{"id":28774,"date":"2019-03-06T11:16:12","date_gmt":"2019-03-06T10:16:12","guid":{"rendered":"https:\/\/www.fma.gv.at\/?page_id=28774"},"modified":"2023-05-11T10:35:13","modified_gmt":"2023-05-11T08:35:13","slug":"the-pensionskassen-system","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/the-pensionskassen-system\/","title":{"rendered":"The Pensionskassen system"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><p>Up until 1990, company old-age provision was primarily based on direct commitments by the employer. Such commitments (frequently referred to as firm or company pensions) were financed by the pensions provisions in the company. In 1990, a new legal framework for company old-age provision was created following the entry into force of the Company Pension Act (<a href=\"\/\/www.fma.gv.at\/download.php?d=2106\">BPG<\/a>) and the <em>Pensionskassen<\/em> Act (<a href=\"https:\/\/www.fma.gv.at\/download.php?d=824\">PKG<\/a>).<\/p><ul>\n<li>The <a href=\"https:\/\/www.fma.gv.at\/download.php?d=2106\">BPG<\/a> defined the coverage (under employment law) of benefits and entitlements arising from commitments from company pensions, which are made by the employer to the employee by way of an employment relationship under private law. Such commitments are intended to be covered on the whole by means of two measures. In the event of the employee leaving the undertaking (change of employer) the employee should be protected against losing such pension benefits (vesting). In addition the opportunity of the employer to revoke benefits that have been previously committed should not be excluded, but should instead be materially restricted, since long-term arrangements are frequently made by the employer in good faith about the promised old-age provision and therefore must be all the more protected against such a revocation, since the employee in any case makes advanced payments through their activity for the undertaking.<\/li>\n<li>The <a href=\"https:\/\/www.fma.gv.at\/download.php?d=824\">PKG<\/a> defines how company old-age provision is conducted by <em><a href=\"https:\/\/www.fma.gv.at\/en\/glossary\/pension-fund-pensionskasse\/\">Pensionskassen<\/a><\/em> (pension funds).<\/li>\n<\/ul><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a326705ce375\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a326705ce375\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a326705ce375\">        <span>Types of Pensionskasse commitments<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a326705ce375\" class=\"collapse\" aria-labelledby=\"heading-6a326705ce375\">    <div class=\"card-body\"><p><\/p><p>There are basically two different types of <em>Pensionskasse<\/em> commitment. In the case of <strong>defined contribution commitments<\/strong> (known internationally as defined contribution [DC] schemes) the employer pays contributions to the <em>Pensionskasse<\/em> that are invested in the capital market. The pension amount therefore depends heavily on the development of the capital markets. The beneficiaries (entitled and recipients) also bear the underwriting risk in addition to the investment risk, since when calculating the pension at the time of the benefit commencing the mortality charts that apply at that time will also apply. In the case of <strong>defined benefit commitments<\/strong> (known internationally as defined benefit [DB] schemes) the employer promises in advance to finance a defined pension benefit in accordance with the amount of contributions it makes to the <em>Pensionskasse<\/em>. The employee bears the investment risk and the underwriting risk. In addition to the two aforementioned types of pensions, there are also various <strong>mixed forms<\/strong>, known internationally as &ldquo;hybrid schemes&rdquo; (one example of a mixed form would be a defined contribution commitment, which in any case stipulates a minimum occupational invalidity pension, for which the employer shall in the case of such a benefit event occurring under certain circumstances shall be required to make additional contributions up to this minimum amount).