By Luigi Serenelli2021-01-14T16:13:00+00:00 The Pensionskassen for the catholic aid organization Caritas and its affiliate Kölner are liquidating their pension businesses following a restructuring process. The duo will, however, continue to operate for a “very long period of time” in order to phase-out the existing pension contracts of the members, they announced. Existing contractual relationships or other agreements do not fall under the process of liquidation, the funds said. The German financial regulator – BaFin – has also revoked the license to operate both schemes’ insurance businesses based on Section 304 Paragraph 1 No. 2 of the Insurance Supervision Act (VAG). According to such section, the Pensionskassen are not allowed to sign new insurance contracts or extend existing insurance contracts.