Regulation on the product information sheet and on further information requirements for certified old-age pension and basic pension contracts in accordance with the old-age pension certification act (retirement pension product information sheet ordinance-AltvPIBV)

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AltvPIBV

Date of completion: 27.07.2015

Full quote:

" Age pension product information sheet ordinance of 27 July 2015 (BGBl. I p. 1413), as defined by Article 1 of the Regulation of 16 December 2016 (BGBl. 2975).

Status:

Amended by Art. 1 V v. 16.12.2016 I 2975

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 1.1.2017 + + +) 

  

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Input formula

On the basis of § 6 sentence 1 of the 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. 434), in conjunction with Section 1 (1) of the Jurisdiction Adjustment Act of 16 August 2002 (BGBl). I p. 3165) and the Organizational Decree of 17 December 2013 (BGBl. 4310), the Federal Ministry of Finance, in agreement with the Federal Ministry of Labour and Social Affairs and the Federal Ministry of Justice and Consumer Protection, is responsible for: Unofficial table of contents

Content Summary

§ 1	Product Label
§ 2	Product Type
§ 3	Product Description
§ 4	Essential elements of the Treaty
§ 5	Opportunities-Risk Classes
§ 6	Annual Effective Zins
§ 7	Cost indication
§ 8	Price-performance information
§ 9	Assumptions for the price-performance ratio
§ 10	Calculations for the price-performance ratio
§ 11	Information about the change of provider and termination of the contract
§ 12	Additional hedging information
§ 13	Form of the Product Information Sheet
§ 14	Sample Product Information Sheet
§ 15	Information prior to the payment phase of the retirement pension contract
§ 16	Calculations for the information prior to the payment phase of the retirement pension contract
§ 17	entry into force

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§ 1 Product title

The product name within the meaning of Section 7 (1) sentence 2 (1) of the Act is the name given by the supplier. Unofficial table of contents

§ 2 Product type

(1) The following names may be used for the designation of the product type in accordance with § 7 (1) sentence 2 (2) of the Act:

1.

Pension insurance,

2.

Fund savings plan,

3.

Bank savings plan,

4.

The construction savings contract,

5.

Cooperative shares,

6.

Loans,

7.

pre-or interim financial savings contracts;

8.

Disability insurance or

9.

Occupational disability insurance.

(2) In addition to the designation, the type of support shall be represented by a logo. The logo is to be distinguished as a type of support:

1.

Riester's pension,

2.

Living-Riester,

3.

Basic retirement age,

4.

Basic rent-employment reduction.

In the case of old-age pension contracts within the meaning of section 1 (1a), first sentence, point 3 of the law, which are not pre-financed or inter-financed building savings contracts, the particular piecing product shall be designated with the addition "with loans". Unofficial table of contents

§ 3 Product description

(1) The description of the product pursuant to Section 7 (1), second sentence, point 2 of the Act shall contain the following:

1.

in the case of pension insurance, concretises on the form of a contract,

2.

in the case of old-age pension contracts within the meaning of Section 1 (1a), first sentence, point 3 of the Act, references to the irrevocable agreement that the pre-or interim financing loan is to be redeemed by means of old-age pension payments in accordance with the contract.

(2) If there is a legal right to grant a loan, the provider shall inform the product description thereof. The provider may provide additional information on the structure of the asset portfolio and the investment strategy. (3) In the case of old-age pension contracts, the supplier's commitment shall be accepted that at least the paid contributions and retirement pension contributions shall be made in accordance with (4) In the case of basic pension contracts, the provider can accept a commitment that the commitment to provide for the payment of additional contributions at the beginning of the payment phase. Paragraph 3. (5) In the case of basic pension contracts in accordance with § 10 (1) (2) (b), double letter bb of the Income Tax Act, the following shall be mentioned: shall indicate whether and to what extent the amount of the promised pension depends on the age of the contracting party at the time of the occurrence of the insurance case. Unofficial table of contents

§ 4 Essential elements of the contract

(1) The essential elements of the contract within the meaning of Article 7 (1), second sentence, point 6 of the Act are:

1.

the planned start of the contract,

2.

the amount and payment method of the current self-contribution planned at the beginning of the contract or the current rate in euro planned at the beginning of the contract,

3.

the amount and payment method of a planned one-off payment or redemption at the beginning of the contract in euros,

4.

the planned start of the payment phase and any possible options for an earlier or subsequent start of the payment phase and the planned period of payment or repayment in years and, if appropriate, months; this shall not apply to: Basic pension contracts in accordance with § 10 (1) (2) (b), double letter bb of the Income Tax Act,

5.

in the case of basic pension contracts in accordance with Article 10 (1) (2) (b), double letter bb of the Income Tax Act, the planned retirement benefit,

6.

the design of retirement benefits,

7.

in the case of building savings contracts and old-age pension contracts in accordance with Section 1 (1a) (3) of the Act, the planned construction savings of the construction savings contract as well as the expected date of dispatch and

8.

