German Chemical Employers Association, called the BAVC, and the Chemical Workers Trades Union, the IG-BCE, received the first license to set up a pension fund under German laws that came into effect in January. The Chemie PensionsFonds is likely to attract around 300,000 members from the chemical industry, said Jahn Burkhard, BAVC spokesman. Membership also will be extended to Germany’s rubber, chemical and glass industries. An investment commission with joint membership from employers and trade unions will meet within the next month to discuss the investment strategy and select money managers, he said.
Late last year, the BAVC and IG-BCE appointed Hypovereinsbank Group and its pensions arm, Pension Consult, to administer the pension plan and advise the fund’s executives.
