gesamtmetall Metalworking Employers’ Association. The cooperation also includes life insurance companies Victoria Lebensversicherung and BHW Lebensversicherung, and regional bank Westdeutsche Landesbank Girozentrale.

MetallRente is also open to companies from other sectors.

The pension institution offers direct insurance, a pension scheme and a pension fund.

The functions of consortium leader Allianz include setting up and operating the pension institution, providing an administrative platform and building up the consultancy unit for selling MetallRente products.

The pension institution will offer two products under direct insurance – a pension insurance based on defined contributions and a unit-linked insurance with guarantee on the basis of a defined contribution providing a minimum benefit.

The pension scheme will initially be managed as an in-house premium reserve fund of the Allianz pension scheme. It will later be transferred to a dedicated pension scheme for MetallRente. An annuity insurance and a unit-linked insurance with guarantee will also be offered.

The pension fund will initially be covered by Allianz Dresdner Pension Fonds (ADPF), which is scheduled to be set up. The intention is to establish a dedicated MetallRente pension fund as a joint-stock corporation as quickly as possible.

The win will strengthen Allianz’s position in the growth market of company pension provision, as result of Germany’s pension reform.

By Madhu Kalia

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