Left Party Demands Stricter Pension Fund Regulations After Berlin Dentists' Losses
Several of Germany's 91 professional pension funds have faced financial troubles in recent years, with the Berlin Chamber of Dentists' fund alone incurring significant losses of hundreds of millions of euros. In response, the Left Party's spokesperson, Sarah Vollath, has demanded a review of the current system, pushing for stricter regulations and enhanced member rights.
The Left Party wants to strengthen members' rights and protect whistleblowers. They propose a universal mandatory pension scheme for all employees, along with state regulatory bodies, limits on high-risk investments, mandatory stress tests, and full portfolio transparency. Currently, these funds manage assets worth roughly €300 billion, putting them under significant scrutiny.
Industry associations like those in the metal and electrical sectors face financial pressure due to mass job losses and rising energy costs and bureaucracy. The Left Party in the Bundestag is pushing for a reform of retirement provisions for freelance professionals in Germany. They suggest executives should face personal liability and bonuses should be clawed back in case of losses.
The Left Party is advocating for nationwide minimum standards, genuine oversight, and stricter regulations for professional pension funds. With the pension fund of the Berlin Chamber of Dentists facing substantial losses, the need for reform is evident. The Left Party's proposals aim to protect members' retirement savings and ensure the stability of these crucial funds.
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