The Austrian Labour Board (Kammer fuer Arbeiter und Angestellte in Oesterreich) is contracting out part of its pension liabilities to a Pensionskasse-a type of Austrian pension fund.

Bids are now being assessed by the labour board's accountants, according to Josef Cerny at the labour board in Vienna.

Eight Pensionskassen - Winterthur Pensionskasse, OePAG Pensionskasse, Vereinigte Pensionskasse, BVP Pensionskasse, APK Allgemeine Pensionskasse, Victoria-Volksbanken Pensionskassen, Pensionsinstitut fuer Verkehr und oeffentliche Einrichtungen and Allianz Pensionskasse - were invited to submit bids. Cerny says only these eight fulfilled certain preliminary criteria laid down by the labour board. The successful bidder will be named on September 1.

It has still not been decided exactly how much of the Austrian Labour Board's pensions assets the winner will administer. But at the moment, the mandate will probably involve starting funds of a little over AS1bn ($77m), says Cerny.

The pensionskasse will preside over investment of the board's pension funds as well as administration of workers' pensions benefits. Under Austrian law, the labour board would not be allowed to invest its own pensions assets, so such mandates have to be contracted out to a pensionskasse or similarly authorised financial institution