Law on the certification of old-age pension and basic pension contracts (retirement pension certification act-AltZertG)

Unofficial table of contents

AltZertG

Date of completion: 26.06.2001

Full quote:

" Retirement pension certification act of 26 June 2001 (BGBl. I p. 1310, 1322), which is provided by Article 2 (8) of the Law of 1 April 2015 (BGBl. I p. 434).

Status:	Last amended by Art. 15 G v. 25.7.2014 I 1266
Note:	Amendment by Art. 2 para. 8 G v. 1.4.2015 I 434 (No 14) in a textual proof, not yet concludedly processed in a documentary form

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 1.8.2001 + + +) 
(+ + + For application cf.  Section 14 (6) + + +) 

  

Heading: IdF d. Art. 23 No. 1 G v. 19.12.2008 I 2794 mWv 25.12.2008
The G was decided as Article 7 G 860-6-19 v. 26.6.2001 I 1310 (AVmG) of the Bundestag with the consent of the Bundesrat. It's gem. and in accordance with d. Art. 35 (5) of this G mWv 1.8.2001 entered into force. Unofficial table of contents

§ 1 Definitions of the retirement pension agreement

(1) An old-age pension agreement within the meaning of this Act is provided for when an agreement is concluded in German between the provider and a natural person (contractual partner),

1.

(dropped)

2.

which provides for a life-long and independent age-care provision for the contracting party, not before the end of the 62. Year of life or before the completion of the 62. Benefit from a statutory pension scheme of the contracting partner (commencement of the payment phase) may be paid; benefits from a supplementary protection of reduced earning capacity or incapacity to work and an additional protection of the survivors may be agreed; survivors in this sense shall be the spouse, the life partner and the children for whom the contract partner is entitled at the time of the entry of the supply on child benefit or an allowance pursuant to section 32 (6) of the The right to an orphan's pension or an orphan's pension may not exceed the period in which the person entitled to a pension is entitled to take into account as a child within the meaning of § 32 of the German Federal Law on Income Tax Act ( Income Tax Act;

3.

in which the supplier agrees that at the beginning of the payment phase, at least the received pension contributions are available for the payment phase and are used for the service provision; provided that the contribution shares are used to secure the reduced earning capacity or incapacity to work or to the survivor's security, up to 20 per cent of the total contributions shall not be taken into account in this connection; this shall also apply in the event of the capital being formed to Start of the payout period referred to in point 10 (b) to another old-age pension agreement;

4.

the monthly benefits for the contractual partner in the form of a

a)

life-long or instalment payments in the context of a payout plan with subsequent partial capital retirement at the latest by the 85. The benefits must be equal or higher throughout the period of payment; providers and contractors may agree that up to twelve months ' benefits shall be combined in a disburnable payment or a contract shall be concluded between the parties concerned and the Small-amount pension is found in accordance with § 93 (3) of the Income Tax Act; up to 30 percent of the capital available at the beginning of the payout phase can be paid out to the contracting party outside the monthly benefits; the Separate payment of the interest and income accruing during the payment phase shall be permitted;

b)

for a lifetime reduction of the monthly usage fee for a cooperative apartment used by the contracting party itself, or a temporary reduction with a subsequent partial capital retirement from the latest 85. The benefits must remain the same during the whole period of payment or increase; in this case, the benefit must be paid by the payment of further shares in a registered cooperative; the further business shares shall be deemed to have been terminated at the beginning of the payment phase; point (a) subparagraphs 3 to 5 shall apply accordingly;

5.

which only allows for the acquisition of further shares in a registered cooperative, if the contractual partner, at the time of conclusion of the retirement pension contract as well as in the nine months before that, a cooperative apartment of the provider has consistently used itself and, when acquiring further shares in a registered cooperative, provides that:

a)

in the case of the abandonment of the self-use of the cooperative housing, the exclusion, the expelling of the member or the dissolution of the cooperative, the possibility is granted that at least the paid-up pension contributions and the transferred to a retirement pension contract to be determined by the contracting party; and

b)

the proceeds of the other business shares are not disbursed but are used for the acquisition of further business shares;

6. and 7.

(dropped)

8.

which provides that the total cost of the financial statements and distribution costs shall be equally distributed over the first five years of the contract, in so far as they are not deducted as a percentage of the pension contributions;

9.

(dropped)

10.

which grants the contracting party a claim up to the start of the payment phase,

a)

to allow the Treaty to rest;

b)

to terminate the contract with a period of three months at the end of a quarter of a quarter or at the beginning of the payment phase in order to give the educated capital to another old-age pension contract with a contract design in accordance with this paragraph of the same or any other supplier, or

c)

call for a payment of the capital formed for use within the meaning of Section 92a of the Income Tax Law with a period of three months at the end of a quarter of a calendar year;

in so far as the acquisition of further shares in a cooperative is concerned, the first half-sentence shall apply with the proviso that the further shares may be terminated with a period of three months at the end of the financial year, and the payment of the business credit to the further shares may be required within six months of the date on which the termination of the contract is effective;

11.

which, in the case of the reduction of the monthly usage fee for a cooperative flat used by the contracting party itself, grants the contracting party a claim for the purpose of self-use of the cooperative housing in the payment phase; to terminate the contract with a period of no more than three months at the end of the financial year, in order not later than six months after the date of termination of the contract, the capital which has not yet been consumed shall be repaid to another person on his behalf A pension agreement of the same or a third party to be transferred.

