Regulation on prudential supervision of pension funds

Original Language Title: Verordnung betreffend die Aufsicht über Pensionsfonds

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Regulation on prudential supervision of pension funds (Pension Funds Supervisory Regulation-PFAV)

Unofficial table of contents

PFAV

Date of completion: 18.04.2016

Full quote:

" Pension Funds Supervisory Ordinance of 18 April 2016 (BGBl. I p. 842), as defined by Article 2 of the Regulation of 18 May 2016 (BGBl. 1231).

Status:	Amended by Art. 2 V v. 18.5.2016 I 1231
Chapter 5 shall appear in accordance with. § 30 sentence 1 of this V in force on 1.7.2016

For more details, please refer to the menu under Notes

Footnote

(+ + + Text proof: 22.4.2016 + + +) 
(+ + + For application cf.  § § 24, 29 + + +)

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Input formula

The Federal Ministry of Finance is responsible for the

-: § 240 sentence 1 number 1 to 3 and 7 to 9 in conjunction with sentence 3 of the Insurance Supervision Act of 1 April 2015 (BGBl. 434),
-: § 240 sentence 1 number 10 to 12 in conjunction with sentence 3 and 4 of the Insurance Supervision Act of 1 April 2015 (BGBl. 434), in agreement with the Federal Ministry of Justice and Consumer Protection:

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Content Summary

Chapter 1Reports of the Appointed Actuary

§ 1	Explanatory report
§ 2	Adequacy report
§ 3	Submission deadlines

Chapter 2Reports for the Supervisory Authority

§ 4	Internal annual report
§ 5	Form sheets for balance sheet and profit-and-loss account
§ 6	Separate profit-and-loss account
§ 7	Number and time limits for the submission of forms
§ 8	Form-bound explanations
§ 9	Number and time limits for the submission of the form-bound explanations
§ 10	Other accounting documents
§ 11	Semi-annual interim report
§ 12	Application of the forms and remittantes

Chapter 3Surplus participation

§ 13	Capital gains to be calculated
§ 14	Minimum contribution to the provision for repayment of contributions
§ 15	Reduction of the minimum feed

Chapter 4Assets

§ 16	Investment principles and investment management
§ 17	Forms of investment
§ 18	Mix
§ 19	Scatter
§ 20	Congruence

Chapter 5Cover provision

Section 21	Actuarial Confirmation
Section 22	Insurance-like guarantees
Section 23	Actuarial accounting principles for insurance-like guarantees
§ 24	Commitments without insurance guarantees

Chapter 6Financial equipment

Section 25	Calculation and amount of the Solvency Capital Requirement
Section 26	Minimum capital requirement and minimum amount of minimum capital requirement
§ 27	Own resources
§ 28	Obligation to report to the Supervisory Authority

Chapter 7Final provisions

§ 29	Transitional provisions
§ 30	entry into force

Appendix 1	The regional origin of the pension fund business and the measures to be used for this purpose
Appendix 2	Form sheets and remittanes
Appendix 3	congruence rules
Appendix 4	Proof of own resources and calculation of the solvency capital requirement for pension funds
Appendix 5	Form sheets and remittanes

Chapter 1
Reports of the Appointed Actuary

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§ 1 Explanatory Report

(1) The responsible actuary shall indicate in the explanatory report to the extent to which, according to the recognized rules of actuarial mathematics, a division of the stock into risk classes has been carried out. In particular, it must take into account the extent to which insurance risks and investment risks have been taken into account. Reasons shall be given for the division to be made, including any deviations from the classification of the previous year. (2) It should be stated whether the cover provision has been calculated

1.: according to a prospective or retrospective method,
2.: with explicit or implicit consideration of future expenses for the current pension fund operation, including commissions and
3.: for each pension fund contract or per pension plan or with statistical approximation methods; the statistical approximation methods used are to be explained.

(3) The probability boards used in the calculation of the cover provision, the accounting rates and the explicit cost rates for expenses for the current pension fund operation, including commissions, shall be admitted. The expenses for the current pension fund operation, including commissions, are also to be included in an implicit approach. (4) It should be stated that:

1.: all the benefits of the pension fund contracts, including the guaranteed amounts for the terminated pension fund contracts or the supply conditions, the non-contributory benefits and the surplus shares to which the contractual partners and Persons entitled to a pension shall be taken into account in accordance with the precautionary principle, taking into account whether the claim exists on the basis of an individual or collective way of viewing;
2.: retrospective methods used, where appropriate, do not lead to a reduction in coverage than the cover provision which would be based on a sufficiently prudent prospective calculation,
3.: the accounting bases used in the calculation of the cover reserve contain adequate security margins,
4.: the precautionary principle has also been applied in the evaluation of the assets used to cover the cover-up and
5.: the cover provision at any time is at least as high as the respective guaranteed amount for the contract or supply relationship concluded; this shall apply mutagenally to the guaranteed non-contributory pension of the guaranteed amount.

In addition, an assessment should be made of the future development of the security margins contained in the accounting principles used. If § 24 is applied, shall be executed,

1.: As with the approach of the accounting principles, in particular the accounting rate, income from assets in the stock and from future assets, as well as, in particular, the setting-up procedure, in particular the the time interval until the next re-determination of the contributions to be provided by the employer has been taken into account; and
2.: whether and, where appropriate, the accounting bases and, in addition, if the fixing procedure is applied, the contributions are likely to be changed in the next period of calculation.

(5) The presentation and information required under paragraphs 2 to 4 shall be drawn up separately for each risk class. (6) Insofar as additional provisions to cover costs or imminent losses arising from warrants of warrants, which are If the contract partner or the person entitled to supply can exercise, or for change risks which cannot be individualized, these provisions shall be explained separately. (7) Insofar as the cover provision does not completely cover the contributions of the relevant pension fund contract may be financed, the shall be specified and explained separately for the repleniration of the cover provision. This shall apply in accordance with increases in cover provisions in accordance with Section 341f (2) of the Commercial Code. Unofficial table of contents

§ 2 Adequacy report

(1) The responsible actuary shall state in the adequacy report that the continued fulfilment of the obligations arising from the pension fund contracts shall also be guaranteed, including the obligations arising from the obligations under Section 141, paragraph 5, point 4, in conjunction with Section 212 (1) and Article 237 (1), first sentence, of the Insurance Supervision Act, provide for a reasonable amount of participation in the surplus. Only those obligations arising from participation in the surplus which arise during the period for which the proposals apply are to be taken into account. (2) It should be stated that the proposed surplus rates shall be taken into account in the light of the contractual agreements and other supervisory and contractual provisions in accordance with the principle of equal treatment pursuant to § 138 (2) in conjunction with Section 212 (1) and § 237 (1) sentence 1 of the Insurance Supervision Act and standing in accordance with the provisions of the contractual agreements Profit-sharing. In particular, it should be stated that different accounting bases for the calculation of contributions and different surplus-sharing schemes do not lead to substantial, unjustified differences in the performance of the services. Different ratios in the pension fund's portfolio, which justify differences in benefits, should be indicated. In particular, different variations of the different surplus sources, different reservation requirements and differences in the amount available in the reserve for restitution of contributions are considered to be different. (3) In the case of the interpretations and explanations required under paragraphs 1 and 2, indicate the facts, models and assumptions underlying them. The description referred to in paragraph 2 shall be based on the main sources of surplus. (4) Insofar as the necessary interpretations and explanations from the proposals submitted are in favour of a fair share of the surplus or of the surplus, the Explanatory report can be referred to it. Unofficial table of contents

§ 3 Time limits

(1) The responsible actuary has to submit the explanatory report and the adequacy report to the Management Board when issuing the actuarial confirmation. (2) The Executive Board has the explanatory report and the Adequacy Report immediately, after drawing up the annual accounts of the supervisory authority.

Chapter 2
Reports for the Supervisory Authority

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§ 4 Internal annual report

Pension funds shall submit an internal annual report to the Supervisory Authority, which shall be composed of the following accounting documents:

1.: Balance sheet and profit-and-loss accounts according to § § 5 to 7,
2.: form-bound explanations in accordance with § § 8 and 9 and
3.: other accounting documents in accordance with § 10.

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§ 5 Form for balance sheet and profit-and-loss account

Pension funds shall draw up their balance sheets and profit and loss accounts in relation to the supervisory authority as follows:

1.: the balance sheets according to Form 800;
2.: the profit and loss accounts for the entire pension fund business according to Form 810.

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§ 6 Separate profit-and-loss account

(1) In addition, pension funds have to draw up separate pension-related income and loss accounts according to Form 810 up to and including page 3, line 15

1.: for the entire domestic pension fund business,
2.: for the entire foreign pension fund business and
3.: in each case for the pension fund business operated in another Member State or State Party.

(2) The separate pension-related profit and loss accounts for the pension fund business operated in another Member State or State Party pursuant to paragraph 1 (3) may be omitted, provided that the gross premiums written in the individual Member States or Contracting States shall not be more than EUR 500 000. Unofficial table of contents

§ 7 Number and time limits for submission of forms

(1) The forms 800 and 810 according to § § 5 and 6 shall be submitted to the supervisory authority in duplicate in each case not later than five months after the end of the financial year. (2) Erindicate up to a later conclusion of the annual financial statements In addition, the supervisory authority shall, in addition to the relevant standard forms 800 and 810, be subsequently returned to the supervisory authority in duplicate in each case after the determination. Unofficial table of contents

§ 8 Form-bound explanations

Pension funds shall draw up the following form-bound explanations:

1.: Development of capital investments and capital investments for the account and risk of employees and employers in accordance with reference 801,
2.: the breakdown by type of expenditure shown in certain cost items of the profit and loss account by type of expenditure according to Directive 802,
3.: Security and residual assets as referred to in refoulement 803,
4.: congruent cover in accordance with refoulement 804,
5.: Income from and expenditure on investments and investments on the account and risk of employees and employers in accordance with reference 811,
6.: capital investments and investments for the account and risk of employees and employers in the case of employers, as well as receivables and liabilities to employers in accordance with Rejection 820,
7.: Movement of the stock to beneficiaries in accordance with refoulement 830,
8.: information on the foreign pension fund business, separately for each other Member State and State Party, in accordance with reference 842;
9.: Information on the pension fund business referred to in reinsurance in accordance with Rejection 850.

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§ 9 Unit number and time limits for the submission of the form-bound explanations

The form-bound explanations in accordance with § 8 shall be submitted to the supervisory authority in duplicate in each case, namely:

1.: no later than five months after the end of the financial year, remittantions 801, 802, 803, 804, 811, 842 and 850; and
2.: at the latest six months after the end of the financial year, the remittantions 820 and 830.

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Section 10 Other accounting documents

(1) Pension funds shall submit the following other accounting documents:

1.

