Regulatory Alerts2013-04-01
FMA Circular 01/2013 Concerning Parallel Pension Products
The Austrian Financial Market Authority (FMA) issued this circular to clarify supervisory requirements for employers utilizing parallel occupational pension products involving both Pensionskassen and group insurance. The guidance establishes that while employers may engage multiple providers, they must ensure continuous contribution payments and are prohibited from splitting individual beneficiaries' entitlements across different schemes. Furthermore, the FMA mandates that individual switching rights adhere strictly to statutory age limits and that partial terminations of pension contracts are inadmissible under current supervisory law.
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