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  • e)

    The excess of fund assets returned to associates under the terms provided for in the present law;

  • f)

    Other expenses related to the fund as provided for in the respective management contract.

Article 31 (Autonomy of assets)

  • 1.

    Without prejudice to the provisions of the following paragraph, the assets of a pension fund shall only be utilised for the execution of pension plans in respect of their beneficiaries.

  • 2.

    The only exceptions allowed to the rule stated in the preceding paragraph are related to the obligations arising directly from management or deposit expenses, and also those related to payment of insurance referred to in Article 29, sub-paragraph e).

3. The pension plans contained in the respective deed of constitution, management regulations or membership contract shall solely and exclusively be funded through the fund’s assets or by its respective share in the total. The value of the said assets shall be the maximum amount available to the management company, without prejudice to the liability of associates, participants and contributors to pay their contributions and the eventual minimum income guaranteed by the management company.

Article 32 (Excess financing)

1. If, during five consecutive years, the value of the pension fund corresponding to the financing of a defined benefit plan exceeds by more than 20% of the current value of total liabilities inherent to this plan, the respective contributions may be temporarily suspended or reduced.

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