In line with our earlier note, Allianz has kept word in presenting a pan-European pensions product called ComPension. As the product is only on offer in Germany, Italy and France, the pan-European aspect is rather limited at this point, but the offering is intended to be expanded gradually to further EU member states.
The product is based on a universal investment concept and seems to cater for the German Durchführungswege fund and direct insurance, thus is limited to defined contribution. It seems to enable corporations to offer comparable provisions across the countries covered by the plans, and it offers an annual overview of effective implementation.
Available investment vehicles are Luxembourg based Allianz European Pension Balanced or Dynamic. According to Allianz' statement, these vehicles are invested primarily in European shares and pension funds, which is rather surprising since the equity portion ought to be allocated globally. We will try to get a closer look at the detailed product features.