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Section II Information and publicity

Article 24 (Information to participants and beneficiaries)

  • 1.

    The management company shall compulsorily inform the participants of the pension plan contained in the deed of constitution or of the collective membership contract and of the respective amendments thereto, and the said management company shall bear the burden of proof in respect of compliance with this requirement.

  • 2.

    In the case of contributory pension plans, failure to comply with the obligation referred to in the preceding paragraph shall result in the associate being liable to pay, on his own account, the participant’s share of the contribution, without any loss of guarantees for the participant, until the obligation has been fulfilled.

  • 3.

    In closed pension funds and in the case of collective membership of open pension funds, the management company shall provide, at the request of the participants, all the information necessary for a complete understanding of the contract.

  • 4.

    In closed pension funds, which finance contributory plans, and in the case of individual membership of open pension funds, the contributors and the participants are entitled to receive from the management companies, at least once a year, information on the amount of contributions made by them or to their favour and in their name, and on the value of their shares in the total value of the fund.

Article 25 (Publicity)

1. It is forbidden to advertise quantifying future returns based on estimates of the management company, unless there is a specific reference, which is graphically highlighted, explaining that it is merely an example.

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