Zurich insurance may not unilaterally reduce the pension factor for a Riester policy by 25 percent. That was decided by the district court of Cologne. A customer has been paying in 100 euros a month since 2006, and the pension should start in 2039. For every 10,000 euros saved, Zurich wanted to pay a monthly pension of 37.34 euros. In 2017, the insurer reduced this amount to EUR 27.97 due to the capital market situation. He is not allowed to do that, according to the district court. He has not committed to increasing the factor in better times. Zurich wants to check whether to appeal. Plaintiff attorney Knut Pilz and the Finanzwende citizens’ movement, which supports the process, see the decision as pointing the way for tens of thousands of such cuts.
Pension – customer wins in the Riester dispute – economy