An old-age pension agreement within the meaning of this Act may also be concluded between the offeror and the contracting party on the basis of a framework contractual agreement with an association, if the beneficiary group of persons has the right to: Requirements of § 10a of the Income Tax Act are fulfilled. In the event of a transfer of the capital announced in accordance with the first sentence of point 10 (b), it is inadmissible that the supplier of the previous pension contract shall charge the contract partner with a cost of more than EUR 150. In the calculation of the financial statements and distribution costs, the provider of the new retirement pension contract shall not exceed 50 per cent of the transferred capital received at the time of transfer pursuant to Section 10a or Section XI of the Income Tax Act. consideration.

(1a) A contract shall also be deemed to be a retirement pension contract,

1.

which provides for a legal entitlement to a loan for the contracting party,

2.

which grants the contracting party a right to grant a loan, as well as the loan agreement based on it; the contract may also be combined with a contract design in accordance with paragraph 1 to form a single contract,

3.

which grants the contracting party a right to grant a loan and which is irrevocably agreed that this loan will be repaid by retirement pension, which is provided in an old-age pension agreement referred to in paragraph 1; or Point 2; both of the elements of the contract (the loan contract and the retirement pension agreement referred to in paragraph 1 or point 2) shall be deemed to be a single contract.

The loan is to be used for an economic use within the meaning of Section 92a (1) sentence 1 of the Income Tax Act and is at the latest until the completion of the 68. of the contractual partner's life year. Paragraph 1, first sentence, No. 8 shall apply mutas. (2) Providers of an age-care contract within the meaning of this Act shall be:

1.

with registered office in Germany:

a)

Life insurance undertakings, insofar as they are authorised to do so in accordance with the Insurance Supervision Act as amended by the Notice of 17 December 1992 (BGBl. 1993 I p. 2), as last amended by Article 11 of the Law of 28 May 2008 (BGBl. 874), which has been in force in force,

b)

credit institutions which have a permit to operate the deposit business within the meaning of Section 1 (1) sentence 2 no. 1 of the Banking Act,

c)

Building societies within the meaning of the Act on building societies as amended by the Notice of 15 February 1991 (BGBl. 454), as last amended by Article 13a (3) of the Law of 16 July 2007 (BGBl I). 1330), as amended,

d)

external capital management companies within the meaning of Article 17 (2) (1) of the capital investment code;

2.

with registered office in another State of the European Economic Area:

a)

Life assurance undertakings within the meaning of Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 on life assurance (OJ L 201, 31.7.2002, p. EC No 1), as last amended by Directive 2007 /44/EC of the European Parliament and of the Council of 5 September 2007 (OJ L 345, 31.12.2007, p. EU No 1), in so far as they are allowed to operate in domestic business in accordance with Section 110a (2) and (2a) of the Insurance Supervision Act,

b)

Credit institutions within the meaning of Directive 2006 /48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (OJ L 327, 30.4.2006, p. EU No 1), as last amended by Directive 2007 /64/EC of the European Parliament and of the Council of 13 November 2007 (OJ L 177, 30.6.2007, p. EU No 1), in so far as they are allowed to operate domestic business in accordance with the first sentence of Article 53b (1) of the Banking Act,

c)

Management or investment companies within the meaning of Council Directive 85 /611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 378, 27.12.1985, p. EC No 3), as last amended by Directive 2005 /1/EC of the European Parliament and of the Council of 9 March 2005 (OJ L 375, 31.12.2005, p. EU No L 79 p. 9);

3.

with seat outside the European Economic Area, to the extent that the branch offices fulfil the requirements of § 105 (1) of the Insurance Supervision Act or § 53, also in connection with § 53c, of the Banking Act, domestic branches of life insurance undertakings or credit institutions which have a permit to operate the deposit business within the meaning of Article 1 (1), second sentence, point 1 of the Banking Act;

4.

co-operatives registered in the register of cooperatives,

a)

where, following a peer review of the audit association from which the cooperative is examined, no findings are found to limit the regularity of the management, there are no facts to which the existence of the (a) a cooperative society which could endanger or significantly impede its development and which has no indication that the pension schemes concluded by the cooperative are not properly fulfilled;

b)

who either have a permit under the credit law or if they offer benefits under the first sentence of paragraph 1 (4) (b), the purpose of which is to provide housing to their members, and the fulfilment of the obligations in accordance with the provisions of the first sentence of paragraph 1, point 3 and 10, by insurance in the case of an insurance undertaking authorised to operate in the territory covered by this law, or by a promise of payment of an insurance undertaking within the scope of that law for authorized credit institutions or by means of a security pursuant to § 7d sentence 5; the Security can be limited to EUR 20 000 per contract; and

c)

whose statutes permit the participation of several business shares on the one hand and, on the other hand, for members who have acquired further shares for the purpose of carrying out an old-age pension contract with regard to this further contract Business shares no obligation to surpluses for insolvency or further deposits pursuant to Section 87a (2) of the Cooperative Act or for loss-making in the sense of Section 19 (1) of the Cooperative Act and no longer Notice period as that of Section 65 (2) sentence 1 of the Cooperative Act and no provided for in the case of disbursment of the disbursment of guardianship within the meaning of Article 73 (4) of the Cooperative Act; the existence of such conditions shall be determined by the association of exams, of which the cooperative is under consideration. are confirmed.

Financial services institutions and credit institutions domicated in Germany who do not have permission to operate the deposit business within the meaning of Article 1 (1), second sentence, point 1 of the Banking Act, and investment service providers in the sense of the Directive 2004 /39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, amending Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and repealing Council Directive 93 /22/EEC (OJ L 136, 30.4.1993, p. EU No L 145 p. 1, 2005 No 18), as last amended by Directive 2007 /44/EC of the European Parliament and of the Council of 5 September 2007 (OJ L 136, 31.5.2007, p. EU No 1), which has its registered office in another Member State of the European Economic Area, may be a provider if it

1.

shall not be subject to the derogations provided for in Article 2 (7), (7a) or (8) of the Banking Act or, in the case of investment services undertakings, under comparable restrictions on solvency supervision in the other State of the State of the the European Economic Area,

2.

an initial capital within the meaning of Article 4 (1) (51) 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 206, 22.7.2012) 1) (initial capital), of at least EUR 730 000, and

3.

in accordance with the terms of the pension scheme, the funds shall be applied only to credit institutions within the meaning of the first sentence.

