Opinion of the European Central Bank of 21 November 2023 on pension restrictions for officers and employees of the Oesterreichische Nationalbank (CON/2023/37)
Date: 2023-11-21
Institutions: European Central Bank
Subjects: legal basis

EN 

ECB-PUBLIC 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 21 November 2023  

on pension restrictions for officers and employees of the Oesterreichische Nationalbank 

(CON/2023/37) 

Introduction and legal basis 

On 9 November 2023 the European Central Bank (ECB) received a request from the Austrian Ministry of 

Finance  for  an  opinion  on  a  draft  law  amending  the  pension  regulations  of  the  Oesterreichische 

Nationalbank (hereinafter the ‘draft law’). 

The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 

Functioning of the European Union and the third indent of Article 2(1) of Council Decision 98/415/EC1, as 

the draft law relates to the Oesterreichische Nationalbank (OeNB). In accordance with the first sentence of 

Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted 

this opinion. 

1. 

Purpose of the draft law 

1.1  The draft law aims to harmonise the pension rules within the OeNB. For this purpose, amendments 

to the pension rules applicable to one group of employees of the OeNB are proposed, in order to 

align them with the rules already applicable to other groups of employees of the OeNB.  

1.2  The draft law applies to employees falling under Terms of Service III who entered into an employment 

relationship  with  the  OeNB  on  or  after  1  May  1998  and  before  1  January  2007  (hereinafter  the 

‘affected OeNB employees’). The draft law requires the affected OeNB employees to pay a pension 

contribution  of  3 %  of  the  portion  of  their  monthly  remuneration  and  special  payments  above  the 

maximum  contribution  basis  applicable  under  the  general  Austrian  pension  system.  This  pension 

contribution will increase to 4 % from 1 January 2025 and to 5 % from 1 January 2026. 

1.3  Furthermore, the affected OeNB employees are entitled to receive a final pension fund contribution. 

In this regard, the draft law gradually reduces the calculation basis from the current level of 80 % of 

the  relevant  remuneration  to  72 %  until  2046.  Additionally,  the  draft  law  gradually  increases  the 

calculation period for determining the comparator pension for the affected OeNB employees from 

the  last monthly salary to the average  of the last 216 monthly salaries until 2040.  Until 2032, the 

minimum floor of the calculated final pension fund contribution will be gradually reduced to 85 % of a 

hypothetical comparator pension, which does not take into account the reductions introduced by the 

draft law. Furthermore, employees are only entitled to receive a final pension fund contribution upon 

1  

Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national authorities 
regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42). 

 
 
 
 
 
ECB-PUBLIC 

reaching the minimum age for claiming a corridor pension, which is 62 years of age under the general 

Austrian pension system. If the final pension fund contribution is due before the respective employee 

reaches the current standard retirement age under the general Austrian pension system, which is 65 

years of age, the respective comparator pension is reduced by certain percentages (between 0.15 % 

and 0.425 %) for each month of early retirement, up to a maximum reduction of 15.3 %.  

1.4  The  explanatory  memorandum  accompanying  the  draft  law  refers  to  the  Law  on  the  limitation  of 

salaries of public officials 2, which reduced emoluments and pension benefits for public office holders, 

including with respect to OeNB employees falling under Terms of Service I and II. In order to align 

and harmonise the pension rules applicable to the different employee groups within the OeNB, the 

draft law proposes the abovementioned amendments in respect of employees falling under Terms 

of Service III. Furthermore, the explanatory memorandum states that the OeNB should observe the 

principles  of  economy,  efficiency  and  expediency  in  its  business  operations.  The  explanatory 

memorandum also notes that the Austrian Court of Audit, which is the Supreme Audit Institution of 

the Republic of Austria and is also competent to examine whether the OeNB uses taxpayers’ money 

in an efficient, effective and economic way, takes the view that the current pension rules under Terms 

of  Service  III  would  not  achieve  these  objectives  and  has  recommended  further  reforms  of  these 

pension rules. Lastly, the explanatory memorandum mentions that the Austrian Constitutional Court 

has assessed previous interferences with existing employment contracts of the OeNB as a legitimate 

legislative objective, and notes that the same should apply in relation to Terms of Service III. 

