Retirement

ALTANA offers a number of employee programs for company-sponsored and private retirement savings. These offers not only increase the attractiveness of the company in the labor market, but also prepare ALTANA for the work environment characterized by demographic challenges. We offer the so-called Lifelong Time Account (LAZ), an ALTANA retirement savings program (AVK) and the deferred compensation program ”AltersvorsorgeAktiv mit ALTANA” (AAA).

The Lifelong Time Account was established in 2010 to offer employees in Germany an individual solution for mid- to long-term flexibility of managing their working hours. The purpose of the program is to fund a long-term paid release prior to reaching retirement age with continued employment and social security protection without sacrificing any statutory pension entitlements. Employees may choose to pay parts of their wages / salary as well as converted overtime or vacation days into the account as a gross cash value.

The company introduced the so-called demography bonus in January 2010, which deposits € 300 per year into the account of union-scale employees. Employees can also choose to make monthly tax-deferred contributions to their Lifelong Time Account that are deducted from their paycheck.

ALTANA also introduced a modern new concept of an employer-funded pension system in Germany in 2010. The ALTANA retirement savings program is a contribution system, in which the company invests the pension contributions for employees in the capital market. At the time of entering retirement, employees then have a certain capital to supplement their income. Employees who joined the company before January 1, 2010 are subject to a benchmark system, in which the company guarantees the employee a specific retirement benefit.

The amount of this pension is based on the applicable years of service, a defined pension benchmark value, and a personal allocation factor.

The “AltersvorsorgeAktiv mit ALTANA“ program is another retirement savings option based on employee-funded deferred compensation. Employees initially invest in stocks and later convert their savings into less risky bonds and money market funds (”lifecycle model”). For this purpose, we selected so-called target funds that are designed to pay out at a specific time.