In Austria occupational retirement provision second pillar is possible via pension funds, balance sheet reserve of the employer, life insurance and voluntary higher contributions to the public pension system. Before the establishment of pension funds in Austria, occupational retirement benefits were almost exclusively financed by balance sheet reserves. Almost all larger companies have now transferred their occupational pension schemes to pension funds. Pension funds have to be established in the legal form of a joint-stock company. It can be distinguished between multi employer pension fund and single employer pension fund.
|Published (Last):||5 November 2007|
|PDF File Size:||1.43 Mb|
|ePub File Size:||13.62 Mb|
|Price:||Free* [*Free Regsitration Required]|
In Austria occupational retirement provision second pillar is possible via pension funds, balance sheet reserve of the employer, life insurance and voluntary higher contributions to the public pension system. Before the establishment of pension funds in Austria, occupational retirement benefits were almost exclusively financed by balance sheet reserves.
Almost all larger companies have now transferred their occupational pension schemes to pension funds. Pension funds have to be established in the legal form of a joint-stock company.
It can be distinguished between multi employer pension fund and single employer pension fund. Multi employer pension funds are those which are not limited to a certain company, but which can offer occupational retirement provision to every firm interested. Pension funds are mainly subsidiaries of insurances and banks. Today we have 5 multi employer pension funds and 3 single employer pension funds.
The single employer pension funds developed slowly, but steadily. Single employer pension funds are limited to a certain company with regard to offering the occupational retirement provision. The pension fund model is the international recognised model for securing retirement provision, as it yields a good return in the long run, offers high safety, transparency and the right for co-determination for the company and for the beneficiary.
The comparison with countries with a long pension fund tradition shows a high potential for the future development. After protracted political discussions with an active participation of the Social Partners, the Pensionskassengesetz Pensionskassen Act and the Betriebspensionsgesetz Betriebspensions Act became effective on July 1st, The Pensionskassen Act is the legal framework for establishing and operating a pension fund, whereas the Betriebspensions Act is the social and labour law framework of the occupational retirement provisions.
This consensus is the basis for the contract which has to be signed between the employer and a pension fund. The pension fund contract deals with contribution payments, fulfillments, investment regulations, administrative costs and transformations of candidatures. Each pension fund contract has to offer a retirement provision for the employee and also a social security scheme for the dependents of the employee.
In principle the contributions are primarily made by the employer, but the employee can also contribute to his future pension by paying sums which must not exceed the amount of the employer. Contributions paid by the employer are not accessible for the employer or his creditors at any later stage. The contributions are administered in a separate legal entity investment and risk sharing group. Once a year the beneficiary gets a written information about the account. The investment regulations of the Pensionskassen Act foresee a deviation in risk.
The valuation regulations are oriented on the daily value principle, a guarantee for the true value. The pension fund supervisor is an outsourced body financed by the supervised institutions themselves, named Financial Market Authority. The business plan of the pension fund has to be written by an expert in the field of mathematics and has to be approved by the supervision. The fulfillment of the business plan is supervised by an additional mathematics expert actuar and an independent controller.
Apart from that each pension fund has an internal revision. The beneficiaries are entitled to send a representative into the board of trustees. And finally pension funds are legally organized as stock corporations. These regulations show very well that control and supervision in this field of financial services is the best within the field of occupational retirement provisions. Supervision is not reduced to the public supervisor, but includes the beneficiaries themselves.
All contributions are invested by the pension fund exempt from taxes. PensionsEurope represents the various associations of pension funds and similar institutions for pension provision. Most members are non-profit making associations. About 70 million EU citizens are covered for their occupational pension plan by Member Associations. This is feasible if the conditions for investment and the proper prudential framework facilitate this type of collectively organised occupational pension provision.
The Association of Austrian Occupational Pensionfunds was established in the year It is not a voluntary and loose association but an organisation under public law. So all single employer and multi employer pension funds are members of this association. In total 8 pension funds are existing today in Austria. Its task is to promote and to support the common interests of the members of our association, nationally and internationally, especially with regard to the ongoing process in the EU.
This includes giving expert opinion on bills of law and advice to Parliament and governmental authorities on all matters touching interests of the pension fund community.
The professional association is a democratic institution resting on the free will expressed by its members. Each member is entitled to vote and to be elected without any discrimination as regards the size of the enterprise or its contributions. Each member has one vote, the polls are secret. They vote a Council of nine members. These general and direct elections take place every five years. The members elect the chairman, currently Mr.
Andreas Zakostelsky, and his three deputies. Furthermore there are several standing committees reporting to the Council such as law, international affairs, marketing, economics, and so on. The professional association is serviced by a Secretariat headed by Mr. Fritz Janda managing director , Mr. Stefan Pichler deputy managing director and Mrs. Marina Kargl assistant. Two people of staff are working in the secretariat, Mrs. Gabriele Rotter and Mrs. Gerlinde Schoenbauer both secretary.
The staff will be happy to answer your questions. List of Pension Funds.
We try to assess the exact condition of the goods as objectively as possible. Prior to sale, each article is examined manually by us and its condition assessed according to the following criteria. Should there be deviations in any case from the condition stated, we would very much appreciate it if you would contact us before giving a review. In individual cases, it can happen that a book deviates from the edition stated. Should this be the case, please contact us before giving a review so that, where possible, we can find a solution. You will receive all the necessary information for payment during the purchase process.
Sozialpädagogische Lernfelder für Erzieherinnen und Erzieher