Immediately after the drawing up, the documents referred to in Article 37 (1) of the Insurance Supervision Act, together with the confirmations prescribed in accordance with Section 141 (5) (2) and § 128 (5) of the Insurance Supervision Act, in double copy;

2.

Immediately after the determination in duplicate

a)

the annual report, at least consisting of:

aa): the documents referred to in Article 37 (1), first sentence, of the Insurance Supervision Act, accompanied by the endorsement or endorsement of his or her failure pursuant to Section 322 of the Commercial Code;
bb): the proposal by the Board of Management for the appropriation of the balance sheet profit pursuant to Section 170 (2) of the German Stock Corporation Act; and
cc): the report of the Supervisory Board to the Annual General Meeting or to that meeting of the highest representative pursuant to Section 171 (2) of the German Stock Corporation Act, including the decisions of the Executive Board and the Supervisory Board pursuant to § 172 sentence 2 of the German Stock Corporation Act. Stock law as well as the reports and statements on the results of the audits pursuant to § 314 (2) and (3) of the German Stock Corporation Act,

b)

the report of the auditor with the comments of the Executive Board and the Supervisory Board pursuant to Section 37 (5) sentence 1 of the Insurance Supervision Act, whereby the Board of Management and the Supervisory Board each signed their observations by hand in writing, and

c)

the report of the auditor on the report of the Executive Board on relations with related undertakings in accordance with Section 313 (2) to (5) of the German Stock Corporation Act,

3.

immediately after the general meeting or the corresponding assembly of the supreme representation

a): the final annual report referred to in point 2 (a), in the form in which it was submitted to the general meeting or to that meeting of the supreme representation, in a four-way copy,
b): the consolidated financial statements and the group management report in accordance with § § 341i and 341j of the German Commercial Code (Handelsgesetzbuch) in four-fold copies,
c): the report of the auditor on the audit of the consolidated financial statements and the group management report in accordance with § 341k of the Commercial Code in a simple manner

and

4.

at the latest seven months after the end of the financial year in duplicate, an actuarial report on the impact of the main sources of profit and loss on the results of the balance sheet and on the essential elements of the balance sheet actuarial assumptions underlying the calculation of the pension provisions; the supervisory authority shall determine the details of the actuarial opinion.

(2) A copy of the annual report referred to in paragraph 1 (3) (a) shall be signed by the Management Board, actuarial and trustee, in accordance with Section 128 (1) of the Insurance Supervision Act. In addition, the Supervisory Board shall sign the Supervisory Board's report by hand in writing. Unofficial table of contents

Section 11 Semi-annual interim report

(1) In each case, pension funds shall draw up an internal semi-annual interim interim report on selected figures for business development as form-bound explanations in accordance with reference 882, by 30 June and 31 December. (2) The form-bound Explanations as referred to in paragraph 1 shall be submitted to the supervisory authority in duplicate at the latest by the end of the month following the first half year of the report. Unofficial table of contents

§ 12 Application of forms and remittantes

(1) The figures to be used on the forms and the remittances shall result from Annex 1. (2) When using the forms and remittances, the notes and abbreviations shall be taken into account in Annex 2, Sections A and B. (3) Preparation of forms and remittantes is to be taken into account in Annex 2 (C). (4) The form of forms and remittantes is based on the specimens published in the Bundesgesetzblatt 2005 I, pp. 3061 to 3091 with the exception of:

1.: Form 800, for which the model laid down in Appendix 5 applies,
2.: Form 810, for which the model published in the Bundesgesetzblatt 2010 I p. 474 to 480 applies,
3.: Instruction 801, for which the model published in the Federal Law Gazans 2010 I, pp. 481 to 485 applies,
4.: the references 802, 803 and 804, for which the model laid down in Appendix 5 applies,
5.: Reference 811, for which the model published in the Bundesgesetzblatt 2010 I, pp. 487 and 488 applies, and
6.: Reference 842, for which the model published in the Federal Law Gazans 2010 I p. 489 applies.

Chapter 3
Surplus participation

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Section 13 Transfer of capital gains

(1) The capital gains to be calculated, which are attributable to the surplus-eligible supply relationships, result from the capital gains with the result from capital investments (amount in form 810 page 1 line 09, column 04 minus the reference 811 page 2 Row 21, column 01 and 02 plus reference 811, page 2, row 21, column 03 and 04, increased or reduced by the partial amounts in reference 811 page 1 line 25, which are to be attributed to the risk result or to the rest of the result) in accordance with paragraph 2. (2) The ratio of the average towering liabilities referred to in paragraph 3 shall be the ratio of the average towering liabilities referred to in paragraph the surplus-eligible supply situation shall be accounted for by the average liabilities referred to in paragraph 4. (3) The average interest-bearing liabilities of the surplus-eligible supply ratios shall be calculated by: Arithmetic averaging of the interest-bearing liabilities at the balance sheet date of the last two financial years. The outstanding liabilities are the gross provisions of the pension funds (corresponding partial amount in form 800 page 4 line 11 column 04) plus the liabilities from the pension fund business with regard to the pension fund (corresponding partial amount in Form 800 page 5, line 06, column 01) and to employers (corresponding partial amount in Form 800 page 5, line 05, column 02, which is payable on liabilities from surplus credited shares). (4) The mean liabilities to be calculated shall be the sum of the following: Amounts:

1.: the middle-interest liabilities of the pension fund business,
2.: mean equity (calculated from the amounts in Form 800 page 3, row 19, column 04),
3.: medium-sized eligible capital (calculated from the amounts in Form 800, page 3, row 20, column 04),
4.: average subordinated liabilities (calculated from the amounts in Form 800 page 3, row 22, column 04),
5.: Average provisions for pensions and similar obligations (calculated from the amounts in Form 800, page 4, row 17, column 03),
6.: Balance arising from the average settlement liabilities and claims arising from reinsurance business (calculated from the balance of the amounts in Form 800 page 5, row 09, column 03 and page 2, line 05, column 03); and
7.: Balance from the average settlement liabilities and claims against life assurance undertakings (calculated from the balance of the amounts in Form 800 page 5, row 10, column 03, and page 2, row 06, column 03).

The requested not yet paid-in capital (amount in Form 800, page 2, row 07, column 03) is not to be taken into account. The provisions of paragraph 3 shall apply mutaficily to the mean towering liabilities. In the case of the other intermediate items, the first sentence of paragraph 3 shall apply mutatily. (5) Insofar as paragraphs 1, 3 and 4 contain references to forms and a reference, they shall refer to the forms and remittantes referred to in Article 12 (4). Unofficial table of contents

§ 14 Minimum supply for repayment of contribution restitution

(1) In order to ensure a sufficient minimum supply for repayment of contribution restitution, pension funds must be entitled to the surplus-eligible supply conditions to be proportionate to the investment result, to the risk result and to the other result participate. The individual results shall be calculated pro rata from the proceeds and expenses, which shall be included in the sum of the following amounts:

1.: Year-on-year result after tax (amount in Form 810 page 6, line 22, column 04),
2.: Withdrawal from the Organizational Fund in accordance with Section 9 (2) (5) of the Insurance Supervision Act (amount in Form 810 page 7, line 02, column 03),
3.: Gross expenses for the performantsdependent contribution repayment (amount in Form 810 page 3, row 11, column 04) and
4.: the direct credit note granted in the financial year (sum of the amounts in Form 810 page 2, line 20, page 3, line 06, and row 08, column 03).

(2) The amounts of the capital investment result, the risk result and the other result for the surplus-eligible supply conditions are detailed in the actuarial expert opinion pursuant to § 10 (1) (4) to be derived. The minimum supply for repayment of contributions shall be calculated in accordance with paragraphs 3 to 6. (3) The minimum contribution to the provision for repayment of contributions as a function of the capital gains for the persons entitled to surplus Supply ratios shall be 90 per cent of the capital gains to be calculated in accordance with § 13 less the accounting interest without the interest on the pension provisions which are incurred as a proportion of the surplus-eligible supply ratios (sum total) the corresponding partial amounts of the amounts in Form 810 page 2, line 19 Column 03 and page 3, line 05, column 03, minus the corresponding sub-amounts in Form 810, page 6, row 04, column 03). The amounts shall be deducted in detail in the context of the actuarial expert opinion pursuant to § 10 (1) (4). If it is contractually agreed that the surplus-eligible supply conditions in the capital gains to be credited are more than 90 percent, the minimum supply is to be increased accordingly. Where the calculation of negative amounts for the minimum contribution to the provision for repayment of contributions as a function of the capital gains shall be calculated, they shall be replaced by zero if the capital gains to be calculated in accordance with Section 13 are higher than the rate of interest on the pension provisions without the interest paid in proportion to the surplus-eligible supply. Otherwise, the minimum contribution to the provision for repayment of contributions as a function of the capital gains shall be 100 per cent of the capital gains to be calculated in accordance with § 13, less the accounting interest without the pro rata tion on the (4) The minimum contribution to the provision for repayment of contributions as a function of the risk result for the persons entitled to the pension Supply conditions shall be 90 per cent of the risk resulting from the risk referred to in paragraph 1. In the event of a calculation of negative amounts for the minimum supply for repayment of contributions as a function of the risk result, they shall be replaced by zero. (5) The minimum contribution to the provision for repayment of contributions from the any other result for the surplus-eligible supply conditions shall be 50 per cent of the other result referred to in paragraph 1. Where the calculation of negative amounts for the minimum contribution to the provision for repayment of contributions depends on the rest of the result, it shall be replaced by zero. (6) The sum of the amounts determined in accordance with paragraphs 3 to 5 shall be replaced by zero. the direct debit note (sum of the amounts in Form 810 page 2, line 20, page 3, line 06 and row 08, column 03), which is due to the surplus-eligible supply conditions. If a negative minimum supply for repayment of contributions is calculated by calculation, it shall be replaced by zero. (7) In the case of referral to forms in paragraphs 1, 3 and 6, section 13 (5) shall apply accordingly. Unofficial table of contents

§ 15 Reduction of the minimum feed

(1) The minimum supply according to § 14 may be reduced in exceptional cases with the consent of the supervisory authority.

1.: the solvency requirement for the surplus-eligible supply;
2.: unforeseeable losses on the basis of the investment result, the risk result or the other result from the excess supply conditions resulting from a general change in the situation, or
3.: the need for increases in the cover-up, if the accounting bases have to be adjusted on the basis of an unpredictable and not only temporary change in the circumstances.

(2) The minimum supply may be reduced to cover the solvency requirement or unforeseeable losses arising from the capital investment result only up to the following amount shown as a formula:

aKE-Rz-Sv + RE + üE.

The following are:

aKE: = the capital gains to be calculated,
Rz: = the amount of the interest on the pension reserves, excluding the interest paid in proportion to the surplus-eligible supply ratios,
Sv: = the amount required to meet the solvency requirement,
RE: = the risk result,
T: = the rest of the result.

