Pension Fund (Pensionskasse)
A Pensionskasse is an undertaking that is authorised under the Pensionskassen Act (PKG – Pensionskassengesetz) to conduct pension fund activities. In accordance with Article 1 PKG, Pensionskasse business shall comprise the legally binding pension commitment to beneficiaries (entitled) as well as the provision of pensions to beneficiaries (recipients) and surviving dependents as well as the related taking in and investment of Pensionskasse contributions. Every Pensionskasse shall be obliged to make commitments to old-age and survivors’ pensions; commitments to invalidity pensions may also be made. Old-age pensions shall be paid for life, invalidity pensions for the duration of invalidity and survivors’ pensions according to the Pensionskasse contract. Pensionskassen are not allowed to conduct any business that is not related to the management of a Pensionskasse.