DEVK Pensionsfonds Offers Employee Pension Plans

DEVK Versicherungen has launched a program enabling employees to save for retirement through salary conversion agreements. This initiative, facilitated by the DEVK-pensionsfond, allows a portion of an employee's salary to be directed into pension savings with tax benefits.

The DEVK-pensionsfond provides a "defined contribution with minimum benefit" plan, guaranteeing that at least the contributions made will be available upon retirement. Pension options include a lifelong annuity or a payout plan, each allowing up to 30 percent of the accumulated capital to be withdrawn as a lump sum. In the event of the policyholder's death, eligible beneficiaries will receive a survivor's pension.

Individuals can access pension benefits from the DEVK-pensionsfond starting at age 63. The payout method is determined shortly before retirement. Policyholders first decide on the potential 30 percent lump-sum withdrawal, then choose between a lifelong annuity or a payout plan. The payout plan ensures the pension continues to be paid to surviving beneficiaries at the same rate until the deceased's hypothetical 85th birthday. For the lifelong annuity, a 60 percent survivor benefit option is available.

In cases of occupational disability, DEVK will continue to pay contributions to the retirement plan for the duration of the disability, up to age 63. The fund invests contributions partly in fixed-income securities to ensure capital preservation and partly in equities for potential higher returns. Ethical, ecological, and social considerations are also factored into the investment strategy.