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2. Documents intended for the public, including the advertising materials for open pension funds, shall necessarily indicate that the value of the fund units held varies according to the developments in the value of the assets which constitute the fund, and shall also specify whether there is any guarantee of payment of a minimum return.

Section III Duration, closure and liquidation of pension funds

Article 26 (Duration)

The duration period of pension funds shall be unlimited.

Article 27 (Closure)

  • 1.

    The liquidation of a management company shall not imply the closure of the fund or funds under its management, and such management company shall be substituted in accordance with the relevant provisions contained in the deed of constitution or in the management regulation.

  • 2.

    It is not permissible to agree upon or declare the liquidation of a management company of a pension fund without first providing proof of transfer of management to another competent entity.

  • 3.

    If the associates fail to pay the contributions to which they have committed themselves, the management company shall, without prejudice to the provisions of the following paragraphs, take the initiative to request the associates to set right the situation. However, if the situation is not set right and if, within a period of one year, an adequate plan to rectify the situation is not submitted to AMCM that is acceptable to this entity, winding up procedure of the fund shall follow.

  • 4.

    The progress of the plan to rectify the situation, referred to in the preceding paragraph, shall be monitored by the management company,

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