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Article 17 (Management contracts of closed pension funds)

  • 1.

    A management contract shall be entered into between the founder members and the management company or companies of a closed pension fund.

  • 2.

    The management contract shall obligatorily contain the following information:

  • a)

    Name of the fund;

  • b)

    Name, share capital and address of the management company or

companies;

  • c)

    Name and address of depositories;

  • d)

    Maximum remuneration of the management company or companies;

  • e)

    Maximum remuneration of depositories;

  • f)

    Investment policy of the fund;

  • g)

    A technical-actuarial and financial plan which serves as the basis for

calculating the contributions to be made by contributors according to the benefits guaranteed and beneficiaries covered, in the case of defined benefit plans or mixed plans;

  • h)

    The hypotheses considered in calculating the annual contribution, taking into account the probable development of the different variables which may justify the modification of the said contribution;

  • i)

    Value of contributions and the respective frequency, where the benefit is not defined;

j) The conditions under which the contracting parties reserve the right to modify the management contract initially entered into;

  • -

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