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  • 2.

    Authorisation to constitute closed pension funds shall be granted based on the joint petition from the management companies and the founder members. The petition shall be submitted together with a draft of the deed of constitution, an actuarial valuation of the liabilities to be guaranteed by the fund, in the case of pension plans with defined benefits or mixed plans, and the respective financing plan.

  • 3.

    Authorisation to constitute open pension funds shall be granted based on the petition from the management company duly accompanied by a draft of the management regulations.

Article 15 (Deed of constitution of closed pension funds)

  • 1.

    Closed pension funds shall be constituted by way of written contract to be signed at the AMCM between the management companies and the founder members and the same shall be published in the Official Gazette, including any amendments thereto.

  • 2.

    Pension plans to be financed by closed pension funds may provide a defined benefit, require a defined contribution or be mixed.

3. The written contract shall contain obligatorily the information:

following

  • a)

    Name of the fund;

  • b)

    Name, share capital and head office of the management company or

companies;

  • c)

    Name and address of founder members;

  • d)

    Indication of the persons who can be participants, contributors and

beneficiaries of the fund;

e) Initial value of the fund’s assets, with a detailed breakdown of such assets;

  • -

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