<\/p><p>At the forefront of all such variations lies the commitment of a life-long old-age pension. The pension that is required to be offered to survivors (spouse or partner) is generally to be paid out on a life-long basis, although the pension agreement may also stipulate a temporary rule. Orphans&rsquo; pensions are usually temporary. Furthermore, in practice nearly all providers offer occupational disability pensions or invalidity pensions. A pre-condition for a pension benefit is a vested claim, which arises once the vested period pursuant to Article 5 para. 1 <abbr title=\"Betriebspensionsgesetz\">BPG<\/abbr>  has been exceeded. In the case of the employment relationship being terminated within the vested period (this shall be a maximum of three years following the employer commencing payment of contributions (cf. Article 5 para. 1 <abbr title=\"Betriebspensionsgesetz\">BPG<\/abbr> )) the pension claim lapses and the capital hitherto accrued from employer contributions shall benefit the remaining members of the collective. Employee contributions are in any case immediately vested.<\/p><p>    <\/div>  <\/div><\/div><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a326705ce476\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a326705ce476\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a326705ce476\">        <span>Organisation of Pensionskassen<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a326705ce476\" class=\"collapse\" aria-labelledby=\"heading-6a326705ce476\">    <div class=\"card-body\"><p><\/p><p><em>Pensionskassen<\/em> must operate in the legal form of a stock company (<em>Aktiengesellschaft<\/em>) and have their registered office in Austria. The generally applicable legal conditions that apply to stock companies are to be applied to <em>Pensionskassen<\/em>, unless stated otherwise in the <a href=\"https:\/\/www.fma.gv.at\/download.php?d=824\">PKG<\/a>. It is necessary to differentiate between two types of <em><a href=\"https:\/\/www.fma.gv.at\/en\/glossary\/pension-fund-pensionskasse\/\">Pensionskassen<\/a><\/em>:<\/p><ul>\n<li><strong>Multi-employer <em>Pensionskassen<\/em><\/strong> are allowed to manage <em>Pensionskasse<\/em> commitments of beneficiaries (entitled and recipients) for multiple employers.<\/li>\n<li><strong>Single-employer <em>Pensionskassen<\/em><\/strong> are only authorised to conduct <em>Pensionskasse<\/em> transactions for beneficiaries (entitled and recipients) of a (single) employer or within a group. They were originally primarily established as the subsidiary of international (groups). On the one hand the purpose is that employees are able to be offered benefits from their &ldquo;own&rdquo; <em>Pensionskasse<\/em>, on the other hand the sponsoring undertakings have a greater influence on investment and the design of the conditions.<\/li>\n<\/ul><p>The <strong>involvement of beneficiaries (entitled and recipients)<\/strong> in the management of the <em>Pensionskasse<\/em> is a central objective of company pensions and <em>Pensionskasse<\/em> law. On the whole, beneficiaries (entitled and recipients) have participation rights in the supervisory board of the <em>Pensionskasse<\/em>, in the advisory committee and in the general meeting.<\/p><p>    <\/div>  <\/div><\/div><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a326705ce48e\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a326705ce48e\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a326705ce48e\">        <span>Basis under contract law<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a326705ce48e\" class=\"collapse\" aria-labelledby=\"heading-6a326705ce48e\">    <div class=\"card-body\"><p><\/p><p>On the basis of a <strong>basis under employment law<\/strong> (a works agreement, collective labour agreement or an individual agreement on the basis of a pro forma contract) the employer concludes a <strong><em>Pensionskasse<\/em> contract<\/strong> with the <em>Pensionskasse<\/em> pursuant to Article 15 <abbr title=\"Pensionskassengesetz\">PKG<\/abbr> , which implements the <em>Pensionskassen<\/em> agreement. The latter is a contract for the benefit of third parties, i.e. beneficiaries (entitled and recipients). The termination of the <em>Pensionskasse<\/em> contract or dissolving it by mutual consent is generally only permissible provided that the transfer of assets to a facility of the <abbr title=\"Occupational Retirement Provision\">ORP<\/abbr>  listed in Article 17 para. 1 <abbr title=\"Pensionskassengesetz\">PKG<\/abbr>  is ensured (for example occupational group insurance or another <em>Pensionskasse<\/em>).<br>\nThe cut-off point for termination is 31.12. of each year (balance sheet date of the <em>Pensionskasse<\/em>), with a notice period of twelve months in the case of termination or a notice period of six months in the case of cancellation by mutual consent.