Anger over pension levels: VKI starts collection campaign for Generali insurers with pension choice clause

Pensions must be recalculated and adjusted: those affected receive support

Vienna (OTS/VKI) Generali Versicherung AG (Generali) relies on a clause for life insurance policies with the option to choose an annuity, according to which the calculation bases at the time of choosing the annuity will be used for the amount of the annuity . The Association for Consumer Information (VKI) objected to this clause in an association procedure. The Supreme Court (OGH) agreed with the VKI and declared the clause illegal. In VKI’s opinion, Generali must recalculate the pensions on the basis of the calculation bases applicable at the time of conclusion of the contract, provided that a reference value has been given for the expected pension at the time of conclusion of the contract. This leads to a significant increase in the pension because the mortality tables in force at the time of signing the contract and higher guaranteed interest rates are used to calculate the pension. The VKI helps affected policyholders assert their pension adjustment (increase) claims. Participation in the collection campaign is possible until September 30, 2022. All details are available below

Generali Versicherung AG has been selling life insurance policies with an annuity option for many years. On behalf of the Ministry of Social Affairs, VKI won an association case against Generali on the conditions of this pension insurance at the OGH. The Supreme Court judged ineffective a clause that regulates the basis for calculating the pension. To the extent that the insured exercised his pension option, Generali determined the amount of the pension based on the calculation bases applicable at the time the option was exercised. As a general rule, the insured receive a significantly lower pension than the one promised as a reference when the contract was concluded.

In the test case that followed, the Vienna Commercial Court already sentenced Generali to pay a higher pension. In this specific case, the consumer was offered an initial pension of EUR 84.81 instead of the EUR 260 initially promised. If Generali had used the calculation bases used when the contract was concluded, the initial pension would have been EUR 165.77. Therefore, the consumer is entitled to an initial pension, which is determined from the real cover capital at the end of the contract and the calculation bases used when the contract was signed (actuarial interest rate and mortality table). This leads to a significantly higher initial pension than the calculation bases used by Generali.

The VKI is now organizing a collection campaign for affected consumers who have taken out life insurance with a pension option with Generali and are receiving a pension payment.

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

: Information on how to register for the fundraising campaign “Generali Versicherung AG – pension adjustment for life insurance policies with a pension choice clause” is available at

Questions and contact:

Association for Consumer Information
press office
+43 664 231 44 81


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