(3) The certification of an old-age pension agreement under this law is the determination that the contractual terms of the retirement pension contract comply with the provisions of paragraph 1, 1a or both paragraphs as well as § 2a and the provider meets the requirements of the Paragraph 2. A certification within the meaning of § 4 (2) sentence 1 shall be the sole object of conformity of the contract with the requirements of paragraph 1 or 1a or both. (4) (omitted) (5) constituted capital within the meaning of this law

a)

in the case of insurance contracts, the cover capital of the insurance calculated in accordance with the recognised rules of actuarial actuarial with the invoice bases of the contribution calculation, plus any surplus shares already allocated, of the transferable Value from final surplus shares as well as valuation reserves to be allocated under section 153 (1) and (3) of the insurance contract law, section 169 (6) of the Insurance Contract Law applies accordingly; in the case of funds-linked insurance and other Insurance, the benefits of the provisions of § 54b of the (a) by way of derogation from this, the sum of the existing value of the units of interest and the amount of the interest in the interest paid in other assets, less the cost of the collective bargaining, plus assigned surplus shares, the transferable value from final surplus shares and the valuation reserves to be allocated in accordance with Section 153 (1) and (3) of the Insurance Contract Law,

b)

in the case of investment contracts, the value of the fund shares as of the cut-off date,

c)

in the case of austerity contracts, the value of the credit balance, including the interest incurred up to the date of the cut-off date, but not yet due,

d)

in the case of business shares in a cooperative, the respective purchase price; in the case of contracts referred to in paragraph 1a, first sentence, point 3, minus the loan, to the extent that it has not yet been eraded.

Deductions, insofar as they are not provided for in this law, are not permitted. In the case of Article 2a, first sentence, point 1 (b), only the capital which is irrevocably allocated for the provision of services shall be taken into account.

Footnote

(+ + + § 1: For application d. Changes d. Art. 2 No. 1 G v. 24.6.2013 I 1667 cf. Section 14 (6) + + +) Unofficial table of contents

§ 2 Definitions of the basic pension agreement

(1) A basic pension contract within the meaning of this law shall be provided if an agreement is concluded between the provider and a natural person (contractual partner) in German, which is subject to the conditions laid down in § 10 (1) (2) (2) (2) (2) (2) (2)) b Double letter aa of the Income Tax Act. This is true if, in order to establish a capital-covered occupational pension provision, an agreement which meets the requirements of Section 10 (1) (2) (b) (aa) of the Income Tax Act between the provider and the employer shall be closed for the benefit of the employee. (1a) A basic pension contract within the meaning of this law shall also be provided if an agreement in the German language is established between the provider and a natural person (contractual partner) , which shall establish the conditions laid down in Article 10 (1) (2) (b) Double letter bb of the Income Tax Act and is provided for the provider

1.

a partial reduction in employment, if it is predicted that the contracting party is likely to be unable to do so for at least 12 months due to illness, physical injury or disability, under the usual conditions of the a general labour market at least six hours a day, or a full reduction in employment, if it is predicted by a doctor that the contracting party is likely to be responsible for illness, physical injury or disability for at least 12 months of age, under the usual conditions of the general labour market at least three hours per day; the insured benefit is to be provided at least half of a partial reduction in the labour market and in full in the case of full employment reduction;

2.

from the calendar month at the beginning of which the partial or full reduction in employment has occurred, if the performance is to be completed by the end of the 36. If the application is filed at a later date, the performance shall be granted from the calendar month, which shall be 36 months before the month of the month of the month of entry. request is requested;

3.

at the request of the contracting party, the contributions for the protection of the partial or full reduction in employment as from the date on which the claims to a partial or full reduction in employment have been reduced until the final decision on the The obligation to pay shall be without interest and without any other conditions;

4.

In order to secure the partial or full reduction in employment, the right to terminate the contract pursuant to Article 19 (3), second sentence, and the right of amendment in accordance with § 19 (4) of the Insurance Contract Law shall be waived if the contractual partner is required to notify And wounded, and

5.

the contractual partner's medical obligation to participate in the investigation and after the determination of the partial or full reduction of the acquisition to be based on reasonable and medically indicated medical examination and treatment services.

(2) Providers of a basic pension contract within the meaning of this law are the providers within the meaning of section 1 (2), including the pension funds within the meaning of § 118a of the Insurance Supervision Act, as well as the pension fund within the meaning of § 112 of the Insurance supervision law. (3) The certification of a basic pension contract under this law is the determination that the contractual terms of the basic pension agreement correspond to paragraph 1 or the paragraph 1a as well as to § 2a and the provider is the Requirements of Section 2 (2). A certification within the meaning of § 4 (2) sentence 1 shall only determine the conformity of the contract with the requirements of paragraph 1 or of paragraph 1a, as well as § 2a. (4) (omitted)

Footnote

(+ + + § 2: For application d. Changes d. Art. 2 No. 2 G v. 24.6.2013 I 1667 cf. Section 14 (6) + + +) Unofficial table of contents

Section 2a Cost structure

An old-age pension agreement or a basic pension contract may only provide for the following types of costs:

1.