<\/p><p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-21368 size-large\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/03\/Grafik_FMA_Pensionskasse_dreieck_20190327-613x480.png\" alt=\"The illustration shows the interrelationship of the three parties in the Pensionskassen system: the employee, the employer and the Pensionskasse.\" width=\"613\" height=\"480\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/03\/Grafik_FMA_Pensionskasse_dreieck_20190327-613x480.png 613w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/03\/Grafik_FMA_Pensionskasse_dreieck_20190327-306x240.png 306w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/03\/Grafik_FMA_Pensionskasse_dreieck_20190327.png 2000w\" sizes=\"auto, (max-width: 613px) 100vw, 613px\" \/><\/p><p><em>Pensionskassen<\/em> conclude <em>Pensionskasse<\/em> contracts with employers. Such <em>Pensionskassen<\/em> activities exist in the form of legally binding pension commitments to beneficiaries (entitled) and the provision of pensions to beneficiaries (recipients) and survivors. In this context, <em>Pensionskasse<\/em> contributions are collected and invested that are paid by the employers (as well as optionally by employees) to the <em>Pensionskasse<\/em>.<br>\nThe paid-in contributions are invested by the <em>Pensionskasse<\/em> in trust and which determine respective pension amount in accordance with the investment result and the technical result.<\/p><p>    <\/div>  <\/div><\/div><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a326705ce4e5\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a326705ce4e5\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a326705ce4e5\">        <span>Investment and risk-sharing group (IRG)<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a326705ce4e5\" class=\"collapse\" aria-labelledby=\"heading-6a326705ce4e5\">    <div class=\"card-body\"><p><\/p><p>The assets of the beneficiaries (entitled and recipients) are managed by the <em>Pensionskassen<\/em> in trust by means of one or more investment and risk sharing groups (<abbr title=\"Investment and risk sharing groups\">IRGs<\/abbr> ). The material characteristics of <abbr title=\"Investment and risk sharing groups\">IRGs<\/abbr>  are:<\/p><ul>\n<li>The assets of the employees are collectively invested in the <abbr title=\"Investment and risk sharing groups\">IRGs<\/abbr>  and pursuant to Article 12 para. 1 <abbr title=\"Pensionskassengesetz\">PKG<\/abbr>  a risk equalisation conducted (longevity risk, death risk, occupational disability risk).<\/li>\n<li>The collective (a cornerstone of the <em>Pensionskassen<\/em> industry) is at the forefront in this case, with there only being a single investment strategy and a single mortality chart within an <abbr title=\"Investment and risk sharing group\">IRG<\/abbr> .<\/li>\n<li>The assets of the <abbr title=\"Investment and risk sharing group\">IRG<\/abbr>  shall only be allowed to be used for paying out pensions.<\/li>\n<li>Within an <abbr title=\"Investment and risk sharing group\">IRG<\/abbr>  the <em>Pensionskasse<\/em> commitments may be managed by one employer or by several employers.<\/li>\n<\/ul><p>Since 1.1.2013 the option exists pursuant to Article 12 para. 6 <abbr title=\"Pensionskassengesetz\">PKG<\/abbr>  to establish sub-Investment Groups (<strong>Sub-IGs<\/strong>) in up to three <abbr title=\"Investment and risk sharing groups\">IRGs<\/abbr> . Within such an <abbr title=\"Investment and risk sharing group\">IRG<\/abbr>  up to five <abbr title=\"sub-Investment Groups\">sub-IGs<\/abbr>  may be established that have different investment strategies.<\/p><p>The following illustration shows as an example a <em>Pensionskasse<\/em> (PK) with four <abbr title=\"Investment and risk sharing groups\">IRGs<\/abbr> , (<abbr title=\"Veranlagungs- und Risikogemeinschaft\">VRGs<\/abbr> ) of which three of the <abbr title=\"Investment and risk sharing groups\">IRGs<\/abbr>  respectively manage <abbr title=\"sub-Investment Groups\">sub-IGs<\/abbr> .<\/p><p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-21466 size-large\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/04\/VRG-Infografik-640x455.jpg\" alt=\"The illustration shows that a Pensionskasse can manage several investment and risk-sharing groups (IRGs).\" width=\"640\" height=\"455\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/04\/VRG-Infografik-640x455.jpg 640w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/04\/VRG-Infografik-320x228.jpg 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/04\/VRG-Infografik.jpg 1500w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p><p>A <em>Pensionskasse<\/em> commitment may also contain individual options. The beneficiary may switch <abbr title=\"sub-Investment Group\">sub-IG<\/abbr>  as well as <abbr title=\"Investment and risk sharing group\">IRG<\/abbr>  up to three times. A pre-condition for doing so is however an arrangement in the <em>Pensionskasse<\/em> contract.