Pension Funds Account Parameter Regulation Pf Rpv

Original Language Title: Pensionskassen-Rechnungsparameterverordnung – PK-RPV

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15. Regulation of the Financial Markets Authority (FMA) on the maximum allowable percentage for the accounts and the accounting surplus (Pensionskassen-invoparenameterverordnung-PK-RPV)

On the basis of § 20 (2a) of the Pensionskassengesetz-PKG, BGBl. No. 281/1990, as last amended by the Federal Law BGBl.  I n ° 68/2015, shall be arranged:

Scope

§ 1. (1) This Regulation is for newly added eligible beneficiaries in existing pension fund contracts as well as pension fund contracts, which are based on the 30 June 2016 to be resigned, apply. Pension fund contracts, which are concluded in the course of a termination, a consensual termination of the pension fund contract or the leaving of an employer from a group according to § 17 PKG or a transfer pursuant to § 41 of the German Act on the Future of the Pensions Act (PKG), shall not be deemed to be newly completed within the meaning of this provision.

(2) With regard to the maximum permissible percentage of the security VRG's accounts in accordance with Section 12a of the PKG, as well as for the accounting surplus of the security VRG, this Regulation is applicable to all pension fund contracts regardless of their closing date.

Caution

§ 2. (1) The invoice rate and the invoice surplus are to be chosen with the necessary caution in accordance with § 20 (2a) PKG. This means, in particular, that it is not in any case permissible to apply the highest accounting parameters permitted by this Regulation.

(2) The accounting parameters shall, in any event, be chosen in such a way as to ensure that the fulfilment of the obligations under the pension fund contracts, even in the event of a significant adverse development of the capital markets or of the the cost structure or the technical parameters shall be adequately taken into account. In particular, the following criteria shall be taken into account:

1.

Product Properties and Risikes;

2.

Warranties and options of the product;

.

Runtime of the commitment and the resulting reassessment risks and

4.

Capital market situation.

Invoice Zins

§ 3. (1) The maximum percentage of the invoice zins is 2.50%.

(2) The maximum percentage of the security VRG billable bill in accordance with § 12a PKG is 1.25%.

(3) Where calculation methods are used in the determination of the cover provision, where the
rate and the pension increases are used separately, the combined application of the calculation methods shall be used for the purposes of calculating the cover. the two percentages shall not exceed the maximum permissible accounting rate in accordance with paragraph 1 or 2.

Invoice Surplus

§ 4. (1) The maximum allowable percentage for the invoice surplus is 4.50%.

(2) The maximum allowable percentage for the invoice surplus of the security VRG according to § 12a PKG is 2.25%.

(3) The invoice excess must exceed the invoice rate by at least one percentage point.

Entry into force and transitional provisions

§ 5. (1) This Regulation shall enter into force on 1 July 2016.

(2) For the period from 1 July 2016 to 31 December 2016

1.

notwithstanding § 3 (2), the maximum percentage for the invoice rate of the Security VRG 1.75%;

2.

By way of derogation from § 4 (2), the maximum allowable percentage for the accounting surplus of the Security VRG 2.75%.

(3) With the end of June 30, 2016, the Bill of Control Ordinance 2012-RPV 2012, BGBl.  II No 454/2012, except for force.

Ettl Kumpfmüller