BONUS Pension Fund Corporation

Traungasse 14-16
, 1030 Vienna
, Austria

Phone: +43 (1) 51602 - 0
Email: pensionskasse@bonusvorsorge.at
Website: www.bonusvorsorge.at

Regulatory Authority:

FMA Austrian Financial Market Authority
Otto-Wagner-Platz 5,
1090 Vienna
, Austria

Obligations of the Pension Fund

Once a year, as of the balance sheet date, the pension fund provides beneficiaries with a statement detailing their accrued entitlements to retirement, survivor, and disability benefits.  This statement also includes, among other things, information on the contributions made by the employer and by the beneficiary themselves.

Beneficiaries are also informed once a year about the performance of the fund’s assets and, in addition, whenever there are changes to the pension fund agreement.

Upon request, the pension fund shall provide the employer or, where applicable, the relevant works council members with the audit report prepared by the pension fund’s actuary and the financial report.

Employer’s Obligations

Upon enrollment in the pension plan, the employer shall inform the beneficiaries of the provisions of the pension fund agreement as well as of any subsequent amendments to the pension fund agreement.

Obligations of Beneficiaries and Entitled Persons

Beneficiaries and pension recipients are obligated to promptly notify the pension fund in writing of all circumstances and data relevant to contributions, pension entitlements, and pension benefits—as well as any changes thereto. While the employment relationship is in effect, each person entitled to pension benefits must provide this information to the pension fund through the employer. If the employment relationship has ended, the person entitled to pension benefits or the beneficiary must provide this information directly to the pension fund.

• BONUS Pensionskassen Aktiengesellschaft (hereinafter “BONUS Pensionskasse”) strives to invest its assets for the greatest possible long-term benefit of all beneficiaries and those entitled to benefits, and in such a way that the security, quality, liquidity, and profitability of the assets allocated to an investment and risk-sharing community are ensured. In the event of a (potential) conflict of interest, investment decisions must be made solely in the interest of the beneficiaries and those entitled to benefits.
• The compensation policy of BONUS Pensionskasse serves these objectives, among others. It is reviewed and updated every three years.
• Information on the principles is provided below in accordance with Section 11g(3) of the Pension Fund Act (PKG):
• The compensation policy is appropriate to the size, nature, scope, and complexity of the pension fund’s business activities.
• The compensation provisions apply to the Executive Board, individuals in key functions, and other employees of the pension fund whose activities have a material impact on the pension fund’s risk profile or that of the investment and risk communities. Should any tasks of the pension fund within the meaning of Section 11h of the PKG be delegated to a third party, care must be taken to ensure that the service provider’s compensation policy is consistent with that of the pension fund.
• Compensation consists of a fixed and a variable component, with the fixed component representing the majority of the total compensation in terms of amount.
• The variable component is performance-based and is granted for the achievement of agreed-upon targets. These targets consist of a balanced mix of corporate and personal objectives. The ratio of fixed to variable compensation does not encourage the taking of risks of any kind that are incompatible with the pension fund’s risk profiles and regulations, including sustainability risks. The agreed-upon targets are selected in such a way as to avoid (potential) conflicts of interest.
• As of: March 7, 2023

In a defined-contribution pension plan, the amount of the pension is determined by converting the accumulated balance at the time of retirement. These assets consist of employer contributions and any employee contributions, taking into account investment returns and actuarial results. A specific investment return is not guaranteed. The beneficiary bears the risk associated with capital market performance and general life expectancy.

Even after retirement, the pension amount is recalculated annually. An adjustment to the pension fund benefits may result in either an increase or a reduction in the benefit amount.

The minimum return is a minimum rate of return (= target value) defined in the Pension Fund Act that must be achieved over a period of 60 months.  If this minimum return is not achieved, pension funds must cover the difference in the pension amount from the minimum return reserve. However, the minimum return does not prevent pension reductions from occurring. The target rate also depends on developments in the capital markets. It is recalculated annually and published on the FMA’s website.

