{"id":4906,"date":"2014-08-14T14:15:37","date_gmt":"2014-08-14T12:15:37","guid":{"rendered":"https:\/\/www.fma.gv.at\/en\/?p=4906"},"modified":"2016-07-13T15:06:36","modified_gmt":"2016-07-13T13:06:36","slug":"fma-study-state-sponsored-retirement-provision-in-2013","status":"publish","type":"post","link":"https:\/\/www.fma.gv.at\/en\/fma-study-state-sponsored-retirement-provision-in-2013\/","title":{"rendered":"FMA study \u201cState-Sponsored Retirement Provision in 2013\u201d"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><p>The market for state-sponsored retirement provision stagnated in 2013. The number of contracts has even slightly decreased, compared with 2012, by 0.13% to 1,635,910, since more old contracts matured than new ones were concluded. The volume of premiums earned in 2013 fell by 4.02%, and amounted to &euro; 1,031.72 million at the end of 2013. The assets under management were also clearly down: while still standing at 24.6% in 2012, the percentage was 8.9% last year. However, at &euro; 7.8 billion, this is 45% of all the assets managed by Pensionskassen (pension companies) after all. The overall performance of state-sponsored retirement provision &ndash; volume-weighted and before costs &ndash; came to 1.13%, thus clearly below the 5.6% generated in 2012. This was disclosed in &ldquo;The Market for State-Sponsored Retirement Provision&rdquo;, an annual study published today by the Austrian Financial Market Authority (FMA).<\/p><p>94.2%, or 1,540,938 in absolute numbers, of all contracts valid as at the end of the year were insurance products, which means their market share has slightly increased by 0.1% compared with the previous year. Products from investment fund management companies had a market share of 5.8%. The decline in these products from investment fund management companies (-2.44%) was nearly balanced by the slight increase in insurance contracts (+0.02%).<\/p><p>The weak performance of state-sponsored retirement provision is mainly a consequence of the consistently low interest rates and the legally stipulated capital guarantee. During the year under review, some 119,533 contracts, or 7.3% of all valid contracts, were reported as having been stopped out. This means that the equity share that can be recognised as income is below 1%, i.e. the products are secured against further downward movements in the equity market, but do not participate in upward movements either. While this applied to only 2.1% of insurance contracts, 93.6% of products from investment fund management companies were affected. Consequently, insurance undertakings managed a positive performance of 1.27%, while investment fund management companies suffered a 0.12% decline.<\/p><p>In 2013, the maximum state-sponsored deposit amounted to &euro; 2,445.50 (2012: &euro; 2,329.88), and the maximum state premium, at 4.25%, thus came to &euro; 103.90 (2012: &euro; 99.02). For 2014, the maximum state premium will be &euro; 106.04.<\/p><p>With regard to maturities of existing state-sponsored retirement provision products, it can be said that they are increasingly regarded as pension products, and rather less as investment products. Not even 10% of all contracts in 2013 had a maturity of 10-14 years, seven per cent less than one year earlier. In other maturity bands, the number increased by 1.5% on average. More than half of all contracts, or 56.21% to be exact, have maturities of 30 years or more.<\/p><p>The complete study is available on the FMA website (in German) at&nbsp;<a href=\"https:\/\/www.fma.gv.at\/en\/publications\/study-praemienbeguenstige-zukunftsvorsge\/\">https:\/\/www.fma.gv.at\/publikationen\/studie-praemienbeguenstigte-zukunftsvorsorge\/<\/a><\/p><p><strong>Journalists may address further enquiries to:<\/strong><br>\nKlaus Grubelnik (FMA Media Spokesperson)<br>\n+43\/(0)1\/24959-6006<br>\n+43\/(0)676\/882 49 516<\/p>\n","protected":false},"excerpt":{"rendered":"<p>market stagnating, weak performance<\/p>\n","protected":false},"author":60,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[80],"tags":[],"class_list":["post-4906","post","type-post","status-publish","format-standard","hentry","category-press-release"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - 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