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Sächsisch-Thüringische Apothekerversorgung
STApV is a capital-funded pension fund for pharmacists in Saxony and Thuringia, founded in 1994 and governed by an interstate treaty.
Sächsisch-Thüringische Apothekerversorgung
STApV was founded in 1994 as a joint institution of the Saxon State Chamber of Pharmacists (Sächsische Landesapothekerkammer) and the Thuringian State Chamber of Pharmacists (Landesapothekerkammer Thüringen). The fund is governed by an interstate treaty between the Free States of Saxony and Thuringia and operates under a capital-funded system, combining premium income with investment returns to build a reserve fund (Deckungsstock). Membership is mandatory for all pharmacists and pharmaceutical interns active in the two states. The fund manages its consolidated reserve portfolio from Dresden, allocating across a traditional multi-asset framework typical of German professional pension schemes. Specific asset-class exposures, direct investment mandates, and external manager relationships are not publicly disclosed. STApV’s charter requires segregated, purpose-bound management of assets, with investment results flowing directly into the reserve fund from which all benefit promises are financed. Oversight rests with a 24-member Representatives Assembly, split between 16 Saxony delegates and 8 Thuringia delegates, with elections occurring every four years; the next election concludes in 2026. STApV is a member of the Arbeitsgemeinschaft berufsständischer Versorgungseinrichtungen e.V. (ABV), the national association for professional pension funds. In October 2025, the fund announced that its current Representatives Assembly term expires in 2026, with Saxony chamber members voting on March 13, 2026 and Thuringia delegates on June 10, 2026, after which the new assembly will elect committee chairs and management oversight members. STApV’s architecture differs from corporate pension schemes because it exclusively serves one liberal profession across two states under a single interstate treaty. This narrow, non-transferable mandate ties the fund’s liability stream directly to the demographic and income profile of Saxon and Thuringian pharmacists, creating a concentrated membership base that requires a matching long-duration asset-liability strategy.
General information
Firm type
Pension Fund
Year founded
1994
AUM
Undisclosed
Location
Region
Europe
Country
Germany
City
Dresden
Corporate office
Pillnitzer Landstraße 10, 01326 Dresden, Germany
Principals
Dr. Holger Herold
Chairman of the Representatives Assembly and the Management Committee
Friedemann Schmidt
Member of the Delegates' Meeting of STApV and Honorary President of the Saxon State Chamber of Pharmacists
Göran Donner
President of the Sächsische Landesapothekerkammer (SLAK)
Dr. Frank Bendas
Managing Director (Geschäftsführer)
Frequently asked questions
Who runs investment decisions at STApV?
Day-to-day management is led by the Managing Director (Geschäftsführer), currently Dr. Frank Bendas. Strategic oversight is exercised by the Management Committee (Verwaltungsausschuss), whose members are elected by the 24-member Representatives Assembly. The current committee structure will be reconfirmed after the 2026 delegate elections.
How is STApV structured relative to the state pension system?
STApV is a capital-funded professional pension scheme, not a pay-as-you-go state system. It builds a dedicated reserve fund (Deckungsstock) from mandatory member contributions and investment returns. This contrasts with the German statutory pension insurance (gesetzliche Rentenversicherung), which operates on an unfunded assessment basis.
Who is required to be a member of STApV?
All pharmacists holding mandatory membership in the Saxon or Thuringian State Chambers of Pharmacists must participate, as well as pharmaceutical interns (Pharmazeuten im Praktikum) working in either state. Membership is compulsory by profession and region.
Does STApV invest in direct deals or external funds?
STApV does not publicly disclose its asset allocation or manager line-up. Like most German professional pension funds, it likely invests across fixed income, real estate, equities, and alternative assets through a mix of direct holdings and external mandates, but specific positions are not published.
How is STApV governed across two states?
An interstate treaty between Saxony and Thuringia provides the legal basis. The Representatives Assembly includes 16 delegates from Saxony and 8 from Thuringia. Each state chamber elects its own representatives, and the combined assembly elects the chair, deputy chair, and oversight committee members.
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