2013 Report Test Actuarial Regulation

Original Language Title: Prüfaktuar-Prüfberichtverordnung 2013

Read the untranslated law here: https://www.global-regulation.com/law/austria/2995796/prfaktuar-prfberichtverordnung-2013.html

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436. Regulation of the financial market authority (FMA) on minimum outline and contents of the test actuarial report in accordance with section 21, para 8 PKG (test actuarial report regulation 2013)

On the basis of § 21 para 8 of the Pension Fund Act - PKG, BGBl. No. 281/1990, as last amended by Federal Law Gazette I no. 184/2013, is prescribed:

General information

§ 1 (1) which has test actuary to create a separate report pursuant to § 21 para 8 PKG for every investment and risk group (VRG). The test report must correspond to the following outline:



1. Chapter 1: Basics of testing;

2. Chapter 2: beneficiaries and beneficiaries;

3. Chapter 3: investment results;

4. Chapter 4: premium reserve, equalization;

5. Chapter 5: Underwriting results;

6. Chapter 6: Result of the investment and risk sharing group;

7. Chapter 7: Summary and audit reporting.

(2) the test report referred to in para 1 is via email or on an electronic storage medium a breakdown of annex 2 to the form - and year reporting regulation 2012 - FJMV 2012, Federal Law Gazette II to join No. 358/2012, income statement of an investment and risk community - form B of the VRG, pursuant to par. 3 in electronic form.

(3) the designated post of annex 2 to the form - and year reporting regulation 2012 - FJMV with Roman numbers 2012, BGBl. II are no. 358/2012, with the exception of item A.IV. and A.III. According to the following list to be broken down, to divide all positions where employer and employee shares are:



1. beneficiaries;

a) contribution recipients;

b) non-contributory;

2. beneficiaries;

a) Alterspensionisten;

b) Invaliditätspensionisten;

c) widow's and Witwerpensionisten;

d) Waisenpensionisten.

(4) the breakdown of the items to the equalization is to perform only in so far as this is possible (individually or globally) depending on the management of the equalization.

(5) the test report referred to in paragraph 1 and the audit report in accordance with article 10, paragraph 1 shall be provided in electronic form in a format compatible to Adobe Acrobat the FMA by E-Mail or on an electronic storage medium.

(6) to be submitted on the basis of this regulation annually reports touch not the obligation of inspection actuary during the year to exercise its audit work.

(7) where a VRG information required due to the nature of a VRG are from the outset not relevant under this regulation, this information having regard can account for this fact.

Basics of testing

§ 2. In Chapter 1, the audit and the audit process to present and an overview of the structure of the VRG are to give and to specify the main provisions of the business plan. These include in particular:



1. the type of testing;

2. the examination period;

3. you used documents within the meaning of § 21 para 7 during the appraisal PKG and an overview of the audit methodology;

4. the Group of persons for which it is intended to the VRG;

5. the valid for the VRG section of the business plan;

6. an actuarial short classification (information within the meaning of § 20 para 2 Nos. 1, 3 and 4 PKG);

7. providing, whether it is a security VRG according to section 12a PKG;

8 specify whether in the VRG commitments with Exchange Z 2 PKG; managed according to § 12 section 7

9. the possibilities of change according to § 12 section 7 Z 2 PKG.

Beneficiaries and beneficiaries

§ 3 (1) in Chapter 2 is to present in detail the population development of the beneficiaries and beneficiaries of the balance sheet date of the previous year to the current balance sheet date. The Habitat of the beneficiaries and beneficiaries is to represent at least nomenclature referred to in annex 1.

(2) beneficiaries and beneficiaries are as follows:



1. beneficiaries with ongoing contributions paid;

2. beneficiaries with vested pension rights;

3. Alterspensionisten;

4. Invaliditätspensionisten;

5. widows / widowers;

6 orphans.

(3) entrances and exits as well as transfers between the groups referred to in paragraph 2 are to specify, where to use following breakdowns for origin and destination except the subdivisions listed in paragraph 2 are:



1 new entry;

2. transition in(von) one other investment and risk sharing;

3. Elimination of the claim;

4. exit;

5. death.