Possibilities of the contracting partner of an increase in contribution, a reduction of contributions and a contribution exemption.

(2) Where no specific start of the payment phase is planned, the information referred to in paragraph 1 (4) shall be the completion of the 62. To base the contract partner's life year as the beginning of the payment phase. In this case, the contractual partner must also be informed that no concrete start of the payment phase is to be agreed. (3) In the case of building savings contracts, the indication referred to in paragraph 1 (4) shall be based on a contribution payment period to the date of the contract. (4) In the case of loans and old-age pension contracts as defined in § 1 paragraph 1 (1) (a), the expected allocation date shall be reached, but not until the beginning of the payment phase. 1a (3) of the Act, in the case of the indication referred to in paragraph 1 (4), shall be of a Redemption performance up to the expected date of complete submission of the loan, if the contracting party does not expressly specify otherwise. (5) Should the actual contract data be determined by the data in the product information sheet The supplier must issue a new product information sheet to the contractual partner prior to his contract declaration. This shall not apply if the beginning of the contract is to deviate from the planned start of the contract by less than six months. In this case, the provider has to issue a new product information sheet only if requested by the contracting partner. § 7c of the Act remains unaffected by this. Unofficial table of contents

§ 5 Opportunities-Risk-Classes

(1) Pension and basic pension contracts are to be classified in Opportunity Risk Classes (CRK) in accordance with Section 7 (1) sentence 2 (7) of the Act (classification). This does not apply to old-age pension contracts in the form of a loan, old-age pension contracts as defined in Section 1 (1a) (3) of the Act and basic pension contracts in accordance with § 10 (1) (2) (b) (bb) of the Income Tax Act. (2) The classification is based on the results of the simulation method according to § 3 paragraph 2 sentence 2 of the law in the CRK 1 to 5, with CRK 1 representing the lowest and CRK 5 the highest opportunity-risk class. For each of the four contract periods 12, 20, 30 and 40 years, an opportunity-risk-class is to be determined. If one of the stated contract terms is below the minimum term of the offered tariff, no chances-risk class shall be determined for this contract term. If, after the determination of an opportunity-risk class in accordance with sentences 1 and 2 and the application of the further criteria referred to in paragraph 4, the result is that for at least one individual contract term within the maturity groups according to sentence 5, not all Criteria are met, the tariff in the affected runtime group is classified into the next higher chances-risk class, for which all further criteria are met. In the product information sheet at a planned contract term

1.

the risk-of-risk class determined for a term of 12 years for a maximum period of 12 years,

2.

from more than 12 to a maximum of 20 years, to identify the opportunities-risk class identified for a term of 20 years,

3.

of more than 20 to a maximum of 30 years, to identify the risk-of-risk class identified for a 30-year contract period; and

4.

of more than 30 years, the risk-of-risk class, which has been determined for a contract period of 40 years.

(3) The classification shall be reviewed on a regular basis. The provider may request the waiver of further verifications if he/she assures that from the date of the submission of the waiver on the basis of the classification, no new certified old-age pension and basic pension contracts be expelled. The waiver shall be requested until six months after the date of the announcement of the

1.

first-time classification or

2.

of the outcome of the review.

(4) The further criteria to be used for the classification and the description text of the chances-risk classes to be used in the product information sheet shall form part of the definition of the simulation method. The criteria and the description text shall be published at least on the website of the Product Information Centre for the provision of retirement provision. Unofficial table of contents

§ 6 Effective Annual Zins

(1) In the case of old-age pension contracts in the form of a loan and in the case of old-age pension contracts within the meaning of section 1 (1a), first sentence, point 3 of the Act, the total cost shall be the annual percentage of the credit in accordance with Article 6 (1) of the Regulation on the price of the version of the notice of 18. October 2002 (BGBl. 4197), as last amended by Article 7 of the Law of 20 September 2013 (BGBl. 3642), should be given in the current version. In the case of the retirement pension under which the loan is paid, the contractually guaranteed amount of that assets shall be set at the probable date of the loan. (2) The calculation of the percentage shall cover all costs for the pension. The contract partners, including all the pension contributions to be paid to the contract, shall be included, unless the costs are covered by an exception to § 6 (4) of the Regulation on the price of goods. Unofficial table of contents