<\/p><p>The <abbr title=\"Investment and risk sharing group\">IRG<\/abbr>  assets are protected as special funds in the event of the <em>Pensionskasse<\/em>&rsquo;s bankruptcy.<\/p><p>    <\/div>  <\/div><\/div><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a326705ce5f1\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a326705ce5f1\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a326705ce5f1\">        <span>Options<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a326705ce5f1\" class=\"collapse\" aria-labelledby=\"heading-6a326705ce5f1\">    <div class=\"card-body\"><p><\/p><p>In the collection system of <abbr title=\"Occupational Retirement Provisions\">ORPs<\/abbr>  there are only restricted options available for individual beneficiaries. Overall, however, the system offers the following discretions and options:<\/p><ul>\n<li>The <strong>choice of <em>Pensionskasse<\/em><\/strong> rests primarily with the employer, who also concludes the contract with the <em>Pensionskasse<\/em>. The beneficiary (entitled or recipient) has no direct influence in this case.<\/li>\n<li>As a rule there is no opportunity for individual beneficiaries to participate in the <strong> designing of the <em>Pensionskasse<\/em> commitment<\/strong>. Usually a beneficiary (entitled or recipient) is included in a <em>Pensionskasse<\/em> commitment and then receives a monthly pension from the <em>Pensionskasse<\/em> at a later date.<\/li>\n<li>Every beneficiary (entitled) is however permitted to make <strong>own contributions<\/strong> up to the amount of the employer contributions, in order to increase their pension from the <em>Pensionskasse<\/em>.<\/li>\n<li>A further option exists with regard to <strong>switching to a security-oriented <abbr title=\"Investment and risk sharing group\">IRG<\/abbr> <\/strong>&nbsp;(see the following section). However, to do so a <em>Pensionskasse<\/em> must manage such an <abbr title=\"Investment and risk sharing group\">IRG<\/abbr>  or alternatively have concluded a corresponding cooperation agreement with another <em>Pensionskasse<\/em>. Under such a condition, a beneficiary (entitled) may, in the case that they still have an ongoing employment relationship from the age of 55, switch to a security-oriented investment and risk sharing group. No contractual basis is required in this regard.<br>\nThe technical design of such a an <abbr title=\"Investment and risk sharing group\">IRG<\/abbr>  is considerably more cautious than in another <abbr title=\"Investment and risk sharing group\">IRG<\/abbr> , to ensure that it will not be necessary to reckon with either substantial pension adjustments or with large pension reductions. However, the future pension amount will be more moderate. The pension from the <em>Pensionskasse<\/em> calculated upon retirement in any case determines the future guarantee value, so that this value is never undershot during the benefit phase.<\/li>\n<\/ul><p>    <\/div>  <\/div><\/div><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a326705ce658\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a326705ce658\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a326705ce658\">        <span>Adjustment of Pension<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a326705ce658\" class=\"collapse\" aria-labelledby=\"heading-6a326705ce658\">    <div class=\"card-body\"><p><\/p><p>The <em>Pensionskasse<\/em> pension amount calculated upon retirement does not subsequently remain unchanged, but is adjusted on an annual basis in accordance with investment performance and the technical result. Consequently either increases or reductions are possible, although the amount of the increase or reduction being influenced by both the calculation parameters (the assumed interest rate and the technical surplus) as well as the volatility reserve.<\/p><ul>\n<li>The <strong>assumed interest rate<\/strong> (the maximum permissible interest rate for new <em>Pensionskasse<\/em> contracts is determined in the FMA&rsquo;s Regulation on Calculation Parameters for <em>Pensionskassen<\/em>) is the interest rate that is based on the calculation of the expected benefits or the necessary contributions and therefore constitutes an anticipated return from investment. Where the return from investment for an <abbr title=\"Investment and risk sharing group\">IRG<\/abbr>  is below the assumed interest rate and there are therefore otherwise no means available for shoring up the investment result, such as e.g. the volatility reserve, then the pension benefits must be reduced.