{"id":7874,"date":"2016-02-08T12:55:48","date_gmt":"2016-02-08T11:55:48","guid":{"rendered":"https:\/\/www.fma.gv.at\/en\/?page_id=7874"},"modified":"2025-07-09T12:41:07","modified_gmt":"2025-07-09T10:41:07","slug":"pensionskassen","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/","title":{"rendered":"Pensionskassen"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><p>The pension company system is one form of company old-age provision in Austria. The basic features of<a href=\"https:\/\/www.fma.gv.at\/en\/glossary\/pension-fund-pensionskasse\/\"><em> Pensionskassen<\/em><\/a>, including how they function in general and their activities as well as the related responsibilities of the Financial Market Authority, are presented below.<\/p><p><strong>Below you will find information about:<\/strong><\/p><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a383ab4e3fb6\">    <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-6a383ab4e3fb6\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a383ab4e3fb6\">        <span>Pensionskassen within the Austrian old-age provision system<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a383ab4e3fb6\" class=\"collapse\" aria-labelledby=\"heading-6a383ab4e3fb6\">    <div class=\"card-body\"><p><\/p><p>The Austrian pension system rests on the three pillars of:<\/p><ul>\n<li>state,<\/li>\n<li>company and<\/li>\n<li>private old-age provision<\/li>\n<\/ul><p><em>Pensionskassen<\/em> are a form of <strong>company old-age provision<\/strong>.<br>\n<strong>Employers<\/strong> pledge to regularly make voluntary contributions to the <strong>old-age provision fund <\/strong>of their <strong>employees<\/strong>. Employees can additionally make voluntary contributions to the fund. These contributions are managed by the <em>Pensionskassen<\/em>.<\/p><p><em>Pensionskassen<\/em> are classified as either <strong>single-employer<\/strong> or <strong>multi-employer<\/strong>. Single-employer <em>Pensionskassen<\/em> are active on behalf of one employer. Multi-employer <em>Pensionskassen<\/em> are entitled to carry out pension company activities for more than one employer.<\/p><p>    <\/div>  <\/div><\/div><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a383ab4e3fe2\">    <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-6a383ab4e3fe2\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a383ab4e3fe2\">        <span>Activities of Pensionskassen<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a383ab4e3fe2\" class=\"collapse\" aria-labelledby=\"heading-6a383ab4e3fe2\">    <div class=\"card-body\"><p><\/p><h3>Establishment and management of investment and risk sharing groups<\/h3><p><em>Pensionskassen<\/em> invest the contributions paid into the fund. To do this, these contributions are pooled in what is referred to as &ldquo;investment and risk sharing groups&rdquo; (IRGs), each comprising at least 1 000 individuals. This results in several <strong>advantages<\/strong>:<\/p><ul>\n<li><strong>Balancing of technical risks: <\/strong>Employees&rsquo; assets are invested jointly so as to balance any risks (longevity risk, mortality risk, risk of occupational disability). Longevity risk refers to the risk of a person living longer than expected. When the mortality risk is covered, insurance for the event of mortality is provided. Coverage of disability risks can also fall within the scope of the activities pursued by <em>Pensionskassen<\/em>.<\/li>\n<li><strong>Joint investment:<\/strong> The <em>Pensionskasse<\/em> usually follows a separate investment strategy for each <abbr title=\"investment and risk sharing group\">IRG<\/abbr> . In this strategy, <em>Pensionskassen<\/em> are obliged to consider the factors of security, profitability and the availability of the funds contributed. Risk diversification can be achieved more cost effectively due to the greater investment volume of the contributions. Risk management ensures that risks will be appropriately addressed.<\/li>\n<li>The assets belonging to an <abbr title=\"investment and risk sharing group\">IRG<\/abbr>  represent <strong>special funds<\/strong>. Such assets are protected in the event that the<em> Pensionskasse<\/em> files for bankruptcy, which means that beneficiaries&rsquo; claims are not forfeited.<\/li>\n<\/ul><h3>Benefits paid out by Pensionskassen<\/h3><p>Pension benefits are paid out by Pensionskassen in the form of:<\/p><ul>\n<li>old-age pensions,<\/li>\n<li>survivors&rsquo; pensions and<\/li>\n<li>invalidity pensions<\/li>\n<\/ul><p>Old-age pensions are paid for life. Survivors&rsquo; pensions are paid out according to the terms stipulated in the agreement. Invalidity pensions are paid out for the duration of invalidity (where correspondingly stipulated in the agreement).<\/p><p><strong>Pension company commitments<\/strong> can be based on defined contributions or defined benefits or combinations of the two.<\/p><ul>\n<li><strong>Defined benefit commitments: <\/strong>The amount of the pension benefits is defined. The contributions paid by the employer vary depending on the investment result. The employer bears the investment risk and the technical risk.<\/li>\n<li><strong>Defined contribution commitments: <\/strong>The amount of the employer&rsquo;s contributions is defined. The employees bear the investment risk and the technical risk.