5. August 2020

Contractual Relationships

The “System Kenston Time Accounts” provides the complete set of contracts required to set up and maintain a time value account system.

Labour law, social security law, tax law and insolvency law quickly lead to unmanageable contractual situations and high costs for development and adaptation by external consultants in the case of liquidation contracts, credit balance agreements, pledging agreements and incident documents. The “Kenston Time Value Accounts System” provides the entire contractual framework for the integration and support of a time value account for all company sizes.

Insolvency security

The insolvency protection of working time accounts is prescribed by law in order to preserve and protect the accumulated assets of employees and management in the event of employer insolvency. Insolvency protection is ensured by separating the assets from the business assets and at the same time pledging them. An external trustee monitors the payment to the individual employees and ensures that it is correct.

The pledge solution described above reduces administrative effort and costs. Kenston Services Ltd provides all necessary contractual documents via authorized and cooperating legal consulting companies.

Note on legal advice

Under the “Kenston Time Accounts System”, essential legal and pension advisory activities are outsourced to affiliated authorised service providers. In this context, Kenston Services Ltd takes over the coordination of all relevant legal and pension consulting activities and provides you as a consultant, employer or employee with an all-encompassing and legally secure corporate pension and working time account back office.

Kenston Services Ltd outsources the aforementioned legal and pension consulting activities to its cooperating partner Kenston Pension Ltd, a court-approved pension consulting firm for occupational pension provision. Kenston Pension Ltd, in its function as a court-approved pension consulting firm for occupational pension provision and corresponding body of the administration of justice, functions as a focused legal and special service provider which concentrates exclusively on the topics of occupational pension provision and time value accounts. In this context, it is imperative to enter into an independent client relationship between the respective client and Kenston Pension Ltd.

Of course, the respective client is also free to independently commission another legal consulting firm to carry out the legal and pension consulting activities.

The contents of these pages cannot replace professional advice tailored to the particularities of the individual case. Before taking or refraining from taking concrete steps, you should therefore seek professional advice.