§ 7 Cost statement

(1) In the case of the cost statement in accordance with Section 7 (1), second sentence, point 9 of the Act, the costs of closing and selling are to be additionally shown as a total amount. Financial statements and distribution costs for a planned one-time payment or for a planned one-off repayment at the beginning of the contract shall be included in the total amount of the first sentence, irrespective of whether the deposit is based on the own-performance of the (2) In addition, administrative costs are also the annual amount for the first full year of the contract on the basis of the assumptions defined in the Product Information Sheet. on the course of the contract and the distribution period. (3) The respective Monetary amounts shall be denominated in euro. Unofficial table of contents

§ 8 Information on the price-performance ratio

The information on the price-performance ratio in accordance with § 7 (1) sentence 2 (10) of the Act must include:

1.

the capital guaranteed at the beginning of the contract, which shall be available at the beginning of the payment phase for the provision of services in the payment phase,

2.

the monthly benefit guaranteed at the start of the contract as from the start of the payment phase as a total amount and as an amount per 10 000 euro of the saved capital; if the guaranteed monthly performance is not yet fixed, the reasons for this shall be stated and it should be pointed out at the expense of the retirement of the capital and in the payment phase,

3.

the reduction in the value of the value of the contract until the beginning of the payment phase by costs in percentage points (effective costs) in the case of value development in accordance with § 10 (1),

4.

the development of the value of the contract after deduction of the effective costs up to the beginning of the payment phase, which results in the development of the value in accordance with § 10 (1) (effective return),

5.

the capital available at the beginning of the payment phase after deduction of the costs, including surplus shares, which, in the case of the specified value developments in accordance with § 10 (2), shall be taken into account in accordance with § 1 sentence 1 number of the contribution 3 of the law, as well as other promises of performance,

6.

the monthly benefit calculated at the beginning of the payment phase after deduction of the costs, including surplus shares, which are based on the specified value developments in accordance with § 10 (2), taking into account the contribution commitment in accordance with § 1 sentence 1 number 3 of the law, as well as other promises of performance, provided that the performance is already available.

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§ 9 Assumptions for the price-performance ratio

(1) The calculations for the data according to § § 7, 8, 11 and 12 shall be carried out taking into account assumptions on the development of the contract. The assumptions on the own contributions on which the calculation is based, and in the case of old-age pension contracts, on the pension schemes on which the calculation is based, and on the age of children, until such time as a children's allowance is taken into account, shall be subject to the following conditions: the information provided by the contracting partner, which he makes on the following points, and to be expleted:

1.

planned contribution level,

2.

scheduled one-time payment or scheduled one-off repayment,

3.

to be expected to belong to the eligible group of persons; and

4.

Child entitlement to be expected.

(2) If, in the case of building savings contracts, a longer contribution payment period is to be taken into account for the calculations than those specified in Section 4 (1) (4), the amount of contribution payment shall also be shown on the basis of the calculation. (3) Calculation shall be made to the effect that the allowances will be credited to the contract on 15 May after the contribution year. Allowances to be paid after the start of the payment phase shall not be taken into account. (4) In the case of a planned contribution dynamisation, the initial and final contributions shall be indicated in euros. If the final contribution has not yet been established, it should be pointed out that the final contribution to the final contribution must be given to the dynamisation. Unofficial table of contents

§ 10 Calculations for the price-performance ratio

(1) The calculations for the data referred to in § 7 (2), 8 (3) and (4) and Article 11 (1) (2) (b) shall be based on the following annual value developments before deduction of the costs, depending on the opportunity-risk classes:

1.

for CRK 1: 1 percent,

2.

for CRK 2: 3 percent,

3.

for CRK 3: 4 percent,

4.

for CRK 4: 5 percent,

5.

for CRK 5: 6 percent.

(2) The calculations for the data specified in Section 8 (5) and (6) shall be based on the following four annual value developments before deduction of the costs, depending on the opportunity-risk classes:

1.

for CRK 1: 0.5 percent, 1 percent, 1.5 percent and 2 percent,

2.

for CRK 2: 1 percent, 2 percent, 3 percent and 4 percent,

3.

for CRK 3: 0 percent, 2 percent, 4 percent and 5 percent,

4.

for CRK 4: 0 percent, 2 percent, 5 percent and 6 percent,

5.

for CRK 5: -1 percent, 2 percent, 5 percent and 7 percent.

