CHAPTER III Pension funds
SECTION 1 Types, constitution, joining and leaving
Article 13 (Types of funds and their respective constitution)
Pension funds can be either closed or open funds.
A pension fund is regarded as closed when the respective plan concerns only one associate or, if there are several founder members, there exists a link in terms of business, association, profession or of a social nature between them and their consent is necessary for new associates to be included in the plan financed by the fund.
A pension fund is regarded as open when there is no requirement for any link between the various members of the respective plan, and joining such fund depends only on acceptance by the management company of the relevant fund.
Closed pension funds are established at the initiative of a company or groups of companies, associations, namely social or professional associations, or by agreement between employer and employee associations.
5. Open pension funds are established at the initiative of any entity authorised to manage pension funds, and their total net value is divided into units of participation represented by certificates.
Article 14 (Authorisation for constitution)
1. AMCM is competent to authorise the constitution of pension funds.