Die Ausfinanzierung von Pensionsverpflichtungen aus finanzwirtschaftlicher Sicht

Occupational pension schemes in Germany have a long-standing tradition. Initially shaped primarily by the employer's desire to take on social responsibility, they have evolved over time into a significant component of overall compensation. This change is reflected in the type of commitment and the financing of benefits. In recent years, contribution-based plans have gained considerable importance in new commitments, often being financed entirely or partially through an external pension provider. However, when examining the scope of existing obligations, it becomes clear that direct pension commitments remain the most significant form of occupational pension provision. This form of occupational pension is increasingly being viewed critically, particularly regarding the balance sheet implications of direct commitments and the external risks arising from pension promises. Against this backdrop, DAX companies, in particular, have felt compelled to fundamentally rethink the financing of their pension obligations. A large number of DAX companies have consequently taken measures to finance their pension obligations from direct commitments, such as outsourcing to a pension fund or utilizing a trust model. The discussion in academia and practice regarding the pros and cons of fully funding pension obligations primarily focuses on large publicly traded companies. However, considering that medium-sized enterprises have also entered into substantial pension obligations, it seems essential to include them in the discussion. Due to the poorer data situation for these companies, however, the medium-sized sector has not yet been captured in this discourse.