<\/li>\n<li>The stipulated <strong>technical surplus<\/strong> is a target for the expected result of investment and constitutes a material factor for the calculation of the volatility reserve. An return from investments in the amount of the technical surplus should be achieved for the <abbr title=\"Investment and risk sharing group\">IRG<\/abbr>  to fulfil the proposed increases in benefits. If the technical surplus is exceeded in an investment year, the amount exceeding the investment income will be allocated to the volatility reserve. In those years where the technical surplus is not achieved, the shortfall is made up from the volatility reserve.<\/li>\n<li>The <strong>premium reserve<\/strong> constitutes the capital collected for the beneficiaries (entitled and recipients), which is used for calculation pension benefits.<\/li>\n<li>As a result of fluctuations in the investment performance and the technical result of an <abbr title=\"Investment and risk sharing group\">IRG<\/abbr>  of corporate provision funds, there may be fluctuations from one year to the next in the investment performance and therefore pension benefits may also be volatile. The <strong>volatility reserve<\/strong> is the equalisation mechanism to avoid such fluctuations or to keep them as low as possible. If the volatility reserve is used up (for example as a result of a continuous prevailing of poor returns of investments), then pension reductions may occur.<br>\nIn contrast to defined benefit systems, beneficiaries (entitled and recipients) in defined contribution systems participation in the additional performance in good years for investment, but also bear the risk in bad years for investment.<\/li>\n<\/ul><p>Whether and to what extent there is an increase in pension, depends both on the investment result as well as the technical result.<\/p><p>In any case a high <strong>performance from investments<\/strong> does not automatically also mean a commensurately high increase in pension, since the pension increase is ultimately influenced by the assumed interest rate and the technical surplus. Only once the return on investments exceeds the assumed interest rate, is it possible to reckon with a pension increase, since a fictitious return on investment in the amount of the assumed interest rate has already be factored in, i.e. anticipated. This adjustment is in turn limited to the amount of the technical surplus, since returns over and above this amount are allocated to the volatility reserve.<\/p><p>Where the return on investments in a calendar year for an <abbr title=\"Investment and risk sharing group\">IRG<\/abbr>  is 6.0%, and the technical surplus is 4.5% and the assumed interest rate 2.5%, then pension payments are increased by 2.0%. The technical surplus that exceeds 1.5% are allocated to the volatility reserve.<\/p><p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-21372 size-large\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/03\/Grafik_FMA_schwankungsrueckstellung_einzeln_1_20190322-640x416.png\" alt=\"The illustration shows the reciprocal relationship between the actuarial reserve and the equalisation reserve and demonstrates how a pension adjustment occurs.\" width=\"640\" height=\"416\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/03\/Grafik_FMA_schwankungsrueckstellung_einzeln_1_20190322-640x416.png 640w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/03\/Grafik_FMA_schwankungsrueckstellung_einzeln_1_20190322-320x208.png 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/03\/Grafik_FMA_schwankungsrueckstellung_einzeln_1_20190322.png 1232w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p><p>If the return from investments for example is only 3.5%, then pensions may only be increased by 2.0%, when the 1.0% required (the difference between the technical surplus of 4.5% and the return on investments of 3.5%) is able to be withdrawn from the volatility reserve. Should this not be the case, due to, for example, the volatility reserve being empty, then pension increases of only 1.0% can be granted, since this is equal to the difference between the return on investment of 3.5% and the assumed interest rate of 2.5%.