Closure and distribution costs as well as administrative costs side by side in the following forms:

a)

as per annum or monthly costs in euro;

b)

as a percentage of the capital formed;

c)

as a percentage of the agreed building savings or the agreed amount of the loan;

d)

as a percentage of the contributions or repayment services paid or agreed;

e)

as a percentage of the service life of the housing account;

f)

from the start of the payment phase as a percentage of the benefit paid;

2.

the following cost-related costs:

a)

for a contract notice with a change of contract or payment;

b)

for the use of the capital formed in the sense of Section 92a of the Income Tax Act;

c)

for tasks related to the supply balance of the contractual partner.

§ 125 of the Investment Act is not applicable to old-age pension contracts.

Footnote

(+ + + § 2a: For application, see Section 14 (6) + + +) Unofficial table of contents

§ 3 Certificate Authority, Tasks

(1) Certification body is the Federal Central Office for Taxes. (2) The certification body decides on the certification as well as on the withdrawal and the revocation of the certification. It establishes a simulation method that determines the opportunity-risk class for an old-age pension contract or a basic pension agreement. At the request of a provider, it carries out calculations of this procedure with respect to the tariffs of a pension or basic pension agreement. (3) The certification body does not examine whether an old-age pension or a basic pension contract is economically viable. (4) The certifying authority accepts the tasks assigned to it under this law only in the public interest. Unofficial table of contents

§ 3a Product information point Pensions

(1) The Federal Ministry of Finance is authorized to transfer all or part of the tasks pursuant to § 3 (2) sentence 2 and 3 of a legal person under private law (Product Information Office for retirement provision) by means of the order of responsibility. It is not subject to the instructions of the Federal Ministry of Finance. If, in the exercise of the duties assigned to it on the basis of this Act, it violates the duties which it imposes on a third party, it shall be liable alone. The product information point for retirement provision shall only be liable for intent or gross negligence. § 9 applies accordingly. (2) The Product Information Centre for the provision of old-age provisions must not act with a profit-making intention and must guarantee the performance of the tasks assigned to it pursuant to this Act. It is exempt from corporate income tax and trade tax. The articles of association or the social contract of the Product Information Office for the provision of old-age provisions and their amendments are subject to approval by the Federal Ministry of Finance. The persons who are appointed to the management and representation of the Product Information Office in accordance with the law or the statutes of the Product Information Office must be able to carry out their duties reliably and in order to carry out their tasks. (3) The Product Information Office Retirement provision may levy fees on the basis of a fee set in order to cover the administrative costs incurred. The fee rate is subject to the approval of the Federal Ministry of Finance. Unofficial table of contents

§ 4 Request, Supplementary Requirements, Supplementary indications, Exclusion periods

(1) The certification shall be carried out at the request of the supplier. The application shall be submitted:

1.

Documents proving that the terms of the contract are certifiable in accordance with § 1 (3) or § 2 (3);

2.

a certificate issued by the competent supervisory authority on the extent of the authorization and in the case of companies within the meaning of section 1 (2) sentence 3, in addition to the extent of supervision and the amount of the initial capital (§ 1 para. 2 sentence 3 nos. 1 and 2); Providers within the meaning of § 1 (2) sentence 1 no. 4 shall be accompanied by a register extract, the statutes and the expert statement of the examination association in accordance with § 1 para. 2 sentence 1 no. 4 instead of the certificate.

(2) At the request of a leading association of the providers referred to in § 1 para. 2, the certification of a contract which can be used exclusively as a model can be carried out. The application must be accompanied by the documents proving that the contractual terms of the model contract can be certified in accordance with § 1 (3) or § 2 (3). (3) A top association of the providers referred to in § 1 paragraph 2 may be the authorized representative of its Member companies shall submit the applications referred to in paragraph 1. From the submission of the documents to

1.

Paragraph 1, second sentence, No 1 may be waived if the contract is an already certified model contract as referred to in paragraph 2;

2.

The second sentence of the second sentence of paragraph 1 may be waited if the leading association has written assurances in writing that it has received the certificate referred to therein for its member undertaking.

At the request of the certifying body, the agent has to prove his attorney in writing and must submit the documents referred to in the second sentence of paragraph 1, no. 1 and 2. (4) The fee in accordance with § 12 shall be payable at the time of the application. (5) Missing Information or documents shall be requested by the certification authority within three months as a supplementary indication (supplementary request). Within three months of receipt of the Complementary Request, the Complementary Indication of the Certification Body shall be refunded; otherwise, the Certification Body shall reject the certification request. The period referred to in the second sentence shall be an exclusion period. Unofficial table of contents

§ 5 Certification of old-age pension contracts

The certification body grants the certification in accordance with § 1 (3) if you have the information and documents required by this law and the terms and conditions of the old-age pension contract to § 1 (1), 1a or both paragraphs and comply with § 2a and the provider complies with the requirements of § 1 (2).

Footnote

(+ + + § 5: For application d. Changes d. Art. 2 No. 6 G v. 24.6.2013 I 1667 cf. Section 14 (6) + + +) Unofficial table of contents

§ 5a Certification of basic rents contracts

The certification body grants the certification in accordance with § 2 para. 3 if you have the information and documents required under this law as well as the contractual terms of the basic pension contract to § 2 paragraph 1 or paragraph 1a as well as the § 2a , and the provider complies with the requirements of § 2 (2).

