Insurance broker / Company pension schemes in Germany (bAV) / Policy wording archive
NÜRNBERGER Direktversicherung: the policy wording in full
Zusatzvereinbarungen der NÜRNBERGER für Direktversicherungen nach § 3 Nr. 63 EStG mit Hinterbliebenenkreis, versicherungsvertraglicher Lösung, Abtretungsverbot und Kapitalwahl bis drei Monate vor Rentenbeginn; die Hauptbedingungen des Rententarifs liegen nicht vor.
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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 NÜRNBERGER Direktversicherung.
Basics and funding vehicle
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Direct insurance (employer is policyholder, employee is the insured person) | yes | „Die vorliegenden Vertragsbedingungen stehen im Einklang mit den arbeitsrechtlichen …“ | Einleitung, 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 | „Besteht bei einer durch Entgeltumwandlung finanzierten betrieblichen Altersvorsorge das …“ | Abs. 5, page 1 |
| Purely employer funded pension possible | not addressed | ||
| Tax favoured contributions under local law | yes | „Insbesondere wenn die Beiträge zu dieser Versicherung im Rahmen des § 3 Nr. 63 EStG …“ | Einleitung, page 1 |
| 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 | not addressed | ||
| Contribution guarantee at retirement (share of paid contributions) | not addressed | ||
| Defined contribution with minimum benefit or contribution oriented benefit promise expressly covered | not addressed | ||
| Guaranteed annuity factor or minimum pension at retirement | not addressed | ||
| Lifelong annuity as standard benefit | yes | „Im Rahmen des § 3 Nr. 63 EStG müssen Alters- und Hinterbliebenenleistungen …“ | Einleitung, page 1 |
| Option to take a lump sum instead of a pension | yes | „der Antrag auf Kapitalabfindung in Textform (z. B. Papierform, E-Mail) erfolgen und uns …“ | Ziffer 5, page 1 |
| Partial lump sum alongside the pension | no | „ist abweichend zur Tarifbedingung die Möglichkeit der Inanspruchnahme von …“ | Abs. 10, page 1 |
| Flexible retirement start (earlier or deferred) | not addressed | ||
| Guaranteed annuity period or return of remaining capital in payout | yes | „so wird bei Tod der versicherten Person innerhalb der Rentengarantiezeit die gesamte Rente“ | Ziffer 2, page 1 |
| Pension increases in payment (profit use, indexation) | not addressed | ||
| Fund investment with fund choice during accumulation | not addressed | ||
| Profit participation and share of valuation reserves | not addressed |
Survivors and additional cover
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Death benefit before retirement (return of contributions or fund value) | yes | „Die Zahlung der Leistungen erfolgt dann in Form einer lebenslangen Hinterbliebenenrente …“ | Ziffer 1, page 1 |
| Survivor pension to spouse or registered partner | yes | „der Ehegatte des Arbeitnehmers (Versorgungsberechtigten), mit dem dieser zum Zeitpunkt …“ | Bezugsberechtigung, page 1 |
| Orphan pension to dependent children | yes | „die Kinder des Arbeitnehmers (Versorgungsberechtigten) nach § 32 Abs. 3 EStG zu …“ | Bezugsberechtigung, page 1 |
| Beneficiaries limited to survivors allowed under tax rules | yes | „Als steuerlich zulässige Hinterbliebene und damit bezugsberechtigt für die …“ | Bezugsberechtigung, page 1 |
| Funeral grant to other persons (amount) | yes | „maximal jedoch dem Betrag der gewöhnlichen Beerdigungskosten gemäß § 150 VVG.“ | Bezugsberechtigung, page 1 |
| Disability cover as rider in the same contract | yes | „bei einer Berufsunfähigkeits-Zusatzversicherung“ | Ziffer 3, page 1 |
| Premium waiver if the employee becomes disabled | not addressed | ||
| Long term care option or higher pension in case of care need | no | „Die Inanspruchnahme der Verfügungsoption sowie die Kapitalauszahlung bei …“ | Tarife mit Verfügungsoption, page 1 |
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 | yes | „besteht für den Arbeitnehmer ein unwiderrufliches Bezugsrecht auf die …“ | Abs. 6, page 1 |
| Insurance contract solution on leaving (policy passes to the employee) | yes | „Versicherungsnehmereigenschaft mit allen Rechten und Pflichten (sogenanntes …“ | Abs. 6, page 1 |
| Transfer to a new employer or provider | not addressed | ||
| Private continuation with own contributions after leaving | yes | „Gleichzeitig erhält der Arbeitnehmer das Recht zur Fortführung der Versicherung mit …“ | Abs. 6, page 1 |
| Contribution pause during parental leave, sick pay or short time work | yes | „entfällt für den Arbeitgeber die Verpflichtung zur Entrichtung der Versicherungsbeiträge.“ | Abs. 4, page 1 |
| Reinstatement after paid up status without new health check | not addressed | ||
| Insolvency protection of the entitlement | not addressed |
Costs, cancellation and disposal
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Zillmerised tariff (acquisition costs offset against first contributions) | not addressed | ||
| Acquisition costs spread over at least five years or the whole term | not addressed | ||
| Deduction on cancellation or paid up status | not addressed | ||
| Deduction on transfer to another provider | not addressed | ||
| Disposal restriction: assignment, loans and surrender by the employee excluded | yes | „die Übertragung der Ansprüche auf die versicherten Leistungen an Dritte“ | Abs. 9, page 1 |
| 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 | not addressed | ||
| Employer notification duties (leaving, salary change, parental leave) | not addressed | ||
| Consequences of late contributions (reminder, deadline, employee information) | yes | „kann sich eine arbeitsrechtliche Einstandspflicht aufgrund der gesetzlichen …“ | Abs. 7, page 1 |
| Annual statement to the employee | not addressed | ||
| 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.
Despite care, a value may be misread;
legally only the wording of your own contract in the edition stated there applies.
Please report errors, we correct them the same day.
Policy wordings and provider
- Legal entity
- NÜRNBERGER Lebensversicherung Aktiengesellschaft, NÜRNBERGER Pensionskasse Aktiengesellschaft
- Distribution
- brokers and direct
- Zusatzbedingungen für die Direktversicherung (GN 225352) Edition: GN225352_202201 Original from the insurer (PDF, German)
- Zusatzvereinbarung Direktversicherung nach Paragraf 3 Nr. 63 EStG (GN 225225) Edition: GN225225_202201 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 NÜRNBERGER Direktversicherung and available as plain text.
Volltext NÜRNBERGER Direktversicherung · As text (Markdown) NÜRNBERGER Direktversicherung