AUSTRIA - Vienna's Technische Universität (TU) has appointed Austrian Pensionsionskassen provider Valida Pension to offer its 2,000 employees a supplementary occupational pension.
The appointment comes only a few months after Valida signed a similar contract with the University of Natural Resources and Life Sciences, while it also manages the pension arrangements for Vienna's University of Economics and Business, as well as the city's medical university.
Peter Skalicky, the TU's chancellor, stressed that occupational schemes' importance to employees was set to grow due to demographic developments.
"As a responsible employer, the TU Vienna will invest in the occupational provision of its employees and has found a reliable partner in Valida Pension," he said.
The university has chosen to employ a flexible Pensionskassen approach, with scheme members able to choose between investment options with or without risk protection.
Members will be able to select one of three investment phases - dynamic, balanced and conservative - with the dynamic approach offering the highest exposure to equities.
Andreas Zakostelsky, managing director of Valida Vorsorge Management, added: "We are pleased TU Vienna has chosen a flexible Pensionskassen model, allowing members to select their level of risk protection in case of occupational disability, as well as their vehicle's risk profile."
The move toward a supplementary pension is relatively new, with laws dictating a unisex, supplementary savings vehicle only introduced two years ago.
Valida has taken a significant share of the higher education sector, providing retirement income for nearly 8,000 university employees.