Footnote

(+ + + § 5a: For application d. Changes d. Art. 2 No. 7 G v. 24.6.2013 I 1667 cf. Section 14 (6) + + +) Unofficial table of contents

§ 6 Legislative Decree

The Federal Ministry of Finance, in agreement with the Federal Ministry of Labour and Social Affairs and the Federal Ministry of Labour and Social Affairs, is able to protect consumers, in particular to improve the comparability of products and to standardise the procedure. Federal Ministry of Food, Agriculture and Consumer Protection by means of a regulation which does not require the approval of the Federal Council, more detailed provisions on the certification procedure and on the nature, content, scope and presentation of Product information sheets and information requirements according to § § 7 to 7c. The Federal Ministry of Finance may transfer the authorization to the Federal Central Office for Taxes by means of a regulation which does not require the approval of the Federal Council. Unofficial table of contents

§ 7 Information requirements in the Product Information Sheet

(1) The provider of an old-age pension or basic pension contract shall inform the contractual partner in good time by an individual product information sheet, but no later than before the contract is issued. The individual product information sheet shall contain the following information:

1.

the product designation;

2.

the designation of the product type and a short product description;

3.

the certification number;

4.

in the case of retirement pension contracts, the recommendation to examine eligibility before the conclusion of the contract;

5.

the full name of the provider in accordance with § 1 (2) or § 2 (2);

6.

the essential elements of the Treaty;

7.

the classification based on probability calculations in chances-risk-class;

8.

in the case of old-age pension contracts, in the form of a loan and in the case of old-age pension contracts as defined in Article 1 (1a) (3), the indication of the net amount of the loan, the total cost and the total amount of the loan;

9.

a list of the costs referred to in Article 2a (1) (a) to (e) and point 2 (a) to (c), separately for each item of the link, the indication of section 2a, first sentence, point 1 (f) is voluntary;

10.

Information on the price-performance ratio;

11.

in the case of basic pension contracts in accordance with Article 10 (1) (2) (b), double letter bb of the Income Tax Law, the guaranteed monthly benefit;

12.

a reference to the relevant establishment of insolvency protection and to the extent of the protection granted in that regard;

13.

Information about the change of provider and termination of the contract;

14.

Notes on the possibilities and consequences of a contribution exemption or redemption suspension and

15.

the status of the Product Information Sheet.

If the contract provides for a supplementary protection of the occupational inability, the reduced earning capacity or incapacity to work or an additional protection of survivors, the individual product information sheet must additionally: Contain information:

1.

the beginning, the end and the scope of the supplementary protection;

2.

Notes on the consequences of sublimation or late payments, and

3.

Information on performance exclusions and obligations.

The second subparagraph of paragraph 7 and point 10 to 13 shall not apply to:

1.

old-age pension contracts in the form of a loan or for old-age pension contracts within the meaning of Article 1 (1a) (3) and

2.

the loan component of an old-age pension contract in accordance with Article 1 (1) (1) (2).

The second subparagraph of point 7, 8, 10 and 13 shall not apply to basic pension contracts in accordance with Article 10 (1) (2) (b), double letter bb of the Income Tax Act. In the case of insurance contracts, the cost information required under this paragraph shall be replaced by the cost information in accordance with Section 2 (1) (1) and (2) of the Ordinance on the VVG Information Obligations. If the conclusion of the contract is not timely for the information provided by the individual product information sheet, the supplier shall only have to inform the contracting party at its request or in the event of an interim change of the information sheet in the product information sheet. (2) The individual product information sheet replaces the product information sheet in accordance with § 4 of the Ordinance on the German Ordinance on Information on Product Information (VVG), as amended in each case. A model calculation according to § 154 of the Insurance Contract Law is not to be carried out for certified old-age pension agreements and for certified basic pension contracts. This must not be added to the individual product information sheet in addition. The timely access of the individual product information sheet must be able to be demonstrated. The Product Information Sheet shall be provided free of charge to the Purchasing Partner. (3) The contracting party may, within two years from the date of delivery, be able to fulfil its obligations under paragraph 1 not, either correctly or not in full. withdraw from the contract. The resignation shall be declared within three months from the date of knowledge of the reason for the resignation. In the event of a resignation, the provider shall pay the contractual partner at least one amount of money equal to the contributions paid to the contract and retirement pension allowances. The provider has to pay the contract partner interest in the amount of the statutory interest rate in accordance with § 246 of the Civil Code on contributions and retirement pension allowances. The interest shall begin on the day on which the contributions or allowances will be paid to the provider. § 8 of the Insurance Contract Law remains unaffected. (4) The provider has for each tariff sold on the basis of a certified old-age pension or basic pension scheme prior to the first sale of a A pension or basic pension contract shall be drawn up in the form of four sample product information sheets in accordance with the second sentence of the second subparagraph. These shall be in the form and content of the individual product information sheet referred to in paragraph 1, with the proviso that the information should be based on sample data instead of individual values. The sample product information sheets are published on the Internet. The details of the publication govern a letter from the Federal Ministry of Finance, which is published in the Federal Tax Bulletin. (5) § § 297 to 299, 301 and 303 of the capital investment law remain unaffected.

Footnote

(+ + + § 7: For application, see Section 14 (6) + + +) Unofficial table of contents

Section 7a Annual information requirement

(1) The provider of an old-age pension or basic pension agreement is obliged to inform the contractual partner annually in writing of the following points:

1.

the use of the contributions paid;

2.

the level of the capital formed;

3.

the actual costs incurred in the preceding contribution year;

4.

the income generated;

5.

until the beginning of the payment phase, the capital that is likely to be available after deduction of the costs at the beginning of the payment phase; for the calculation, the contributions actually paid in the past and the contributions in the Conclusion of the contract shall be based on the value developments referred to in Article 7 (1), second sentence, point 10 above provided individual product information sheet.

