AUSTRIA - The €1.9bn multi-employer Pensionskasse ÖPAG is in negotiations with  Germany and Slovenia to set up second-pillar pension operations.

"Negotiations are under way," a spokesman for the fund confirmed to IPE. In January the fund had expected to get the contracts finalised by summer.

However, "as legislation in both countries is so different from that in Austria" it is difficult to give any time frame on the signing of the deals, he explained.

The third largest Austrian Pensionskasse by asset size would be the first in the country to make the step across the border.

The choice of countries was determined by ÖPAG's clients. "It is for members who have operations in those countries," the spokesman explained.