Companion Service Delays User's Engagement
The Talanx Group, a prominent insurance company based in Hanover, has been waiting for the Federal Financial Supervisory Authority (Bafin) to approve two significant occupational pension schemes: the Blueprint for occupational pension provision (bAV) and the social partner model.
Unlike the bAV model, which is under the brand "Die Deutsche Betriebsrente", the social partner model is not currently under this brand. This model, which can be agreed upon by collective bargaining parties, has not been implemented by Talanx yet due to the lack of Bafin's approval.
The social partner model, if approved, could potentially be a success story for the Talanx Group. The unique feature of this bAV model is that the saver waives guarantees, providing product providers with more freedom for capital investment.
The bAV model, on the other hand, offers more investment freedom than classic guarantee products from pension funds, pension funds, and direct insurances. However, its delay in starting is due to regulatory concerns regarding compliance, risk assessment, or documentation completeness. Possible reasons for the delay or withholding of approval could include insufficient clarity on the financial sustainability of the pension plan, incomplete or inadequate risk management frameworks, issues with the plan’s adherence to Bafin’s regulatory requirements, and the need for further adjustments to ensure long-term security of employee benefits.
No official statement regarding the exact reasons for the delay has been received from Bafin or Talanx. The Bafin's approval is still pending for the contract documents of the bAV model, and without it, the Talanx Group employees are unable to subscribe to the capital market-oriented bAV contracts as planned.
In light of the delay, Talanx Group plans to start a broad-based campaign for their staff to inform everyone simultaneously about the social partner model, taking into account the many absent employees during the summer holidays.
As we await Bafin's decision, it is essential to note that the approval process for occupational pension schemes is rigorous, aiming to ensure strict solvency, transparency, and consumer protection standards are met. BaFin typically requires that occupational pension schemes meet these standards before granting approval.
For updates on the progress of these pension schemes' approvals, please stay tuned to this channel. We will continue to monitor the situation and provide you with the latest developments.
The Talanx Group, being active in both the insurance and finance industries, is eagerly awaiting the Federal Financial Supervisory Authority (Bafin) to approve not only the Blueprint for occupational pension provision (bAV) but also a potential Occupational Pension scheme under the social partner model. This approval could open up new business opportunities for the Talanx Group, particularly in the finance sector, as the social partner model offers more capital investment freedom compared to traditional pension schemes.
