German chem employers back funded pensions

08 October 2008 15:46  [Source: ICIS news]

TORONTO (ICIS news)--Germany’s chemical employers and union IG BCE believe the role of funded pensions should be further expanded, despite the ongoing financial turmoil, as state pensions were not be sufficient to provide for retirees’ needs, they said on Wednesday.

 

“Despite the current turmoil in international financial markets [we] believe that the further expansion of funded pension plans continues to be the right way forward,” employers group Bundesarbeitgerverband Chemie (BAVC) and union Industriegewerkschaft Bergbau, Chemie, Energie (IG BCE) said in a joint statement.

 

BAVC president Eggert Voscherau and IG BCE executive Werner Bischoff said they prioritised reputable and prudent pension fund models that pursued conservative investment strategies, offered high quality and were broadly diversified.

 

Long-term returns continued to be achievable despite the current turmoil, they said.

 

“We bank on long-term success instead of quick profits,” they added and pointed as one option to ChemiePensionfonds, a fund set up in 2002 at the initiative of BAVC and IG BCE.

 

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By: Stefan Baumgarten
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