One of Germany's biggest public sector pension schemes has announced plans to streamline its operations in a bid to increase efficiency, according to a report in the industry press.
Investment and Pensions Europe’s online edition has reported that the Versorgungsanstalt des Bundes und der Laender (VBL), one of the biggest public sector pension funds in Germany, is to combine the administrative and advisory operations for the mandatory and voluntary schemes it administers by the end of the year.
The combination of the teams to create a tight new organization is a crucial step in our transformation into a modern and customer-focused service provider, VBL president Wolf Thiel was quoted as saying by IPE.
VBL also confirmed that its switch to a capital funded scheme from pay-as-you-go status was on track and should be completed for east German contributors by 2008. No date was given for the switch to affect west German contributing employees.