The contractual trust arrangement

Voluntary funding by plan sponsors using CTAs has recently become a feature of the German pension landscape. This paper reviews common reasons for using CTAs and finds many of them lacking in substance


The growth of Contractual Trust Arrangements (CTAs) in German companies over the last five years has been nothing short of astonishing - more constituents of the DAX30 now have them than do not and tens of billions of euros have been voluntarily committed. All this has happened with no tax incentives, no German pension regulator breathing down the necks of plan sponsors and a more generous pension protection arrangement through the PensionsSicherungsVerein (PSV) than we have in the

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