Article 39 (Liquidity)
The management company shall at all times ensure that there is enough liquidity to make prompt pecuniary payments to beneficiaries according to the respective pension plan.
Article 40 (Solvency margin)
The management company shall maintain an adequate solvency margin.
For the purposes of the preceding paragraph, the provisions of Article 68 of Decree-Law no. 27/97/M of 30th June shall be applicable with necessary adaptations.
3. The valuation criteria for assets corresponding to the solvency margin shall be fixed by notice of AMCM.
Article 41 (Determination of solvency margin)
Without prejudice to the provision of the following paragraph 2, the amount of the solvency margin shall be determined as follows:
If the management company assumes the investment risk, the amount of solvency margin shall correspond to 4% of the value of the pension funds under management;
b) If the management company does not assume investment risk, the amount of solvency margin shall correspond to 1% of the value of the pension funds under management, provided the management contract is for a period of over five years and the amount utilised to cover the management expenses provided for in the said contract is also fixed for a period of over five years.