(3) In cases where the value development of a contract is fixed at the beginning of the contract and is unchangeable until the beginning of the payment phase, this value development shall be replaced by the value development referred to in paragraph 1 and the value developments after Paragraph 2 shall be taken into account. In cases where, for parts of the contract, a value development is fixed at the beginning of the contract and is unchangeable until the beginning of the payment phase, the respective fixed value development for these contractual parts shall be replaced by the the development of the value referred to in paragraph 1. The provisions of paragraph 1 shall apply to non-affected contractual components. In the cases referred to in the first sentence or the second sentence, a fixed value development shall be subject to the condition

1.

regardless of market developments, and

2.

may be used as annual value development before deduction of costs within the meaning of paragraph 1.

The total value development of the contract used for the calculation shall be indicated on the product information sheet. (4) The achievement of a value development as defined in accordance with paragraph 1 or paragraph 3 as a result of contractual arrangements is to be determined as a result of contractual arrangements in respect of the value of the contract. The value development resulting from the contractual upper or lower limits shall be taken into account. If the achievement of a value development as defined in paragraph 2 is excluded on the basis of contractual arrangements with respect to upper or lower limits, no calculation shall be made for this value development in accordance with Section 8 (5) and (6). (5) In calculating the Effective costs must be taken into account for all costs incurred in the contract. The Product Information Centre provides the methodology for the calculation of the effective costs. The methodology includes, in particular, the costs to be taken into account. The calculation methodology shall be published. The provider has to explain the effective costs in the product information sheet. (6) For products with variable portfolio structures, maximum cost rates must be taken into account for the respective valid portfolio structure. (7) The amounts according to § 8 number 1, 2, 5 and 6 shall be denominates in euro, the amount according to § 8 number 4 in percent. The reduction of the value development in accordance with § 8 number 3 is to be rounded to two decimal places in commercial terms. The amounts in accordance with § 8 (5) and (6) shall be rounded off to the full euro. Unofficial table of contents

§ 11 Information on the exchange of providers and termination of the contract

(1) The following information shall be provided for the exchange of providers and termination of the contract in accordance with Section 7 (1) sentence 2, point 13 of the Act:

1.

the exchange costs,

2.

in each case for a period of 1, 5, 12, 20 and 30 years, but not later than the beginning of the payment phase.

a)

the sum of the planned contributions and allowances,

b)

the transfer or payment value after reduction by costs in the event of a value development in accordance with § 10 (1),

c)

the ratio of the values referred to in points (b) and (a) to each other,

3.

an indication that the new provider may be subject to further termination and distribution costs,

4.

in the case of old-age pension contracts, an indication that, in the event of a dismissal with payment, the previously granted promotion has to be repaid, in so far as there is no use of housing economy in the sense of Section 92a (1) sentence 1 of the Income Tax Law is done.

(2) If a right of dismissal exists with the possibility of disbursement and the value referred to in paragraph 1 (2) (b) is lower in the event of such termination of the contract than in the case of a change of provider, that value shall be disclosed, otherwise the value shall be given in the case of a change of Change of provider. (3) If a change of provider is excluded in the case of basic pension contracts or in the case of old-age pension agreements pursuant to Section 1 (1a) of the Act, it should be pointed out that this is the case. In such a case, the information referred to in paragraph 1 shall not be provided. Unofficial table of contents

§ 12 Information on supplementary insurance

(1) The additional information provided for in the third sentence of Article 7 (1) of the Law in the case of supplementary insurance cover shall include in particular:

1.

the contribution percentages for the supplementary protection in euro,

2.

References to the performance exclusions contained in the contract in the case of a supplementary protection of the inability to work, the reduced earning capacity or invalidity or in the case of additional protection of survivors, as well as

3.

References to the obligations to be observed by the contracting party at the time of the conclusion of the contract, during the term of the contract and upon the occurrence of the insurance case, as well as references to the legal consequences of failure to comply with these obligations.