<\/p><p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-21374 size-large\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/03\/Grafik_FMA_schwankungsrueckstellung_einzeln_2_20190322-640x392.png\" alt=\"The illustration shows the reciprocal relationship between the actuarial reserve and the equalisation reserve and demonstrates how a pension adjustment occurs.\" width=\"640\" height=\"392\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/03\/Grafik_FMA_schwankungsrueckstellung_einzeln_2_20190322-640x392.png 640w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/03\/Grafik_FMA_schwankungsrueckstellung_einzeln_2_20190322-320x196.png 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2019\/03\/Grafik_FMA_schwankungsrueckstellung_einzeln_2_20190322.png 1307w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p><p>    <\/div>  <\/div><\/div><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a326705ce6bb\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a326705ce6bb\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a326705ce6bb\">        <span>Volatility reserve<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a326705ce6bb\" class=\"collapse\" aria-labelledby=\"heading-6a326705ce6bb\">    <div class=\"card-body\"><p><\/p><p><a href=\"https:\/\/www.fma.gv.at\/en\/glossary\/pension-fund-pensionskasse\/\"><em>Pensionskassen<\/em><\/a> are required to establish a volatility reserve to balance investment profits and losses as well as technical risks. The reserve thus acts as a buffer to ensure that the investment income expected will be achieved.<\/p><h2>Purpose of the volatility reserve<\/h2><p>The volatility reserve is a distinct component of the assets of an investment and risk-sharing group that is managed separately from the other assets. It is used to <strong>balance fluctuating investment and technical income<\/strong>, thus smoothing out the effect. Beneficiaries (recipients) should be able to count on balanced pension benefits.<\/p><h2>Functioning of the volatility reserve<\/h2><p>The share of the interest that exceeds the <strong>technical surplus<\/strong> is allocated to the volatility reserve. The technical surplus is based on the investment and risk sharing group&rsquo;s business plan and represents the <strong>average expected investment income<\/strong>. The employer may allocate specific contributions to the volatility reserve in order to provide additional security with regard to meeting their pension benefit obligations.<br>\nIf the technical surplus is exceeded in an investment year, the amount exceeding the investment income will be allocated to the volatility reserve.<\/p><p>In those years where the percentage for the technical surplus is not achieved, the shortfall is withdrawn from the volatility reserve.<\/p><p>The volatility reserve&rsquo;s target value should be determined by the <em>Pensionskasse<\/em>&rsquo;s management board. With regard to the amount of the volatility reserve, the threshold values laid down in the <a href=\"https:\/\/www.fma.gv.at\/download.php?d=824\"><em>Pensionskassen<\/em> Act (PKG; Pensionskassengesetz)<\/a> must be met.<\/p><p>At the end of 2014 the volatility reserve was around 7% of the premium reserve.<\/p><h2>Types of volatility reserve<\/h2><p>The volatility reserve may be managed:<\/p><ul>\n<li>collectively &ndash; groups of beneficiaries (entitled and recipients) are managed together; or<\/li>\n<li>Individually &ndash; individual beneficiary (entitled or recipient) are managed separately<\/li>\n<\/ul><p>    <\/div>  <\/div><\/div><p>\n<\/p><p>Except for defined benefit commitments, the <abbr title=\"Pensionskassengesetz\">PKG<\/abbr>  prescribes two forms of guarantee for additional occupational pensions.<\/p><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a326705ce6df\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a326705ce6df\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a326705ce6df\">        <span>Guarantees - Minimum Yield<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a326705ce6df\" class=\"collapse\" aria-labelledby=\"heading-6a326705ce6df\">    <div class=\"card-body\"><p><\/p><p><a href=\"https:\/\/www.fma.gv.at\/en\/glossary\/pension-fund-pensionskasse\/\"><em>Pensionskassen<\/em><\/a> are required to give a guarantee for the funds invested unless the provision of this minimum yield guarantee has been excluded. The following sections describe in simplified terms how this guarantee is structured.