Country Overview

There are four different pension plans in place, with different eligibility criteria:

Deferred compensation Versorgungswerk der Presse

It is a Defined Contribution plan that allows for voluntary employee financed plan plus employer matching contributions. It is Direct Insurance with Versorgungswerk der Presse and is open for new hires (DJN + DJI).

Obligatorium Versorgungswerk der Presse:

It is a Defined Contribution plan with employer + employee contributions. The plan is Direct Insurance with Versorgungswerk der Presse and is open for editors of daily newspapers.

Scheme Overview

Deferred compensation Versorgungswerk der Presse

The Pension Plan “Branchenlösung Medien” is an employee voluntary contribution-based“ Pension plan (“Direktversicherung” with Versorgungswerk der Presse).  The pension plan is open for new hires of Dow Jones International and Dow Jones News. 

The plan is based on a implementation agreement for direct insurance policies in the provision concept “Branchenlösung Medien” from 2018 between Versorgungswerk der Presse GmbH and Allianz Lebensversicherungs-AG (lead company), AXA Lebensversicherung AG, HDI Lebensversicherung AG.

Type of Benefits: Option between Pension and Retirement capital as well as option between lump-sum death benefit and survivor’s pension or disability pension (if applicable). 

Contributions are based on voluntary employee contributions plus employer’s allowance of 15% of the employee’s contribution (if social security contributions are saved). The benefit amounts are based on the guaranteed benefits and participation in the investment returns and valuation reserves (profit participation). Valuation reserves arise if the market value of the investment is higher than the value at which the investments are shown in the balance sheet

Obligatorium Versorgungswerk der Presse:

The “Obligatorium Versorgungswerk der Presse” Pension Plan is an employer and employee sponsored and obligatory Defined Contribution pension plan (“Direktversicherung” with Versorgungswerk der Presse) The pension plan is open for new hires. Dow Jones News editors are eligible to entrance the plan

The plan is based on a collective agreements to the pension benefits from 1999 for editors at daily newspapers and magazines

Type of Benefits: Option between Pension and Retirement capital as well as option between lump-sum death benefit and survivor’s pension, disability pension

Contributions are based on the gross monthly salary (up to a ceiling set by the Versorgungswerk): 5% is paid by the employer and 2.5% by employees. There is the possibility for employees to increase the contributions by up to 20%. The contributions are taxable to employees. The benefit amounts are based on the guaranteed benefits and participation in the investment returns