Hengeler Mueller advises Allianz on capitalisation offer of pension entitlement of their sales agents

Allianz Beratungs- und Vertriebs-AG (“Allianz“) has submitted an offer to its self-employed agents to convert their retirement pension financed by Allianz. In the case of acceptance of the offer, the anticipated retirement pension of the pension fund Vertreterversorgungswerk (“VVW”) will be converted into a principal payment which will be paid on retirement (so-called VVW KAPITAL 100). The pension scheme of the agents is thereby made more flexible. They shall also be given the opportunity to convert either the entire capital amount or parts of it immediately before retirement into a new pension commitment.

At the same time, Allianz reduces its balance sheet risk with the capital of VVW KAPITAL 100 and thereby also reduces the capital requirements according to the new requirements regarding insurance law (Solvency II).

Hengeler Mueller advised Allianz on the structuring and implementation of the conversion offer. The Hengeler Mueller team included partners Jens Wenzel, John Flüh (both Berlin) and Ernst-Thomas Kraft (Accounting, Frankfurt) as well as associates Karolin Hiller and Nadine Hartung (both Berlin).