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Company pension funds show support for German reform proposal

first_imgThe association also “noted positively” the proposal to stop counting savings in occupational pension plans towards the so-called Grundsicherung, a basic income for people who do not earn enough to support themselves. “For lower earners in particular, this removes a major obstacle to participating in occupational pension plans,” the VFPK said.The comments were made days after the government presented its plan for a new type of industry-wide pension plan, which can be set up by the social partners either in new vehicles or within existing ones.Among the key innovations is the Zielrente, a defined ambition or target pension approach without guarantees or long-term liabilities for employers.This model is new to Germany, where sponsor companies have been required to back any pension promise, topping up funding whenever necessary.MetallRente – one of the few already existing industry-wide second-pillar schemes based on collective-bargaining agreements – said social partners in Germany needed “a strong vehicle” to increase the number of companies with supplementary pension plans.Managing director Heribert Karch, who is also chairman of the pension fund association aba, welcomed the reform proposals for lower incomes.These include state subsidies and the simplification of social and tax contributions on incomes from various pension sources, such as the German state-subsidised Riester-Rente or a Pensionskasse.He was critical, however, of the fact that companies, due to tax reasons, would still have to choose different pension vehicles for different levels of income to avoid having to make double contributions for lower earners.“This,” he said, “would be socially unfair.”He also renewed his criticism of the shortfall caused by increasing the tax-exempt contribution level to just 7%. Germany’s corporate pension funds have given the thumbs-up to government plans to strengthen occupational pensions in the country.The VFPK, the association representing company pension funds, welcomed the government’s proposal.“This opens the way for occupational pension products that are suitable for a low-interest-rate environment,” it said.It added that the government’s plan to do away with guarantees would ensure that pension promises – excepting those from providers considered IORPs under EU rules – would remain “outside the Solvency II regime” for insurers.last_img read more

Path to success: Shubhman Gill wants a change in mindset in order to adapt…

first_imgImage Courtesy: The HinduAdvertisement 5aiww9NBA Finals | Brooklyn Vs84tWingsuit rodeo📽Sindre Ee2( IG: @_aubreyfisher @imraino ) f9Would you ever consider trying this?😱6hds3czCan your students do this? 🌚97t0lRoller skating! Powered by Firework After earning his maiden test call-up for the South Africa series, Shubhman Gill feels ready to take the next step after conquering the junior level. Advertisement Image Courtesy: The HinduShubhman Gill feels that he does not need to make changes to his game but needs to tweak his mindset to make himself set at the highest level. In a chat with ESPN Cricinfo just days ahead of his first home tour, the U-19 World Cup’s leading run-scorer talked about the challenges lying ahead in the journey.The batsman revealed that he got advice from Yuvraj Singh regarding how to keep his life on and off the field apart. He said:Advertisement  “He’s spoken to me about keeping my focus on cricket and let other aspects of professional life (endorsements, player management) aside. Guidance is very important in these aspects. Yuvraj didn’t want me to sign with any player management company at the start of my career. He said ‘just go and play, forget about these things. I didn’t sign anyone.”Gill also talked about his calm nature and his approach to adapting to various situations on the field. He stated:Advertisement I am calm, but it’s also something I’ve learnt from my father – he had the patience and calmness to keep throwing 200-300 balls in the nets when I was a kid.It’s just about calculating the situations, assessing what the team needs, and how your decisions will affect or benefit the team at a certain time. You have to take risks at times. My mindset is such that I don’t think about what will happen if I play a certain shot and get out. You have to be calm to make decisions under pressure.Read Also:Mystery unraveled: Sanjay Bangar reveals selection criteria behind the No.4 spotVirat Kohli reminisces his early career as DDCA unveils a stand in his name Advertisementlast_img read more