Regulatory Alerts2018-12-21
FMA Circular on Conversion of Bases of Calculation in Pensionskassen
The Austrian Financial Market Authority issued this circular to guide supervised Pensionskassen in adopting new actuarial bases issued by the Austrian Actuaries Association. The document mandates that coverage shortfalls arising from the conversion must be closed within ten years, specifically by 31 December 2028, without combining them with previous shortfalls. Additionally, it requires Pensionskassen to update business plans, inform employers and beneficiaries about potential pension reductions, and adjust marriage probability assumptions for survivor's pensions.
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