2023-10-20 11:55:35
According to PEKABE, the vast majority of those entitled to benefits will see their pensions reduced again from January 2024
Vienna (OTS) – According to today’s release from the WKO, the performance of the Austrian pension funds as of September 30, 2023 is 1.91 percent, meaning that the investment goals were once again far missed. A performance of around 5 percent is necessary for a consistent pension. Those entitled have only been able to dream of a pension increase for years; the seven percent return promised at the time was a blatant misjudgment by the pension funds, although an increase in benefits would be urgently needed given the high inflation rate.
Big differences in performance between the individual cash registers
What the trade association is keeping quiet about are serious differences in the performance of the individual pension funds. The range of results is between around 0.5 percent and up to over 3 percent, to put it simply: six times as much. This clearly suggests failures in investment policy among the bottom performers. As always, the trade association has yet to provide an explanation.
The use of completely antiquated figures for the long-term result is far from any reality; for those entitled, today counts and a glossing over of the past is meaningless.
Can the pension funds do their business?
More and more entitled people are asking themselves this question, because how else can one explain that in the last five years an average of 1.96% has been generated (ÖKB values) and that an alternative, balanced and low-risk portfolio has increased in value over the same period reached by fifty percent. Unfortunately, the Association of Pension and Provident Funds does not provide an answer to this.
Peter Weller, Chairman of PEKABE: “The lack of performance cannot be explained by difficult markets alone. Our demand to withdraw money from the pension fund when we retire, as is possible in Switzerland, is becoming increasingly important given the current situation.”
About PEKABE
PEKABE is the only European consumer organization that represents the interests of over a million beneficiaries of Austrian pension funds independently and on a non-partisan basis.
Questions & Contact:
PEKABE – Protection Association of Pension Fund Beneficiaries
+43 699 118 74 566
office@pekabe.at
www.pekabe.at
1697803232
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