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Complementary and Private Pensions throughout the World 2008 (CPPTW 2008) constitutes an important source of information on old-age pension provision around the world. It is complementary (and in some cases supplementary) to the information on social security schemes provided in Social Security Programs Throughout the World (SSPTW). SSPTW is the result of the cooperative efforts of the International Social Security Association (ISSA) and the US Social Security Administration. When read together, CPPTW 2008 and SSPTW provide detailed information on countries’ social security and complementary systems of retirement income provision.
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1993: Law nº 24,241; creates the Integrated Retirement and Pension System (Sistema Integrado de Jubilaciones y Pensiones - SIJP) which introduces the private pension scheme, regulates the establishment and operation of pension fund administrators (Administradoras de Fondos de Jubilaciones y Pensiones - AFJPs), the PAYG scheme reform, the Superintendence, asset management, and the protection of rights.
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2000: Law 7983 on Protection of Workers; establishes the structure of the reformed oldage protection system consisting of a public noncontributory pension scheme, a mandatory publicly managed social security scheme and mandatory and voluntary private pension schemes; regulates the establishment, operation and supervision of pension operators and pension funds, including public pension funds, and provides for benefits to be paid as annuities or programmed withdrawals.
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1999: Law for the Protection and Defence of Financial Service Users; creates the National Commission for the Protection and Defence of Financial Service Users (Comisión Nacional para la Defensa de los Usuarios de Servicios Financieros - CONDUSEF) to respond to and resolve any inquiries or claims that are presented to it, to conduct the necessary conciliatory procedures and to offer guidance and legal advice to users in any dispute brought to court by them against financial institutions.
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2003: General law on complementary pensions; regulates the establishment of complementary occupational pension plans, coverage, waiting period, vesting and the options for plan members upon termination of employment before retirement; replaces as of 1 January 2004 the first general law on complementary pensions of 1995.
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2005: Social Welfare and Pensions Act; provides for amendments to the Pensions Act of 1990 that are necessary to provide for the transposition of EC Council Directive 2003/41/EC on the activities and supervision of Institutions for Occupational Retirement Provision (IORPS Directive); also provides additional amendments to the Pensions Act of 1990 to implement recommendations from the Pensions Board to the Minister for Social and Family Affairs following a review of the Funding Standard.
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Before the introduction of the Legislative Decree No. 124 (see below) in 1993, complementary pensions were not explicitly regulated. Occupational pension funds established before 11 November 1992 (“old” funds) preserve more flexible rules but they are not allowed to accept new members beyond their original membership. These funds are not covered further in the following sections unless explicitly mentioned.
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2005: Act on Pension Savings Companies with Variable Capital (Sociétés d’épargne-pension à capital variable - SEPCAVs) and Pension Savings Associations (Associations d’épargnepension - ASSEPs); introduces possibility to establish pension funds as SEPCAVs and ASSEPs; provides for authorization and supervision of SEPCAVs and ASSEPs and regulates minimum requirements concerning their administration.
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2004: Act No. 650 (amended by Act No. 747/2004) on Supplementary Pension Saving; transforms the Complementary Pension Insurance Scheme into the Supplementary Pension Saving Scheme; regulates the establishment of supplementary pension plans and the establishment, licensing and operation of supplementary pension insurance companies.
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2003: Social Insurance Code; regulates the publicly managed social security scheme and mandatory and voluntary private pension schemes and the establishment and licensing of pension insurance companies. It also regulates issues related to mandatory and voluntary private pension schemes such as the issuance of permits for establishment and management of universal, occupational and voluntary pension funds, coverage, investment of fund assets, accounting and reporting rules for funds and managing companies, and fees.
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1998: Act 129 on Pension Rights Insurance and the Operation of Pension Funds; defines the entities that are allowed to operate as pension funds and to receive mandatory contributions, determines minimum pension rights, general requirements for pension funds regarding size, risk, internal auditing and funding, establishes guidelines for, and limits on, the funds’ investment policies and creates the Financial Supervisory Authority (Fjármálaeftirlitid-FSA) to supervise pension funds’ solvency and compliance with legal requirements.
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2002: Law on Mandatory Fully Funded Pension Insurance; regulates the establishment, operation and winding up of pension companies and pension funds, defines asset management rules and provides for a supervisory and regulatory system with regard to all entities involved in the administration of the mandatory private pension scheme.
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2004: Act No. 411 on Privately Administered Pension Funds (amended in 2005 and 2007); regulates the establishment, organisation and functioning of the privately administered pension fund system and the organization and functioning of private pension fund administrators; also coordinates the activities of other entities operating in this field.
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Federal Constitution (Articles 111 and 113); Article 111 provides for a three pillar system of oldage, disability and survivor protection consisting of a federal basic insurance scheme (first pillar), mandatory occupational plans (second pillar) and recognized forms of voluntary provision for old age (such as voluntary personal savings - third pillar); Article 113 defines the main features of the system of occupational plans and its purpose which is to enable pensioners to maintain their standard of living in an “appropriate way” by complementing the basic insurance scheme. 1993: Federal Law on
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2001: Defined Benefit Occupational Pensions Act; provides for the establishment of two new types of plans from 1 April 2002, namely fund-type and contract-type defined benefit plans; stipulates that no new tax qualified pension plans are approved from that date and that all existing tax qualified pension plans must be wound up or transformed into other occupational pension plans by 31 March 2012
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1998: Mandatory Provident Fund Schemes (General) Regulation; further implements the Mandatory Provident Fund Schemes Ordinance, includes limits on the investment of scheme assets, requirements on trustees and other service providers and rules concerning enrolment, contributions, portability and withdrawal of accrued benefits and a compensation fund to be established by the Mandatory Provident Fund Schemes Authority (MPFA). 1995: Mandatory Provident Fund Schemes
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