Insurance broker / Company pension schemes in Germany (bAV) / Policy wording archive
VOLKSWOHL BUND Direktversicherung: the policy wording in full
Besondere Bedingungen des VOLKSWOHL BUND für Direktversicherungen mit Hinterbliebenenkreis, unwiderruflichem Bezugsrecht, versicherungsvertraglicher Lösung, Verzicht auf Abzug bei Übertragung und Wiederinkraftsetzung nach Elternzeit; die Allgemeinen Bedingungen 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 VOLKSWOHL BUND Direktversicherung.
Basics and funding vehicle
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Direct insurance (employer is policyholder, employee is the insured person) | yes | „Eine Direktversicherung ist eine Lebensversicherung, die vom Arbeitgeber …“ | § 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 | not addressed | ||
| Purely employer funded pension possible | not addressed | ||
| Tax favoured contributions under local law | yes | „die vereinbarten laufenden Beiträge bis zum geltenden steuerlich geförderten …“ | § 9 Abs. 1, page 3 |
| 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) | yes | „so kann dieser nicht reduziert werden.“ | § 12, page 4 |
| 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 bleibt unberührt.“ | § 9 Abs. 3, page 2 |
| Lifelong annuity as standard benefit | not addressed | ||
| Option to take a lump sum instead of a pension | yes | „Der Antrag muss vor Beginn der Rentenzahlung, frühestens jedoch ein Jahr vor Ablauf der …“ | § 5 Abs. 1, page 1 |
| Partial lump sum alongside the pension | yes | „Teilauszahlung zum Altersrentenbeginn nur in Höhe von bis zu 30 Prozent der …“ | § 2 Abs. 3, page 1 |
| Flexible retirement start (earlier or deferred) | not addressed | ||
| Guaranteed annuity period or return of remaining capital in payout | yes | „Bei Einschluss einer Rentengarantiezeit wird die Leistung aus der verbleibenden …“ | § 4 Abs. 7, page 2 |
| 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 | „Ein vorgesehenes Todesfallkapital wird nach den anerkannten Regeln der …“ | § 4 Abs. 8, page 2 |
| Survivor pension to spouse or registered partner | yes | „Der überlebende Ehepartner bzw. eingetragene Lebenspartner.“ | § 4 Abs. 2, page 1 |
| Orphan pension to dependent children | yes | „Die Kinder: Damit sind alle Kinder im Sinne des § 32 Abs. 3, 4 Satz 1 Nr. 1 bis 3 und …“ | § 4 Abs. 2, page 1 |
| Beneficiaries limited to survivors allowed under tax rules | yes | „Der Kreis der möglichen Empfangsberechtigten für die im Todesfall zugesagte …“ | § 4 Abs. 1, page 1 |
| Funeral grant to other persons (amount) | yes | „kann eine Person, die nicht zu diesem Personenkreis gehört, maximal die zum …“ | § 4 Abs. 5, page 2 |
| Disability cover as rider in the same contract | yes | „Erhöhungen der laufenden Beiträge können grundsätzlich auch zur Erhöhung einer etwaig …“ | § 9 Abs. 4, page 3 |
| 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 | yes | „vor Erfüllung der im BetrAVG genannten Unverfallbarkeitsfristen endet.“ | § 3 Abs. 2, page 1 |
| Irrevocable beneficiary right of the employee from the start | yes | „Die versicherte Person hat auf die Versicherungsleistungen für den Erlebens- und …“ | § 3 Abs. 1, page 1 |
| Insurance contract solution on leaving (policy passes to the employee) | yes | „die versicherungsvertragliche Lösung nach § 2 Abs. 2 Satz 2 BetrAVG angewendet.“ | § 6 Abs. 3, page 2 |
| Transfer to a new employer or provider | yes | „wenn das „Abkommen zur Übertragung zwischen den Durchführungswegen Direktversicherung …“ | § 7 Abs. 2, page 2 |
| Private continuation with own contributions after leaving | yes | „erhält das Recht zur Fortsetzung der Versicherung mit eigenen Beiträgen.“ | § 6 Abs. 3, page 2 |
| Contribution pause during parental leave, sick pay or short time work | yes | „wegen Elternzeit (maximal drei Jahre je Kind) oder“ | § 8 Abs. 3, page 3 |
| Reinstatement after paid up status without new health check | yes | „Fristen auch dann auf eine Gesundheitsprüfung, wenn die Direktversicherung Leistungen …“ | § 8 Abs. 4, page 3 |
| 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 | yes | „werden wir auf den bei Kündigung fälligen Abzug und Selektionsabschlag verzichten“ | § 7 Abs. 2, page 2 |
| Deduction on transfer to another provider | none | „werden wir auf den bei Kündigung fälligen Abzug und Selektionsabschlag verzichten“ | § 7 Abs. 2, page 2 |
| Disposal restriction: assignment, loans and surrender by the employee excluded | yes | „Ansprüche aus der Direktversicherung können nicht verpfändet oder abgetreten werden.“ | § 2 Abs. 1, 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 | yes | „ist auch ein Dienstverhältnis von arbeitsrechtlich beherrschenden Organpersonen (z. B …“ | § 1 Abs. 1, page 1 |
| Minimum contribution per insured person | not addressed | ||
| Maximum contribution per insured person | yes | „den geltenden steuerlichen Höchstbetrag (§ 3 Nr. 63 EStG oder § 100 EStG) nicht …“ | § 9 Abs. 2, page 3 |
| Employer notification duties (leaving, salary change, parental leave) | yes | „Nimmt die versicherte Person die Tätigkeit beim Versicherungsnehmer wieder auf, ist uns …“ | § 10 Abs. 3, page 3 |
| Consequences of late contributions (reminder, deadline, employee information) | not addressed | ||
| 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.
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Policy wordings and provider
- Legal entity
- Volkswohl-Bund Lebensversicherung a.G.
- Distribution
- available through brokers
- Besondere Bedingungen für die Direktversicherung (BED.DV.0625) Edition: BED.DV.0625 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 VOLKSWOHL BUND Direktversicherung and available as plain text.
Volltext VOLKSWOHL BUND Direktversicherung · As text (Markdown) VOLKSWOHL BUND Direktversicherung