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Pension Provision

Pension provision in Austria is based on three main elements: statutory pension insurance, company pensions and private pension plans.

Alongside statutory compulsory insurance for all those in employment, company and private pension schemes contribute towards creating a financial safety net and maintaining living standards in retirement.

Company Pension

Company pension schemes are a voluntary social benefit provided by employers. As part of an employment relationship, employees can join a pension scheme and thus build up an additional pension. When an employment relationship ends, the entitlement of the employee is retained.

The Company Pension Act (BPG) lays down separate labour law provisions for company pension schemes.

The BPG provides for four types of company pension benefits:

  • Pension fund commitments in relation to domestic or foreign pension funds
  • Collective company pension insurance schemes
  • Direct pension commitments
  • Life insurance plans.

What these pension commitments have in common is that they provide a supplement to old age pensions, disability/invalidity pensions and survivors’ pensions from statutory pension insurance.

Voluntary Private Pension

Various insurance companies and banks offer a range of private pension products. Consumers decide themselves whether this constitutes a necessary and meaningful in addition to their state pension.

last update: 8 November 2019