A new pension scheme for Koenig & Bauer employees has won an award presented by three German groups.

The scheme pays pensions in full - calculated according to a wage or salary-group-dependent scale - and allows employees to make additional contributions.

The first prize for its personnel policy was presented at a bAV award ceremony in Berlin on Tuesday, and honours future-oriented corporate employee pension projects.

In 2017, Koenig & Bauer converted its company pension scheme from a simple salary-dependent benefits system to a contribution-based system. "Our objective was to establish a uniform and fair pension concept with a modern scope of benefits for our employees," says head of personnel management Volker Schiele.

The prize is sponsored by the Confederation of German Employers' Associations (BDA), the Federation of German Industries (BDI) and the German Institute for Retirement Provisions (DIA).

Schiele says the scheme with employees able to influence their later retirement provisions by making own contributions, is "more transparent and more interesting" for employees. It also serves to strengthen the ties of existing employees to Koenig & Bauer, while at the same time attracting new employees to the company.

Pictured: Christopher Kessler, head of legal affairs/insurance (left), and Volker Schiele