Raiffeisen Bank, licensed as voluntary pension broker

Raiffeisen Bank has been licensed as a broker for voluntary private pensions (pillar III), according to information published on the website of the Private Pension System Supervision Commission CSSPP). As a result, Raiffeisen is the first lending institution licensed to directly sell voluntary pension products. Under the law, banks and insurance brokers may sell voluntary pension products directly on the market provided they are licensed by the CSSPP. The Austrian bank will most likely launch its Raiffeisen Acumulare voluntary pension fund, managed by Raiffeisen Asset Management, through its own network. The fund is expected to emerge onto the market in the following weeks, as its prospectus has already been approved by the CSSPP. According to some previous statements made by the bank’s officials, Raiffeisen might to become involved in the distribution of mandatory pensions by setting up a broker specialised in this activity.