(4) the use of currency options in accordance with § 12 section 7 2 PKG in an other VRG or sub-VG is Z to represent nomenclature referred to in annex 4.

Information on the beneficiaries and beneficiaries section 4. In Chapter 2, also is to indicate to what extent the creation of the annual information to the beneficiaries in the previous fiscal year was reviewed. It is in particular to respond to the following points:



1 compliance with the statutory requirements;

2. accuracy of information;

3. control of future-related representations and their underlying assumptions, in particular whether to assess them at the time of verification as a realistic and careful;

4. understanding of the statements.

Investment results

They are section 5 (1) in Chapter 3 to assess the ongoing feasibility of services to hold necessary information on the profitability of the assets associated with the VRG. The test actuary can based on data audited by the Auditors of the Pension Fund in the course of its audit of the financial statements.

(2) the calculation of the minimum yield in accordance with § 2 para 2 and 3 PKG, as well as any credit from the pension-fund assets are to be documented.

(3) credits in accordance with Article 12a para 1 No. 2 and 4 PKG, as well as any accrued pursuant to section 12a paragraph 1 Z 3 PKG must be documented.

(4) remuneration in accordance with section 16a para 4 b PKG and the corresponding balance sheet figures are to explain.

(5) in respect of interest income in accordance with § 48 PKG are to specify the basis for calculation pursuant to § 48 PKG, the development of the transmission and the amount amount of interest and the interest rate.

Premium reserve, equalization

Section 6 (1) in Chapter 4 is the development of the premium reserve and the Equalization of the balance sheet date of the previous year up to the current balance sheet date indicate, where applicable the subdivision of the article 1, par. 3, taking into account the management of the equalization is.

(2) the compliance of the calculation of the premium reserve with the business plan has to be checked and the result of the review is to provide. The examination on the basis of samples, the number of samples and the procedure for the selection of samples shall be indicated. The development of the provision is to represent at least according to the outline in annex 2.

(3) the volatility reserve are to clarify the following points:



1. nominal value of Equalization;

2. calculation of the average assets of the VRG, as well as the distribution of the associated assets and the associated average assets on the Group of beneficiaries or beneficiaries;

3. calculation of major for the leadership of the volatility reserve assets in accordance with § 24 para 3 PKG;

4. assignment pursuant to section 24a 3 PKG as well as adhering to the criteria of the regulation of the financial market authority (FMA) on the additional allocation to the Equalization provision (ZZV), Federal Law Gazette II No. 453/2012;

5. resolution pursuant to section 24a, para 5 PKG;

6. resolution pursuant to section 24a, para 6 PKG;

7 resolution pursuant to section 24a, para 7, PKG, where it is to be broken down according to the leadership of the volatility reserve for beneficiaries and beneficiaries;

8 resolution of equalization for Unverfallbarkeitsleistungen, severance or transfers pursuant to § 5 para 2 operating pension law - BPG and section 17 and section 41 PCG, and specify it separately according to the ' polluter pays ' sources;

9 leadership of a negative volatility reserve pursuant to Article 24a, paragraph 8 PKG;

10 persons and extent of the use of section 49 paragraph 2 Z 4 PKG.

(4) the development of the equalization is to represent at least according to the classification in accordance with Appendix 3.

Underwriting result

Section 7 (1) in Chapter 5 is to specify whether there is a reinsurance. The basic principles of reinsurance are to represent. It shall specify:



1. the sum of the risk premiums in accordance with the business plan;

2. the sum of insurance premiums for Invaliditätspensionsanwartschaften;

3. the sum of insurance premiums for Hinterbliebenenpensionsanwartschaften.

It is also to explain whether PKG insurance requirements in accordance with article 20, paragraph 1 was taken into account to a reasonable extent.

(2) the underwriting result of the ERF is to break down in the actuarial components separately to represent and to check on compliance with the business plan. Is the Technical result on payroll area is divided, this is to present in detail.