As a rule, pension fund plans are established without a minimum return guarantee, or this guarantee was excluded during contract amendments; in other words, there are no guarantees.

Since 2013, individuals who have reached the age of 55 have had the option to switch to the “Sicherheits-VRG” plan. The latest possible date for such a switch is upon retirement. In this case, the pension fund must guarantee the amount of the first pension payment.

The Pension Fund Act provides for regular payments of supplemental pensions. A one-time lump-sum payment is provided for only in the case of small account balances. If, at the time your employment ends, your account balance is less than €15,900 (as of 2025), a one-time lump-sum payment may be made.

If your balance exceeds this payout threshold, we can only pay out ongoing pension benefits, provided you have reached the contractually agreed retirement age.

In the event of early termination of employment, vested benefits from employer contributions remain intact once any vesting period (0–3 years from the start of contribution payments) has been met. Benefits from employee contributions are vested immediately in all cases.

You may choose to either

• keep with BONUS without making contributions (“contribution exemption”);
• have them transferred to a pension fund, a company group insurance plan, or a group insurance plan offered by your new employer;
• transfer them to a pension insurance plan without a right of surrender, a supplementary pension insurance institution under Section 479 of the ASVG, or a retirement benefit institution structured according to the funded pension system;
• a lump-sum payment, provided the severance payment limit (as of 2025: EUR 15,900) is not exceeded;
• Transfer to a foreign retirement plan if the employee permanently relocates their place of work abroad;
• Transfer to a defined benefit plan offered by a new employer;
• Transfer to the pension fund or to an institution within the meaning of Section 5(4) of the Pension Fund Act (PKG) or to a company group insurance plan, provided that a non-contributory pension entitlement or premium is already being administered there.

Life-Stage Model

If the life-stage model is contractually agreed upon in your pension fund plan, you may switch to a different investment and risk pool up to three times before retirement. The latest possible date for the switch is upon retirement. Retirees are no longer eligible to switch.

If you are interested, please request the relevant documents from BONUS. If you wish to make the switch once you have all the relevant information, you must notify the pension fund of this change in writing by October 31. As of January 1, your balance will be transferred to the other investment and risk pool

Criteria for Switching to BONUS’s Security Investment and Risk Pool

Starting at age 55, and no later than the date you begin receiving your pension benefits, you may switch to the BONUS Security Investment and Risk Pool. In the “Safety” Investment and Risk Pool, your pension cannot fall below the amount of the initial pension payment. When switching to the Safety Investment and Risk Pool, your pension capital is transferred and converted into a pension based on the parameters of the Safety Investment and Risk Pool. However, this means that this pension will be significantly lower than the projected pensions shown in your account information.

If you have already turned 55 or will turn 55 in the next calendar year, and you are interested in making the switch, please request the necessary information and calculations from the BONUS Pension Fund. If you wish to proceed with the transfer once you have all the relevant information, you must notify the pension fund of this change in writing by October 31. As of January 1, your balance will be transferred to the other investment and risk pool.  The final opportunity to switch is immediately before you begin receiving your pension.

• A description of the mechanisms that can reduce benefit entitlements
• a breakdown of the performance of the respective VRG, sub-VG, or security VRG over the past 5 years
   
  • You can obtain this information in the assessment supplement to your account information or upon request for your respective VRG.
• The structure of administrative costs.
   
  • In contracts concluded on or after January 1, 2005, the costs listed below are governed by the pension fund contract. In contracts concluded prior to that date, there is sometimes a reference to the business plan approved by the FMA.
  • Costs pursuant to Section 16a(1) of the Pension Fund Act (PKG) are charged to cover expenses related to ongoing contributions or transfers.
  • Fees pursuant to Section 16a(2) of the Pension Fund Act (PKG) are charged in connection with calculations or the transfer of the vested amount.
  • Fees pursuant to Section 16a(3) of the PKG are charged for the administration of non-contributory pension entitlements.
  • Fees pursuant to Section 16a(4) of the PKG are charged for asset management. These fees are taken into account in the investment return.

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