Company pension scheme (bAV) and working time account models (ZWK) – No asset protection in the event of insolvency of the company through trust/CTA models

*by Dr. Johannes Fiala, lawyer (Munich), mediator (Univ.), MBA Financial Services (Univ.Wales), MM (Univ.), certified financial and investment advisor (A.F.A.), EC expert (C.I.F.E.), lecturer for civil and insurance law (Univ. of Cooperative Education), banker ( and Peter A. Schramm, actuary DAV (Diethardt), graduate mathematician (Univ.), expert for actuarial mathematics, publicly appointed and sworn by the […]

Company pension scheme (bAV) and working time account models (ZWK) – New BGH ruling on reversal in the case of capital investment in closed participations

*by Dr. Johannes Fiala, Lawyer (Munich), Mediator (Univ.), MBA Financial Services (Univ.Wales), MM (Univ.), Certified Financial and Investment Advisor (A.F.A.), EC Expert (C.I.F.E.), Lecturer in Civil and Insurance Law (Univ. of Cooperative Education), Banker ( You can’t solve a problem with the same mindset that created it. (Albert Einstein) Also renowned offerers of closed participation […]

Controlling und Vertriebsrecht: Immer größere VSH-Lücken im Bereich geschlossener Fonds und Beteiligungen*

Controlling and distribution law: Increasingly large VSH gaps in the area of closed-end funds and participations*. (Louis Armstrong, American jazz musician, 1900 – 1971) The VSH broker Ralf W. Barth has long recognized ( that with the increasing legal regulation of the intermediary market (EU-VRL, MiFID, VVG reform, etc.) a clear limiting trend in the […]

The company pension scheme

by Johannes Fiala, lawyer Once upon a time, that’s how most fairy tales begin. A long time ago, in 1984, the then CDU Federal Minister of Labour and Social Affairs, Dr. Norbert Blüm, announced that “our pensions are secure”. The pension funds are empty. The retirement age is currently set at 67 years of age. […]