Regulatory Alerts2019-03-28
Company Pension Act (Betriebspensionsgesetz; BPG)
The Austrian Federal Government enacted this law to secure employer-guaranteed old-age, invalidity, and survivors' pensions for employees under private law employment relationships. The legislation mandates that such guarantees be held in Pensionskassen or occupational group insurance, establishing strict rules for establishment, contribution levels, and the protection of beneficiary claims against disposal or execution. It further defines vesting periods, calculation methods for vested amounts upon termination, and the specific options available to employees for transferring or converting their pension expectancies.
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