The risk result and the rest of the result shall be replaced by zero if they are negative. If a negative amount is calculated, it is to be replaced by zero. Section 139 (2) in conjunction with Section 212 (1) and Section 237 (1) sentence 1 of the Insurance Supervision Act shall remain unaffected. (3) The company's obligation to draw up a supply plan shall be determined by a reduction of the minimum supply in principle, as referred to in paragraph 1.

Chapter 4
Assets

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Section 16 Investment principles and investment management

(1) The special provisions of this Chapter shall apply to the establishment of the security assets of a pension fund. The provisions of Section 124 (1) and Article 239 (1), second sentence, of the Insurance Supervision Act remain unaffected. (2) The asset of the security assets shall be effected with the necessary expertise and care. Compliance with the general investment principles of Section 124 (1) and Section 239 (1) sentence 2 of the Insurance Supervision Act and compliance with the special provisions of this Chapter are by means of a qualified investment management, by ensure appropriate internal capital investment principles and control procedures, through strategic and tactical investment policy, and through further organisational measures. These include, in particular, the monitoring of all risks of the active and passive side of the balance sheet and of the relationship between the two sides, as well as an assessment of the elasticity of the investment stock against certain capital market scenarios and Investment conditions. (3) Pension funds have to ensure that they are at any time on changing economic and legal conditions, in particular changes in the financial and real estate markets, to catastrophic events with Large-scale damage cases or other unusual market situations be able to respond appropriately. In the case of asset retention in a State which is not a State of the European Economic Area (EEA) or full member state of the Organisation for Economic Co-operation and Development (OECD), the Annex to this Annex shall also be: (4) More detailed provisions on the specific provisions of this chapter and the disclosure and disclosure requirements of the pension funds shall be determined by the supervisory authority. (5) Systems in insurance contracts with a life insurance undertaking in accordance with section 17, paragraph 1, point 5 as appropriate mixed and sprinkled when the establishments of the life assurance undertaking are sufficiently mixed and scattered. (6) The quotas of Sections 18 and 19 relate in each case to the valuation of the products offered by the Assets (§ 341 (4), § 341b, 341c and 341d of the Commercial Code). Unofficial table of contents

§ 17 Investment forms

(1) The security may be applied in

1.

Claims for which there is a fundamental right to land in a country of the EEA or in a full member state of the OECD, or the same right, if the basic right of property law is subject to the requirements of Sections 14 and 16 (1) to (3) of the Pfandbrief Act, in the case of inheritance rights in addition to the requirements of Section 13 (2) of the Pfandbrief Act, or if the basic right of property law meets the relevant provisions of the other State;

2.

claims,

a): which is secured sufficiently by cash payment or for the assets or securities in accordance with § 200 (1) to (3) of the capital investment code or equivalent provisions of another State of the EEA or of a full Member State of the OECD are pledged or transferred for security (investment loans);
b): for the debt securities referred to in point 6 or 7, or transferred to the security, or
c): consist of cash settlement claims of the pension fund against a reinsurer, minus any accounting liabilities arising from the reinsurer's premium claims against the pension fund;

3.

Loans

a): to the Federal Republic of Germany, its countries, municipalities and community associations,
b): to another State of the EEA or to a full member state of the OECD,
c): to regional governments and local authorities of another State of the EEA or of a full Member State of the OECD;
d): to an international organization, which also belongs to the Federal Republic of Germany as a full member,
e): for their return and repayment, one of the bodies referred to in (a), (b) or (d), a suitable credit institution within the meaning of point 18 (b), a public-law credit institution within the meaning of point 18 (c), or a credit institution multilateral development bank within the meaning of point 18 (d), or an insurance undertaking within the meaning of Article 14 of Directive 2009 /138/EC of the European Parliament and of the Council of 25 November 2009 relating to the taking up and pursuit of the business of insurance and reinsurance (Solvency II) (OJ L 327, 28. 1), as last amended by Directive 2014 /51/EU (OJ L 197, 21.7.2014, p. 1), which has insured the default risk, or
f): to settlement institutions within the meaning of Article 8a (1) of the Financial Market Stabilisation Fund Act, to the extent that one of the bodies referred to in point (a), (b) or (d) for this settlement institution is responsible for the loss-sharing obligation pursuant to Article 8a (4), first sentence, point 1, sentence 1 and paragraph 1a of the Financial Market Stabilisation Fund Act;

4.

Loans

a)

to undertakings established in a Member State of the EEA or in a full Member State of the OECD, with the exception of credit institutions, provided that, on the basis of the previous and expected future developments in the company's income and financial situation, the Contractually agreed interest and repayment are guaranteed and the loans are sufficient

aa): are secured by first-tier land-based rights,
bb): are secured by means of pledged or secured claims or securities admitted to trading or admitted to another organised market in accordance with Section 2 (5) of the Securities Trading Act, or in which they have been secured in such securities, or
cc): in a comparable manner; a declaration of commitment by the borrower to the pension fund (the negative transfiguration) can only replace a loan guarantee if and as long as the borrower already has a status as a result of his status provides the guarantee for the interest and repayment of the loan;

b)

to undertakings within the meaning of point 14 (a), in which the pension fund is a shareholder (shareholder loan), where the loans meet the requirements of Section 240 (1) and (2) (1) of the Capital Investment Code;

c)

to other undertakings established in a State of the EEA or in a full Member State of the OECD, with the exception of credit institutions, provided that such loans are sufficient in rem or in a debt-related manner;

5.

insurance contracts awarded to life assurance undertakings within the meaning of the first sentence of Article 1 (2) of the Retirement Pension Certification Act to cover obligations with regard to persons entitled to benefits;

6.

" Pfandbriefe, local bonds and other debt securities issued by credit institutions established in a State of the EEA or in a full member state of the OECD, if the credit institutions are subject to statutory provisions to protect the holders of such institutions Debt securities are subject to special public supervision and the funds raised in the issue of debt securities are applied in accordance with the statutory provisions in assets which during the entire duration of the period of validity of the debt securities are subject to the Debt securities arising from the liabilities arising from them sufficient cover and, in the event of a failure of the exhibitor, are intended as a priority for the repayments due and the payment of the interest (the special coverage of the law existing in force);

7.

Debt securities,

a): which are admitted to trading on a stock exchange or are admitted to or included in another organised market,
b): to be included in an organised market in accordance with the conditions of issue, provided that such debt securities are included within one year of the date of issue; or
c): which are admitted to trading on a stock exchange in a country outside the EEA or are admitted to or included in another organised market there;

8.

other debt securities;

9.

Claims arising from subordinated liabilities against companies or from the right of enjoyment to undertakings which

a): have their registered office in a State of the EEA or in a full Member State of the OECD, or
b): are admitted to trading on a stock exchange or are admitted to or included in another organised market or are admitted to trading on a stock exchange in a State outside the EEA or are admitted to another organised market there be approved or included in these;

10.

Asset Backed Securities (structured financial instruments secured with receivables rights) and Credit Linked Notes (financial instruments linked to credit risks) as well as other assets pursuant to § 17 (1), their income or repayment to Credit risks are linked or are transferred to a third party by means of credit risks;

a): against undertakings established in a State of the EEA or in a full Member State of the OECD, or
b): which are admitted to trading on a stock exchange or are admitted to or included in another organised market or are admitted to trading on a stock exchange in a State outside the EEA or are organized there at another the market or are included in the market;

11.

Claims entered in the debtor of the Federal Republic of Germany, one of its countries or in a corresponding register of another State of the EEA or of a full member state of the OECD, or the registration thereof as the debtor's claim is made within one year of its issuance, as well as in liquidity documents within the meaning of Section 42 (1) of the Act on the Deutsche Bundesbank;

12.

Shares admitted to trading on a stock exchange or admitted to or included in another organised market or admitted to trading on a stock exchange in a State outside the EEA, or on another market organised or included in the organised market;

13.

participations in the form of

a)

other shares, business shares in a limited liability company, share shares and shareholdings as a silent shareholder within the meaning of the Commercial Code, if the company has a business model, entrepreneurial risks, and

aa): has its registered office in a State of the EEA or in a full member state of the OECD,
bb): provides the pension fund with the last annual financial statements drawn up and audited in the appropriate application of the rules applicable to capital companies,
cc): undertakes to continue to submit such annual accounts at each balance sheet date;

b)

shares and shares in domestic closed-end alternative investment funds (AIF) within the meaning of Section 1 (3) of the Capital Investment Code;

aa): who invest directly or indirectly in assets under Article 261 (1) (4) of the Capital Investment Code, equity-related instruments and other instruments of corporate finance; and
bb): managed by a capital management company which has a permit pursuant to Article 20 (1) of the capital investment code or which is registered under section 44 of the capital investment code, or by a management company established in a State of the EEA or a full member state of the OECD, which is subject to public oversight for the protection of investors and has a permit or registration which is subject to the permit referred to in Article 20 (1) of the Capital Investment Code; or comparable to the registration in accordance with § 44 of the capital investment code;

, as well as shares and shares in closed foreign investment assets governed by the law of a State of the EEA or of a full Member State of the OECD, fulfil the requirement of double-letter aa in a comparable manner and of a company within the meaning of the double letter bb;

14.

Real estate in the form of

a)

built-up land in a country of the EEA or in a full member state of the OECD, situated in the EEA or in a full member state of the OECD, where there are equal rights and shares in a company whose territory is situated in the territory of the EEA or in a Member State of the OECD. the sole purpose of the acquisition, construction and administration of land situated in such a State or the same rights; the pension fund has sworn in the appropriateness of the purchase price on the basis of the opinion of a to examine experts or in a similar manner,

b)

Shares of a REIT-Aktiengesellschaft or of shares in a comparable capital company based in a State of the EEA or in a full member state of the OECD, which are subject to the conditions of the REIT Act or to the comparable provisions of the other States,

c)

Shares and shares in domestic special AIF within the meaning of Article 1 (6) of the Capital Investment Code or of shares and shares in domestic closed audience-AIF within the meaning of Article 1 (3) in conjunction with the second sentence of paragraph 6 of the Capital Investment Code,

aa): who invest directly or indirectly in property in accordance with Article 231 (1) (1) to (6) and Article 235 (1) of the Capital Investment Code; and
bb): managed by a capital management company which has a permit pursuant to Article 20 (1) of the Capital Investment Code, or by a management company established in a State of the EEA which is responsible for the protection of investors of a capital investment code; is subject to public supervision and is subject to a permit similar to that provided for in Article 20 (1) of the capital investment code;

, as well as shares and shares in EU investment assets within the meaning of Article 1 (8) of the Capital Investment Code in the form of special AIF and closed audience AIF, which fulfil the requirement of double-letter aa in a comparable manner and of a company within the meaning of the double letter bb;

15.

