Financial expert warns: Consumer advocates are taking action against inadmissible Riester pension cuts

Financial expert warns: Consumer advocates are taking action against inadmissible Riester pension cuts

According to a report from www.presseportal.de, the NRW consumer advice center and the citizens' movement Finanzwende have joined forces to take action against inadmissible Riester pension cuts. This particularly affects Zurich Lebensversicherung, whose contractual clauses for unit-linked Riester contracts were declared invalid by the courts. This dispute could impact thousands of Riester and life insurance customers with similar contracts.

In addition to Zurich, the North Rhine-Westphalia Consumer Center has already warned two other insurers and is seeking a fundamental ruling. If successful, this could lead to higher pension entitlements for affected consumers. The Cologne Regional Court has already declared a Zurich contractual clause invalid, which shows that this dispute is legally relevant.

However, Zurich Insurance continues to grant itself the right to reduce the pension factor in unit-linked Riester contracts. However, customers who rely on the Cologne Regional Court's ruling are advised by Zurich that the ruling only applies to an individual case. This is the subject of further legal disputes.

The North Rhine-Westphalia Consumer Center has also warned Axa Lebensversicherung and LPV Lebensversicherung because they have also reduced customers' entitlements. The clauses that the providers rely on are similar to those at Zurich, which illustrates the scope of this legal dispute.

An example calculation shows that the pension factor is crucial in Riester contracts and cuts can lead to significant financial losses. The successful enforcement of consumer rights in this case could therefore have a significant impact on the market and consumers.

Overall, it is clear that the consumer advocates' lawsuit against inadmissible Riester pension cuts is an important dispute that could have a significant impact on the consumers affected and other insurance companies. The development of these legal disputes is therefore of great interest to the market and consumers.