453. Regulation of the Financial Market Supervisory Authority (FMA) on the additional allocation for the fluctuation reserve (ZZV)

On the basis of Section 24a (3) of the Pensionskassengesetz-PKG, BGBl. No. 281/1990, as last amended by the Federal Law BGBl. I No 54/2012, shall be arranged:

General provisions

§ 1. The additional allocation to the fluctuation reserve in accordance with § 24a paragraph 3 PKG shall be carried out taking into account the pension fund pledges administered in the respective investment and risk community (VRG).

§ 2. In the case of an additional allocation to the fluctuation reserve, the invoice rate must not be undershot.

Equal pension adjustment for beneficiaries

§ 3. The extent of the additional allocation to the fluctuation reserve has to take into account the changes made in the past pension changes.

Uniform yield allocation for defendants

§ 4. The extent of the additional allocation to the fluctuation reserve has to be taken into account in the results allocations made in the past.

Amount of billboard and billable surplus

§ 5. The extent of the additional allocation to the fluctuation reserve shall take account of the positive correlation with the level of the invoice and the accounting surplus.

Special features of security VRG

§ 6. In the case of a security VRG according to § 12a PKG, the volatility of the technical result is to be taken into account in the additional allocation for the fluctuation reserve and in the determination of the degree of extent.

Extent of the fluctuation reserve

§ 7. The extent of the additional allocation to the fluctuation reserve has to take into account the negative correlation with the level of the existing fluctuation reserve.

Capital market situation

§ 8. The extent of the additional allocation to the fluctuation reserve has to take into account the positive correlation with the level and probability of expected shortfall in the future.

entry into force

§ 9. This Regulation shall enter into force 1. Jänner 2013 in force.

Ettl Pribil