(3) Furthermore, are following points to explain:



1. accuracy of the separate calculation of the underwriting result in accordance with § 24 para 5 PKG;

2. chargeback of employer contributions pursuant to § 24 para 6 PKG;

3.

Calculations carried out in the reporting year of the Unverfallbarkeitsbetrages and related impact on the underwriting result of the VRG;

4. If the use of currency options in accordance with § 12 section 7 2 PKG Z leads to selection effects and their impact on the underwriting result.

Result of the investment and risk sharing group

Section 8 (1) in Chapter 6 is to analyze the use of the result of the VRG and to explain the result distribution to the beneficiaries and beneficiaries, as far as this is not already presented in the previous chapters.

(2) Furthermore, are to explain the following points:



1. settlement of balances with current contributions;

2. commitment and extent as well as period of employer variation;

3. presence of employer deposits or reserves, their development and interest;

4. moderate sampling examination of conformity of the cost calculation for determining payment amounts, as well as for contributions provided entitlements with the business plan or the Pension Fund contract.

(3) is to specify, whether changes the existing contribution and performance rules would be required.

Summary and audit reporting

§ 9 (1) in Chapter 7 is to analyze the VRG on the basis of a summary of the audit results. Exceptional events which occur, for example, through a change in the law, are to be separately and to explain in detail.

(2) that is conducting the examination of the VRG in the sense of § 21 para 6 PKG to confirm. Any necessary measures shall be indicated.

(3) which are necessary changes to specify accounting principles pursuant to § 20 para 2 are Z 3 PKG to be judged in terms of their adequacy.

(4) PKG facts or measures within the meaning of section 21, paragraph 9 shall be indicated. In assessing the long-term safety of claims is also a possible taken into account ableitbares risk from the principles of the investment policy.

(5) which are to describe compliance with the business plan and any regulations pursuant to section 20 para 4 PKG.

(6) no objections are to the final result of the actuarial review, so the test actuary has to confirm this by following notice: "the tests resulted in no objections. My reasonable considering the legal provisions as well as the business plan were met. The interests of the beneficiaries and beneficiaries are sufficiently protected from today's perspective and the continued feasibility of obligations is secured from actuarial point of view."

(7) the report is to be signed by hand.

Administrative costs provision

§ 10 (1) the test actuary has the consistency of the calculation of the scheduled business provision for the administrative costs incurred after pension commencement (administrative provisions) with the provisions of administrative costs provision Regulation 2013 - 2013 VKRStV, Federal Law Gazette II No. 381/2013, and to check with the approved business plan of the Pension Fund. The test results are to hold in a separate report.

(2) the report referred to in paragraph 1 must contain the following points:



1. the main provisions of the business plan in terms of management and calculation of the provision for administrative costs;

2. the changes in the provision of administrative costs in the fiscal year are detailed to represent;

3. the administrative costs provision pursuant to § 3 para 6 is 2013, administrative costs provision Regulation BGBl. II so is no. 381/2013, led, to specify the following: a) date of last control account, b) time at the next control Bill is intended, c) a control account was performed in the fiscal year, the methodology, shall be indicated the result as well as the conclusions;

4. under - or coverage in accordance with § 2 paragraph 5 or § 4 administration costs provision Ordinance 2013, BGBl. II so are no. 381/2013, to specify the obligation still existing original under - or coverage, recent changes, and that at the end of the year in question;

5. no objections are to the final result of the actuarial review to raise, so the test actuary has to confirm this by following notice: "the tests resulted in no objections. My reasonable considering the legal provisions as well as the business plan were met. The interests of the beneficiaries and beneficiaries are sufficiently protected from today's perspective. ";

6. the handwritten signature of the test actuary.

Home and expiry

§ 11. This regulation comes into force on January 1, 2014 and is for the first time on the audit report on the financial year 2013 to apply; at the same time, the regulation of the financial market authority (FMA) on minimum outline and contents of the test actuarial report in accordance with section 21, para 8 occurs PKG (test actuarial report Regulation), Federal Law Gazette II No. 418/2005, at the end of 31 December 2013 override.

Ettl Kumpf Müller