Around 40 pension funds in financial distress

Bafin headquarters

Almost ten million Germans have taken out their occupational old-age provision through their employer’s pension fund.

(Photo: Bloomberg)

Frankfurt, Munich The end of the tax consultant pension fund has once again brought the precarious financial situation of a number of pension schemes into focus. For years, the pension fund for employees in the tax consulting profession struggled to survive. In the end, the BaFin supervisors were not satisfied with the financing plan presented, which was intended to eliminate the underfunding. The small pension fund with its approximately 8,000 customers is now officially in liquidation.

A year ago, the financial regulator Bafin closed the Cologne pension fund and the Caritas pension fund. The two pension schemes from the church sector had to stop their work, but the existing 55,000 contracts continue to run.

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