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

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

Scope

§ 1. (1) This Regulation shall apply to newly added rights holders in existing pension fund contracts as well as to pension fund contracts, which will be newly concluded after 30 June 2016. 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 concluded within the meaning of this provision.

(2) With regard to the maximum permissible percentage of the accounts of the security VRG according to § 12a PKG and for the accounting surplus of the security VRG, this Regulation is applicable to all pension fund contracts irrespective of their End date.

Principle of caution

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

(2) The accounting parameters shall, in any event, be chosen in such a way that the continuous fulfilment of the obligations under the pension fund contracts also in the event of a highly negative development of the capital markets or of the cost structure or the technical parameters shall be taken sufficiently into account. In particular, the following criteria shall be taken into account:

1.		Product characteristics and risk;
2.		the guarantees and options of the product;
3.		the duration of the commitment and the resulting reassessment risks; and
4.		Capital market situation.

Invoice Zins

§ 3. (1) The maximum percentage of the invoice amount shall be 2.50%.

(2) The maximum allowable percentage for the accounts of the security VRG according to § 12a PKG amounts to 1.25%.

(3) Where calculation methods are used in the determination of the cover return, in the case of
The combined application of the two percentages shall not exceed the maximum permissible accounting rate as set out in paragraph 1 or 2, and shall be separately applied to those of the accounts and of the increases in the pension and pension.

Accounting surplus

§ 4. (1) The maximum allowable percentage for the accounting surplus shall be 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 surplus shall 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 shall be:

1.		by way of derogation from § 3 (2), the maximum permissible percentage for the security VRG accounts is 1.75%;
2.		by way of derogation from § 4 (2), the maximum permissible 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. will take place. II No 454/2012, except for force.

Ettl Kumpfmüller