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INDIVIDUAL PENSION PROVISION To ensure you maintain your usual standard of living in old age, you need an adequate pension provision which keeps its promise. IFFOXX Assekuranzmakler GmbH works out and attends to future-oriented individual solutions with the main focus on: |
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 COMPANY PENSION SCHEMES For the funded supplementary pension five different ways of implementation are given within the scope of company pension schemes: • Direct promise • Support fund • Staff pension insurance • Direct insurance • Pension fund For the funded supplementary pension five different ways of implementation are given within the scope of company pension schemes. In the personal pension scheme the following procedures for the funded supplementary pension apply: BASIC PENSION (RÜRUP PENSION) |
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| You may choose between different options for the development of your private life annuity. The tax treatment of the basic provision contributions to the 1st layer are tax-deductible up to 60% (maximum up to 12,000 Euro) since 2005. The tax-free contribution part rises by 2 percentage points every year, such that from 2025 onwards contributions of the basic provisions are tax-free up to the amount of 20,000 EUR per person. In return to the tax exemption of the contributions of the basic provisions the pensions payments in this layer are taxable. The amount of the taxable pension part depends on the year of the first pension payment and then remains the same for the rest of your life. Existing pensioners and new pensioners in 2005 have a taxable pension part of 50%. After that the taxable pension part rises for each pensioner entering retirement up to 2020 by 2%, such that new pensioners will have a taxable pension part of 80% in 2020. Then the taxable portion of the pensions for new pensioners rises by 1% each, until the pensions are 100% taxable for new pensioners in 2040. Your advantages at a glance: • tax incentives for your contribution payments • Lifelong pension payments • Provisions for occupational disability and surviving dependants selectable ALLOWANCE PENSION (FORMER RIESTER PENSION) The private pension provision is state-aided with graduated allowances and tax advantages. Everybody may take advantages who is compulsorily insured in the statutory public pension scheme. The monthly contribution may be fixed by yourself. Your greatest possible advantage – you secure the maximum allowance for yourself if you pay • 2% in 2005 (a maximum of 1,050 EUR) • 3% from 2006 (a maximum of 1,575 EUR) • 4% from 2008 (a maximum of 2,100 EUR) of your last year’s income which was subject to compulsory insurance, for the private pension scheme. The support funding will be paid to your pension provision contract directly by the state. Couples may bundle their allowances. For families a child allowance may be added per child. You may offset the pension contribution up to a maximum amount of 2,100 EUR in 2008 (1,050 EUR in the years 2004 / 2005) as special exenditure against your tax. The allowances will then be offset against the tax advantage. Funding of the private pension provision at a glance:  Who gets the state funding? The group of beneficiaries includes all persons who are compulsorily insured in the statutory public pension scheme: • Employees • Apprentices • Insured persons in parental leave • Officials, employees in public services with overall pension provisions similar to those of the officials • Self-employed persons subject to compulsory insurance • Persons serving military or civil service • Persons subject to compulsory insurance in the old age pension scheme for farmers • Marginally employed persons who renounced the freedom from social security • Spouses of this group of people who are not compulsorily insured, if they fulfill further preconditions The group of beneficiaries does not include: • Self-employed persons, freelancers and • Voluntary members of the statutory public pension scheme. PRIVATE PROVISIONS The tax treatment of capital investment products Contributions to capital investment products do not enjoy any tax privileges. However there are tax concessions for the later payments. In case of capital benefits from products of the 3rd layer only half of the profit is taxable under certain conditions. Pension payments from products of the 3rd layer are only taxable with their low return portion. Capital investment products are: • Occupational disability insurance • Term life insurance • Dread Disease • Pension insurance / endowment insurance Our specialists will be happy to advise you. ACTUARIAL SERVICE IWV - “Institut für Wirtschaftsmathematik und betriebliche Altersversorgungssysteme GmbH“ will be happy to advise you in all questions and ways of implementation of the company pension scheme. • Actuarial expert opinions for the commercial and tax balance sheet (also according to IAS and US-GAAP) • Attestations for the Pension Security Assocations • Actuarial assessment of other operational responsibilities • Risk analysis and business analysis of pension commitments • Rearrangement of existing pension funds • Forecast calculations of existing pension funds • Establishment and maintenance of working-time account models |
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