Insurance broker / Company pension schemes in Germany (bAV) / Policy wording archive
LVM bAV FutureNow: the policy wording in full
Fondsgebundene Direktversicherung mit garantiertem Mindestkapital, garantierter Mindestrente und Rentenfaktor, Umschichtungsverfahren mit Ablaufmanagement, Kapitalabfindung oder Teilauszahlung bis 30 Prozent und ohne Stornoabzug.
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Everything about this policy
What the policy covers: 62 points, each with its clause
Quotes are shortened. The full German wording of each point is on the German page for LVM bAV FutureNow.
Basics and funding vehicle
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Direct insurance (employer is policyholder, employee is the insured person) | yes | „Diese Direktversicherung ist eine fondsgebundene Rentenversicherung mit Garantie und …“ | § 1 Abs. 1, page 1 |
| Pension fund or occupational group insurance as funding vehicle | not addressed | ||
| Reinsurance policy backing a direct pension promise or support fund | not addressed | ||
| Funding by employee salary sacrifice possible | yes | „aus Entgeltumwandlung geleistet“ | § 20 Abs. 2, page 13 |
| Purely employer funded pension possible | not addressed | ||
| Tax favoured contributions under local law | yes | „den steuerlichen Höchstbetrag für Direktversicherungen nicht überschreiten.“ | § 16 Abs. 10, page 10 |
| Employer top up on salary sacrifice (Germany 15 percent) regulated in the wording | not addressed | ||
| Group framework contract with own terms (simplified acceptance, special costs) | not addressed |
Retirement benefit and guarantees
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Guaranteed technical interest rate during accumulation | yes | „wird mit einem im Rahmen der Tarifkalkulation festgelegten Zinssatz verzinst. Diesen …“ | § 2 Abs. 2, page 2 |
| Contribution guarantee at retirement (share of paid contributions) | yes | „Zum vereinbarten Rentenbeginn steht mindestens das im Versicherungsschein dokumentierte …“ | § 1 Abs. 5, page 1 |
| Defined contribution with minimum benefit or contribution oriented benefit promise expressly covered | not addressed | ||
| Guaranteed annuity factor or minimum pension at retirement | yes | „Der garantierte Rentenfaktor gibt an, wie viel Rente Sie pro 10.000 Euro …“ | § 4 Abs. 3, page 2 |
| Lifelong annuity as standard benefit | yes | „zahlen wir die gemäß Absätzen 2 bis 4 ermittelte Rente, solange die versicherte Person …“ | § 4 Abs. 1, page 3 |
| Option to take a lump sum instead of a pension | yes | „Der Antrag muss spätestens einen Monat vor Rentenbeginn gestellt werden.“ | § 4 Abs. 5, page 3 |
| Partial lump sum alongside the pension | yes | „in Höhe von bis zu 30 % des Vertragsguthabens möglich.“ | § 4 Abs. 5, page 3 |
| Flexible retirement start (earlier or deferred) | yes | „Der frühestmögliche und der spätestmögliche Rentenbeginn sind im Versicherungsschein …“ | § 5 Abs. 1, page 4 |
| Guaranteed annuity period or return of remaining capital in payout | yes | „darf mindestens 5 und höchstens 25 Jahre betragen.“ | § 7, page 5 |
| Pension increases in payment (profit use, indexation) | not addressed | ||
| Fund investment with fund choice during accumulation | yes | „Einen Teil Ihres Vertragsguthabens legen wir in einem Investmentfonds an.“ | § 1 Abs. 3, page 1 |
| Profit participation and share of valuation reserves | yes | „Gewinnen und Bewertungsreserven (§ 9)“ | § 2 Abs. 1, page 2 |
Survivors and additional cover
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Death benefit before retirement (return of contributions or fund value) | yes | „Stirbt die versicherte Person vor dem tatsächlichen Rentenbeginn wird als …“ | § 6 Abs. 1, page 4 |
| Survivor pension to spouse or registered partner | yes | „Ehe lebende Ehegatte/Ehegattin bzw. der/die in einer eingetragenen Lebenspartnerschaft …“ | § 6 Abs. 2, page 4 |
| Orphan pension to dependent children | yes | „spätestens jedoch mit Vollendung des 25. Lebensjahres.“ | § 6 Abs. 4, page 5 |
| Beneficiaries limited to survivors allowed under tax rules | yes | „Berechtigte Hinterbliebene sind“ | § 6 Abs. 2, page 4 |
| Funeral grant to other persons (amount) | yes | „Maximal zahlen wir als Sterbegeld den von der Aufsichtsbehörde zum Zeitpunkt des Todes …“ | § 6 Abs. 7, page 5 |
| Disability cover as rider in the same contract | yes | „Erwerbsunfähigkeits-Zusatzversicherung“ | § 16 Abs. 4, page 10 |
| Premium waiver if the employee becomes disabled | yes | „Befreiung von der Beitragszahlungspflicht zur Berufs-/ …“ | § 16 Abs. 4, page 11 |