2. 

General observations 

The ECB understands that the draft law aims to harmonise the pension rules for officers and employees of 

the OeNB between the various Terms of Service, on which the ECB has previously opined3. The ECB also 

notes that the measures contemplated in the draft law are strictly limited to reducing pension costs with the 

objective of reducing public expenditure. 

3. 

Specific observations 

Financial independence 

3.1  As the draft law applies to and directly affects OeNB’s officers and employees, it should be examined 

from  the  perspective  of  central  bank  independence  requirements 4.  The  principle  of  central  bank 

independence  as  enshrined  in  Article  130  of  the  Treaty  prohibits  third  parties,  including  the 

governments of the Member States, from issuing instructions to the national central banks (NCBs) 5. 

In addition, the principle of central bank independence means that third parties may not influence, 

2  

3  
4  
5  

Bundesverfassungsgesetz  über  die  Begrenzung  von  Bezügen  öffentlicher  Funktionäre,  Federal  Law  Gazette  I 
no 64/1997 as amended by Federal Law Gazette I no 46/2014. 
See Opinion CON/2014/35. All ECB opinions are available on EUR-Lex. 
This examination is without prejudice to the Member States’ competences under Article 153(4) of the Treaty. 

See Opinions CON/2015/8 and CON/2015/57. 

2 

 
 
 
ECB-PUBLIC 

directly or indirectly, an NCB in the performance of its tasks or as regards its ability to fulfil its mandate 

both operationally in terms of manpower, and in terms of appropriate financial resources6. 

3.2 

In particular, Member States may not impair an NCB’s ability to employ and retain the qualified staff 

necessary  for  the  NCB  to  perform  independently  the  tasks  conferred  on  it  by  the  Treaty  and  the 

Statue of the European System of Central Banks and of the European Central Bank. An NCB may 

not  be  put  into  a  position  where  it  has  limited  control  or  no  control  over  its  staff,  or  where  the 

government of a Member State can influence its policy on staff matters. Amendments that lead to 

reductions  in  remuneration  for  an  NCB’s  staff  should  not  interfere  with  that  NCB’s  powers  to 

administer its own financial resources, including the funds resulting from any reduction in salaries 

that it pays7. Autonomy in staff matters extends to issues relating to staff pensions8. 

3.3  To protect autonomy in staff matters, the ECB has consistently recommended in its previous opinions 

and in its convergence reports that any amendment to legislation on remuneration for members of 

an  NCB’s  decision-making  bodies  and  its  employees  should  be  decided  in  close  and  effective 

cooperation with the NCB, taking due account of its views, to ensure the ongoing ability of the NCB 

to independently carry out its tasks9. Accordingly, legislative provisions affecting the remuneration of 

members  of  its  decision-making  bodies  and  employees  should  be  drafted  in  close  and  effective 

cooperation with the OeNB.  

3.4  There are no indications that the measures contemplated will prevent the officers or staff members 

of the OeNB,  or the OeNB as  a whole, from carrying out their tasks  independently.  Furthermore, 

there  are  no  indications  that  the  draft  law  will  limit  the  OeNB’s  ability  to  retain  qualified  staff,  or 

otherwise deprive its decision-making bodies of their powers of internal organisation and control over 

staff, or interfere with its staff policy (e.g. its ability to increase salaries due to promotions or to recruit 

new staff). Finally, the ECB understands that the OeNB was involved in the preparation of the draft 

law and would not object to it.  

This opinion will be published on EUR-Lex. 

Done at Frankfurt am Main, 21 November 2023. 

[signed] 

The President of the ECB 

Christine LAGARDE 

6  

7  
8  
9  

See, for example, the ECB’s Convergence Report 2022, p. 27; paragraph 6 of Opinion CON/2012/89; and paragraph 4 
of Opinion CON/2013/46.  
See paragraph 2.4 of Opinion CON/2017/49. 
See the ECB’s Convergence Report 2022, p. 29 and the references to ECB opinions contained therein. 

See Opinion CON/2011/106, in particular paragraph 4.3. 

3