Webcast in German language – feel free to contact any member of our team for explanations in English.
In our Deloitte Legal Update webcast series, we address current legal issues - both on how to deal with COVID-19 and the consequences of the pandemic, as well as other legal trends and developments that are important for practice.
Our upcoming webcast will focus on current developments in company pensions in the ongoing low interest rate environment.
In view of the continuing low interest rate environment, company pension schemes are under considerable (re-)financing pressure and are facing the associated challenges in terms of an economically resilient and legally secure future design. Pressure and challenges will increase in the coming months, among other reasons, because the legislator will reduce the maximum actuarial interest rate for life insurance companies and pension funds to 0.25% as of 1 January 2022. Insurance-based company pension commitments, which continue to be widely used in practice, especially to meet the employee's statutory entitlement to deferred compensation, must be rethought in the face of low interest rates - the previous requirements under labour law and insurance law regarding the content of company pension commitments, for example with regard to the equal value of deferred compensation and the maintenance of contributions in the case of defined contribution plans with minimum benefits, cannot (or no longer) be met with such maximum actuarial interest rates.
In this webcast we will discuss the legal requirements for change resulting from the further reduction of the maximum actuarial interest rate and the legal options for future-proof insurance-based occupational pension commitments.
The main topics will be:
- Overview of the new statutory regulation on the maximum actuarial interest rate
- Effects of the new legislation on insurance-based company pension commitments from the employer's point of view: Need for change for existing commitments and 'readjustment' of new commitments
- Effects of the new legislation on insurance companies: Capital requirements, guarantee presentation and effects on the product range
Participants are welcome to submit their questions for the Q&A part already upon registration.
In case of organisational questions please contact:
Tel: +49 211 87722491
Dr. Lars Hinrichs, LL.M. (Univ. Stockholm)
Dr. Lars Hinrichs advises national and international clients on all human resources and labour law related issues of German Employment and Labour Law. He is specialiced in the design, implementation and modification of remuneration systems in regulated and non-regulated business sectors (including company pension systems), in the planning and implementation of restructuring measures and transformation processes and in the labour law consultancy of M&A transactions. Lars regularly holds lectures and publishes HR and labour law related articles in HR and legal journals. Lars works for Deloitte Legal since 2019. Before his entry to Deloitte Legal, Lars had worked since 2007 as lawyer in the Labour Law departments of other leading international law firms in Frankfurt and Hamburg.
Dr. Charlotte Sander, LL.M (Seattle/Dresden)
Dr. Charlotte Sander has joined Deloitte Legal in March 2019 as a Partner in the service line Employment & Pensions. Charlotte provides legal services for national and international clients in all aspects of individual and collective employment law. She is specialized in the conception and operating of restructuring projects in the field of employment law, e.g. outsourcings, mass lay-offs and unification of employment conditions. She has extensive experience in advising as regards protection of intellectual property in employment or service relationships. Moreover, she provides employment law support in connection with M&A transactions. Charlotte regularly publishes articles and is invited to speak on topics relating to employment law. Before joining Deloitte Legal, Charlotte worked several years for another leading international law firm in Berlin and Dresden. Charlotte speaks German and English.
Dr. Klaus Friedrich
Dr. Klaus Friedrich arbeitet seit 2013 als Director bei Deloitte. Sein Beratungsfokus ist die Produktgestaltung, das Produktmanagement für die betriebliche wie private Altersversorgung sowie das Schnittstellenmanagement auch zwischen Aktuariat und Vertrieb. Zuvor war er mehrere Jahre bei der Skandia Gruppe in Berlin verantwortlich für die betriebliche Altersversorgung und leitetet dort unter anderem das Produktmanagement. Er begann seine berufliche Tätigkeit bei dem Berater für betriebliche Altersversorgung Höfer Vorsorge-Management und leitete für diesen die Gründung des Pensionsfonds PENSOR, dessen Gründungsvorstand er war. Klaus Friedrich ist Diplom-Mathematiker, Aktuar DAV und a.o. Mitglied im IVS.
