20. October 2020

Processing Sequence

The complex subject of “time value accounts” is processed and used by the “Kenston Time Value Accounts System” for payroll accounting, management and employees in a way that is secure in administration, like a proven online banking account.

Making something difficult look simple – this is what makes the specialist special. The complex subject of “time value accounts” is made available by Kenston Services Ltd for payroll accounting, management and employees, each with its own simple online access for independent use. Intuitive operability, clear representation and simply to use functions for each participating party belong exactly the same to the concept as the insertion of the own firm Logo and possibility for the release and wage calculation.

Use of garatie-oriented investment forms required

Kenston Services Ltd has no authority to perform financial services. For this reason, investment advice on the capitalisation of employee credit balances invested by the employer is provided by suitable investment or financial services companies. These companies can either already be in a business relationship with the respective employer or are determined within the framework of a tender procedure. In this context, Kenston Services Ltd acts as a link between the employer and the investment company and, on request and on behalf of the employer, also carries out any necessary tendering procedures in this regard. Here it must be the objective of this procedure that both in regular release phases and in unforeseeable disturbances the general labour-juridical welfare obligations of the respective employer are kept opposite the entitled employees – in the form of the

preservation of value of the brought in employee credit balances -, so that the possible employer- side liability dangers can be completely excluded.

Particularly in view of the provisions of “Flexi-G II” (Act to Improve the Framework Conditions for the Safeguarding of Flexible Working Time Regulations and to Amend Other Acts, Federal Law Gazette I 2008, p. 2940), which have been in force since 1 January 2009, the above comments should be strictly followed in order to exclude possible liability risks in advance. For further background information on this subject, we and our legal partner Kenston Pension Ltd are at your disposal.

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.