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Sub practice
Sub practice

Germany

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.

News & insights

Gap between buildings

Publications: 20 JANUARY 2020

Pensions: what's new this week - 20 January 2020

Welcome to your weekly update from the Allen & Overy Pensions team, bringing you up to speed on the latest legal and regulatory developments in the world of occupational pensions.

Read more

Publications: 13 JANUARY 2020

Pensions: what's new this week - 13 January 2020

Welcome to your weekly update from the Allen & Overy Pensions team, bringing you up to speed on the latest legal and regulatory developments in the world of occupational pensions.

Read more
Aircraft propeller

Publications: 06 JANUARY 2020

Pensions: what's new this week - 06 January 2020

Welcome to your weekly update from the Allen & Overy Pensions team, bringing you up to speed on the latest legal and regulatory developments in the world of occupational pensions.

Read more

Publications: 23 DECEMBER 2019

Pensions: what's new this week - 23 December 2019

Welcome to your weekly update from the Allen & Overy Pensions team, bringing you up to speed on the latest legal and regulatory developments in the world of occupational pensions.

Read more

Recognition

Recent experience

Employer liability claims

Employer liability claims

Advising national and international banks on supplemental employer liability claims relating to external scheme provider funding gaps.
Pension liabilities

Pension liabilities

Assisting German corporates to settle pension liabilities relating to senior executives, outsourcing the liabilities using external structures and allowing these corporates greater freedom of action through the removal of risk and cancellation of existing liens on securities.
Pension scheme reorganisations

Pension scheme reorganisations

Pension scheme reorganisations (DB to DC) and past service outsourcing to pension fund vehicles for domestic and international employers.
Restructuring

Restructuring

Advising several national and international entities in relation to restructurings which required the outsourcing of significant pension liabilities, for example by way of transfer of undertaking, carve-out, tripartite agreements and splitting off liabilities into a pensioner company.
Retiree companies

Retiree companies

Advising corporates on the establishment and funding of retiree companies.
SPV-retiree

SPV-retiree

Advising a SPV-retiree company with over 10,000 retirees on pensions indexation obligations.
Transfer of pension liabilities

Transfer of pension liabilities

Advising multiple corporate entities on the transfer of pension liabilities involving insurance structures and transfers of past and future service to external scheme providers.