<\/li>\n<\/ul><p>For providing their services, <em>Pensionskassen<\/em> receive <strong>remuneration<\/strong> at a level that is appropriate and customary for the market.<\/p><p>    <\/div>  <\/div><\/div><p>\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a383ab4e405e\">    <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-6a383ab4e405e\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a383ab4e405e\">        <span>Supervision of Pensionskassen<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a383ab4e405e\" class=\"collapse\" aria-labelledby=\"heading-6a383ab4e405e\">    <div class=\"card-body\"><p><\/p><p>The Financial Market Authority supervises the <em>Pensionskassen<\/em>. The FMA performs the official tasks and uses the powers specified in Article 2 para. 4 of the <a href=\"http:\/\/www.ris.bka.gv.at\/GeltendeFassung.wxe?Abfrage=Bundesnormen&amp;Gesetzesnummer=20001456\" class=\"external\" target=\"_blank\" rel=\"noopener\">Financial Market Authority Act <\/a>(FMABG; <em>Finanzmarktaufsichtsbeh&ouml;rdengesetz<\/em>). The tasks of the <abbr title=\"Financial Market Authority\">FMA<\/abbr> include granting licences for pension company activities and monitoring ongoing business operations.<\/p><p>The <abbr title=\"Financial Market Authority\">FMA<\/abbr>  monitors<em> Pensionskassen<\/em> to ensure compliance with the provisions of the <a href=\"https:\/\/www.fma.gv.at\/download.php?d=824\">Pensionskassen Act <\/a>(PKG; <em>Pensionskassengesetz<\/em>). When carrying out the tasks assigned to it, the <abbr title=\"Financial Market Authority\">FMA<\/abbr>  is obliged to consider the interests of the Austrian economy in a <strong>functioning pension company system<\/strong> as well as the <strong>interests of persons<\/strong> entitled to receive benefits from a <em>Pensionskasse<\/em> in future or already receiving such benefits.<\/p><h3>Licensing of Pensionskassen<\/h3><p>Austrian <em>Pensionskassen<\/em> are entitled to carry out activities only under a licence granted by the <abbr title=\"Financial Market Authority\">FMA<\/abbr> . For the licence to be granted, certain <strong>requirements<\/strong> must be met, such as:<\/p><ul>\n<li>sufficient equity capital;<\/li>\n<li>business plan meeting approval;<\/li>\n<li>suitability of management board members and shareholders;<\/li>\n<li>legal form of a joint stock company (<abbr title=\"\">AG<\/abbr> )<\/li>\n<\/ul><p>Institutions for occupational retirement provision that are licensed in a Member State of the European Economic Area are also entitled to pursue pension company activities in Austria. In such cases, the supervisory authority of the home Member State is responsible for the supervision of activities carried out in Austria.<\/p><h3>Monitoring ongoing business operations<\/h3><p>The most important supervisory activities of the <abbr title=\"Financial Market Authority\">FMA<\/abbr>  include:<\/p><ul>\n<li><strong>ongoing analysis<\/strong> of developments in the pension company market and of individual <strong>Pensionskassen<\/strong> and <abbr title=\"investment and risk sharing groups\">IRGs<\/abbr> ; and<\/li>\n<li><strong>review of compliance<\/strong> with rules regarding:<br>\n&ndash; <strong>the investment limits<\/strong> defined in the <a href=\"https:\/\/www.fma.gv.at\/download.php?d=824\">PKG<\/a>,<br>\n&ndash; the<strong> cover of technical prov<\/strong>isions, and<br>\n&ndash; the <strong>own funds requirements<\/strong>.<\/li>\n<\/ul><p>For assessing these objectives, investment data, provided on a quarterly basis, are available in addition to the audited financial statements of the<em> Pensionskassen<\/em>, the audited reports on activities of the <abbr title=\"investment and risk sharing groups\">IRGs<\/abbr> . and the relevant audit reports by the statutory <a href=\"https:\/\/www.fma.gv.at\/en\/glossary\/auditor\/\">auditors<\/a>, which are available each year.<br>\nThe FMA additionally conducts management talks, company visits, brief inspections and on-site inspections.<\/p><p>    <\/div>  <\/div><\/div><p>\n<\/p><h2>Further information<\/h2><p>\n<div id=\"reference-6a383ab4e40e5\" 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=2144\">Financial Market Authority Act<\/a> (FMABG; Finanzmarktaufsichtsbeh&ouml;rdengesetz)<\/p><p><a href=\"https:\/\/www.fma.gv.at\/download.php?d=824\">Pensionskassen Act<\/a> (PKG; Pensionskassengesetz)<\/p><p><\/div><p>\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pension company system is one form of company old-age provision in Austria. The basic features of Pensionskassen, including how &#8230;<\/p>\n","protected":false},"author":60,"featured_media":0,"parent":0,"menu_order":31,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-7874","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>Pensionskassen - 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\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pensionskassen - FMA \u00d6sterreich\" \/>\n<meta property=\"og:description\" content=\"The pension company system is one form of company old-age provision in Austria. 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