Insurance broker / Company pension schemes in Germany (bAV) / Policy wording archive
Swiss Life Direktversicherung: the policy wording in full
Klassische Direktversicherung mit garantierter lebenslanger Rente, Rechnungszins 1,0 Prozent, optionaler Abrufphase ab 62, Kapitalwahl ganz oder bis 30 Prozent und Unverfallbarkeit ab Beginn bei Entgeltumwandlung.
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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 Swiss Life Direktversicherung.
Basics and funding vehicle
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Direct insurance (employer is policyholder, employee is the insured person) | yes | „Versicherungsnehmer für die Versicherungen seiner Arbeitnehmer ist der Arbeitgeber.“ | 1.4.2, page 7 |
| 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 | „getragen (Entgeltumwandlung), so gilt immer Unverfallbarkeit ab Beginn.“ | 1.4.4, page 8 |
| Purely employer funded pension possible | yes | „Unverfallbarkeit ab Beginn (Entgeltumwandlung oder arbeitgeberfinanziert)“ | 1.4.4, page 8 |
| Tax favoured contributions under local law | yes | „Bei einer Entgeltumwandlung sind steuerfreie Beiträge (§ 3 Nr. 63 EStG) zu einer …“ | 1.4.14, 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 | „Rechnungszins in Höhe von 1,0 %“ | 1.2.9, page 2 |
| 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 | yes | „die vereinbarte garantierte Rente, so lange die Versicherte Person lebt.“ | 1.2.2, page 5 |
| Lifelong annuity as standard benefit | yes | „ist eine lebenslange Rentenzahlung vereinbart.“ | 1.2.1, page 5 |
| Option to take a lump sum instead of a pension | yes | „Optional können Sie auch eine vollständige Kapitalauszahlung beantragen.“ | 1.2.6, page 5 |
| Partial lump sum alongside the pension | yes | „bis maximal 30 % des vorhandenen Kapitals, wenn die Versicherte Person diesen Termin …“ | 1.2.6, page 5 |
| Flexible retirement start (earlier or deferred) | yes | „gleichwohl eine vorgezogene Leistung aus einer Direktversicherung ab dem 62. Lebensjahr …“ | 1.2.4, page 5 |
| Guaranteed annuity period or return of remaining capital in payout | yes | „Im Falle des Todes der Versicherten Person vor Ablauf der Rentengarantiezeit erfolgt …“ | 1.2.3, page 5 |
| Pension increases in payment (profit use, indexation) | yes | „Progress-Überschussrente“ | 10, page 25 |
| Fund investment with fund choice during accumulation | not addressed | ||
| Profit participation and share of valuation reserves | yes | „an den etwaigen Überschüssen und Bewertungsreserven (Überschussbeteiligung).“ | 1.3.1, page 3 |
Survivors and additional cover
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Death benefit before retirement (return of contributions or fund value) | yes | „Ist für den Todesfall eine Leistung vereinbart (z. B. steigender Hinterbliebenenschutz)“ | 1.2.8, page 5 |
| Survivor pension to spouse or registered partner | yes | „den überlebenden Ehegatten, mit dem die Versicherte Person zum Zeitpunkt des Todes …“ | 1.4.10, page 8 |
| Orphan pension to dependent children | yes | „Für Waisen wird eine Hinterbliebenenrente in der Regel jedoch maximal bis zum 25 …“ | 1.2.8, page 6 |
| Beneficiaries limited to survivors allowed under tax rules | yes | „Für den Todesfall ist eine vereinbarte Hinterbliebenenleistung in nachstehender …“ | 1.4.10, page 8 |
| Funeral grant to other persons (amount) | yes, up to EUR 8,000 | „Möglichkeiten auf derzeit 8.000 Euro begrenzt.“ | 1.2.8, page 6 |
| Disability cover as rider in the same contract | yes | „für die Berufsunfähigkeits-Zusatzversicherung.“ | 5.4.6, page 7 |
| Premium waiver if the employee becomes disabled | yes | „Die Leistungen einer versicherten Beitragsbefreiung bei Berufsunfähigkeit“ | 5.4.6, page 15 |
| 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 | yes | „getragen (Entgeltumwandlung), so gilt immer Unverfallbarkeit ab Beginn.“ | 1.4.4, page 8 |
| Vesting period for employer funded parts | yes | „wenn die Zusage ab dem 01.01.2018 3 Jahre bestanden hat“ | 1.4.7, page 8 |
| Irrevocable beneficiary right of the employee from the start | yes | „nicht übertragbares und nicht beleihbares unwiderrufliches Bezugsrecht eingeräumt.“ | 1.4.5, page 8 |
| Insurance contract solution on leaving (policy passes to the employee) | yes | „ist die versicherungsvertragliche Lösung möglich, so überlässt der Arbeitgeber der …“ | 1.4.12, page 9 |
| Transfer to a new employer or provider | yes | „Macht die Versicherte Person innerhalb eines Jahres vom Rechtsanspruch auf Übertragung …“ | 1.4.13, page 9 |
| Private continuation with own contributions after leaving | yes | „Damit erwirbt die Versicherte Person das Recht zur beitragspflichtigen oder …“ | 1.4.12, page 9 |
| Contribution pause during parental leave, sick pay or short time work | yes | „Im Falle von Elternzeit, Arbeitslosigkeit und lang andauernder Krankheit ist auch eine“ | 5.4.4, page 14 |
| Reinstatement after paid up status without new health check | yes | „Beitragszahlung für die Hauptversicherung innerhalb von 24 Monaten ohne erneute …“ | 5.4.7, page 15 |
| Insolvency protection of the entitlement | not addressed |
Costs, cancellation and disposal
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Zillmerised tariff (acquisition costs offset against first contributions) | yes | „Die Abschluss- und Vertriebskosten werden unter Beachtung der aufsichtsrechtlichen …“ | Begriffe, page 1 |
| Acquisition costs spread over at least five years or the whole term | yes | „Das Deckungskapital, das sich bei gleichmäßiger Verteilung der angesetzten Abschluss …“ | Begriffe, page 1 |
| Deduction on cancellation or paid up status | yes | „Die Höhe des Abzugs haben wir in Euro und Cent für Sie in den Informationen beziffert“ | 4, page 12 |
| Deduction on transfer to another provider | none | „der Fortsetzung der Versorgung durch den neuen Arbeitgeber (Übertragung)“ | 4.3, page 13 |
| Disposal restriction: assignment, loans and surrender by the employee excluded | yes | „Abtretung, Verpfändung oder Beleihung durch den Arbeitgeber ausgeschlossen.“ | 1.4.2, page 8 |
| 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 | yes, up to EUR 240 | „der für den beitragspflichtigen Teil zu zahlende laufende Beitrag 240 Euro jährlich …“ | 5.4.5, page 15 |
| 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 | „Darin setzen wir Ihnen eine Zahlungsfrist von mindestens 2 Wochen.“ | 2.2.4, page 11 |
| Annual statement to the employee | yes | „Einmal jährlich informieren wir über den aktuellen Stand des Vertrags.“ | 9.3, page 22 |
| 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.
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Policy wordings and provider
- Legal entity
- Swiss Life Lebensversicherung SE, Swiss Life Pensionskasse Aktiengesellschaft, Swiss Life Pensionsfonds Aktiengesellschaft
- Distribution
- available through brokers
- Allgemeine Bedingungen für die Direktversicherung (AVB_EV_DIR_2022_01) Edition: AVB_EV_DIR_2025_01 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 Swiss Life Direktversicherung and available as plain text.
Volltext Swiss Life Direktversicherung · As text (Markdown) Swiss Life Direktversicherung