Shares and investment shares in domestic open public investment assets within the meaning of Article 1 (2) of the Capital Investment Code (UCITS) as well as in shares and shares in comparable EU investment assets within the meaning of Article 1 (8) of the German Capital Investment Code (UCITS) the capital investment code, provided that such assets are managed by a UCITS management company established in a State of the EEA;

16.

shares and investment shares in domestic open special AIF within the meaning of Section 1 (6) sentence 1 of the Capital Investment Code,

a): which meet the requirements of Section 284 of the Capital Requirements Code and are not covered by point 14 (c); and
b): managed by a capital management company which has a permit pursuant to Article 20 (1) of the Capital Investment Code, or by a management company established in a State of the EEA which is responsible for the protection of investors of a capital investment code; is subject to public supervision and is subject to a permit similar to that provided for in Article 20 (1) of the capital investment code;

as well as in shares and shares in EU investment assets within the meaning of Article 1 (8) of the Capital Investment Code, in the form of open special AIF, which satisfy the requirement referred to in point (a) in a comparable manner and by a company within the meaning of point (b);

17.

Shares and shares in domestic investment assets within the meaning of Article 1 (1) of the Capital Investment Code,

a): the non-public investment assets in the form of real estate special assets in accordance with § § 230 to 260 of the capital investment code,
b): which are not covered by point 13 (b), point 14 (c), points 15 and 16; and
c): managed by a capital management company which has a permit pursuant to Article 20 (1) of the Capital Investment Code, or by a management company established in a State of the EEA which is responsible for the protection of investors of a capital investment code; is subject to public supervision and is subject to a permit similar to that provided for in Article 20 (1) of the capital investment code;

as well as in shares and shares in EU investment assets within the meaning of Article 1 (8) of the Capital Investment Code, which satisfy the requirement referred to in point (a) in a comparable manner, shall not be covered by the investment forms referred to in point (b) and by of a company within the meaning of point (c);

18.

Assets at

a): the European Central Bank or the Central Bank of a State of the EEA or of a full Member State of the OECD,
b): a credit institution having its registered office in a State of the EEA which meets the requirements of Directive 2013 /36/EU of the European Parliament and of the Council of 26 June 2013 on access to the business of credit institutions and the supervision of credit institutions Credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006 /48/EC and 2006 /49/EC (OJ L 136, 31.5.2006, p. 338), as last amended by Directive 2014 /59/EU (OJ L 175, 5.7.2014, p. 190), if the credit institution confirms in writing to the pension fund that it complies with the rules governing its own capital and the liquidity of credit institutions. (appropriate credit institution),
c): public credit institutions, which are excluded from the scope of this Directive in accordance with Article 2 (5) of Directive 2013 /36/EU,
d): multilateral development banks, as defined in Article 117 (2) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending the Regulation (EU) No 646/2012 (OJ L 327, 28.4.2012 1), as last amended by the Delegated Regulation (EU) 2015/62 (OJ L 176, 15.7.2000, p. 37), a risk weight of 0 per cent has been received;

as installations are subject to current assets.

(2) The security assets may also be invested in installations which are not mentioned in paragraph 1 or which do not fulfil the conditions set out in paragraph 1 (opening clause). (3) The supervisory authority may also have assets in assets which are in the may not be mentioned or the conditions set out in the preceding paragraphs shall not be fulfilled, and shall allow the limits referred to in Article 18 (1), second sentence, and Article 19 (1) to (4), to be exceeded if:

1.: the interests of the suppliers and beneficiaries (beneficiaries) are not affected thereby, and
2.: Member States may authorise such derogations in accordance with Article 18 of Directive 2003 /41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision 1. 10), as last amended by Directive 2013 /14/EU (OJ L 235, 23.9.2003, p. OJ L 145 of 31.5.2013, p.

(4) Direct and indirect installations shall not be permitted

1.: in consumer loans, operating resources loans, movable property or claims on movable property and in intangible assets,
2.: which are not permitted under Article 18 of Directive 2003 /41/EC,
3.: in participations in Group companies of the pension fund within the meaning of Section 18 of the German Stock Corporation Act, with the exception of investments referred to in paragraph 1, point 5, and of companies in which the pension fund is only passively involved, without operating on the business to influence or to conduct ongoing project development, and
4.: in the case of a company to which the pension fund or its group companies, within the meaning of section 18 of the German Stock Corporation Act, carry out their business operations in whole or in part by way of outsourcing (Section 7 (2) of the Insurance Supervision Act) of functions or of the activities directly related to the operation of pension fund transactions carried out on behalf of the pension fund or its group undertakings within the meaning of Section 18 of the German Stock Corporation Act (AktG), if the extent of the activities of the pension fund or its entities is business operations essential to the subject-matter of the outsourcing of functions or the service activity is determined.

Unofficial table of contents

§ 18 Mixing

(1) The appropriate distribution of the security assets to different forms of investment (mixture) shall be determined subject to the further provisions of this provision in accordance with the respective pension plan. Assets in accordance with § 17 (2) are limited to 10 percent of the security assets in each case. Direct and indirect installations pursuant to Article 17 (1) (17) shall be limited to a prudent measure. (2) The supervisory authority may be responsible for the proportion of investments held directly and indirectly in accordance with Article 17 (1) (2) (a), (9), (10), (12) and (13). when it is necessary to safeguard the interests of the persons entitled to supply. The supervisory authority shall have the same power of direct and indirect investment in accordance with Article 17 (1) (15), (16) and (17), as well as other direct and indirect installations pursuant to Article 17 (1), the proceeds of which shall be paid or repaid to hedge funds, or Commodity risks are tied. Unofficial table of contents

§ 19 Scattering

(1) Subject to the provisions of paragraph 2, all assets falling on the same debtor shall be limited to 5 per cent of the assets of the assets. If a debtor has accepted the guarantee against the pension fund for liabilities of a third party, this guarantee obligation shall also be credited to the quota as set out in the first sentence. Investments in shares or shares in an open investment property in accordance with Article 17 (1) (15) to (17) shall not be considered as assets in the case of the same debtor, if the investment property is sufficiently dispersed. (2) For installations in the case of a the same debtor referred to in Article 17 (1) (3) (a), (b) or (d) shall, by way of derogation from paragraph 1, have a quota of 30 per cent of the assets. By way of derogation from paragraph 1, the following installations shall be subject to a quota of 15 per cent of the securing assets:

1.: Investments in debt securities which have been placed on the market by the same credit institution established in a State of the EEA or in a full member state of the OECD, where such bonds are subject to a force of law particular cover mass,
2.: Installations in the case of the same credit institution as defined in Article 17 (1) (18) (b), if and to the extent that the installations are actually secured by a comprehensive insurance institution of the credit institution or by a Deposit Guarantee Scheme ; the statutory exclusion of a legal claim to the performance of the Deposit Guarantee Scheme does not preclude effective protection;
3.: Installations at the same public credit institution as defined in Article 17 (1) (18) (c) and
4.: Installations at one and the same multilateral development bank as defined in Article 17 (1) (18) (d).

(3) In calculating the quotas referred to in paragraphs 1 and 2, investments shall be combined with the debtor and his group companies within the meaning of Section 18 of the German Stock Corporation Act. (4) In the case of shares within the meaning of Article 17 (1) (9), (12) and (13), investments shall be made on a In the case of undertakings whose sole purpose is the holding of the installations referred to in Article 17 (1) (9), (12) and (13) in other undertakings, the first sentence of paragraph 1 shall relate to the investments made by the pension fund in the other undertakings. (5) 10 per cent of the assets can be secured in a single piece of land or in the same land It shall apply in law or in shares in a company whose sole purpose is the acquisition, construction and management of land or land equal rights situated in a State of the EEA or in a full Member State of the OECD. The same limit shall apply to several legally independent plots if they constitute a single entity economically. (6) Assets in a carrier undertaking of the pension fund within the meaning of the second sentence of Article 7 (1) of the Occupational pension law may not exceed 5 per cent of the security assets. If the carrier company is part of a group within the meaning of section 18 of the German Stock Corporation Act, the assets in the companies belonging to the same group of companies as the carrier company may not exceed 10 per cent of the security assets. Where a pension fund is carried by a number of undertakings, investments in such undertakings shall be carried out with the necessary caution and shall be appropriately sprinkled. Unofficial table of contents

§ 20 Congruence

The collateral assets shall be invested in assets in accordance with the rules of congruence set out in Appendix 3 to this Regulation, denominated in the same currency as those in which the obligations to the beneficiaries are to be fulfilled. Where:

1.: the land and the rights of the land used in the currency of the country in which they are situated;
2.: shares and shares in the currency in which they are included in an organised market; and
3.: shares and shares not included in an organised market shall be deemed to have been invested in the currency of the country in which the issuer of the securities or shares is situated.

Chapter 5
Cover return

Unofficial table of contents

Section 21 Actuarial Confirmation

(1) In the case of pension funds, the responsible actuary, if no objections are to be charged, has the following actuarial confirmation:
" It is confirmed that the cover provision set in the balance sheet under the items ... of the Passiva shall be calculated in accordance with Section 341f of the German Commercial Code (HGB) and in compliance with the legal regulations issued pursuant to Section 240 sentence 1 number 10 to 12 VAG. has been made. " (2) If objections are to be raised, the responsible actuary shall declare that the actuarial confirmation shall be denied or restricted. In both cases, the declaration shall be supplemented by additional comments in such a way that the reasons for the failure or content and scope of the restriction will be clearly outlined. Unofficial table of contents

Section 22 Insurance-like guarantees

(1) In so far as the pension fund undertakes an actuarial guarantee under a contribution or performance-related pension plan, cover provisions shall be made subject to compliance with § 23 (1). The rate of interest shall be carefully considered in the light of the mixture of assets covering the obligation and the possible fluctuations in the value of the assets. It shall not exceed 1.25 per cent in the case of contracts denominated in euro. In the case of contracts denominated in other currencies, the Federal Financial Supervisory Authority shall set the maximum rate of interest, taking into account the provisions of the Decree of the Cover Regulation of 18 April 2016 (BGBl). 767) as amended in each case. (2) An actuarial guarantee within the meaning of paragraph 1 shall be provided if the pension fund is to be fixed against contributions fixed in respect of the amount and maturity of the pension fund. has committed agreed services. This is particularly the case when the pension fund

1.: in the context of performance or contribution-related pension plans, a level of benefit which is financed under the exclusion of a contractual repayment obligation from contributions already provided (a non-contributory obligation), or
2.: in the context of contribution-related pension plans, the commitment of the minimum benefit shall be accepted.

