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As of 24 June 2016, the pension funds and the support funds for employees of banks and other financial institutions, the BVV Versorgungskasse Versorgungskasse des Bankgewerbes e. V. and the BVV Versicherungsverein des Bankgewerbes a. G. have decided to reduce the pension benefits based on future service. This will have a negative effect on the pension benefits of a huge number of employees in the German financial industry. The employers on the other side are facing the risk that they have to make up for the reduced benefits and will have materially higher costs for the pension plan. There is now need for action of the employers in this industry.

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