Carmaker Porsche has picked the Austrian VBV Group’s severance payment fund, VBV Vorsorgekasse, to manage the savings of its employees from January 2021.

The VBV Vorsorgekasse is responsible for the mandatory part of occupational pensions, the so-called Abfertigung Neu.

The 7,000 employees of Porsche Inter Auto, Porsche Holding, Porsche Konstruktionen, Porsche Informatik, Porsche Bank, Volkswagen Insurance Service and the car rental service ARAC, will move to the VBV Vorsorgekasse from the current provider Bonus Vorsorgekasse.

“Porsche is one of numerous new customers [for us] in the current financial year,” said Andreas Zakostelsky, general director of the VBV Group and chief executive officer of VBV Vorsorgekasse.

The performance of the VBV Vorsorgekasse was a decisive element to take on board new customers, he added. VBV Vorsorgekasse achieved performance figures of 6.8% in the last year.

According to latest figures released by consultancy Mercer, Austrian Vorsorgekassen showed signs of recovery in the third quarter of this year from the downturn in March.

The severance payment funds recorded an average return of -1.1% at the end of September. Returns varied among individual funds in the range of -0.50% to 2.08%, these having equity allocations of more than 40%, research showed.

The Bonus Vorsorgekasse led the ranking with -0.50%, followed by the VBV Vorsorgekasse with -0.52%.

The business relationship with regard to pension plans management between VBV Group and Porsche has solidified in recent years.

The VBV Group decided in 2019 to continue to pursue its growth strategy by taking over Porsche Pensionskasse.

Porsche operated its pension fund as an independent unit within the group. At the time of the takeover, the fund counted 1,200 beneficiaries and managed assets of almost €100m.

Hans Peter Schützinger, CEO of Porsche Holding in Salzburg said: “We have known VBV as a highly professional partner since the sale of our pension fund. Therefore, after an extensive selection process, we have decided to transfer the Abertigung Neu of our employees into the hands of the VBV.”

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