(3) The accounting rate used by a pension fund at the time of taking over the actuarial guarantee shall apply for the entire further duration of the contract. In the case of supply relationships, which are created in the event of an internal division in accordance with Article 10 of the Supply Equalization Act in favour of the person entitled to compensation, the accounting rate may also be used which at the time of the acquisition of the the insurance-like guarantee for the original supply relationship was used. Article 23 (2) and (3) shall remain unaffected. (4) By way of derogation from the first sentence of paragraph 3, the provisions of the same pension plan and the same principles for the calculation of mathematical provisions may be applied in accordance with the second sentence of paragraph 1. shall not be used for the entire duration of the contract of uniform accounting, which shall not exceed the maximum interest rate applicable in each case. A reduction in the invoice rate required thereby can be carried out in stages with the approval of the supervisory authority. (5) From the beginning of the pension cover may be made for the following eight years as well as for the part of the cover return, which is to be applied to the current The maximum interest rate is 85 per cent of the arithmetic average of the last monthly values of the return on loans of the public sector bonds with a residual maturity of one year to eight years; the last monthly values results from the German Bundesbank's monthly reports published capital market statistics. The relevant date for the determination of the invoice of the individual contract is the date of the beginning of retirement. Unofficial table of contents

Section 23 Insurance mathematical accounting bases for insurance-like guarantees

(1) In the case of the derivation of accounting principles, which is to be carried out by actuarial methods, all circumstances which may result in changes and fluctuations in the data obtained from the underlying statistics shall be taken into account: shall be taken into account and suitably weighted according to actuarial principles. The derivation of accounting bases on the basis of a best estimate does not suffice. The accounting principles must be set sufficiently cautiously and involve adverse deviations of the relevant factors from the assumptions made and derived from the statistics. This applies both to the assessment to be made in principle to a single risk as well as to the assessment of non-individualizable risks for which insufficient statistics are available. Participation in the surplus must be taken into account in an appropriate manner over the duration of each contract. (2) In the case of a calculation of the expected amount required in accordance with § 341f (2) in conjunction with Section 341 (4) of the Commercial Code Income from the pension fund shall be used as a return on the arithmetic average of euro interest rates calculated over a reference period of ten calendar years. For the calculation of the arithmetic mean, the annual averages rounded up to the second decimal place from the month-end levels published by the Deutsche Bundesbank in accordance with Section 7 of the Restatement Discount Ordinance Zero-coupon-euro interest rates with a maturity of ten years. For the current accounting year, the end-of-month levels of the first nine months are to be used. For the years 2006 to 2013, annual average values are 3.86, 4.25, 4.23, 3.81, 3.13, 3.15, 2.14 and 1.96 percent. (3) For each balance sheet date, the average value (reference interest rate) determined in accordance with paragraph 2 with the highest in the next 15 years for a contract to be compared with accounting rates. Where the reference rate is less than the highest applicable accounting rate, the individual contractual calculation of the cover provision shall be based on the following:

1.: for the period of the next 15 years, the minimum amount of the relevant year's accounting rate and the reference rate, and
2.: for the period after the expiry of 15 years of the relevant accounting rate.

Otherwise, the relevant accounting rate shall be used for the entire remaining period of time. (4) The assumptions and calculation methods may only be changed in so far as the legal or economic assumptions underlying the assumptions are Framework conditions require or justify this. Unofficial table of contents

§ 24 Commitments without insurance-like guarantees

(1) Insofar as a performance-related pension plan provides for periodic review and, where appropriate, redetermination of the future of the amount and time after agreed contributions, as a function of the development of the performance obligations and of the assets ("the procedures for the fixing of assets") , the cover provision is to be made prospectively in accordance with § 341f of the Commercial Code, whereby the respective agreed contributions are to be used for the calculation of the present value of the future contributions. For the calculation of cash values, the accounting rate must be carefully selected for the period prior to the pension cover. It must take due account of the contractual currency and the assets held in the stock and the expected return on future assets. Section 23 (1) shall apply with the proviso that the accounting bases shall be based on a best estimate, including a safety margin, in particular the time interval until the next redetermination of the future of the Employers ' contributions are taken into account. For the period of receipt of the pension, no more than the applicable accounting rate shall be applied in accordance with Article 22 (1); if the pension fund assumes a guarantee, the accounting rate in force at the date of the guarantee shall not be allowed in accordance with Article 22 (1). will be exceeded. Paragraph 2 shall remain unaffected. (2) In the cases of § 236 (2) of the Insurance Supervision Act (Insurance Supervision Act), the cover provision in the period of reference to the pension is to be considered as a cash value of the benefits. The invoice rate must be carefully selected. It must take due account of the currency of the contract and of the assets held in the stock and the proceeds of future assets. Section 23 (1) is to be applied with the proviso that the accounting bases are derived on the basis of a best estimate, with the inclusion of their future changes.

Chapter 6
Financial endows

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Section 25 Calculation and amount of the Solvency Capital Requirement

(1) In the case of pension funds, the Solvency Capital Requirement is the sum of the pension plans.

1.: 4 per cent of the cover provision and the contribution surcharges reduced by the shares, to the extent that the pension fund carries a capital investment risk within the meaning of paragraph 4 itself,
2.: 1 per cent of the cover provision and the contribution surcharges reduced by the shares, in so far as the pension fund does not take on a capital investment risk and the administrative cost surcharge calculated in the contribution for a period of more than five years years,
3.: 25 per cent of the net administrative expenses in the last financial year attributable to contracts in respect of which the pension fund does not take on a capital investment risk and the administrative cost surcharge calculated in the contribution for a period of time of is set at a maximum of five years,
4.: 0.3% of the risk capital calculated in accordance with paragraph 3, to the extent that the risk referred to in paragraph 4 itself is borne.

(2) Where the pension fund guarantees benefits, the capital shall be credited to 75% of the partial amount of the solvency capital requirement calculated in accordance with paragraph 1 (1) of paragraph 1 where the pension plan is based on the cash value of this guarantee. (3) For the calculation of the risk capital referred to in paragraph 1 (4), § 9 (2) to (4) and Section 10 (1) sentence 2 of the Capital Grant Regulation of 18 April 2016 (BGBl) shall apply. 795), as amended in each case. Where the risk capital referred to in paragraph 1 (4) cannot be determined, an equivalent calculation procedure shall be used instead, taking into account the risk borne by the pension fund in an appropriate manner. The calculation procedure shall be communicated to the supervisory authority at the latest upon presentation of the documents specified in § 28. (4) The pension fund shall itself bear the risk of capital investment, insofar as the amount of contributions and contributions by agreement in the pension plan shall be at the same time and Benefits are guaranteed. It carries an excessive risk itself, insofar as it does not transfer it through the acquisition of insurance cover. The reduction in the solvency capital requirement resulting from the acquisition of insurance cover shall be 15% in the cases referred to in points 1 and 2 of paragraph 1 and, in the case of paragraph 1, point 4, to 50% of the total without taking account of the Solvency capital requirement as required by insurance cover, in relation to the total risk taken over. Unofficial table of contents

§ 26 Minimum capital requirement and minimum amount of minimum capital requirement

One third of the Solvency Capital Requirement in accordance with § 25 shall be the minimum capital requirement. The minimum amount of the minimum capital requirement shall be 3 million euros. For mutual pension fund associations, the minimum amount of the minimum capital requirement is reduced by one quarter. Unofficial table of contents

Section 27 Own Resources

(1) As own resources within the meaning of Section 238 of the Insurance Supervision Act, the following shall be considered:

1.

in the case of public limited liability companies, the basic capital paid, less the amount of the treasury shares,

2.

in the case of pension fund clubs, on reciprocity of the foundation stock paid,

3.

the capital reserve and the retained earnings,

4.

the profit or loss resulting from the deduction of the dividends to be paid,

5.

capital paid in respect of the grant of the right to benefit, in accordance with the provisions of paragraphs 2 and 4;

6.

capital which is paid on the basis of the commission of subordinated liabilities, in accordance with paragraphs 3 and 4;

7.

the provision for reimbursement of contributions, provided that it may be used to cover losses and, in so far as it does not apply to fixed surplus shares, and

8.

on request and with the consent of the supervisory authority

a): half of the unpaid part of the share capital or of the foundation stock, if the paid part reaches 25 per cent of the share capital or the foundation stock, and
b): the silent net reserves resulting from the valuation of assets, to the extent that these reserves are not of exceptional character.

The funds referred to in point 8 (a) of the first sentence may be attributed to the own resources only up to a maximum limit of 50% of the lower amount of the own funds and the solvency capital requirement. The amount of the amounts resulting from the dividend to be paid and the intangible values shown in the balance sheet shall be deducted from the sum of the amounts resulting from the number 1 to 7 of the first sentence, in particular an activated business or Company value (Section 246, paragraph 1, sentence 4 of the Commercial Code). (2) Capital, which is paid in respect of the grant of the right of enjoyment (paragraph 1, first sentence, point 5), is to be attributed to the own resources only;

1.: if it takes part in the loss up to the full amount and the pension fund is obliged to postpone interest payments in the event of a loss;
2.: if it is agreed that, in the event of the opening of the insolvency proceedings or the liquidation of the pension fund, it shall be repaid only after the satisfaction of all non-subordinated creditors,
3.: if the pension fund has been made available for a period of at least five years and does not have to be repaid prematurely at the request of the creditor; the five-year period shall not be complied with if the pension fund is in Securities securitised to the right of enjoyment for the purpose of amending the taxation which leads to additional payments to the acquirer of the right of enjoyment, to be terminated prematurely and to the capital before restitution by the deposit of other, at least equivalent, Own resources have been replaced,
4.: as long as the repayment claim is not due in less than two years or may become due on the basis of the contract, and
5.: if, at the conclusion of the contract, the pension fund has expressly referred to the legal consequences referred to in sentences 2 and 3 and in text form.

Subsequently, participation in the loss cannot be changed, the following rank cannot be limited and the term and the period of notice cannot be shortened. An early repayment shall be returned to the pension fund without regard to any conflicting agreements, unless the capital has been replaced by the deposit of other, at least equivalent, own funds, or Supervisory authority agrees to the early repayment; the pension fund may be subject to a corresponding right contractually. Where securities are issued on the right of enjoyment, reference shall be made in the drawing and issuing conditions to the legal consequences referred to in sentences 2 and 3. A pension fund may not acquire its own right to benefit in transferable securities. (3) Capital, which is paid on account of the commission of subordinated liabilities (paragraph 1, first sentence, point 6), is to be attributed to own resources only;

1.: if, in the event of the opening of the insolvency proceedings or the liquidation of the pension fund, it is refunded after the satisfaction of all non-subordinated creditors,
2.: if the pension fund is made available to the pension fund for a period of at least five years and does not have to be repaid prematurely at the request of the creditor; the five-year period does not need to be met if: Debt securities due to changes in taxation resulting in additional payments to the acquirer of the debt securities are terminated prematurely and the capital before restitution by the deposit of other, at least equivalent own resources has been replaced,
3.: if the reimbursement of the right to a refund is excluded against claims by the pension fund and no contractual collateral is provided for the liabilities by the pension fund or by third parties; and
4.: as long as the refund claim is not due in less than one year or can be due on the basis of the contract.

