Last year (2024) was an "exceptionally successful year" for domestic pension and provident funds in Austria, according to the Association of Pension and Provident Funds (WKÖ).

Data from WKÖ showed that domestic pension funds achieved a return of 7.76 per cent, while provident funds (severance pay) had an average performance of 4.93 per cent.

According to WKÖ, domestic pension funds currently manage assets of €29.04bn, covering over 1.1 million pension fund customers.

On average, the 155,000 beneficiaries received a monthly additional pension of €417 last year (14 times a year).

Overall, Austrian pension funds manage assets of €21.3bn for around 3.92 million beneficiaries, with an average return of 5.03 per cent.

"As the largest private pension payer in Austria, Austrian pension funds are a central component of the pension system. A pension fund pension is an important addition to the standard of living in old age," said WKÖ chairman, Andreas Zakostelsky.

"The current results of the pension and provident funds clearly show that we need a comprehensive company pension scheme as a strong supplement for the future of the pension system in Austria.

"A full expansion of the second pillar is long overdue in order to sustainably secure the standard of living in old age in the future," added Zakostelsky.

"This year's top result, in particular, clearly shows the great potential that capital market-oriented investments hold for everyone, especially for low-income earners. Through this investment, all Austrians could benefit from international economic development," he concluded.

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