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2. The notification of withdrawal shall have effect if it is sent by registered post with acknowledgement due to the address of the head office of the management company that signed the contract for individual membership of the pension fund.

Article 22 (Effects of exercising the right of withdrawal)

  • 1.

    Exercising the right of withdrawal implies the cancellation of the individual membership contract, abolishing all obligations arising therefrom with effect from the date of signing of the said contract.

  • 2.

    Upon cancellation of the membership contract, the fund units subscribed shall be returned and the corresponding value of such fund units at the time of cancellation shall be refunded, less the costs of deinvestment which the fund can prove to have actually incurred.

3. The exercise of the right of withdrawal shall not give rise to the payment of any indemnity between the parties to the contract.

Article 23 (Amendments to the deed of constitution and to the management regulations)

  • 1.

    Any amendment to the deed of constitution or to the pension fund management regulations, including the transfer of pension fund management between management companies shall be subject to AMCM’s approval.

  • 2.

    The amendments referred to in the preceding paragraph shall not reduce the amounts of pecuniary payments already fixed, nor affect the acquired rights under the terms of Article 9.

3. Where the amendments to the deed of constitution affect the pension plan, the respective petition for authorisation shall include, in addition to the new text, the actuarial valuation of the new liabilities which shall be guaranteed by the pension fund and the respective financing plan, taking into account the provisions of Article 16.

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