The calculation of the own funds shall be effected only to two fifths, as soon as the right to a refund becomes due in less than two years, or due to the contract due to the contract. The rush cannot be limited retrospectily. The duration and period of notice cannot be shortened retrospecsively. An early refund is to be returned to the pension fund without consideration of any outstanding agreements, in so far as the pension fund has not been dissolved. By way of derogation from sentence 5, an early refund shall not be refunded if:

5.: the capital has been replaced by the deposit of other, at least equivalent, own resources; or
6.: the supervisory authority shall agree to the early restitution; the pension fund may be subject to a corresponding right by contract.

When the contract is concluded, the pension fund shall draw attention to the legal consequences referred to in sentences 3 to 6 explicitly and in writing; if securities are issued on the subordinated liabilities, then only in the drawing and To indicate the terms and conditions of the above-mentioned legal consequences. A pension fund may not acquire its own subordinated liabilities in transferable securities. (4) The total amount of the capital of the eligible capital referred to in paragraph 2 and the subordinated liabilities referred to in paragraph 3 is to be attributed to the own resources only; in so far as it does not exceed 50 per cent of own resources and 50% of the required solvency capital requirement. In the case of fixed running times, this limit is 25%. Unofficial table of contents

Section 28 Reporting obligation to the supervisory authority

(1) Pension funds shall be required to submit annually to the supervisory authority a calculation of the solvency capital requirement and proof of their own funds (solvency certificate). (2) The reference date for the solvency certificate shall be the reference date of the following 341a of the Commercial Code. For the submission to the supervisory authority, the same time-limit shall apply as for the annual financial statements. (3) For the presentation of the solvency proof, the form printed in Appendix 4 shall be used. (4) Pension funds under federal supervision the solvency certificate electronically or on paper forms of the Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority).

Chapter 7
Final provisions

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Section 29 Transitional provisions

(1) The provisions of Chapters 1, 2, 3 and 6 shall apply for the first time for the financial year commenced after 31 December 2015. (2) For the financial year commenced before 1 January 2016, the following shall apply:

1.: the Pension Fund-Actuary Regulation of 12. October 2005 (BGBl. 3019), as defined by Article 1 (9) of the Regulation of 16 December 2015 (BGBl). 2345), in the version in force until 31 December 2015,
2.: the PF-Minimum Supply Ordinance of 17 December 2008 (BGBl. 2862), as defined by Article 1 (13) of the Regulation of 16 December 2015 (BGBl). 2345), in the version in force until 31 December 2015,
3.: the pension fund reporting regulation of 25. October 2005 (BGBl. 3048), as defined by Article 1 (10) of the Regulation of 16 December 2015 (BGBl). 2345), in the version valid until 31 December 2015, and the
4.: the Pension Fund-Capital Reimbursement Regulation of 20 December 2001 (BGBl. 4180), as defined by Article 1 (6) of the Regulation of 16 December 2015 (BGBl). 2345), in the version in force until 31 December 2015

(3) Assets which have been made up to 30 June 2010 and have since been subject to the provisions of Section 6 (1) of the Pension Fund-Capital Investment Regulation of 21 December 2001 (BGBl. 4185), as amended by the Regulation of 9 May 2011 (BGBl I). 794), they may remain in the securing assets until they are due. (4) Shares in the capital of the public in the form of real estate assets in accordance with § § 230 to 260 of the Capital Investment Code, which before 8 April 2011, as well as shares in comparable foreign investment assets acquired before 8 April 2011, may remain in the security assets and assets pursuant to Article 17 (1) (14) (c) (5) Assets that have been made by 7 March 2015 and have since been The reason for Article 6 (3) of the Pension Fund-Capital Deposit Regulation of 21 December 2001 (BGBl. 4185) in the version of the Regulation of 3 March 2015 (BGBl. 188), they may remain in the security assets until they are due and may be assigned to the annexes in accordance with Section 17 (1) (13) (b). Unofficial table of contents

Section 30 Entry into force

Chapter 5 will enter into force on 1 July 2016. Moreover, this Regulation shall enter into force on the day following the date of delivery. Unofficial table of contents

Appendix 1 (to § 12 (1))
The regional origin of the pension fund business and the measures to be used for this purpose

(Fundstelle: BGBl. I 2016, 857-858)

01	Domestic pension fund business (total)
21	Denmark
22	Finland
23	Iceland
24	Norway
25	Sweden
31	Greece
32	Italy
33	Portugal:
34	Spain
41	Belgium
42	France
43	United Kingdom
44	Ireland
45	Liechtenstein
46	Luxembourg
47	Netherlands
48	Austria
49	Switzerland
51	Poland
52	Slovakia
53	Czech Republic
54	Hungary
55	Estonia
56	Latvia
57	Lithuania
58	Slovenia
59	Malta
60	Cyprus
61	Romania
62	Bulgaria
63	Croatia
70	Europe
71	European Community (EC)
72	European Economic Area (EEA)
73	Member States of the Economic and Monetary Union (EMU)
81	US
99	Foreign pension fund business (total)
00	Total pension fund business

Unofficial table of contents

Appendix 2 (to § 12 (2) and (3))
Form sheets and remittanes

(Fundstelle: BGBl. I 2016, 859-867)
Section AAnnotations
Forms and detectionsNumber 1: Notes to Form 800

1.: In the case of pension fund 6.d), "requested and not paid-in capital" is replaced by the balance sheet of asset items 6.d) in the case of pension fund associations, 6.d) "Change of the Drawns of the Founding Stock".
2.: This item is to be issued by pension fund associations on the basis of reciprocity of the foundation stock. If stock companies have made the information in the external balance sheet according to § 152 paragraph 1 of the German Stock Corporation Act (AktG), this information is not to be listed here.
3.: If public limited liability companies have made the information in accordance with § 152 (2) and (3) of the German Stock Corporation Act (AktG) in the external balance sheet, this information shall not be listed here
4.: Under this item, the loss reserve in accordance with Section 193 of the VAG is to be rejected by pension fund associations on a reciprocal basis.
5.: Stock companies have this item independent of the external identity card (cf. § 58 (2a) sentence 2 AktG) shall always be stated here.
6.: If the balance sheet is drawn up taking into account the partial use of the annual result, the items in lines 14 to 17 shall be replaced by the items in lines 10 to 13.
7.: Here, the parts of the performance-dependent RfB, which have been formed pursuant to § 237 (1) sentence 1 in conjunction with § 140 (4) and § 212 (1) VAG, are to be disclosed.
8.: The item under this item shall be the cover provision to be set up under Chapter 5 of this Regulation in item 6.a) (cf. § 17 (2) of the RechPensV).

Number 2: Notes on Form 810

1.: Under this item, the contributions paid by the pension fund shall be issued to the pension protection association for the persons entitled to supply.
2.: In this case, the proceeds from the dissolution of the special item with a proportion of reserves are also to be shown, insofar as it does not concern the capital investments.
3.: Depreciation and amortisation of the operating and commercial equipment, capitalized expenses for the establishment and expansion of the business operations, as well as the purchase prices for the acquisition, which are shown in other intangible assets of total or partial stocks of pension fund contracts and paid computer software are not to be shown here, but to be included in the division of the operating expenses to the functional areas.
4.: The information from Item 23 shall always be made here, irrespective of the identity of the document in the annual accounts disclosed.
5.: Among these items, the pension fund associations must, on reciprocity, expel the withdrawal from or the adjustment to the loss reserve in accordance with Section 193 of the VAG.
6.: In the published annual financial statements, public limited liability companies shall always indicate the withdrawal from this reserve or the adjustment to this reserve in the disclosed annual financial statements.

Number 3: Remarks for refoulement 801

1.: The regulations of § 5 RechPensV in conjunction with § § 7 to 9 sentence 1, § § 11 and 12 RechVersV as well as § § 6 and 7 RechPensV apply for the allocation to the individual investment types.
2.: In this case, only the balance of access and departure during the reporting period must be shown as access or departure.
3.: In this case, the balance sheet values of the capital investments are not to be disclosed at the end of the financial year preceding the reference year, but rather the initial stock of the reporting year adjusted for changes in the currency exchange rate. In other words, the initial stock on the first day of the financial year is expected to be the last day of the financial year.
4.: § § 55 and 56 of the RechVersV apply accordingly for the determination of the time values of the capital investments. Of the values thus determined, it is possible to deduct activated user claims contained therein (in particular, not yet made distributions from investment funds) as well as agies, and disparages are to be added. The time values determined here can deviate from the corrections made by the appendix to the balance sheet.
5.: Here is the difference between the balance sheet and the time value.

Number 4: Notes for Rejection 802

1.

The sum of the following functional expenses in the profit-and-loss account (pension fund invoice) as well as other expenses in the ordinary course of business is to the post of the personnel and Burden of referral 802 to be broken down:

a): Regulatory expenditure on supply cases without payment for supply cases to the beneficiaries;
b): Final expenses for pension fund contracts;
c): Administrative expenses for pension fund contracts;
d): Administrative expenses for capital investments;
e): other expenditure on pension funds which cannot be allocated to any of these functional areas;
f): other non-pension expenses in the context of ordinary business activities.

2.

Gross payments in the form of cash and remuneration paid to employees (see note 9) without any deduction. The amounts are to be understood, including employees ' shares, for statutory social security, but without employer's shares. These include all surcharges, such as supercommissions of employees, tenants, leases and housing subsidies, remuneration for holidays, holidays and the like, payment of fees for sick leave and sickness benefit, Travel grants, holiday allowances, compensation, capital benefits, solutions (if payroll tax has been paid), family-related pay-as-you-go components and severance payments. Remuneration of members of the Board of Management and other management staff to be treated as income from non-self-employed work shall also be included. The employer's voluntary participation in the employee's social charges is not part of the gross fees. Also not included are expenses for temporary agency workers and free pension fund representatives as well as members of the Supervisory Board (cf. Notes 4, 6 and 7).

3.

Statutory and other social expenses: Employers ' shares of pension, unemployment insurance, health insurance and nursing care insurance; contributions to the professional cooperative; statutory contributions to the health insurance of non-insurers. Employee; based on a collective or contractual basis; or voluntary service provided by the employer to the extent that they are not subject to the pay tax obligation (e.g. B. Expenditure on occupational retirement provision, contributions to training, aid and subsidies in the event of illness, ongoing grants for catering for traineeships, compensation for double financial management, and Repayment of expenses). This does not include payment of remuneration in the event of illness, leave or maternity, as well as pension and other social benefits granted to pension fund representatives.