Within the framework of the annual information requirement, the provider of an old-age pension or basic pension contract must also inform in writing whether and how ethical, social and environmental concerns are related to the use of the contributions paid (2) Paragraph 1 (2), (4) and (5) shall not apply

1.

for basic pension contracts in accordance with § 10 (1) (2) (b), double letter bb of the Income Tax Act,

2.

for old-age pension contracts in the form of a loan,

3.

old-age pension contracts as defined in Section 1 (1a) (3) or,

4.

provided that there has already been an allocation of the construction savings contract.

Paragraph 1, first sentence, point 5 shall not apply to contracts which have been concluded before the date of application referred to in Article 14 (6), second sentence.

Footnote

(+ + + § 7a: For application, see Section 14 (6) + + +) Unofficial table of contents

Section 7b Information prior to the payment phase of the retirement pension contract

(1) If benefits are to be provided from an old-age pension contract in accordance with Section 1 (1), first sentence, point 4, a provider of old-age pension contracts shall have the contract partner at the earliest two years before the commencement of the contractually agreed payment phase. in writing on the following:

1.

the form and amount of the disbursements, including statements on the dynamisation of the monthly benefits, and

2.

the costs incurred in the payment phase.

If no start of the payment phase has been agreed, the completion of the 62 shall apply to old-age pension contracts concluded after 31 December 2011. Life year as the beginning of the payment phase, and the completion of the 60. Life Year. The contractual partner shall then be informed by the provider within the framework of the notification in accordance with sentence 1 that an actual start of the payment phase has not been agreed. Where a provider of old-age pension contracts is willing to accept, in accordance with the first sentence of Article 1 (1) (1) (10) (b) above, he must, on request, provide the investor with the information provided for in the first sentence and, where appropriate, the third sentence: Make available if less than two years remain until the start of the payment phase. This information shall be based on the transfer value and the date of transmission specified by the investor. (2) The information provided by the provider must be made no later than three months before the commencement of the contractually agreed payment phase. If a provider of old-age pension contracts does not inform the contractual partner not later than nine months before the commencement of the contractually agreed payment phase in accordance with paragraph 1, the contracting party shall have the right to conclude the retirement pension contract at the beginning of the payment phase shall be terminated no later than three months before the start, in order to allow the capital formed to be transferred in accordance with the first sentence of Article 1 (1), first sentence, point 10 (b). If it takes place later than six months before the start of the payment phase, the contracting party has the right to terminate the retirement pension contract at the beginning of the payment phase with a period of 14 days in order to raise the capital formed in accordance with § 1 (1) sentence 1 Point 10 (b). (3) A provider does not fulfil his obligations under paragraph 1 or 2, not correctly, not in full, not in the prescribed manner or not in time, the contracting party may within a After the beginning of the payment phase, the supplier shall require the supplier to be placed in the same way as he confessed at the commencement of the payment phase, taking into account the payments already made to him. He may require the transfer of the capital thus calculated in accordance with the first sentence of Article 1 (1) (1) (10) (b). The provider of the previous old-age pension agreement shall not require the contracting party to pay any costs for the transfer of the capital. The capital calculated in accordance with the first sentence shall be galvanissed from the beginning of the payment phase until its transfer to the other old-age pension agreement at the level of the statutory interest rate in accordance with Section 246 of the Civil Code.

Footnote

(+ + + § 7b: For application, see Section 14 (6) + + +) Unofficial table of contents

Section 7c Cost change

A provider has to notify the contractual partner of a change in the costs, which are shown in the individual product information sheet according to § 7, paragraph 1. In the event of a change in costs before the commencement of the payment phase, he shall have a customized individual product information sheet or a sheet containing at least the information specified in section 7 (1), second sentence, number 1, 9, 10 and 13, with an individual product information sheet. to issue a period of at least four months at the end of a calendar quarter prior to the change in costs. The calculation of the price-performance ratio shall be based on the value developments on which the calculations in the individual product information sheet made available before the conclusion of the contract are based. In the case of old-age pension contracts in the form of a loan or old-age pension contracts within the meaning of Article 1 (1a) (3), the information provided for in the second sentence of Article 7 (1) (2) (1), (8) and (9) shall be replaced by the abbreviated information provided for in the second sentence of sentence 2. In the case of basic pension contracts in accordance with Article 10 (1) (2) (b), double letter bb of the Income Tax Act, the abbreviated information provided for in the second sentence of sentence 2 shall be replaced by the information provided for in the second sentence of Article 7 (1) (1), (9) and (11). From the start of the payment phase, the costs incurred in the payout phase shall be shown on a separate sheet. Costs which are not shown in the individual product information sheet or in the sheet according to the second sentence of the second sentence or in the sentences 4 to 6 do not have to be taken over by the contracting party.

Footnote

(+ + + § 7c: For application see Section 14 (6) + + +) Unofficial table of contents

Section 7d Security in the case of cooperatives

In order to fulfil its obligation pursuant to section 1 (2), first sentence, point 4 (b), the cooperative shall provide the contracting party with a direct claim against the collateral provider and shall, by passing one of the latter or on its own Proof of authorisation issued (security certificate) to be verified. A significant limitation of the security is to be pointed out in a highlighted manner. The guarantor may not rely on any objecting from the security contract or on the fact that the security certificate is not issued until after the termination of the security contract with a contract partner to whom a security certificate has been handed out. has been issued. When a security note is handed out in accordance with sentence 3, the contract partner's claim against the cooperative shall be applied to the collateral provider, insofar as the collateral provider is in accordance with the contractual partner's claims. The fuse can also be secured in a different manner if a comparable level of protection is achieved.

Footnote

(+ + + § 7d: For application cf. Section 14 (6) + + +) Unofficial table of contents

§ 7e Right of revocation

The contractual partner is entitled to a right of withdrawal in accordance with § 355 of the Civil Code in the case of a contract certified under this law, without prejudice to other regulations. If, at the same time, the consumer is entitled to a right of withdrawal in accordance with Section 355 of the Civil Code or in accordance with other provisions, the right of revocation according to the first sentence is excluded.

