A growing number of German employees in medium-sized companies worry their state pensions will not support their standard of living in old age. To understand the situation, Generali Versicherungen and the F.A.Z.-Institut conducted the study “Occupational pension schemes in medium-sized companies 2013” (“Betriebliche Altersversorgung im Mittelstand 2013”).
According to the survey, the number of employees with occupational pension scheme (OPS) entitlements has declined since the first OPS study by Generali Versicherungen and the F.A.Z.-Institut. This is particularly relevant for non-managerial employees, who have a participation rate of 40.5%. In top management, the participation rate is 62.9% and 50% in middle management. Smaller companies with between 50 and 100 employees show the lowest demand for occupational pensions, whereas companies with between 250 and 500 employees have the highest.
“The results show that above-average service, individual advice and security have a higher value with participants, and that return on investment is not paramount,” says Michael Reinelt, Head of Product and Consultancy Management OPS at Generali Versicherungen. “Alongside comfortable interest rates, occupational schemes include the important safeguard of a lifelong pension payment, provision for dependants and the increasingly crucial coverage of disability insurance.”