<\/p><h2>Conditions for providing a minimum yield guarantee<\/h2><p>The <em>Pensionskasse<\/em> is <strong><strong>generally required<\/strong><\/strong> to provide the minimum yield guarantee for the funds it invests. However, this minimum yield guarantee <strong>can<\/strong> <strong>be excluded<\/strong> in the <em>Pensionskasse<\/em> contract entered into between the <em>Pensionskasse<\/em> and the employer. In such cases a pension company commitment without minimum yield guarantee exists. The condition for such an arrangement is that a waiver of the minimum yield guarantee has been stipulated in an <strong>agreement between the employer and the employees<\/strong> (shop agreement or collective agreement). The consent of the employees (or their representatives) is not necessary with a pension company model based on defined benefits. This is because, in the case of defined benefit commitments, the employer bears the investment risk and the employer contributions are adjusted based on the investment result.<\/p><h2>Advantages of excluding the minimum yield guarantee<\/h2><p>The notion behind waiving the minimum yield guarantee is to provide for <strong>more cost-effective and flexible management options<\/strong>. Under a minimum yield guarantee, any deficit that results is required to be covered from the own funds of the <em>Pensionskasse<\/em>. In waiving the minimum yield guarantee, the <em>Pensionskasse<\/em> should achieve potential economies as well as enhanced flexibility, in particular as a result of <strong>not using its own funds<\/strong>.<\/p><p>The option of waiving the minimum yield guarantee also <strong>corrects<\/strong> <strong>competitive disadvantages<\/strong> arising when institutions for occupational retirement provision based in other countries of the European Economic Area are active in Austria. Based on the applicable law of the country of origin, the latter are usually not required to provide any binding yield guarantee.<\/p><p>More than three quarters of all beneficiaries have waived the minimum yield guarantee (as at the end of 2014).<\/p><h2>Features of the minimum yield guarantee<\/h2><p>The minimum yield guarantee refers to the investment yield of a particular investment and risk sharing group (the technical account balance is not covered by the guarantee). With regard to insurance and investment risks, the beneficiaries (i.e. the individuals entitled to benefits from the <em>Pensionskasse<\/em> and those already receiving benefits) are managed by one or more investment and risk sharing groups. Employees&rsquo; assets are invested jointly in the investment and risk sharing groups so as to balance any risks.<\/p><h3>Target value of the guarantee<\/h3><p>The minimum yield guarantee is calculated as:<\/p><ul>\n<li>one half of the average monthly <a href=\"https:\/\/www.oenb.at\/en\/Statistics\/Standardized-Tables\/interest-rates-and-exchange-rates\/austrian-government-bond-yields.html\" class=\"external\" target=\"_blank\" rel=\"noopener\">government bond yield weighted by outstanding amounts<\/a> (UDRB)<\/li>\n<li>over the last five years<\/li>\n<li>minus 0.75 percentage points<\/li>\n<\/ul><p>The UDRB is a weighted average of the yield rates of federal government bonds listed on the Vienna Stock Exchange. As of April 2015, the UDRB replaced the secondary market yield (SMR). The UDRB is based on an extensive database, including both stock exchange and over-the-counter (OTC) transactions.<\/p><h3>Reference value of the guarantee<\/h3><p>The target value based on the average government bond yield weighted by outstanding amounts is compared with:<\/p><ul>\n<li>the average annual yield of the investment and risk sharing group<\/li>\n<li>over the last five years.<\/li>\n<\/ul><p>If the target value based on the average government bond yield weighted by outstanding amounts is greater than the reference value, a <strong>deficit<\/strong> is to be calculated. The pension benefit resulting from annuitising the deficit is to be credited to the beneficiaries (recipients) in the following year, paid out of the <em>Pensionskasse<\/em>&rsquo;s own funds.<\/p><p>Once a deficit has been identified, a <strong>reference value<\/strong> is to be calculated in the following years in addition to the deficit required to be re-calculated each year. The reference value is calculated in the same way as the deficit, with the calculation period being extended by one year in each of the following years. The deficit and the reference value are compared. The higher of the two values is annuitised and credited to the beneficiaries (recipients) from the own funds of the Pensionskasse in the following year. The credit is independent of the type of pension commitment and the amount cannot be credited with retroactive effect.