In 2005, the Austrian government passed the Allgemeine Pensionsgesetz (General Pensions Act), introducing a pension account system. It was created as a simple, transparent and secure pension system. In 2012, the 2nd Stabilitätsgesetz (Austrian Law for the Promotion of Economic Stability and Growth) did away with the Parallelrechnung (a method of calculating pension claims based on a combination of both the old and the new pensions act). As a result, from 1st January 2013, all people born after 1st January 1955 were given a pension account. This Masters thesis aims to provide an overview of how the Austrian pension accounts work, and how pension claims are calculated for people insured with the Allgemeine Sozialversicherungsgesetz (General Social Insurance Act) or the Gewerbliche Sozialversicherungsgesetz (Social Insurance Act for Trade and Industry). Additionally, this thesis analyses the profitability of pension accounts and the financial feasibility of this new pension system. The thesis concludes that profitability is achieved only under certain conditions and depends on life expectancy, the amount paid into the accounts, family status and especially on the number of qualifying years and interest rates A misassumption about the number of qualifying years, for example, at the point of setting up a pension account, can result in extra expenditures. In regards to the financial feasibility, this Masters thesis argues that whether or not the new pension system is financially feasible depends on the populations income. With the current retirement age, the height of pension claims, and life expectancy, the pension system is not financially feasible. While the General Pensions Act requires a commission to assess all parameters and, if necessary, make suggestions for the adaptation of the pension system every 5 years, only time will tell whether theses assessments prove efficient or not.