It’s important to us to explain the complex topic of the occupational benefit scheme as comprehensibly as possible. However, sometimes we cannot get around using technical terms. In our glossary we explain these technical terms briefly and in a reader-friendly manner.




The beneficiary, who may be either a natural person or a legal entity, has an expected entitlement to the insured benefits. The beneficiary is specified by the policyholder and may be named as the beneficiary of the entire sum insured or of a proportion thereof.

Board of management

Highest administrative organ of a pension fund. In the context of the law and the act of incorporation, it can take decisions freely and definitively. It also assumes responsibility for the fund particularly with respect to investing its fortune.