SPAIN - Insurers Allianz Seguros has bagged a EUR466m mandate from Banco Popular Group to oversee the group's pension scheme.
Details of the contract were finalised in December 2001, a year after Banco Popular Group's agreement with trade unions to implement a qualified pension plan for its 12,000 employees.
The plan covers retirement, death and disability benefits. A defined benefit plan is in place for all employees that joined the group before 1980, and a defined contribution scheme for others. Death and disability benefits are defined benefits, in the form of annuities, for the whole labour force.
Banco Popular Group has transferred mortality and risk interest to Allianz Seguros through several group life and annuities policies. At the same time, Allianz Seguros has invested the single premium in a financial structure, rated not below AA, said the firm.
Allianz Seguros is already assuring the pensions of 4,000 retired employees with reserves of EUR675m.
Allianz Seguros is a subsidiary equally held between AGF and RAS.
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