Regulatory Alerts2019-03-28
Added · Updated
Company Pension Act (Betriebspensionsgesetz; BPG)
The Austrian federal legislature enacted this act to legally secure employer-funded old-age, invalidity, and survivors’ pension commitments that supplement statutory social insurance. It mandates that such guarantees be channeled through regulated Pensionskassen, occupational group insurance, or direct payment schemes, while explicitly prohibiting the assignment, pledging, or attachment of accrued pension expectancies. The legislation establishes strict vesting timelines, calculates protected vested amounts based on actuarial premium reserves, and grants terminated employees multiple options to transfer or convert their accrued benefits to new pension providers or foreign institutions.
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