Statutory Old Age Pension Scheme for Notaries
Notarversorgung
Coverage
Mandatory insurance
- Notaries and notarial candidates.
Financing
General finances
- Mainly PAYG-financed from insurance contributions.
- Partly financed from other revenues (e.g. investments).
Contribution rates to mandatory insurance
- Fixed share of annual earnings (currently 14.0%; but fixed minimum lump sum) without contribution assessment ceiling.
Taxation of contribution payments
- Contributions are tax-deductible.
Administration
- Pensions are administered by the Pension Institution of the ‘Austrian Notaries’ Office’ (Versorgungsanstalt des österreichischen Notariats).
Qualifying Conditions
Qualifying conditions
- Standard old age pension: retirement age will be raised from currently 69 to 70 years by 2027.
- Minimum contribution period: 5 years.
Early retirement
- Entitlement to an early retirement pension after reaching the age of 65 if the office has expired or the person has been removed from the list of notary candidates.
- Possibility of early retirement if severe and permanent invalidity has occurred (minimum contribution period: 1 year).
- Negative (permanent) adjustments to pension benefits in case of early retirement (4.8% per year, max. 24%).
Combining employment & retirement
- After retirement, employment in private sector is permitted without earnings limit.
Benefits
Pension benefits
- Based on various components: a fixed basic amount (Grundbetrag), a component based on the length of contribution payments (‘amount of increase’; Steigerungsbetrag), and an additional earnings-related/income-related component (Zusatzpension).
- Fixed minimum of pension benefits (also in case of early retirement); no fixed maximum of pension benefits (but lower share of additional component with increasing amount).
Benefit calculation
- Based on the following factors:
- Fixed basic amount (Grundbetrag),
- Amount of increase for each valuable contribution month (Steigerungsbetrag),
- Additional pension benefits (in general 16%) based on the average income during the past 30 years.
- Adjustments: annual adjustment of the pension value taking into account changes in prices/incomes.
Taxation and social security contributions
- Pension benefits are subject to income tax according to the general tax rules.
- Mandatory contributions for health insurance (5.1%) are deducted monthly from the pension total.
Coverage
Financing
Administration
Qualifying Conditions
Benefits
Mandatory insurance
- Notaries and notarial candidates.
General finances
- Mainly PAYG-financed from insurance contributions.
- Partly financed from other revenues (e.g. investments).
Contribution rates to mandatory insurance
- Fixed share of annual earnings (currently 14.0%; but fixed minimum lump sum) without contribution assessment ceiling.
Taxation of contribution payments
- Contributions are tax-deductible.
- Pensions are administered by the Pension Institution of the ‘Austrian Notaries’ Office’ (Versorgungsanstalt des österreichischen Notariats).
Qualifying conditions
- Standard old age pension: retirement age will be raised from currently 69 to 70 years by 2027.
- Minimum contribution period: 5 years.
Early retirement
- Entitlement to an early retirement pension after reaching the age of 65 if the office has expired or the person has been removed from the list of notary candidates.
- Possibility of early retirement if severe and permanent invalidity has occurred (minimum contribution period: 1 year).
- Negative (permanent) adjustments to pension benefits in case of early retirement (4.8% per year, max. 24%).
Combining employment & retirement
- After retirement, employment in private sector is permitted without earnings limit.
Pension benefits
- Based on various components: a fixed basic amount (Grundbetrag), a component based on the length of contribution payments (‘amount of increase’; Steigerungsbetrag), and an additional earnings-related/income-related component (Zusatzpension).
- Fixed minimum of pension benefits (also in case of early retirement); no fixed maximum of pension benefits (but lower share of additional component with increasing amount).
Benefit calculation
- Based on the following factors:
- Fixed basic amount (Grundbetrag),
- Amount of increase for each valuable contribution month (Steigerungsbetrag),
- Additional pension benefits (in general 16%) based on the average income during the past 30 years.
- Adjustments: annual adjustment of the pension value taking into account changes in prices/incomes.
Taxation and social security contributions
- Pension benefits are subject to income tax according to the general tax rules.
- Mandatory contributions for health insurance (5.1%) are deducted monthly from the pension total.
Legal Basis: Notaries‘ Act (Notariatsordnung); Notaries‘ Pension Act (Notarversorgungsgesetz 2020); Statutes of the Notaries’ Chambers (Satzungen der Notariatskammern); Income Tax Act (Einkommensteuergesetz 1988).