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Occupational Pension Planning

The Austrian population is getting older – life expectancy is rising and more and more children are being born; at the same time, spending a longer time in education and moving only later into professional life mean there is less time to pay contributions. More precisely, this means that a falling number of actively working people have to finance the pensions of a rising number of pensioners. It is quite obvious that the contributions-based pension system based on the General Social Security Act (ASVG) is no longer able to secure our standards of living moving forward, and now represents a kind of basic pension.

Provident insurance, occupational group insurance and pension plan reinsurance are all products of Bank Austria Creditanstalt Versicherung AG.,

Pension fund and "Abfertigung Neu" (new severance pay rules) are products of VBV Pensionskasse AG and VBV Vorsorgekasse AG, Obere Donaustraße 49-53, 1020 Vienna. 

In addition to its primary business activities, UniCredit Bank Austria AG acts as a contractually bound insurance agent in the life and accident insurance segment for Bank Austria Creditanstalt Versicherung AG, ERGO Center, Businesspark Marximum/Objekt 3, Modecenterstraße 17, A-1110 Vienna, and in this capacity is authorised to accept premiums from and funds to be paid to customers; insurance broker registry number VVM-12000-00.

UniCredit Bank Austria AG also acts as a contractually bound insurance agent for home contents and home insurance products in the property and liability insurance segment for ERGO Versicherung Aktiengesellschaft, ERGO Center, Businesspark Marximum/Objekt 3, Modecenterstraße 17, A-1110 Vienna, in addition to its primary business activities.

Before taking out occupational life insurance (provident insurance, occupational group insurance and pension plan reinsurance) please consult with your tax adviser about the tax consequences. We also recommend looking into any possible labour law implications.

Occupational pension scheme

Against this background, occupational pension schemes are gaining in significance. Supported by the state these are appealing both for employers and employees.
Depending on the number of employees to be included as well as company factors such as size, legal form and liquidity, we have the following alternatives:

  • Provident insurance according to Section 3 (1), paragraph 15. a of the Austrian Income Tax Act.
  • Collective pension fund.
  • Occupational group insurance.
  • Pension benefits (direct claim pension scheme).

More information is available from your relationship manager at Bank Austria.

Provident insurance, occupational group insurance and pension plan reinsurance are all products of Bank Austria Creditanstalt Versicherung AG.

Pension fund and "Abfertigung Neu" (new severance pay rules) are products of VBV Pensionskasse AG and VBV Vorsorgekasse AG, Obere Donaustraße 49-53, 1020 Vienna.

In addition to its primary business activities, UniCredit Bank Austria AG acts as a contractually bound insurance agent in the life and accident insurance segment for Bank Austria Creditanstalt Versicherung AG, ERGO Center, Businesspark Marximum/Objekt 3, Modecenterstraße 17, A-1110 Vienna, and in this capacity is authorised to accept premiums from and funds to be paid to customers; insurance broker registry number VVM-12000-00.

UniCredit Bank Austria AG also acts as a contractually bound insurance agent for home contents and home insurance products in the property and liability insurance segment for ERGO Versicherung Aktiengesellschaft, ERGO Center, Businesspark Marximum/Objekt 3, Modecenterstraße 17, A-1110 Vienna, in addition to its primary business activities.

Before taking out occupational life insurance (provident insurance, occupational group insurance and pension plan reinsurance) please consult with your tax adviser about the tax consequences. We also recommend looking into any possible labour law implications.

Occupational pension planning

Alongside voluntary contributions for the retirement pensions of employees, occupational pension planning is also designed to be able to cope with severance pay claims from employees. The introduction of the new severance pay rules shifted employers' severance obligations to legally separate occupational pension funds (severance pay management funds until 31 December 2007) for all employment contracts concluded after 31 December 2002. For employees whose employment began prior to 1 January 2003, there is a choice of either remaining under the old severance pay rules (including the allocation of a severance pay reserve) or switching to the new rules (transferring to an occupational pension fund).

And from 1 January 2008, the self-employed can use the pension fund for severance provisioning too.

More information is available from your relationship manager at Bank Austria.

Occupational pension fund.

Bank Austria's partner for the severance pay rules is VBV - Vorsorgekasse AG, Obere Donaustrasse 49-53, 1020 Vienna.

General conditions

The Federal Act on Corporate Staff Provision signalled the start of a new era for employers and employees from 2003. This introduced radical changes to severance pay rules after more than 80 years, to the immense benefit of both sides.

The introduction of the new severance pay rules shifted employers' severance obligations to legally separate occupational pension funds (severance pay management funds until 31 December 2007) for all employment contracts concluded after 31 December 2002. From the beginning of employment relationships, employers must pay a regular contribution for employees amounting to 1.53% of their gross monthly salary into the health insurance fund, to be transferred on to the occupational pension fund, as long as the employment has lasted longer than one month. Consequently the claim of the employee for severance pay is no longer directed at the employer but at the occupational pension fund. The Federal Act on Corporate Staff Provision (Betriebliches Mitarbeitervorsorgegesetz – BMVG, since 1 January 2008 the Federal Act on Corporate Staff and Self-Employment Provision - BMSVG) applies for employment relationships based on a private-law contract, and entered into force on 1 July 2002.

Your relationship manager will be happy to arrange an appointment to discuss these options further.