Footnote

(+ + + § 7e: For application cf. Section 14 (6) + + +) Unofficial table of contents

§ 8 Revocation, revocation and renunciation

(1) The certifying body may refuse the application for the certification of an old-age pension contract or revoke the certification of an old-age pension contract with the provider if the facts justify the assumption that the provider the reliability required to comply with the provisions of this Act, as well as § § 10a, 22 No. 5, § 22a and Section XI of the Income Tax Act. The certificate authority may refuse the application for the certification of a basic pension agreement or revoke the certification of a basic pension agreement with the provider if the facts justify the assumption that the supplier is the one for the Compliance with the provisions of this law as well as § § 10 and 22a of the Income Tax Act does not possess the required reliability. The certification body has to revoke the certification from the provider if the provider no longer meets the requirements of § 1 (2) or § 112 of the Insurance Supervision Act. The repeal of the certification in accordance with the general procedural rules of the tax code shall remain unaffected. In the case of a provider within the meaning of section 1 (2) sentence 1 no. 4 (cooperatives), the examination association, which the cooperative is examining, is obliged to inform the certifying body, insofar as it is part of an examination pursuant to section 53 (1) of the A cooperative law establishes facts within the meaning of sentence 1 or a ground of revocation within the meaning of sentence 2, or otherwise becomes known to the examination association or becomes aware of the fact that the statutes of the cooperative are amended in such a way as to ensure that the or has been amended that the conditions of § 1 (2), first sentence, point 4 (b) will no longer be fulfilled. Sentence 4 shall apply in accordance with the supreme state authority responsible pursuant to Section 81 of the Cooperative Act. (2) The provider may, without prejudice to his contractual obligations for the future, be subject to the certification by written declaration to (3) The provider is obliged to immediately give the contract partner with whom he has concluded an old-age pension agreement or a basic pension agreement, to withdraw or revoke the certification. (4) The certification authority shall inform the central body in the According to § 81 of the Income Tax Act, immediately on withdrawal or revocation of the certification of an old-age pension agreement or on the waiver of the certification of an old-age pension contract. The certifying body shall immediately inform the supreme financial authorities of the countries of the withdrawal or revocation of the certification of a basic pension agreement or of the renunciation of the certification of a basic pension agreement. It shall also be notified of the date from which withdrawal, revocation or renunciation are effective. In the case of an application or revocation referred to in the first sentence of paragraph 1, the supervisory authority responsible for the offeror and a provider within the meaning of section 1 (2), first sentence, point 4 of the audit association, of which the cooperative is examined, shall be required to: . A provider within the meaning of section 1 (2) sentence 1 no. 4 must inform the certifying body if in the future someone other than the former examination board will carry out the examination in accordance with § 53 (1) of the Cooperative Act. (5) (omitted)

Footnote

(+ + + § 8: For application d. Changes d. Art. 2 No. 11 G v. 24.6.2013 I 1667 cf. Section 14 (6) + + +) Unofficial table of contents

§ 9 Law of appeal and immediate enforcement

Objection and action shall be governed by the provisions of the Tax Code and the Rules of the Financial Courts. They do not have suspensive effect. Unofficial table of contents

§ 10 Publication

The certification body makes the certification as well as the revocation, the withdrawal or the waiver of a publication of the name and address of the provider and its certification number in the federal tax sheet known. The same applies analogously to the certification of contracts within the meaning of Section 4 (2) sentence 1. Unofficial table of contents

§ 11 Obligenation and data protection

(1) Persons employed or commissioned by the certification authority may not disclose or exploit any confidential information obtained in the course of their activities, even if they are no longer in service or are not in service is terminated (confidentiality). This also applies to other persons who are aware of the facts referred to in the first sentence by means of service reporting. (2) In particular, an unauthorised disclosure or advantage within the meaning of paragraph 1 is not available if facts are passed on to

1.

by law or by the public contract with the supervision or audit of insurance undertakings, credit institutions, financial services institutions, investment companies, cooperatives or building societies, and by the bodies responsible for the supervision or auditing of insurance undertakings, commissioned persons,

2.

other financial authorities, or

3.

the examination board, which examines the cooperative, with a provider within the meaning of section 1 (2) sentence 1 no. 4,

to the extent that these bodies require the information to carry out their duties. In the case of persons employed by these bodies, the obligation to comply with the obligation laid down in the first sentence of paragraph 1 shall apply mutagenally. (3) (omitted) (4) If personal data are collected, processed or used, the provisions of the Federal Data Protection Act. Unofficial table of contents

§ 12 Fees

(1) The certification body shall charge a fee of EUR 5 000 for the processing of an application to certify an old-age pension contract or a basic pension contract. For providers who base their application in accordance with § 4 (1) a certified contract of a leading association, the fee is 500 euros if:

1.

the supplier's contract with respect to the requirements of § 1 (1) or (1a) or § 2 (1) or (1a) and § 2a of the certified model in order and content does not differ and

2.

in the case of his/her application, the provider shall also notify the certification authority with its postal address, the certification number and the date on which the certification has become effective.

For applications pursuant to § 4 (3) sentence 1 and 2, the fee is 250 euros. (2) The fee must be determined by written communication to the applicant; notice of disclosure must be observed. The applicant shall be required to pay the fee within one month of the notification of such a charge. The fee shall apply mutatily to the provisions of the Rules of the Tax Code. The fee fixing can be corrected in accordance with § § 129 to 131 of the Tax Code. The notice of fees is given against the fee fixing.

