IG Metall, the German metal industry trade union, and Gesamtmetall, the engineering industry employers association, have chosen Allianz to lead the management of their newly-created pension scheme.

The scheme, called MetallRente, is aimed at 3.6 million employees, all in the metal and electrical industries. According to IG Metall it will be the largest occupational pension scheme in Germany. The deal to run its pensions could be worth up to €600m ($530m) in premiums in the first year, and could generate several billions of euros under management in years to come.