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Country Case: Austria
in: Ján Šebo, Ştefan Dragoş Voicu, Pension Savings – The Real Return 2019 Edition
With around 90 percent of the average retirement income received from public pension entitlements, the Austrian pension system
is very reliant on the first pillar. Occupational pensions are primarily offered through pension funds and insurance companies.
Direct commitments are an alternative vehicle, but their usage stagnates. The option for defined contribution plans with favourable
tax treatment offered by pension funds and insurance contracts definitely boosted the occupational pensions in Austria. While
occupational pensions have become more popular over time, low interest rates and a high liquidity preference dampened demand
for individual life insurance contracts. Over the years 2002 through 2018, the performance of pension funds in real net terms
has been positive, with an annualised average return of 0.9 percent before tax. The life insurance industry followed a distinctly
more conservative investment policy and achieved an average annual net real return before tax of 2.2 percent.
Forschungsbereich:Makroökonomie und öffentliche Finanzen
Sprache:Englisch