Goran Culjak, financial journalist, F.A.Z. BUSINESS Media
1. Goran, the 5th Asset Liability Convention is over. What were the most exciting topics or even surprises for you, and what were some of the things that you found most engaging? Was there a particular moment that impressed you, either positively or negatively?
At ALC#5, I focused on three topics in particular: Firstly, the debate on integrating asset and liability strategies holistically in the current environment of interest rate and market volatility reached a new level, with participants exploring ways to manage risk and optimise returns in such a context. It is uncommon to witness such candid discourse on the interplay between security, returns, and sustainability. Secondly, I found the focus on innovative models such as LDI, particularly in the context of inflationary trends and the diminishing importance of traditional government bonds as 'safe havens', truly eye-opening. This clearly demonstrated how rapidly investment paradigms are currently shifting. Finally, the discussion on geopolitical uncertainties and the polycrisis scenario was clear and prominent, which was surprising, and it was interesting to see how this was presented. Many investors are realigning their investment strategies in response to global risks, cybersecurity and political intervention, as demonstrated by the panel discussions and workshops. In my opinion, the asset-liability industry is at a turning point.
2. The new occupational pension handbook has been published. Which new features or key points stand out to you in particular? Do you see it as a response to current challenges, and if so, which ones?
The book 'bAV 2025/26: Liabilities, Assets, Pensions: The Three Dimensions of Occupational Pensions' explores the connection between commitments, capital investment, and pension benefits across eight articles. The long-term success of an occupational pension model depends on the demonstration of the three dimensions and their interaction in a wide variety of scenarios. Pension savers cannot avoid the need for additional funded pension provision. Some employers are still dedicated to keeping their employees on board in the long run by providing them with appealing occupational pension schemes, despite all the global uncertainties and upheaval. Individual occupational pension solutions are becoming increasingly tailored to the needs of respective business customers, with these solutions being designed to meet the specific requirements of each customer. This includes the design of past and new benefit and contribution commitments. The solutions presented by the authors in this book demonstrate the diversity of plans available.
3. How would you describe the current mood within the occupational pensions and retirement provision industry? Is there a topic that is currently the subject of heated debate? So, tell me, is there a 'hot topic' that everyone is currently talking about? One of those things that everyone's really into and discussing a lot? Which trend or person would you show the 'red card' to right now?
The mood within the occupational pensions and retirement provision industry is tense, yet open to change. The consensus is that the pressure for reform is mounting from all sides, politically, economically, and socially. After years of stagnation, many market participants are seeing new momentum in the Second Occupational Pension Strengthening Act (BRSG II), Pension Package II, and the discussion about greater capital coverage. However, there is also uncertainty about how these initiatives will work in practice, which is an important consideration. A real 'hot topic' is the debate about mandatory contributions to private pension provision. The political push to introduce additional mandatory capital coverage for statutory pensions is dividing the industry. Meanwhile, ongoing transparency issues, liability concerns, the slow implementation of digital pension overviews, and the practical challenges surrounding Riester pensions continue to be critical topics of discussion.
4. Regulation: opportunities or risks? As a journalist, you closely follow regulatory developments. Which legislative proposals could transform the occupational pension landscape over the next one to two years? Do you see opportunities or risks?
Over the next one to two years, the occupational pension landscape will primarily be shaped by the BRSG II. It is currently going through the parliamentary process and will introduce significant changes from 2026 onwards. Noteworthy changes include broader access to the social partner model, more flexible portability rules for entitlements, greater scope for higher-yield investments, and targeted incentives for low-income earners. While the regulatory changes undoubtedly offer opportunities for innovation, expansion and returns, they also pose significant risks, particularly for SMEs in terms of implementation. Therefore, it is crucial to have a practical and clear legal framework that allows for simple, bold models and genuine administrative simplification.
5. Last but not least, where are we headed with buyouts and pensioner companies? The development of pension buy-outs is an ongoing topic of discussion. How would you assess the current dynamics? Do you foresee stabilisation, or are new trends emerging that are changing the market?
Pension buy-outs and pensioner companies continue to grow rapidly, representing one of the most significant trends in the occupational pension landscape. Due to high funding levels and economic uncertainty, companies are increasingly interested in outsourcing their pension obligations in order to reduce balance sheet risk. Alongside traditional life insurers, independent pension companies are also becoming more prevalent. They take on all pension obligations and provide security through equity capital and rigorous governance structures. This is an important topic for the DPN editorial team and our readers.
Thank you very much, Goran. We look forward to continuing our collaboration and receiving further market insights!
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