4.

This shall also include the courtages paid to brokers and commissions for the construction business and other financial services business brokered to other companies. Expenses for the pension provision of the free pension fund representatives, including the so-called commission pensions, should also be included.

5.

All other expenses for related services and goods which are used for operational purposes are to be shown as other expenses. This includes the entire remuneration of the Supervisory Board and the Advisory Board, as well as the central administrative expenses of the Pension Fund within the group of companies. In addition, external costs for the regulation of supply cases, repurchases, repayments and exit fees are also part of this. Additional costs for temporary agency workers, for rent, lease and leasing, for office supplies and IT services, as well as for travel and advertising costs, are to be stated. Not to be disclosed are investments in tangible and intangible assets as well as the calculation of the calculation of rental income for the property and buildings used in the property (cf. Note 7 concerning depreciation and amortisation of buildings).

6.

Expenditure on temporary employment agencies and similar facilities for the transfer of labour, leaving the redundant workers employed by the respective companies providing the personnel services, and by them be remunerated. For statistical purposes, the personnel exchanged within the group within the framework of service contracts shall also be included in this case, provided that it does not receive any technical instructions from the company which is leaving the group. d. h. the overleaving company is limited to personnel-related activities. If, on the other hand, a management holding company leaves a workforce with subsidiaries in order to implement or support the management functions of the holding company, these expenses are not to be disclosed here, but merely as other material expenses. However, expenditure on all other workers made redundant should be reported here. Not to be specified are related services on the basis of work contracts.

7.

Below:

a): Depreciation on acquired or self-created property, plant and equipment for operational purposes, including on self-used buildings,
b): depreciation and amortization of activated expenses for the establishment and expansion of the business operations;
c): amortisation of the purchase prices shown in other intangible assets for the acquisition of total or partial insurance holdings and acquired or self-created EDP software;
d): other amortisation, in so far as they are not part of the depreciation on investments and are to be dismissed from other expenses or are to be treated as deductions for the "gross amounts of gross proceeds",
e): Amortization of self-created industrial property rights and paid concessions and rights as well as licenses thereto.

8.

Persons employed are all persons who, in the course of the financial year, have been in a working or comparable service relationship with the pension fund and who have received remuneration which is subject to tax law as an income from non-self-employed persons. Work to be dealt with. These include employees in the internal and external service, civil servants, board members, managing directors and other senior staff, trainees and trainees. Dormant service conditions are not to be recorded. Employees, the work and/or Service contracts with several companies and obtained from these remuneration are to be recognised by the respective company as part-time employees. The number of persons employed shall be shown on an annual average. If this information is not available, the figure may be indicated at the end of the financial year.

9.

Calculation of the full-time units (VZE) in column 4: sum of the contractually agreed weekly working hours of all part-time employees divided by the current regular weekly working time of a full-time employee. The result is to round off the business. For example, five part-time employees of 20 hours in a regular weekly working time of a full-time employee in the company of 40 hours together give 2.5 VZE. You can enter 3 VZE. If you have a work or A service contract with several companies, the part-time employees must be taken into account for each company in the number of persons. In the calculation of the VZE, only the weekly hours worked for the respective company shall be included in the calculation.

Number 5: Remarks for refoulement 803

1.: This item corresponds to the sum of the liabilities side of the balance sheet minus the liabilities from mortgages, basic and pension liabilities.
2.: The total amounts for each item in column 01 must be in accordance with the respective balance sheet values.
3.: In column 01, the balance sheet value of the capital assets less the liabilities of mortgages, basic and pension liabilities shall be disclosed. In this case, the balance sheet values of the land and the rights of the land are to be added less the mortgages, basic and pension liabilities resting on them. Land and property rights which belong to the assets are in column 02 with their accounting values for the security assets. If the accounting value is less than the balance sheet value, the difference shall be dismissed as residual assets. If the invoice value is higher than the balance sheet value, the difference in column 04 shall be set as a minus item.
4.: Exposures to life insurance companies arising from unsettled insurance cases may be entered in column 02.
5.: Retained interest and rental requirements contained in this balance sheet may be used in column 02, and all other claims may only be used in column 04.
6.: Pre-paid services included in this balance sheet may be used in column 02, and all other claims may only be used in column 04.
7.: This item corresponds to the sum of the assets side of the balance sheet less the liabilities of mortgages, basic and pension liabilities to be deducted from the balance sheet value of the capital investments.

Number 6: Remarks for refoulement 804

1.

This referral shall be submitted

a): for the commitments in euro,
b): in respect of the obligations in a currency of a Member State whose currency is not a euro, or of another Contracting State, to the extent that assets in that currency would have to be invested more than 7 per cent of the existing assets in other currencies the assets of the company,
c): for the obligations in Swiss francs and in US dollars, to the extent that assets in that currency would have to be invested, each representing more than 7% of the company's assets in other currencies.

For the marking of the currency, the corresponding figure shall be used in accordance with Appendix 1.

2.

The reference 804 represents a simplified reference 803 (securing assets and residual assets). The positions of lines 18 and 21 on page 1 of the reference 803 are summarised in line 18 in the reference 804. The positions of the lines 03, 05, 06, 07, 08, 09, 11, 12 and 13 on page 2 of the reference 803 are to be found in another division in lines 21, 23, 24, 25 and 26 of the reference 804.

3.

The balance sheet values of the land and the rights of the land are less the mortgages, basic and pension liabilities which are dormant on them. Land and property rights belonging to the security assets are in column 02 with to set their accounting values for the security assets. If the accounting value is less than the balance sheet value, the difference shall be dismissed as residual assets. If the invoice value is higher than the balance sheet value, the difference in column 04 shall be set as a minus item.

4.

In the case of shares and shares admitted to official trading on a stock exchange or included in an organised market in several countries, each asset may only be used to cover the currency of a country. These assets are to be shown here.

5.

In so far as obligations of collateral assets are to be fulfilled in the currency of a Member State, cover may be made up to 50 per cent by assets denominated in euro, to the extent that this is done according to a reasonable commercial assessment is justified, cf. Annex 3, point 7. Each asset may only be used to cover the currency of a country. These assets are to be shown here.

6.

The total amounts for each item in column 01 must be in accordance with the respective proportionate balance sheet values.

Number 7: Remarks on refoulement 811As a result of the repeal of Section 247 (3) of the German Commercial Code (HGB) under the Accounting Law Modernisation Act, the formation of a special item with a reserve share will no longer be possible in the future. 820Hieramong plots mainly used by employers. Number 9: Notes for Rejection 830

1.: The figures relating to the number of natural persons are entitled to the number of persons entitled to supply. If a person has a number of supply relationships, for example from several pension plans, the person (as a candidate and/or a pensioner) is to be recorded only once. The same applies to the collection of persons as access to or departure.
2.: For example, reactivation, re-inactivation.
3.: The number of such entries in lines 17 to 19, 20, 21, 22, 23 to 24 and 25 to 26 relate to the stock at the end of the financial year at line 16.
4.: Here is the number of health care candidates who, in addition to the pension scheme, only have an invalidity pension.
5.: Here is the number of health care candidates who, in addition to being eligible for retirement provision, have only one of the survivors ' pension rights.
6.: Here is the number of health care candidates who, in addition to being eligible for retirement, have a right to invalidity and survivor's pension.
7.: Here is the number of contenders for which no contribution payment is to be expected.
8.: Entries shall be made where contracts have been concluded with life assurance undertakings in order to cover the obligations relating to the pension rights.
9.: Pension plans are subject to a contribution if they are made with a commitment from the employer in accordance with § 1 (2) (2) of the Act on Business Law.
10.: Pension plans are performance-related, if they are made with a commitment from the employer in accordance with § 1 (1) sentence 1 or 2 (1) of the occupational pension law.
11.: For example, reinstatation and an increase in pensions.
12.: The number of entries in lines 16, 17, 18 and 19 to 20 relate respectively to the stock at the end of the financial year at line 14.
13.: If the period of residual retirement has already begun, the entry in the line "Lifelong oldage pension" shall be made.
14.: The amount of pensions to be paid in the following year shall be the amount of pensions to be paid in the following year -in the case of payout plans-rates (corresponding to the cover-up).
15.: The number of entries in lines 16, 17 and 18 to 19 respectively relate to the stock at the end of the financial year at line 14.

Number 10: Remarks for refoulement 842

1.

This referral shall be submitted

a): for the whole of the PFG operated in the Member States or in any other Contracting State;
b): in respect of the PFG operated in each Member State and in each State Party;

where the identification of the Member State or the Contracting State concerned and the entire PFG in the field "Origin of the PFG" shall be used in accordance with the provisions of Appendix 1.

2.

Including the provision for outstanding pension fund contracts and supply contracts which have not yet been completed.

3.

The number of entries in lines 16 and 17 refers to the number of candidates in line 14.

4.

Pension plans are subject to a contribution if they are made with a commitment from the employer in accordance with § 1 (2) (2) of the Act on Business Law.

5.

Pension plans are performance-related, if they are made with a commitment from the employer in accordance with § 1 (1) sentence 1 or 2 (1) of the occupational pension law.

Number 11: Notes for Rejection 850

1.: The refoulement must be submitted by all pension funds that have been refunded by the pension fund business. Details of individual companies or brokers may be dismissed, provided that the pension fund business in question is less than 2% of the total pension fund business. Gross premiums. This transaction is to be reported in summary form.
2.: Billing receivables are to be provided with a plus sign (+), billing liabilities with a minus sign (-).
3.: The total aldo is as follows: line 04-line 06 +/-line 08. The resulting balance shall be marked in accordance with sub-number 2.
4.: The refoulement shall be submitted for each reinsurance relationship. Reinsurance relations shall be numbered consecutively. For the identification of the reinsurance relationship, the consecutive three-digit number is to be used in the header of the referral (for example, "001").
5.: In this case, the number under which the primary and reinsurance undertakings or reinsurance undertakings shall be entered shall be entered. Reinsurance brokers (both domestic and foreign) will be led at the BaFin. Reinsurance brokers shall be listed only if they have not disclosed to the reporting pension fund the insurance undertakings carrying out the insurance risk. The numbers for the individual companies and reinsurance brokers can be queried at the BaFin, which lists the corresponding lists. The number for the store referred to in the second sentence of sub-paragraph 1, paragraph 2, is 6000.

Number 12: Remarks for refoulement 882

1.

In the field "Report period", the following key figures shall be indicated for each of the dates, irrespective of the closing date of the annual financial statements:

a): 30 June: 2
b): 31 December: 4

2.

Cumulated values should be entered in all data fields, d. h. it is possible to use the statistically updated quantities or the amounts accrued to the corresponding accounts up to the half-year end are used.

3.

The number of entries in lines 05 and 06 refer to the number of persons entitled to the pension in line 03.

