According to the Occupational Pensions Act (Bundesgesetz über die berufliche Vorsorge, BVG), a conversion rate of 6.8% applies.
The pension benefits paid by the Schindler Pension Fund are far higher than those required by law. For example, the savings contributions for our Pension Fund are more than twice as much as those laid down in the Occupational Pensions Act. All in all, the Pension Fund thus comfortably complies with the minimum legal requirements.
Statistical life expectancy is a major factor in the conversion rate. Applying lower conversion rates to younger people takes into account the further increase in life expectancy in the future.
The Pension Fund reviews its actuarial basis from time to time. In the past, conversion rates have been adjusted approximately every five years. However, future life expectancy is already factored in to the new conversion rates, and this may reduce the frequency with which adjustments are made.