Business operations
Our pension scheme has been granting solid pensions and a high level of provision since its foundation in 1964. It has two pension systems, basic care and voluntary additional insurance. There is a common capital stock for both pension systems.
The basic care is our compulsory insurance system. In principle, it includes all physicians working in Schleswig-Holstein or having their place of residence here without practicing. They have to pay contributions. The basic care is financed in the open coverage plan procedure, a methodically recognized and practice-proven procedure widespread in the system of professional care. The open coverage plan procedure combines elements of funded financing with elements of pay-as-you-go financing. It is characterized by the fact that contributions from future mandatory members are also included in the actuarial balance sheet to a carefully calculated extent. The constant access of new members enables continuity and thus security of supply. The universal service benefits from the fact that the number of contributing members and the sum of the contributions made increases annually.
Our voluntary additional insurance is an additional offer for all members who would like to pay additional contributions for their retirement provision in addition to their compulsory contribution. The participants in the voluntary additional insurance are entitled to change the amount of their contribution payments at any time and to resume them. A financing process with 100 % capital coverage is used for voluntary additional insurance.
Our pension scheme prepares annual financial statements on an annual basis in accordance with the regulations applicable to insurance companies. It is audited by an auditing company. In addition, we have an actuarial report drawn up every financial year. The actuary appointed for this purpose is entitled to use the designation „Aktuar DAV (Deutsche Aktuarvereinigung e.V.)“. The annual financial statements, the annual report and the actuarial report are sent to the supervisory authority (Ministry of Social Affairs, Health, Youth, Family and Seniors of the Federal State of Schleswig-Holstein).
Exclusively our contributors and pensioners benefit from annual surpluses. Our contributing members receive an annual information on the amount of the retirement pension expectancy.