Footnote

(+ + + § 12: For application d. Changes d. Art. 2 No. 12 G v. 24.6.2013 I 1667 cf. Section 14 (6) + + +) Unofficial table of contents

Section 13 Penal rules

(1) Contrary to the law, those who intentionally or negligently act

1.

Contrary to § 7 (4) sentence 1, a specimen product information sheet shall not be drawn up, not correct, in full or in time,

2.

Contrary to the first sentence of Article 7a (1) concerning a point referred to therein, it is not correct, not complete, not provided in the prescribed manner or not in good time,

3.

contrary to the second sentence of Article 7a (1) concerning the consideration of the matters referred to therein when the amounts paid are used, not properly, not in full, not in the prescribed manner or not in good time, or

4.

Contrary to § 7b (1) sentence 1 on a point referred to therein, it is not correct, not complete, not in the prescribed manner or not informed in time.

(2) The administrative offence can be punished with a fine of up to EUR 3 000. (3) The administrative authority within the meaning of Section 36 (1) (1) of the Code of Administrative Offences is the certification body.

Footnote

(+ + + § 13: For application d. Changes d. Art. 2 No. 13 G v. 24.6.2013 I 1667 cf. Section 14 (6) + + +) Unofficial table of contents

Section 14 Transitional provision

(1) For contracts certified in accordance with § 5 in the version valid on 31 December 2004 and all of which are the subject of the provisions of Article 7 (1) of the Law of 5 July 2004 (BGBl. I p. 1427), it is not necessary to recertify the Treaty as a whole until 31 December 2005. Sentence 1 shall apply in accordance with no time limit, in so far as the supplier, while maintaining the contractual design in accordance with Article 1 (1), first sentence, No. 8, in the version in force until 31 December 2004, with his existing customers, the consensual Adoption of the provisions of Article 7 (1) (a) (a) (aa) to (cc) and (ee) of the Law of 5 July 2004 (BGBl. I p. 1427), all or part of the amendments. The amendment to the contract must be notified to the certifying authority in writing. (2) For old-age pension contracts which have been concluded before 1 January 2012, Section 1 (1), first sentence, point 2 shall apply with the proviso that the Agreement for the contracting party provides for a life-long and independent age-based pension, not prior to the completion of the 60. Life year or before the age of 60. Benefit from a statutory pension scheme of the contractual partner (commencement of the payment phase) may be paid. The other conditions referred to in the first sentence of Article 1 (1) shall remain unaffected. For contracts certified in accordance with § 5 in the version valid on 31 December 2011 and the increase of the age limit of 60. to the 62. A new certification of the contract is not required until 31 December 2012. Sentence 3 shall apply in so far as the raising of the age limit of 60 is applicable. to the 62. It will be agreed with the customer by contract or by amending the contract. (2a) For contracts certified in accordance with § § 5 or 5a in the version in force on 31 December 2012 and in which only the changes to the certification requirements laid down in Article 2 of the Law of 24. June 2013 (BGBl. I p. 1667), no recertification is required. The third sentence of paragraph 1 shall apply accordingly. If, before the expiry of the day before the date of application referred to in the second sentence of paragraph 6, no change notification is submitted to the certification body, this shall be deemed to be the waiver of the provider for the certification within the meaning of Article 8 (2), as from the sentence in paragraph 6 (2b) For contracts certified pursuant to § 5 or § 5a to July 23, 2014, and in which alone the amendments are made by Article 1 of the Law of 15 July 2013 (BGBl. 2397) and by Article 5 (1) of the Law of 18 July 2014 (BGBl). I p. 1042), no recertification is required. The third sentence of paragraph 1 shall apply accordingly. (3) The certification of contracts whose contract is based on those laid down in Article 2 (1) (a) to (c) of the Law of 29 July 2008 (BGBl. 1509), may be granted at the earliest on 1 November 2008. Certifications may be granted up to the point in time resulting from the first sentence of 1 December 2007 on the basis of the law applicable until 31 December 2007. Contracts which have been certified in accordance with Section 4 (1), (2) or (3) in conjunction with § 5 in the version valid on 31 December 2007 may be in accordance with the provisions of Article 2 (1) (b) of the Law of 29 July 2008 (BGBl. I p. 1509). The fees for the certification according to sentence 3 are based on § 12 sentence 3. The provisions of Article 2 (4) (d) of the Law of 29 July 2008 (BGBl. I p. 1509), amended annual information requirements shall be applied for the first time for years of contribution years beginning after 31 December 2008. (4) For old-age pension contracts, which are certified until 31 December 2009 pursuant to § 4 (1), § 1 para. 1 Sentence 1 No. 10 (b) and (c) with the proviso that building societies within the meaning of the Act on building societies may in each case agree to a period of no more than six months at the end of the month. (5) By 30 June 2010, by way of derogation from § 3 (1) The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht). As from 1 July 2010, the administrative procedures laid down in this Act shall be subject to the provisions of the Rules of the Tax Code. Proceedings pending on 30 June 2010 will continue to apply to the provisions of the Administrative Procedure Act. This also applies to legal remedies pending at that time. (6) The amendments to Article 2 (1) to (3), (6) and (7), (11) to (13) (a) and (b) of the Law of 24 June 2013 (BGBl. I p. 1667) are to be applied for the first time on 1 January 2014. The amendments to Article 2 (9) and (10) of the Law of 24 June 2013 (BGBl. I p. 1667) are for the first time on the first day of the 18th. apply to the proclamation of a Regulation within the meaning of the first sentence of Section 6 of the calendar month following that of the calendar month. The second sentence of Article 7 (1), point 9 and section 7c shall not apply to contracts concluded before the date of application referred to in the second sentence.