Insurance broker / Company pension schemes in Germany (bAV) / Policy wording archive
neue leben bAV mit endfälliger Garantie: the policy wording in full
Klassische Direktversicherung mit endfälliger Garantie von Mindestkapital und Mindestrente, garantiertem Rentenfaktor, Volldynamik in der Rentenphase und Kapitalwahlrecht ganz oder bis 30 Prozent.
German market: tariffs for people living in Germany.
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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 neue leben bAV mit endfälliger Garantie.
Basics and funding vehicle
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Direct insurance (employer is policyholder, employee is the insured person) | yes | „Ein Bezugsrecht für die Leistungen im Erlebensfall zugunsten einer anderen Person als …“ | § 9 Abs. 1, page 4 |
| 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 | „Wenn die versicherte Person bei fortbestehendem Arbeitsverhältnis kein Entgelt erhält …“ | § 28, page 9 |
| Purely employer funded pension possible | not addressed | ||
| Tax favoured contributions under local law | yes | „höchstens 8 % der zum Termin der Zuzahlung gültigen Beitragsbemessungsgrenze in der …“ | Zuzahlungen, page 9 |
| 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 | „Der Garantiezins auf das Vertragsguthaben beträgt 0 %.“ | § 3 Abs. 2, page 2 |
| Contribution guarantee at retirement (share of paid contributions) | yes | „Ihr Vertrag enthält eine endfällige Garantie.“ | § 2, page 2 |
| Defined contribution with minimum benefit or contribution oriented benefit promise expressly covered | not addressed | ||
| Guaranteed annuity factor or minimum pension at retirement | yes | „Entweder wir übernehmen für die garantierte Altersrente die zu Vertragsbeginn …“ | § 5 Abs. 1, page 3 |
| Lifelong annuity as standard benefit | yes | „Wenn die versicherte Person den Rentenbeginn erlebt, zahlen wir eine lebenslange Rente …“ | § 1, page 2 |
| Option to take a lump sum instead of a pension | yes | „den Antrag frühestens zwölf Monate vor dem Rentenbeginn stellen“ | § 34 Abs. 1, page 10 |
| Partial lump sum alongside the pension | yes | „bei teilweiser Ausübung höchstens eine Auszahlung von 30 % beantragen.“ | § 34 Abs. 1, page 10 |
| Flexible retirement start (earlier or deferred) | yes | „darf zum hinausgeschobenen Rentenbeginn höchstens 75 Jahre alt sein.“ | § 33 Abs. 1, page 9 |
| Guaranteed annuity period or return of remaining capital in payout | yes | „Die Rentengarantiezeit darf höchstens 30 Jahre betragen.“ | § 36 Abs. 1, page 10 |
| Pension increases in payment (profit use, indexation) | yes | „Standardmäßig ist Volldynamik als Verrentungsform in Ihren Vertrag eingeschlossen.“ | § 5 Abs. 3, page 3 |
| Fund investment with fund choice during accumulation | not addressed | ||
| Profit participation and share of valuation reserves | yes | „der Beteiligung an den Bewertungsreserven“ | § 3 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 Rentenbeginn, ist das Gesamtkapital“ | § 6 Abs. 1, page 2 |
| Survivor pension to spouse or registered partner | yes | „Wenn ein hinterbliebener Ehepartner, eingetragener Lebenspartner, Lebensgefährte …“ | § 6 Abs. 3, page 3 |
| Orphan pension to dependent children | yes | „längstens jedoch bis zum Erreichen des Alters 25 Jahre.“ | § 6 Abs. 3, page 3 |
| Beneficiaries limited to survivors allowed under tax rules | yes | „Wenn bei Tod der versicherten Person keine bezugsberechtigten Hinterbliebenen im Sinne …“ | § 6 Abs. 4, page 4 |
| Funeral grant to other persons (amount) | yes, up to EUR 8,000 | „Die Höhe eines angemessenen Sterbegelds beträgt derzeit 8.000 EUR.“ | § 6 Abs. 4, page 4 |
| Disability cover as rider in the same contract | not addressed | ||
| Premium waiver if the employee becomes disabled | not addressed | ||
| 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) | yes | „versicherungsförmige Lösung nach § 2 Absatz 2 BetrAVG“ | § 27 Abs. 2, page 8 |
| Transfer to a new employer or provider | yes | „"Abkommen zur Übertragung zwischen den Durchführungswegen Direktversicherung …“ | § 27 Abs. 4, page 9 |
| Private continuation with own contributions after leaving | yes | „Die versicherte Person hat das Recht, die Versicherung mit eigenen Beiträgen oder …“ | § 27 Abs. 3, page 8 |
| Contribution pause during parental leave, sick pay or short time work | yes | „Sie können eine vollständige Beitragsfreistellung auch befristet für einen Zeitraum von …“ | § 25 Abs. 5, page 8 |
| Reinstatement after paid up status without new health check | yes | „Sie können innerhalb von drei Jahren nach einer Beitragsfreistellung mit einer Frist …“ | § 26 Abs. 1, page 8 |
| Insolvency protection of the entitlement | yes | „Zur Absicherung der Ansprüche aus der Lebensversicherung besteht ein gesetzlicher …“ | § 44, page 11 |
Costs, cancellation and disposal
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Zillmerised tariff (acquisition costs offset against first contributions) | none | „gleichmäßig über einen Zeitraum von fünf Jahren“ | § 16, page 5 |
| Acquisition costs spread over at least five years or the whole term | yes | „gleichmäßig über einen Zeitraum von fünf Jahren“ | § 16, page 5 |
| Deduction on cancellation or paid up status | yes | „Ablaufphase auf den Stornoabzug verzichten, beträgt er 98 EUR.“ | § 24 Abs. 7, page 7 |
| Deduction on transfer to another provider | not addressed | ||
| Disposal restriction: assignment, loans and surrender by the employee excluded | yes | „Die Abtretung, Verpfändung oder Beleihung jeglicher Rechte und Ansprüche aus dem …“ | § 9 Abs. 2, page 4 |
| Free fund switch | not addressed |
Underwriting and employer duties
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Simplified health check for riders in group business | yes | „Die Erhöhungen erfolgen ohne erneute Gesundheitsprüfung.“ | BB-DYN, page 13 |
| 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 | „höchstens 8 % der zum Termin der Zuzahlung gültigen Beitragsbemessungsgrenze“ | Zuzahlungen, page 9 |
| Employer notification duties (leaving, salary change, parental leave) | not addressed | ||
| Consequences of late contributions (reminder, deadline, employee information) | yes | „Kosten eine Mahnung in Textform mit einer Zahlungsfrist von mindestens zwei Wochen“ | § 14, page 5 |
| Annual statement to the employee | yes | „Über die Entwicklung Ihrer Überschussbeteiligung werden wir Sie jährlich unterrichten“ | § 23, page 7 |
| 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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legally only the wording of your own contract in the edition stated there applies.
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Policy wordings and provider
- Legal entity
- neue leben Lebensversicherung Aktiengesellschaft
- Distribution
- not known
- Unterlagen zur Rentenversicherung mit endfälliger Garantie als Direktversicherung Edition: AVB_NARKL26_DV_261001 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 neue leben bAV mit endfälliger Garantie and available as plain text.
Volltext neue leben bAV mit endfälliger Garantie · As text (Markdown) neue leben bAV mit endfälliger Garantie