The provisions can be found in the company agreement based on the collective bargaining agreement for employees of universities. The waiting period for eligibility for contributions is basically 24 months of service.
If foreseen in the company agreement, there´s a choice between emphasising the height of the old age pension, the height of the disability pension if disability occurs before 50 (with then lower old age pension) or a better coverage of surviving widow/ widower/ orphans, who are entitled for benefit. The decision is up to the employee according to his personal preferences.
Contributions are paid by your employer according to the provisions of the company agreement. The contribution rate depends on the beginning and the kind of employment contract. The minimum rate amounts to 0.753 % of the pensionable salary.
Assets can remain within the pension institution and will be invested as before, if desired with complementary own contributions. Assets can be transferred into the old age company scheme of a new employer within Austria or abroad according to legal provisions. Assets can be paid out as a lump sum, if assets (both from employer´s and employee´s contributions) do not exceed a certain (from time to time indexed) amount (20159: € 112,7600).
The benefits are:
(see question A2)
After contributions being paid there is no minimum period of an eligibility for benefits.
But the waiting period for eligibility for contributions is basically 24 months of service. (see question A1)
As contributions are a percentage of the income, the height of the pension mainly depends on income, applicable percentage, the period of contribution´s payment, returns on investment of the pension institution and the age at retirement. The contribution rate depends on the beginning and the kind of employment contract. The minimum rate amounts to 3 % of the pensionable salary.
The pension institution will provide sufficient information and various calculations in the yearly account statement.
Yes, according to legal provisions. Own contributions are limited by the height of the contributions of the employer, except the possibility of paying own contributions up to € 1,000 a year irrespective the amount of employer´s contributions.
Old age pension can be claimed after termination of employment at the age of 60 at the earliest.
As contributions are a percentage of the income, the height of the pension mainly depends on income, applicable percentage, the period of contribution´s payment, returns on investment of the pension institution and the age at retirement. The contribution rate depends on the beginning and the kind of employment contract. The minimum rate amounts to 3 % of the pensionable salary.
The pension institution will provide sufficient information and various calculations in the yearly account statement.
Pension will be paid out through Valida Pension AG.