| Long term care option or higher pension in case of care need | not addressed |
Vesting and change of employer
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Immediate vesting of rights from salary sacrifice | not addressed | ||
| Vesting period for employer funded parts | not addressed | ||
| Irrevocable beneficiary right of the employee from the start | not addressed | ||
| Insurance contract solution on leaving (policy passes to the employee) | not addressed | ||
| Transfer to a new employer or provider | not addressed | ||
| Private continuation with own contributions after leaving | yes | „von der versicherten Person nach dem Ausscheiden aus dem Arbeitsverhältnis privat …“ | § 15, page 10 |
| Contribution pause during parental leave, sick pay or short time work | yes | „der Vertrag während der Elternzeit im Sinne des Bundeselterngeld- und …“ | § 15, page 9 |
| Reinstatement after paid up status without new health check | yes | „Sie können innerhalb von sechs Monaten nach dem Termin, zu dem die Beitragsfreistellung …“ | § 15 Abs. 9, page 10 |
| Insolvency protection of the entitlement | yes | „eines Investmentfonds mit der Sicherheit einer klassischen Kapitalanlage innerhalb …“ | § 1 Abs. 2, page 1 |
Costs, cancellation and disposal
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Zillmerised tariff (acquisition costs offset against first contributions) | yes | „Abschluss- und Vertriebskosten nach dem Zillmerverfahren“ | § 14 Abs. 4, page 9 |
| Acquisition costs spread over at least five years or the whole term | yes | „Abschluss- und Vertriebskosten auf die ersten fünf Vertragsjahre ergibt.“ | § 14 Abs. 2, page 9 |
| Deduction on cancellation or paid up status | none | „Ein Stornoabzug erfolgt nicht.“ | § 14 Abs. 2, page 9 |
| Deduction on transfer to another provider | not addressed | ||
| Disposal restriction: assignment, loans and surrender by the employee excluded | yes | „die Abtretung von Forderungen und Rechten aus dem Vertrag sowie seine Verpfändung oder …“ | § 20 Abs. 2, page 12 |
| Free fund switch | not addressed |
Underwriting and employer duties
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Simplified health check for riders in group business | not addressed | ||
| Minimum number of insured employees in the group | not addressed | ||
| Shareholder managing directors or family employees insurable | not addressed | ||
| Minimum contribution per insured person | not addressed | ||
| Maximum contribution per insured person | yes | „Der neue Gesamtbeitrag darf in jedem einzelnen Kalenderjahr den steuerfreien“ | § 16 Abs. 6, page 11 |
| Employer notification duties (leaving, salary change, parental leave) | not addressed | ||
| Consequences of late contributions (reminder, deadline, employee information) | yes | „Darin setzen wir Ihnen eine Zahlungsfrist von mindestens zwei Wochen.“ | § 13 Abs. 2, page 9 |
| Annual statement to the employee | yes | „Sie erhalten jährlich von uns eine Mitteilung, der Sie die Höhe der …“ | § 22 Abs. 1, page 15 |
| Pledge of the reinsurance policy to the beneficiary provided | not addressed |
Austria and Spain specifics
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Austria: occupational group insurance under section 93 VAG 2016 and Company Pensions Act | not addressed | ||
| Austria: pension fund contract with investment and risk group | not addressed | ||
| Austria: minimum return guarantee | not addressed | ||
| Spain: company pension insurance plan (PPSE) | not addressed | ||
| Spain: simplified occupational pension plan (PPES), also for self employed | not addressed | ||
| Spain: group insurance expressly funding pension commitments | not addressed | ||
| Spain: covered contingencies (retirement, disability, death, dependency) | not addressed | ||
| Spain: early access (ten year old contributions, serious illness, long term unemployment) | not addressed | ||
| Spain: control committee with employee representation | not addressed | ||
| Spain: tax imputation of employer contributions to employees | not addressed |
Evaluated by NAMMERT from published policy wordings.
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Policy wordings and provider
- Legal entity
- LVM Lebensversicherungs-AG, LVM Pensionsfonds-AG
- Distribution
- through tied agents
- Allgemeine Bedingungen für die LVM-Direktversicherung FutureNow Edition: L 301 (06/2025) Original from the insurer (PDF, German)
Full text of the wording
The full text exists only in German. It is printed on the German page for LVM bAV FutureNow and available as plain text.
Volltext LVM bAV FutureNow · As text (Markdown) LVM bAV FutureNow