Austrian Pension System: Strong Opportunities for Fund Raising. Knowledge for getting the most from advinda Premium’s goCH&A Pension & Insurance Investor Intelligence Package.

1. Austrian Pension System: Strong
Opportunities for Fund Raising
Munich – September 2017

2. Pension system design
The Austrian pension system is formed as follows:
Sources:
1. The Organisation for Economic Co-operation and Development (OECD) – http://www.oecd.org
2. Austrian Social Ministry – www.sozialministerium.at
1. public sector pillar dominates the Austrian
pensions system
2. occupational pensions
3. private pensions remaining comparatively
small and mostly provided by individual
insurance products

3. 1. Public pensions/state pension system
Sources:
1. The Organisation for Economic Co-operation and Development (OECD) – http://www.oecd.org
2. Austrian Social Ministry – www.sozialministerium.at
• Mandatory pay-as-you go scheme for all working people (incl.
freelancers, self-employers, home workers)
• Benefits can amount to as much as 80% of an individual’s average lifetime
earnings, if contributions have been made for at least 45 years (subject to a
predefined cap)
• Individual benefits are calculated by using a person’s time of insurance
contributions (at least 180 months) and retirement age

4. 1. Public pension: statutory for majority of
employees
Legal retirement age: 60 (women) and 65 (men) for people born until year 1954; for
birth cohorts from 1955 for women gradually raised to 65 between 2024 and 2033.
Source: The World Bank Group. http://www.worldbank.org/

5. Supplementary employee pension (in case of retirement, invalidity, death or occupational disability) can be
provided by employers with of one of the following four types:
2. Voluntary occupational pensions
Sources:
1. The Organisation for Economic Co-operation and Development (OECD) – http://www.oecd.org
2. Austrian Social Ministry – www.sozialministerium.at
• Pension funds (“Pensionskassenzusagen”):
pension fund assesses contributions and pays to the employee a grant to his/her pension; two variations: guarantee of
performance and guarantee of contribution
• Occupational collective insurance (“Betriebliche Kollektivversicherung”):
for groups of employees, in form of life insurances, employer pays rates for his employees as a group
• Direct insurance (“direkte Leistungszusagen”):
employer pays directly and immediately a pre-defined benefit
• Life insurances (“Lebensversicherungen”):
employer pays rates into a life insurance in favor of an employee

6. 3. Private pension
Private pension investments equivalent to: 5.8% of GDP (2015)
Private pension assets 2013: $ 25,993.7 million USD (all forms of private investment with a value
associated to a pension plan over which ownership rights are enforced by institutional units, individually or
collectively. This indicator is measured in millions of USD; source: OECD)
Pension funds’ assets 2015: $ 22,393.3 million USD (assets bought with the contributions to a
pension plan for the exclusive purpose of financing pension plan benefits. The pension fund is a pool of
assets forming an independent legal entity. This indicator is measured in millions of USD; source: OECD)
Source: OECD (2017), Pension funds' assets (indicator). doi: 10.1787/d66f4f9f-en (Accessed on 17 July 2017)

7. Net pension replacement rate 2014: 91.6% (individual net pension entitlement divided by
net pre-retirement earnings; measures how effectively a pension system provides a retirement
income to replace earnings. This indicator is measured in percentage of pre-retirement
earnings by gender; source: OECD)
2. Voluntary occupational pensions
Source: OECD (2017), Net pension replacement rates (indicator). doi: 10.1787/4b03f028-en (Accessed on 17 July 2017)

8. Interested in top tier investor information
for the Austrian pension market?
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