(2) After the exhibition of the Product Information Sheet, performance exclusions occur, for example on the basis of a risk assessment carried out afterwards, the provider shall issue a new product information sheet to the contractual partner. Unofficial table of contents

§ 13 Form of the Product Information Sheet

(1) The Product Information Sheet shall be drawn up in accordance with officially prescribed patterns, which shall be drawn up by a letter from the Federal Ministry of Finance in agreement with the Federal Ministry of Labour and Social Affairs and the Federal Ministry of Justice and the Federal Ministry of Justice and for consumer protection is published in the Federal Tax Gazans Part I. (2) It is to be written in German, in general language. The information to be communicated must be able to be understood by the contracting party without the need to draw up additional documents. They must be unambiguous and must not be misleading. Promotional content is inadmissible in the Product Information Sheet. Unofficial table of contents

§ 14 Pattern-Product information sheet

(1) The following assumptions shall be based on the model product information sheet instead of the individual values in accordance with Section 7 (4) of the Act:

1.

a contract period of 12, 20, 30 and 40 years, with a contract beginning on 1 January,

2.

a start of the payment phase with the completion of the 67. Year of age and

3.

in the case of basic pension contracts, a monthly contribution payment of EUR 100 and, in the case of old-age pension contracts, a monthly contribution payment or repayment of EUR 87 plus an annual basic supplement paid on 15 May after the contribution year, of EUR 154; allowances to be paid after the start of the payment period shall not be taken into account.

If the old-age pension or basic pension contract in the initial period allows only one-off payment and no ongoing payment, the following assumptions shall be made instead of the monthly contribution payments as set out in point 3 of the first sentence:

1.

in the case of a contract period of 12 years, a one-off contribution of EUR 14 400;

2.

in the case of a contract period of 20 years, a one-off contribution of EUR 24 000;

3.

in the case of a contract period of 30 years, a one-off contribution of EUR 36 000 and

4.

a one-off contribution of EUR 48 000 for a contract period of 40 years.

In the case of old-age pension contracts, a once-paid allowance of 154 Euro, which is paid on 15 May after the contribution year, is to be accepted. (2) For maturities below the minimum term of the offered fare, no Sample product information sheet will be created. In the remaining sample product information sheets for this tariff, reference should be made to the minimum term and the resulting non-creation of the relevant sample product information sheet. Unofficial table of contents

§ 15 Information prior to the payment phase of the retirement pension contract

The provider shall inform the contractual partner in writing of the following in accordance with section 7b (1), first sentence, point 1 of the law on the following:

1.

the date of the commencement of the payment period and the age of the contracting party at that date in years and, where appropriate, months;

2.

the guaranteed capital at the beginning of the payment phase,

3.

the guaranteed monthly performance at the start of the payment phase,

4.

the form of payment,

5.

whether and how to dynamise the monthly benefits,

6.

the assumed monthly benefit at the beginning of the payment phase after deduction of costs,

7.

the amount of the premium for a retirement after the start of the payment phase.

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Section 16 Calculations for information prior to the payment phase of the retirement pension contract

(1) The calculations for the data referred to in § 15 shall be based on the following values:

1.

the sum of the deposits and allowances credited to the contract up to the date of preparation of the information, as well as the proceeds and increases in value which it has received;

2.

the sum of the deposits and allowances expected up to the start of the payment phase, as well as the assumed income and value increases,

3.

the contribution commitment pursuant to section 1 (1) sentence 1 (3) of the Act as well as other performance promises and

4.

all costs expected for the contract up to the start of the payment phase.

(2) The amounts in accordance with § 15 (2), (3), (6) and (7) shall be stated in euros. (3) Deviations in the guaranteed capital and the guaranteed monthly benefit at the beginning of the payment phase from the information provided for in § 15 (2) and (3) shall be charged to the amount of the guaranteed capital. Contracting partner shall only be allowed, provided that they are based on the following reasons:

1.

legislative changes,

2.

highest jurisprudence, or

3.

Changes affecting the amount of the expected deposits and allowances or the start of the payment phase.

If the actual value at the beginning of the payment phase deviates from the indication in accordance with section 15, point 6, this shall only be permissible provided that the deviation is based on the reasons set out in the first sentence, or if the increase in value, income or valuation reserves is based on the amount of the value (4) In the case of contracts which have been concluded from the date of application referred to in Article 14 (6), second sentence of the Act, the date of application of the contract shall be specified in the payment phase. pursuant to § 7b (1), first sentence, point 2 of the Act, the costs incurred in accordance with § 2a of the Act Act separately for each link point. Unofficial table of contents

Section 17 Entry into force

This Regulation shall enter into force on 1 January 2017.