AUSTRIA - Johannes Ziegelbecker, head of the Austrian multi-employer pension fund ÖPAG, will manage the federal Pensionskasse for civil servants (BPK) from today.
Ziegelbecker had been on the BPK's supervisory board but has now transferred to the managing board of the pension fund.
He will remain at the ÖPAG until October 15 to ensure a smooth transition for the new member of the management board Andreas Zakostelsky. (See earlier IPE article: ÖPAG loses head)
"There was a new opportunity and I took it," Ziegelbecker told IPE.
Two of the current members on the management board at the BPK will leave to concentrate on their other jobs as Martha Oberndorfer is head of the federal finances agency, the body dealing with the Austrian state deficit - a position which she had taken on late last year - and Günther Gruber is an actuary.
The second position on the management board of the BPK will be filled by Markus Klug, formerly CEO and founder of Omicron Investment Management, which serviced institutional clients.
While ZIegelbecker will mainly deal with administrative issues, Klug will be responsible for asset allocation.
It is not yet decided who will succeed Ziegelbecker on the BPK's supervisory board.
The BPK had recently received a boost via new legislation which will increase membership of the fund by up to 150,000 people. (See earlier IPE article: 150,000 to join BPK)
Ziegelbecker noted this figure also included several thousand teachers in the provinces which have pensions paid for by the state so it is not yet clear whether they will also join the federal Pensionskasse.
Unconnected to Ziegelbecker's arrival at the fund, the pensions calculation rate for almost 43,000 existing members of the fund will be lowered from 5.5% to 3% from next year to match that of the new members.
BPK has only one retired member as it is a very young fund.
If you have any comments you would like to add to this or any other story, contact Julie Henderson on + 44 (0)20 7261 4602 or email julie.henderson@ipe.com
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