Since 01.01.2002 employees within the German jurisdiction are entitled to turn a part of their salary into contributions financing an occupational pension. Thus, this part of their salary is not cashed out, but paid on behalf of the employee as contribution to the company's pension scheme. The employer is obliged to provide a pension scheme. With a standing of more than 100 years the DPV is your partner to provide such a pension scheme for your employees. Founded in 1901 in Dresden, the DPV is a "überbetriebliche Pensionskasse", i.e. a multiple-employer pension fund structured as a mutual insurance company licensed to provide pension products. It was reestablished in 1951 in Kulmbach/Bavaria. The DPV is a separate legal entity set up by employers to provide occupational pensions for employees. It has maintained its status as a mutual insurance company. The DPV's charter determines the structure of its management and administration that is (formally) independent of the sponsoring employers. Because the DPV is treated as an insurance company, it is subject to supervision by the "Bundesanstalt für Finanzdienstleistungsaufsicht" (Federal Financial Supervisory Authority). The supervision is characterised by extersive reporting and other safeguards. In line with these measures, the DPV must be fully funded and has proved to be a very secure way of financing pensions. Sponsoring employers need not pay an additional mandatory insurance premium to the "Pensions-Sicherungs-Verein" (Pension Benefit Guarantee Corporation) in Cologne.