Pensionsfonds

(1) A Pensionsfonds within the meaning of this Act is a legally capable retirement provision institution that 1. provides occupational retirement benefits by way of a funded system for one or more employers for the benefit of employees, 2. may not, for all provided-for benefit events, promise the level of the benefits or the level of the future contributions payable for these benefits by way of insurance-form guarantees, 3. grants employees their own claim to benefit against the Pensionsfonds, and 4. is obliged to provide the retirement provision benefit as a lifelong payment, a single lump-sum capital payment, or a capital payment in instalments. A lifelong payment within the meaning of the first sentence, point 4, may be combined with a partial or full capital-election right; the payment of the capital may be provided for as a single lump-sum payment or as a capital payment in instalments. Pensionsfonds may also make death-benefit payments to third parties, with the death benefit limited to the amount of the usual funeral costs.
(2) By way of derogation from subsection (1), first sentence, point 4, a Pensionsfonds may provide retirement provision benefits for as long as contribution payments by the employer are also provided for during the pension drawing period or during a capital payment in instalments. A fixed date for the end of the contribution payments may not be provided for. The first sentence does not apply to commitments within the meaning of section 1(2), point 2, of the Company Pensions Act.
(3) For commitments within the meaning of section 1(2), point 2, of the Company Pensions Act, a Pensionsfonds may, by way of derogation from subsection (1), first sentence, point 4, provide lifelong payments and instalments of capital payments as retirement provision benefits where 1. the competent collective bargaining parties agree, 2. the pension scheme provides for a lifelong payment or a capital payment in instalments and a minimum amount of the lifelong payment or of the instalments of the capital payment for the payment of the retirement provision capital to be made available under section 1(2), point 2, of the Company Pensions Act, 3. a scheduled use of this retirement provision capital, and of the interest and income attributable to it, for current benefits is determined, and 4. the Pensionsfonds demonstrates the employer's commitment to be liable itself for providing the minimum amount, and submits the collective bargaining parties' agreement under point 1 to the supervisory authority. Subsection (2), second sentence, applies correspondingly.
(4) Former employees, and persons falling under section 17(1), second sentence, of the Company Pensions Act, are also deemed employees within the meaning of this provision.
(5) Pensionsfonds require the authorisation of the supervisory authority to conduct business.
(6) The Federal Ministry of Finance is authorised to issue, by statutory instrument, more detailed provisions for the case under subsection (3) on 1. a limitation on payments by the Pensionsfonds for the case where the employer must provide the minimum amount, 2. provisions for determining and adjusting the lifelong payment or the instalments of a capital payment, and for determining the minimum amount of the lifelong payment or the instalments of the capital payment, 3. the form and content of the employer's commitment to be liable itself for providing the minimum amount, and of the evidence of this commitment. The authorisation may be transferred to the Federal Institute by statutory instrument. The Federal Institute issues the provisions in consultation with the Länder insurance supervisory authorities. Statutory instruments under the first to third sentences do not require the consent of the Bundesrat.