Porsche 2012 Annual Report Download - page 102
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benefits. Depending on the location, these include
transportation and subsistence allowances, af-
fordable housing, monthly childcare allowances as
well as subsidies towards selected leisure activi-
ties. Additional preventive healthcare services or
supplementary pension insurances round off this
offering on a location-specific basis.
To secure the retirement income of former
employees, Volkswagen AG along with its brands
and subsidiaries operates a number of occupa-
tional pension systems. In Germany, this is based
on a direct pension commitment. The occupation-
al pension arrangements at Volkswagen AG com-
prise the basic pension and the additional retire-
ment benefits of contributory pension schemes I
and II. While the basic pension and contributory
pension scheme I are funded by the employer,
contributory pension scheme II offers employees
the opportunity to provide for their own retirement
income through deferred compensation.
Since 2001, funds for the Volkswagen AG direct
pension commitment have been invested in the
capital markets by the company pension fund ad-
ministered in trust by Volkswagen Pension Trust e.V.
At the end of 2012, an additional 22 group com-
panies in Germany made use of this facility. A
total of 3,009 million euro had been contributed to
the company pension fund by the end of 2012 as
lifelong pension payments for employee retire-
ment and disability pensions, and for benefits in
the event of death. Direct insurance is another
opportunity for employees to provide for their own
retirement income through deferred compensation.
Volkswagen AG’s Time Asset is an instrument
that gives staff the opportunity to retire earlier.
Since 1998, employees have been able to make
contributions from their gross salary and time
credits, which are invested in the capital markets
by the Time Asset investment fund administered
in trust by Volkswagen Pension Trust e.V. The
accumulated Time Asset credits can be used for
paid early retirement. At the end of the reporting
period, the assets in the Time Asset investment
fund amounted to 1,329 million euro.
2The company
Group management report
298