15. Regulation of the financial market authority (FMA) on the maximum percentage of the assumed interest rate and the technical surplus (pension funds account parameter regulation PF RPV)
On the basis of § 20 para 2a of the Pension Fund Act - PKG, BGBl. No. 281/1990, as last amended by Federal Law Gazette I no. 68/2015, is prescribed:
Scope of application
1. (1) this regulation is for new beneficiaries in existing pension company contracts, as well as on pension fund contracts, that after 30 June 2016, all new - be connected to apply. Pension Fund treaties PCG concluded PKG or a transfer pursuant to section 41 in the course of dismissal, a consensual termination of the Pension Fund contract or of leaving an employer from a Corporation pursuant to section 17, are not considered to be newly completed in the meaning of that provision.
(2) in respect of the maximum percentage for the assumed interest rate of security VRG according to section 12a PKG, as well as for the technical surplus of security VRG, this regulation to all contracts of the Pension Fund is to apply regardless of whose completion date.
Principle of prudence
Section 2 (1) the assumed interest rate and the technical surplus according to § 20 to choose para 2a PKG with caution. This means in particular that it isn't allowed in any case, to apply the highest invoice parameters allowed under this regulation.
(2) the invoice parameters are anyway, so to choose that sufficient account is taken of the ongoing feasibility of the liabilities of the pension company contracts in the case of a strongly negative development of the capital markets or the cost structure or the technical parameters. These are in particular the following criteria into account:
1. product features and risks;
2. guarantees and options of the product;
3. term of the obligation and resulting recovery investment risks and 4. capital market situation.
Assumed interest rate
The maximum percentage for the assumed interest rate is § 3 (1) 2.50%.
(2) the maximum percentage for the assumed interest rate of security VRG according to section 12a of the PKG is 1.25%.
(3) calculation methods used in determining the premium reserve, where the assumed interest rate and payment and pension increase separately are recognised as the combined use of the two percentages must not exceed the respective maximum assumed interest rate in accordance with paragraph 1 or 2.
The maximum percentage for the technical surplus is section 4 (1) 4.50%.
(2) the maximum percentage for the technical surplus of safety VRG according to section 12a of the PKG is 2.25%.
(3) the technical surplus must exceed the assumed interest rate by at least one percentage point.
Entry into force and transitional provisions
5. (1) effective this regulation with 1 July 2016.
(2) for the period from 1 July 2016 until December 31, 2016
1. Byway of derogation from article 3 par. 2 of the maximum percentage for the assumed interest rate of security VRG 1.75%.
2. Byway of derogation from article 4, par. 2 of the maximum percentage for the technical surplus of security VRG 2.75%.
(3) with expiration of 30 June 2016 shall invoice parameters regulation 2012 - RPV 2012, Federal Law Gazette II No. 454/2012, override.
Ettl Kumpf Müller