Regulatory Alerts2013-04-01
FMA Circular 01/2013 on Parallel Pension Products
The Financial Market Authority issued this circular to clarify supervisory expectations for pension companies and insurers offering parallel occupational retirement products. It confirms that employers may maintain multiple framework agreements without statutory limits, provided contributions are paid continuously and lump sums per beneficiary remain within collective system thresholds. The guidance further mandates that individual switching rights must align with the statutory age of 55, prohibits splitting individual entitlements except for one-off system choices, and requires partial terminations to cover all beneficiaries and their full assets.
Share