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Annoyance over pension amount: VKI launches collection campaign on Generali insurance policies with pension choice clause


Pensions to be recalculated and adjusted – Affected persons to receive support

Vienna (OTS/VKI) – Generali Versicherung AG (Generali) relies on a clause for life insurance policies with an annuity option, according to which the calculation basis at the time of the annuity option is to be applied for the amount of the annuity. This clause was objected to by the Association for Consumer Information (VKI) in association proceedings. The Supreme Court (OGH) upheld the VKI and declared the clause to be unlawful. According to the VKI, Generali must reassess the pensions on the basis of the calculation bases applicable at the time the contract was concluded, provided that a guideline value for the expected pension was given when the contract was concluded. This leads to a significant increase in the pension because the mortality tables applicable at the time the contract was concluded as well as higher guaranteed interest rates are to be used for the pension calculation. The VKI supports affected policyholders in asserting their claims for adjustment (increase) of the pension. Participation in the collection campaign is possible until September 30, 2022. Full details are available at []

Generali Versicherung AG has been selling life insurance policies with annuity option for many years. The VKI – on behalf of the Ministry of Social Affairs – won an association case against Generali on the terms and conditions of these annuity policies at the OGH. The OGH ruled that a clause regulating the basis for calculating the pension was invalid. Generali had determined the pension amount according to the calculation basis applicable at the time the option was exercised – provided the insured exercised his or her pension option. As a result, insured persons generally receive a significantly lower pension than the benchmark promised to them when the contract was concluded.

In the ensuing test case, Generali has already been ordered by the Vienna Higher Regional Court to pay a higher pension. In this case, the consumer was offered an initial pension of EUR 84.81 instead of the EUR 260 originally promised. If Generali had used the calculation basis used when the contract was concluded, the initial pension would have been 165.77 euros. The consumer is therefore entitled to an initial pension that is determined by the actual actuarial reserve at the end of the contract and the actuarial bases used when the contract was concluded (actuarial interest rate and the mortality table). This results in a significantly higher initial pension than was derived from the calculation bases used by Generali.

The VKI is organizing a collection campaign with immediate effect for affected consumers who have taken out a life insurance policy with an annuity option with Generali and are receiving an annuity payment.

“It is incomprehensible that Generali does not adjust pensions that were calculated too low due to incorrect calculation bases,” comments Mag. Ulrike Wolf, head of the collective action department. “We will support affected consumers in pursuing their legal claims. If Generali does not give in and continues to claim a supplementary contract interpretation, further legal steps will follow.”

SERVICE: Information for registration to the collecting action “Generali insurance AG – pension adjustment with life insurances with pension choice clause” gives it on []

Association for Consumer Information
Press office
+43 664 231 44 81
[email protected]

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The post Annoyance over pension amount: VKI launches collective action on Generali insurance policies with pension election clause appeared first on TOP News Austria – News from Austria and around the world.


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