R+V, ALTE LEIPZIGER, AXA Launch Pension Scheme for Pharmacy Staff
R+V Lebensversicherung, ALTE LEIPZIGER Lebensversicherung, and AXA Lebensversicherung have jointly introduced a new occupational pension product for pharmacy employees, effective July 1, 2011. The initiative is part of a new industry-wide collective bargaining agreement.
Three German insurance companies – R+V Lebensversicherung AG, ALTE LEIPZIGER Lebensversicherung a.G., and AXA Lebensversicherung AG – have launched a new occupational pension product for pharmacy employees as of July 1, 2011.
The product, named "ApothekenRente" (Pharmacy Pension), is the recommended solution by the collective bargaining partners in the sector. It has been developed to implement the agreement between the employers' association Deutscher Apotheken (ADA) and the pharmacy employees' union ADEXA, which takes effect on January 1, 2012. The agreement aims to improve pension benefits for individuals working in pharmacies. The new contract mandates employer contributions to occupational pensions and requires a portion of employee salaries to be converted into pension contributions.
"ApothekenRente" is structured as a direct insurance plan. Employers contribute between 10 and 27.50 euros monthly per employee, depending on their working hours. Employees can also opt for voluntary additional contributions, to which employers add a 20 percent bonus funded by savings from reduced social security contributions. This allows for contributions of up to four percent of the assessment base for social insurance contributions.
The insurers are encouraging employees and employers to act before the end of 2011 to secure the current guaranteed interest rate of 2.25 percent. Starting in 2012, the product will transition to a unisex tariff with a guaranteed interest rate of 1.75 percent, applying equally regardless of gender.