GERMANY - A pay-as-you-go (PAYG) system which provides insolvency protection to company pension schemes will be financed in future by a fully-capitalised fund, to enable employers to meet claims amounting to e2.2bn, the government has confirmed.
The existing PAYG system, known in Germany as the Pensions-Sicherungs-Verein (PSV), requires companies who are obliged to be its members to make annual payments covering the pension liabilities of ...
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