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Employment and Benefits


Our market-leading German Pensions Group provides strategic and day-to-day advice on all legal aspects of company pension schemes (betriebliche Altersversorgung).

Historic pension liabilities in Germany are typically unfunded and defined benefit and can create problems for restructurings, transactions and the corporate balance sheet, in particular in a low interest rate environment. We provide comprehensive advice and customised structuring and implementation strategies for reducing or outsourcing pension liabilities through:

  • changing implementation options (Durchführungswege) for past and future service;
  • contractual trust arrangements (CTA); 
  • pensioner companies (Rentnergesellschaften);
  • liquidation insurance policies and classic pension liability reinsurance policies (Rückdeckungsversicherungen).

We advise on setting up pension schemes, substituting or reorganising existing schemes, scheme closures and freezes, pensions indexation issues and funding, as well as insolvencies and dealing with the Pension Protection Fund (Pensions-Sicherungs-Verein). Whether you are an employer, a provider, insurer, trustee or an investor, we have the experience to help, including dealing with collective bargaining, works councils and related employment law issues.

For more details about the work of our German Pensions Group, click here.

We have a strong pensions dispute resolution practice and advise all types of parties, including employers, scheme sponsors, insolvency practitioners, investment managers, and parties to corporate transactions. Matters range from individual employee or retiree claims through to works council conciliation board and court proceedings.

To read more about our Pensions Disputes practice, please click here.

Click here for examples of our recent experience. 

What our clients say about us: 

"A market leading practice", "deep pensions expertise" JUVE Handbuch Wirtschaftskanzleien 2016/2017

"Most highly regarded", "highly skilled", "technically excellent" Who's Who Legal Germany 2016 Pensions and Benefits

"What differentiates A&O […] from competitors, who focus predominantly on transactions, is its in-depth specialties and staff breadth."  JUVE Handbuch Wirtschaftskanzleien 2016/2017 

"Allen & Overy provides great advice and has a strong influence on current developments in the insurance market. The team also has a pragmatic approach with regard to the commercial aspects and offers creative solutions." CHAMBERS Europe    


Derisking Consultant of the Year

FT Pension and Investment Provider Awards 2014

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Best Law Firm

Engaged Investor Trustee Awards 2016

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