Studie von: Österreichisches Institut für Wirtschaftsforschung
Auftraggeber: Better Finance – The European Federation of Investors and Financial Services Users
Abgeschlossen: 2019
With some 90 percent of the average retirement income received from a public pension entitlement, the Austrian system of old
age provision is very concentrated 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 opportunity to offer
defined contribution plans through pension funds and insurance contracts has certainly boosted the spread of occupational
pensions in Austria. While occupational pensions have become more popular over time, low interest rates and 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 follows a distinctly more conservative investment policy and achieved an average real net rate of return before tax
of 2.2 percent annually.
Forschungsbereich:Makroökonomie und öffentliche Finanzen