The increase in the number of new occupational pension contracts at MetallRente, the pension scheme of the social partners IG Metall and Gesamtmetall, has slowed down year-on-year in 2023.

Last year, the pension fund added 62,616 new occupational pension contracts to its books, down from 69,264 in 2022, according to figures published by the scheme this week.

MetallRente’s managing director Hansjörg Müllerleile said that one third of the employees and employers with new contracts have opted for the new product, Chance 2.0.

“We are pleased that the offer, Chance 2.0, which was only introduced in the spring, has been received well among employers and employees,” he added.

The interest rate on assets for the direct insurance occupational pension contracts PROFIL, CHANCE 80 and CHANCE 90 has increased to 3.35% last year, from 3.1% in 2022, benefitting both existing and new members.

CHANCE 80 and CHANCE 90 offer a different level of guarantees – 80% and 90%, respectively – increasing or decreasing the exposure to capital markets investments.

“In a changing interest rate environment, our broad portfolio of products is particularly strong. We are very well positioned in 2024 with our offerings,” Müllerleile added.

MetallRente counted, at the end of last year, approximately 1.08m contracts, existing and new, for capital-funded pension provision and employees protection from disability, an increase of around 2.8% year-on-year, from 1.04m recorded in 2022, it said.

The fund also noted that 8,265 companies registered as new members in 2023. The volume of contributions grew by 1.6%, from €75.17m in 2022 to €76.42m in 2023, it added. About 6,609 employees signed up for a contract for protection in case of occupational disability.

“In times of war, inflation and economic uncertainty, many hold back when it comes to protecting their workforce,” said co-managing director Kerstin Schminke.

MetallRente’s research shows a lack of knowledge on the topics of occupational disability.

“We’ll take [the topic] seriously and invest, among other things, in further training of consultants in order to effectively broaden knowledge,” Schminke said.

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Luigi is IPE's Berlin-based DACH correspondent. His coverage includes regulation and the latest pensions and investments trends, and, being a native Italian, he also covers Italy’s pensions market. He has reported from Italy and Germany on international politics and business for European and US publications including USA Today, Bloomberg BNA and for the investigative magazine L’Espresso. He was previously Germany correspondent for Mergermarket covering M&A.View full Profile

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