Insider resistance from mediator groups against prevention measures is being seen.
The German pension landscape is abuzz with debate, as the CDU/CSU proposes a standard product for private retirement provision, a move that has been met with strong opposition from various associations.
The liberation of the Riester pension could potentially attract more than the current 16 million German citizens to private retirement provision. However, the proposed standard product, designed to do without closing costs and advice, poses a risk of consumers refusing this retirement obligation in large numbers.
The association, which represents independent insurance and building society brokers, strongly opposes the idea of leaving the advisory expertise of intermediaries untapped in the context of the standard product. They believe that ignoring the role of intermediaries in private retirement provision would be a significant mistake.
The CDU/CSU's proposed standard product lacks clarity in its design and investment strategy, causing concern among the public. The association also raises concerns about the 08/15 product, requiring further explanation.
The association continues to advocate for the development and bureaucracy reduction of the Riester pension, a move that could benefit low-income earners, with potentially almost twice as many people privately providing for their retirement.
The abolition of the contribution guarantee and opening up to further occupational groups could give the Riester pension an additional boost. However, the lack of information about a standard product, such as what it would be, how it would be invested, or which party plans to introduce it, adds to the confusion.
The Union's proposal is questionable and does not adhere to the principle of citizen-free decision-making. The association remains the professional political mouthpiece for independent insurance and building society brokers in Germany, and they continue to urge for the further development of the Riester pension, free from bureaucratic burdens.
The association believes that advice is crucial and should be appropriately remunerated. They argue that a distribution without advice contradicts consumer protection principles, as the proposed standard product ignores diverse needs and life situations, requiring qualified individual advice from intermediaries.
In conclusion, the proposed standard product for private retirement provision in Germany has sparked controversy, with many questioning its design, investment strategy, and potential impact on consumer protection. The association, representing independent insurance and building society brokers, continues to advocate for the development and bureaucracy reduction of the Riester pension, emphasising the importance of advice in private retirement provision.
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