Neues im Recht der bAV im UK und in

Neues im Recht der bAV
im UK und in
Deutschland / News from
pension laws in UK and
Germany
Rosalind Connor, Taylor Wessing
London
Sascha Grosjean, Taylor Wessing
Düsseldorf
7 May 2015
Please treat all transactions and clients' names as confidential
News from pension laws in the UK
> Longevity
– The increasing state retirement age
– Whose problem is it?
> Compulsory pensions
– Automatic enrolment
> Access to pension funds
– Changes to the annuity market
> What about the future
Please treat all transactions and clients' names as confidential
Longevity and the UK
> Life expectancy has risen, retirement age has fallen
– Bismarck's retirement age was 70
– UK followed this in 1908
– dropped to 65 in‎1925
– dropped to 60 for women in 1940
– raised to 65 for women in 1995
– raised to 68 in 2007
> ‎Life expectancy continues to rise
– 6 years in the last 30 years
Please treat all transactions and clients' names as confidential
Longevity in the UK: Whose problem is it?
> Many "second pillar" pensions are defined benefit, promising employees
a fixed pension for life on retirement
– All defined benefit pensions in the UK must be pre-funded by
employers
– Subject to IORPs Directives for funding, requiring them to be fully
funded for present liabilities
– Present liabilities relate to future life expectancy increases
> Longevity is causing ‎plans to be impossible to fund
– Can (and does) cause business insolvency
Please treat all transactions and clients' names as confidential
Compulsory pensions in the UK
> Automatic enrolment requires every employer to put employees into a
pension plan automatically
> Employer and employee make a minimum level of contributions
> ‎Employee does not consent, but can choose to opt out once they join
the scheme
> Then re-enrolled every three years
> Encourages membership of pensions
– opt out rate less than 10%
– expected that most people will have pension but contributions still
small
> Pensions provided on defined contribution basis
– Will these be regulated?
Please treat all transactions and clients' names as confidential
Access to pension funds in the UK
> Historically, pension plan members must use their fund to buy an annuity
– Insured for life
– Low returns because of high life expectancy
> Changes since 2006 have allowed people to take the some of their pension fund
out at retirement to spend
> Changes from April 2015 have meant that people can take ALL their pension pot
at any time
– No need for annuities
– Is the annuity market changing
 Lower demand?
 Later life annuities
> Right to "guidance" about the choices
– Will people make the right decisions?
> Those with annuities may sell them from April 2016 with consent of provider
– Annuity providers cannot buy back
Please treat all transactions and clients' names as confidential
What will change?
> Today, the UK is choosing a new government
– The decision is very open
> All parties favour retaining the new access to pensions
> No party wishes to change auto enrolment
> Is another coalition or a minority government likely?
– If so, they will have more urgent issues than pensions
> Will the UK leave the EU
– Present government has promised a referendum in 2017
– Growth of "anti-EU" party, UKIP
– Growth of cross-border pension arrangements
Please treat all transactions and clients' names as confidential
Neues im Recht der bAV im UK und in Deutschland
Die „Nahles-Rente“
Düsseldorf, 7. Mai 2015
© 2015 Taylor Wessing PartG mbB
Die „Nahles-Rente“
-
Mindestlohn
-
Rente mit 63 Jahren
-
Frauenquote
Düsseldorf, 7. Mai 2015
© 2015 Taylor Wessing PartG mbB
Die „Nahles-Rente”
Ziel: Verbreitung der bAV in kleinen und mittleren Unternehmen
Hintergrund:
 Statistik
 bislang reicht Reglement nicht aus
© 2015 Taylor Wessing PartG mbB
3
Die „Nahles-Rente”
1. Schritt:
 § 4 (1a) TVG
 Allgemeinverbindlichkeit
 Voraussetzungen
© 2015 Taylor Wessing PartG mbB
leichter als bislang
4
Die „Nahles-Rente”
2. Schritt:
 § 17 b BetrAVG („Diskussionsvorschlag des BMAS“ vom
26.01.2015)
1. sofort unverfallbar
2. reine Beitragszusage (kein Langlebigkeitsrisiko)
3. PSV haftet bei Insolvenz
4. auch für nicht tariflich Gebundene
© 2015 Taylor Wessing Deutschland
5
Die „Nahles-Rente”
Herausforderungen:
1. auch per Betriebsvereinbarung?
2. Finanzierung?
3. Rolle der Versicherer?
4. Vermeidung für Unternehmen?
© 2015 Taylor Wessing PartG mbB
6
Die „Nahles-Rente”
Ausblick:
 noch in dieser Legislaturperiode (2017)
 Tarifparteien: verstärkte Aufmerksamkeit
 mehr Allgemeinverbindlicherklärungen?
 Letztes Angebot der Politik!
© 2015 Taylor Wessing PartG mbB
7
Ihr Ansprechpartner:
Dr. Sascha R. Grosjean
Partner, Düsseldorf
Arbeitsrecht
Kontaktdetails
T: 49 (0) 211 83 87 143
E: s.grosjean@taylorwessing.com
© 2015 Taylor Wessing PartG mbB
8
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