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b) Non-contributory plans – wherein the financing is done exclusively by the associates.

Article 8 (Obligation to finance)

The financial commitments of pension plans shall be financed obligatorily by means of a financial and actuarial capitalisation system, which provides equilibrium between contributions and guaranteed pecuniary payments, namely through pension funds set up under the terms of this Law.

Article 9 ( b ) (Acquired rights)

  • 1.

    Each participant in the pension plan is entitled to receive the payments made by the contributors to the pension plans, plus the product of the respective capitalisation less management charges, according to the terms set out in the respective pension plan.

  • 2.

    The formation of the right stipulated in the previous paragraph shall be subject to verification of any one of the circumstances indicated in Article 2 or according to the circumstance referred to in the following paragraph.

3. When the working relationship between the associate and the participant ceases for reasons other than those mentioned in Article 2, such participant shall have the option either to receive the pecuniary payments referred to in paragraph 1 above or transfer the same to a new pension fund.

Article 10 (Method of paying benefits)

Payment to beneficiaries of the pecuniary payments provided for in the pension plans shall be done in the form of a lump sum payment, unless another form has been expressly indicated in the respective pension plan .

  • (b)

    As amended by Article 1 of Law n° 10/2001 of 2 July.

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