4.

Pension plans are subject to a contribution if they are made with a commitment from the employer in accordance with § 1 (2) (2) of the Act on Business Law.

5.

Pension plans are performance-related, if they are made with a commitment from the employer in accordance with § 1 (1) sentence 1 or 2 (1) of the occupational pension law.

6.

Including the expenses for terminated pension fund contracts and supply conditions.

Section BDirectory of the forms in the forms,
Remittantions and annotations used abbreviations

PFG	pension fund business in reinsurance
Par.	Paragraph
AktG	Stock Law
TO	Worker (s)
Arbg.	Employer (s)
BaFin	Bundesanstalt für Finanzdienstleistungsaufsicht
BBÜ	Gross contribution surcharges
BÜ	Contribution surcharges
or	or
DL	Service (s)
DR	Cover return
EDV	Electronic data processing
Fb	Form Sheet
GJ	Financial Year (s, es)
GK/GS	Basic capital or foundation stock
GuV	Profit-and-loss account
HGB	Commercial Code
KA	Capital Asset
LVU	Life insurance companies
Nw	Referral
No.	Number
Pb	Audit Letter
PF	Pension funds
PFAV	Pension Fund-Supervisory Regulation
PFG	Pension fund business
R	Return (s)
RdV	Return for looming losses
RechPensV	Regulation on the accounting of pension funds
RechVersV	Regulation on the accounting of insurance undertakings
Reg No.	Register Number
RL	Backsheet
RV	Reinsurance
VAG	Insurance Supervision Act
VF	Supply Cases
cf.	Comparisons
VJ	previous year (e, es)
Z.	Row (s)

Section CProcessing of the Formal Explanations

1.

General The form-based explanations according to the forms and remittances according to § § 5 to 9 as well as 11 are to be submitted either electronically or on paper forms.

2.

Electronic submissions The companies have to ensure the correct transmission of data by taking into account the information and information provided on the MVP portal. The "Principles for the implementation of regular data transfers to the Federal Supervisory Office for the Insurance (Data Transmission Principles-DÜG)" must be observed during the data collection and the transmission of these data to the BaFin.

3.

Paper Forms

3.1

Form sheets and remittanes on paper forms are recorded in the BaFin with a font reading system. They are to be created after examination by the BaFin (see Tz. 3.4)-on continuous paper with EDP printers.

3.2

The individual form pages are to be compiled into complete forms or remittances.

3.3

The form sheets and the remittances provide a copy of the data collection receipt. The original form (no copies and copies) should always be used for this purpose. Continuous forms must not be folded or mechanically damaged.

3.4

The operation signs (+,-, =, (), <) contained in the forms of attachments 4 and 5 may not be entered in the data part of the individual form. Prior to the first use of continuous forms, the following may be used: Provide sample prints for each page of the BaFin forms and remittantes to be drawn up for examination.

3.5

The perforated edge strip is to be removed from the continuous paper. The individual sheets of the continuous paper are to be separated.

3.6

Completing the forms

3.6.1

General The data fields are marked as white zones in the form under the color. No data may be provided outside of the white zones. If, by way of exception, supplementary information and comments are required on forms and remittances, they shall be attached on a separate sheet.

3.6.2

Forms head When you create the forms of the forms and remittantes, please note the notes contained in the notes on individual data fields. For the data fields that are identical on all or more forms and remittances, note that:

3.6.2.1

In the field "Pb", the test letter belonging to the register number of the PF shall be indicated for the purpose of control purposes, which shall be awarded by the BaFin.

3.6.2.2

In the field "MMYY", the closing date must be indicated by the month in numbers and by the last two digits of the year (for example: 31.12.2004 = 1204 or 30.6.2005 = 0605).

3.6.2.3

The field "Origin of the PFG" indicates the pension fund business shown in the forms and remittances. In the case of labelling, the following shall be observed:

3.6.2.3.1

The key figures for the field "Origin of PFG" are shown in Appendix 1. The field is located on Form 810 and the refoulement 842.

3.6.2.3.2

The following key figures for the origin of the PFG are to be inserted into the heading of Form 810 and the reference number 842: Form 810 Pension Fund Fb 810 for: Measures Origin of the PFG 1. Field 2. Field

§ 5 No. 2	the whole PFG	00
Section 6 (1) (1)	the whole Domestic PFG	01
Section 6 (1) (2)	the whole foreign PFG	99
Section 6 (1) (3)	the foreign PFG per country	21 to 63

Reference 842
Appendix 2 Section A Number 10Rep 842 for: Measures Origin of the PFG 1. Field 2. Field

Subnumber 1 (a)	the entire foreign PFG		72
Subpoint 1 (b)	the foreign PFG per country	21 to 63

3.6.2.3.3

The various copies of the forms 810 and of the reference 842 may in certain cases contain identical data parts. In such cases, the forms and the remittantes are not to be repeated several times. Rather, in the header of the "common" form the key figures for the origin of the PFG, which according to the Tz. 3.6.2.3.2 are the different types of copies. would be to be combined with each other, d. h. The basic requirements for identical data parts are given in the following cases where the combination of the number lines as well as the number of different numbers of the data are to be found in the following cases: follows: Case 1: The PFG has only one origin, d. It consists either of domestic or foreign PFG, with the result that origin 01 or origin 99 of origin 00 are identical. For example, if there is only domestic PFG, the following shall apply: PDF document is displayed in your own window Case 2: The foreign PFG consists solely of business in a single Member State or in another Contracting State, with the consequence that the origin of the 21-63 origin is identical to the origin 99: PDF document is displayed in your own window

3.6.3

Numbers

3.6.3.1

The numerical values are to be entered in the data fields without spaces. 1000 digits are to be separated by a point.

3.6.3.2

Absolute amounts shall be indicated without decimals. Less than EUR 0.5 or less than EUR 500 (for TsdEuro) is to round off and otherwise round up. However, any cent or amounts below 1 TsdEuro may simply be omitted without rounding, provided that the rounding up and down would involve a disproportionately high effort.

3.6.3.3

Subtotals and final sums are not to be determined by recalculation from the centless euro amounts and TsdEuro amounts, but also by rounding up or down the cent or-alternatively-cancelling the cent amounts or amounts below 1 TsdEuro.

3.6.3.4

Relations must be specified with a decimal place that is indicated by a comma.

3.6.3.5

Data fields in which the reporting pension fund is unable to provide information must remain free. An additional marking, e.g. B. by means of a stroke must not be performed.

3.6.4

Sign The forms and the remittances are already pre-set before certain data fields, which are used for the identification of profit or loss fields or as a calculation sign (see also Tz. 3.2.2.1). In addition, the amounts in the forms and remittances shall not be signed. However, the following exceptions should be noted:

3.6.4.1

Positive or negative signs are to be used in the items which alternatively contain expenses or income (expenses or income from the settlement of the pension-related provisions; expenses or income from the change "Extraordinary results", extraordinary results.

3.6.4.2

Negative signs are also to be used if high yields from the settlement of pensionsfondstechnal provisions of the previous years lead to the gross expenditure on the pensionsfondstechnisches (gross expenditure on supply cases; gross expenditure on termination of pension fund contracts and pension schemes; gross expenses for repayment of contributions) to be paid or if the pension benefits from the pension fund business in reinsurance (shares the reinsurer to those gross expenses) to Expenditure shall be incurred.

3.6.4.3

Negative signs must also be used, provided that, on the basis of special developments, income items are exceptionally turned into items of application or other items of effort are to be made on an exceptional basis to the items of income. This case may also occur if certain items are identified as the balance size of several sub-items and outweigh the sub-posts to be drawn up.

3.6.4.4

In the above-mentioned cases, the signs (+ or-) within the data field are to be used directly before the numerical value. The commercial minus sign (./.) must not be used.

3.6.5

Examples

false:	238 184	-788 532.70
	155,344,783	15.236%
	+ 3227896
right:	238.184	-788.533
	155.344.783	15.2
	+ 3.227.896

4.

VersionThe documents are to be presented in euros. The amounts shall be indicated in full "Euro" or "TsdEuro". In the header of the forms and remittantes, the number "8" is to be used in the field "Version".

Unofficial table of contents

Appendix 3 (to § 20)
congruence rules

(Fundstelle: BGBl. I 2016, 8:20 am)

1.

If the coverage of a pension plan is expressed in a given currency, the obligations shall be deemed to be in that currency.

2.

If the coverage of a pension plan is not expressed in a currency, the obligations shall be deemed to be in the currency of the country in which the insured person is domiciled. The currency in which the premium is expressed may be used if special circumstances so warrant, in particular where it is probable that the occurrence of a pension in the event of an agreement on the pension plan is likely to occur in the this currency will be settled.

3.

The currency which a pension fund considers to be the most likely to be fulfilled in accordance with its experience or, in the absence of such experience, the currency of the country in which it has established itself, unless particular circumstances are , in the case of risks arising from pension fund transactions in accordance with Annex 1, point 25, to the Insurance Supervision Act, where, in accordance with the nature of the risk of the pension fund business concerned, the performance in a currency other than that of the the currency which results from the application of the above rules Would.

4.

Where a pension fund is notified of the occurrence of a supply, and if that pension is to be settled in a currency other than that resulting from the application of the above rules, the obligations shall be deemed to be in the case of the other Currency, in particular where it is the currency in which the benefit to be provided by the pension fund has been determined on the basis of a court decision or on the basis of an agreement in the pension plan.

5.

If the occurrence of a supply in a currency previously known to the pension fund is established, the obligation may be considered to be in that other currency, even if it does not relate to the application of the foregoing. Rules resulting currency.

6.

The collateral assets need not be invested in assets denominated in the same currency as those in which the obligations exist if:

a): it is not a currency of a Member State of the European Community or of any other Contracting State of the Agreement on the European Economic Area and the currency in question is not suitable for investment, in particular because: it is subject to transfer restrictions,
b): the security to be applied does not affect more than 30 per cent of the commitments in a given currency, or
c): in the case of the application of the rules in force in accordance with points 1 to 5 in a given currency, assets which do not account for more than 7% of the company ' s assets in other currencies should be invested.

7.

To the extent that, in accordance with the above rules, the assets are to be secured in assets denominating the currency of a Member State of the European Community whose currency is not the euro, or the currency of another Contracting State of the The agreement on the European Economic Area may be up to 50% of the assets denominated in assets denominated in euro, to the extent that this is justified on the basis of a reasonable commercial assessment.

Unofficial table of contents

Appendix 4 (to section 28 (3))
Proof of own resources and calculation of the solvency capital requirement for pension funds

(Fundstelle: BGBl. I 2016, 869-872)
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Appendix 5 (to § 12 (4))
Form sheets and remittanes

(Fundstelle: BGBl. I 2016, 873-881)
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