<\/p><p><strong>Please download the file below for a list of all target and reference target values:<\/strong><\/p><p>\n<a href=\"\/wp-content\/plugins\/dw-fma\/download.php?d=821&nonce=cec14259176e95ca\" class=\"internal single-document-reference piwik_download\">Target Value and Reference Target Value 2025 (<span class=\"sr-only\">Format: <\/span>pdf, <span class=\"sr-only\">Size: <\/span>91,5 KB, <span class=\"sr-only\">Language: <\/span>English)<\/a>\n<\/p><p>Details of calculation procedures are defined in the Minimum Yield Regulation (Mindestertragsverordnung).<\/p><p>The auditing actuary is obliged to verify that the calculation of the deficit and of the reference value as well as their annuitisation comply with the provisions set forth in the Minimum Yield Regulation (<a href=\"https:\/\/www.fma.gv.at\/download.php?d=2034\">Mindestertragsverordnung<\/a>) and the <em>Pensionskasse<\/em>&rsquo;s approved business plan.<\/p><p>To ensure the capability of meeting minimum yield commitments, the Pensionskasse is required to build up a <strong>minimum yield reserve<\/strong>. This reserve may be used only to cover benefits arising from minimum yield obligations.<\/p><p>    <\/div>  <\/div><\/div><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a3267060202b\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a3267060202b\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a3267060202b\">        <span>Guarantees - security-oriented IRGs<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a3267060202b\" class=\"collapse\" aria-labelledby=\"heading-6a3267060202b\">    <div class=\"card-body\"><p><\/p><p>The possibility has existed since 1 January 2013 for beneficiaries who are at least 55 years old, to switch to a security-oriented <abbr title=\"Investment and risk sharing group\">IRG<\/abbr> . Such a switch is only possible at latest upon retirement. The pension which is calculated at the point retirement is guaranteed in the <strong>security-oriented <abbr title=\"Investment and risk sharing group\">IRG<\/abbr> <\/strong>. The pension amount may subsequently (depending on the investment performance and the technical result) increase or fall, but however may never fall below the level of the pension at retirement due to the guarantee. In any case this form of guarantee is associated with more cautiously set mortality charts and lower calculation parameters.<\/p><p>    <\/div>  <\/div><\/div><p>\n<\/p><h2>Further information:<\/h2><p>\n<div id=\"reference-6a32670602094\" class=\"reference\"><h2 class=\"reference-heading\"><span class=\"fa-solid fa-scale-balanced fa-fw\" aria-hidden=\"true\"><\/span>Law<\/h2><p><\/p><p><a href=\"https:\/\/www.fma.gv.at\/download.php?d=824\">Pensionskassen Act (PKG; Pensionskassengesetz)<\/a><\/p><p><a href=\"https:\/\/www.fma.gv.at\/download.php?d=2106\">Company Pension Act (BPG; Betriebspensionsgesetz)<\/a><\/p><p><a href=\"https:\/\/www.fma.gv.at\/download.php?d=2034\">Minimum Yield Regulation (Mindestertragsverordnung)<\/a><\/p><p><\/div><p>\n<div id=\"reference-6a326706020ac\" class=\"reference\"><h3 class=\"reference-heading\"><span class=\"fa-solid fa-link fa-fw\" aria-hidden=\"true\"><\/span>Link<\/h3><p><\/p><p><a href=\"https:\/\/www.oenb.at\/en\/Statistics\/Standardized-Tables\/interest-rates-and-exchange-rates\/austrian-government-bond-yields.html\" class=\"external\" target=\"_blank\" rel=\"noopener\">Average government bond yield weighted by outstanding amounts (UDRB)<\/a><\/p><p><\/div><p>\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Up until 1990, company old-age provision was primarily based on direct commitments by the employer. Such commitments (frequently referred to &#8230;<\/p>\n","protected":false},"author":20,"featured_media":0,"parent":7874,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-28774","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Pensionskassen system - FMA \u00d6sterreich<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fma.gv.at\/en\/pensionskassen\/the-pensionskassen-system\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Pensionskassen system - FMA \u00d6sterreich\" \/>\n<meta property=\"og:description\" content=\"Up until 1990, company old-age provision was primarily based on direct commitments by the employer. 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