Decree-Law no 6/99/M ( a ) of 8 February
Private Pension Funds, designed as autonomous assets for the purpose of payment of retirement and widow’s pensions, were formerly regulated by Decree-Law no 44/88/M of 13 June which provided a minimal legal framework in order to create favourable conditions for their development.
The experience gained so far and the growing importance of such private social security schemes within the socio-economic context of the Territory justify that the current regime needs to be reviewed, particularly with regard to strengthening the guarantees to the beneficiaries and the conditions for the setting up and management of funds, including their supervision and control which is now attributed to the Monetary and Foreign Exchange Authority of Macau.
After hearing the Consultative Council;
By using the legislative authorisation conferred by Article 1 of Law no 9/98/M of 21 December and under the terms of Article 13, paragraph 3 of the Organic Statute of Macau, the Governor hereby decrees that the following shall be enforced as law in the Territory of Macau:
( a ) The Articles 9 and 43 have been amended by Article 1 of Law n° 10/2001 of 2 July and the period laid down in Article 47 paragraph 1 has been extended by Article 2 of the said law.