Austria’s €2bn Vorsorgekasse VBV has announced plans to reform its fee structure from next year, rewarding people who leave their money in the system for a longer period.Under the new structure, members will pay 1.9% in fees for the first five years, 1.4% after that and, from the tenth year onwards, 1%.“This is the legal minimum for fees in Vorsorgekassen,” VBV said.One of VBV’s competitors, the €1.45bn Valida Plus Vorsorgekasse, told IPE it would lower its own fees from 1.9% to 1.5% from January 2017 for all members – regardless of how long they have been contributing to the Vorsorgekasse. Since the implementation of these severance pay funds in 2003, Austrian companies have been required to make contributions for each employee amounting to 3.5% of salary.Employees can then take the money out after three years with the company.Because the system is not officially designed as retirement provision, many people do take out the money or leave it dispersed over various Vorsorgekassen after changing jobs.To date, the 10 Vorsorgekassen on the market have collected more than €6.5bn in assets.But, in order to gain new assets, the funds must convince companies to change providers.Last year, Valida Plus managed to gain the major Austrian retailer Spar, with 22,000 employees, as a new client.In other news, Valida Consulting has taken on the administration of the supplementary pension plan of Austrian Public Accountants (Wirtschaftstreuhänder).The pension plan of undisclosed size, to which all members of the Chamber have to make contributions, had re-tendered the administration mandate.The previous admin company was Concisa , a subsidiary of the Bonus Pensionskasse.
The floating bamboo floor, laid during the first renovation, was removed so the large studio could be converted back into two equal-sized bedrooms and the floor was relaid in the new configuration.More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours ago“It was about recycling, we wanted to make sure we could use the floor again,” she said.By April 2018, a new downstairs bathroom had been added, with a rainwater showerhead and mosaic tiling and the couple were in talks with an architect to draw up plans for a massive renovation and extension, bringing the kitchen to the ground level and designing a massive master bedroom with ensuite and city views across the back of the house with a new deck and sitting room. AFTER: The completed downstairs bathroom at 30 Guthrie St, Paddington. Photo: supplied“By the time we got the final plans, in mid-2019, the kids were at university and Stuart had taken a job in Sydney and we just thought, there’s no point doing the massive renovation.”The couple had plans drawn for a smaller renovation using the home’s existing envelop, and were about to begin when the COVID-19 pandemic hit.“With COVID we just thought everything is changing, do we really want to do this new renovation or do we just want to sell so that someone else can put their stamp on it?“I just wish we could have done it all.” 30 Guthrie St, Paddington is now ready for new owners to continue the renovation journey. Photo: suppliedRay White Paddington selling agent Angela Mastrapostolos said the property was a rare opportunity to buy a partially-renovated property in one of the most popular parts of town.“We don’t see properties like this on the market very often,” Ms Mastrapostolos said. The property as it now looks. Photo: supplied“It’s either fully renovated or not at all. You can see where the couple were going with the renovation and this is definitely an opportunity to finish the dream.”The property will go to auction on July 11. Agent directs traffic as auction crowd spills onto street Incentives to help you buy your next home MORE FROM QLD Maree and Stuart Macfarlane in their partially-renovated home at Paddington that goes to auction on July 11. Photo: John Gass It was to be a million dollar renovation to restore and extend a pre-war Queenslander in inner-city Paddington and give Maree and Stuart Mcfarlane city views from their new master bedroom.The family of four were part-way through their renovation journey when Stuart was offered a job interstate and then the coronavirus hit, prompting the couple to put their home on the market and pass the renovator’s baton to new owners. BEFORE: 30 Guthrie St, Paddington from the front. Photo: supplied AFTER: A fresh coat of paint does wonders to the house. Photo: suppliedBut renovations to the 810sq m property at 30 Guthrie St, Paddington over the past 10 years have already brought the 100-year-old Queenslander back to life. SEE WHAT ELSE IS FOR SALE IN PADDINGTON “We moved back from London in 2010 and at the same time as moving in we converted what was the upstairs living room into a bedroom and put in ducted airconditioning,” Mrs Macfarlane said.“I was really happy when we first ripped up the carpets and tore out the built-in wardrobes in the two bedrooms at the front of the house. BEFORE: Old carpet were removed. Photo: supplied“We had the floors polished and we painted the rooms white and it really looked fresh and welcoming.” AFTER: Timber floors and white walls opens the bedroom, Photo; suppliedThe next step was reclaiming the jungle at the rear of the block and adding an inground swimming pool, decking, retaining walls and new fencing. BEFORE: The garden was the previous owners’ pride and joy but the Macfarlanes wanted more space. Photo: supplied AFTER: They made room for a swimming pool as well as a flat play area for the children. Photo: suppliedBy the end of 2011, the focus returned to the house and the need for a pilates studio for Mrs Macfarlane’s business.“We converted the two downstairs bedrooms and half of the living room so we could use the main (external) door downstairs to go into the studio,” she said. AFTER: The pilates studio. Photo: supplied“Stuart didn’t work for the first two years when we first got back (from London) and the house was his project, building the studio and the upstairs bedroom. But he decided he couldn’t keep doing that, he needed more stimulation, so he went back to work.”Between 2012 and 2016, the DIY renovations stopped while the couple worked during the week and spent weekends providing a taxi service for their two teenage children’s tennis and music lessons.During this time the pilates business was scaled back, so in mid-2017 the downstairs studio was converted back into two separate bedrooms but this time with a larger open living area.“That’s the beauty of old Queenslanders,” Mrs Macfarlane said.“It’s very easy to move a wall around.” FOLLOW US ON FACEBOOK