Johannes T. Passas, LL.M. (Edinburgh)
Johannes Passas joined Deloitte Legal in 2012 and is based in Hanover. He specializes in the areas of trade and distribution law and provides comprehensive advice on legal aspects of the supply chain, in particular in the areas of purchasing, sales and distribution (e-commerce , commercial agent, distributor and franchise systems), production and logistics as well as product safety and product liability. One of his main areas of practice is the drafting and negotiation of national and international commercial transactions as well as complex commercial contracts and terms and conditions of all kinds. In M&A-transactions he is regularly responsible for the due diligence process with respect to commercial and civil law aspects regarding the business operations of the target. Johannes Passas also advises on corporate due diligence and ESG aspects in the supply chain. Furthermore, he advises and represents his clients in contentious and litigation matters. Johannes Passas studied at the Universities of Hamburg, Athens and Edinburgh. He was admitted to the bar in 2005. Before joining Deloitte Legal, Johannes Passas worked for a renowned commercial law firm in Hanover. He speaks German and English.
Felix Skala, LL.M. (Boston University)
Felix Skala is head of the competition law department of Deloitte Legal Germany. Felix Skala has more than 20 years of experience advising national and international clients in all areas of German and European antitrust and competition law. He has conducted and coordinated numerous of European, national and multi-national merger control procedures. He has also been involved in several high-profile antitrust cases. In addition, Felix also advises undertakings and public authorities in all questions related to subsidies. Felix has experience in a wide variety of industries, including TMT, manufacturing, automotive, consumer business, healthcare and the public sector. The JUVE Handbook for Commercial Law Firms regularly lists Felix Skala as a "frequently recommended lawyer" for antitrust law: "extremely competent and very confident appearance, quick grasp of industry, product and market", client (JUVE Handbook 2021/2022)
Felix is a German qualified attorney-at-law (Rechtsanwalt) and Corporate/M&A practitioner who joined Deloitte Legal Germany in 1999, to be admitted to the firm’s partnership in 2006. Felix has over 20 years of experience in advising domestic and international clients in M&A transactions as well as complex cross-border and corporate restructurings – often as leader or member of multidisciplinary international teams. He also advises clients in all aspects of general corporate law, in particular with respect to regulations applicable to groups of companies, as well as commercial law. Felix is a member of the firm's practice group Real Estate and of our Dutch Desk. Felix received his legal education in Freiburg, Barcelona, Aruba, and Brussels. Besides his native German, he also speaks Dutch, English and Spanish fluently. For 10 consecutive years, JUVE Guide to Commercial Law Firms in Germany has been listing Felix as frequently recommended attorney for both Corporate Law as well as M&A, with competitors describing him as “competent and pragmatic“, “assertive, internationally experienced, resolute” as well as “outstanding M&A lawyer.”
Dr. Michael Fischer
Dr. Michael Fischer has been with Deloitte Legal since 2015 and is heading the China Desk of Deloitte Legal. Michael has more than 20 years of professional experience. Michael’s practice includes all aspects of transaction-related corporate law, including mergers & acquisitions and reorganizations, as well as ongoing corporate law advice and complex agreements such as strategic alliances. From 2005 to 2015, Michael Fischer was a partner and one of the founding members of Reed Smith in Germany. Prior to that, he was a partner of the legal arm of another Big Four company. He started his career as a lawyer with Raedler Raupach Bezzenberger. Michael Fischer has been listed with Best Lawyers Germany for several years. Michael Fischer speaks German and English.
Thomas Northoff joined Deloitte in 1994, and is a Partner for Deloitte Tax & Legal. He focusses on implementing innovative (legal-) technologies and handling of mass claims. Thomas advises public and private sector clients on strategy and organizational development, transactions, financing structures and tax law. Thomas also serves as managing partner of ClassReaction Rechtsanwaltsgesellschaft mbH and as chairman of the board of the Deloitte Foundation Besides his native German, Thomas speaks fluent English and has a solid command of French.
Dr. Till Contzen
Till is a Partner at Deloitte Legal and Service Line Lead Digital Law, focusing on IT/IP law. Since becoming a lawyer in early 2012, Till has focused on all information technology-related legal matters. He has advised numerous clients in the modernization and outsourcing of IT services and the digitization of business processes. Additionally, he routinely advises clients in the development, implementation and distribution of complex IT solutions such as the ERP and CRM systems as well as migration into cloud environments and procurement in the area of ‚Everything-as-a-Service‘ (XaaS). Due to his in-depth understanding of technologies, Till is highly skilled in translating complex technical topics into legal language. Not only has he advised clients in the legal challenges of a project, he has also assisted his clients in navigating the numerous organizational, economical and procedural challenges which they face in the lifecycle of a project.