Complementary and Private Pensions throughout the World 2008

Complementary and Private Pensions throughout the World 2008 You do not have access to this content

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Author(s):
OECD, International Social Security Association, IOPS
Publication Date :
22 Sep 2008
Pages :
540
ISBN :
9789264048829 (PDF) ; 9789264043473 (print)
DOI :
10.1787/9789264048829-en

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This comprehensive and in-depth reference work provides detailed information on the regulation and supervision of voluntary and mandatory occupational pension plans as well as mandatory private pension schemes in 58 countries worldwide. Designed to be complementary to Social Security Programs throughout the World, each country profile contains information on the regulatory framework, the institutional framework, coverage, financing/investment, benefit provisions, benefit adjustment, disability, protection of rights, and regulatory and supervisory authorities.   

 

Complementary and Private Pensions Throughout the World 2008 is the product of the cooperative efforts of three key international bodies in the area of pensions: the International Social Security Association (ISSA), the International Organisation of Pension Supervisors (IOPS) and the Organisation for Economic Co-operation and Development (OECD).

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    Introduction
    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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      http://oecd.metastore.ingenta.com/content/2108021ec003.pdf
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    AFRICA - Voluntary (Information valid at 01-01-2005): Botswana
    1995: Income Tax Act; regulates the taxation of contributions, investment income, and benefits. 1987: Pension and Provident Funds Act; regulates the establishment, registration, and operation of pension and provident funds
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      http://oecd.metastore.ingenta.com/content/2108021ec004.pdf
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    AFRICA - Voluntary (Information valid at 01-01-2005): Kenya
    2000: The Retirement Benefits (occupational retirement benefits schemes) Regulations; contain rules concerning administration, membership and benefits under occupational pension plans and define guidelines for the investment of plan assets.
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      http://oecd.metastore.ingenta.com/content/2108021ec005.pdf
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    AFRICA - Voluntary (Information valid at 01-01-2005): South Africa
    2001: Pension Funds Second Amendment Act; amends the Pension Funds Act of 1956 to provide for the apportionment of surplus to stakeholders which includes employers, members, pensioners, deferred pensioners, and former members.
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      http://oecd.metastore.ingenta.com/content/2108021ec006.pdf
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    AFRICA - Voluntary (Information valid at 01-01-2005): Tunisia
    1997: Decree of the Minister of Social Affairs of 27 January 1997; modifies the decree of 1978 with regard to the regulations governing survivor pensions.
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      http://oecd.metastore.ingenta.com/content/2108021ec007.pdf
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    AFRICA - Voluntary (Information valid at 01-01-2005): Zambia
    1996: Pension Scheme Regulation Act No. 28; provides for the prudential regulation and supervision of occupational pension plans and requires all plans to be registered with the Registrar of Pensions and Insurance as well as to undergo regular actuarial valuation and financial auditing.
  • Click to Access: 
      http://oecd.metastore.ingenta.com/content/2108021ec008.pdf
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    AFRICA - Voluntary (Information valid at 01-01-2005): Zimbabwe
    2000: Insurance and Pensions Commission Act (not yet fully implemented); provides for the establishment of the Insurance and Pensions Commission to supervise insurance companies and pension and provident funds.
  • Click to Access: 
      http://oecd.metastore.ingenta.com/content/2108021ec009.pdf
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    AMERICAS - Voluntary (Information valid at 01-07-2005): Brazil
    2002: Resolution CMN 3,034; regulates the investment of open plan assets.
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      http://oecd.metastore.ingenta.com/content/2108021ec010.pdf
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    AMERICAS - Voluntary (Information valid at 01-07-2005): Canada
    Complementary pensions are regulated by the following federal and provincial legislation:
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      http://oecd.metastore.ingenta.com/content/2108021ec011.pdf
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    AMERICAS - Voluntary (Information valid at 01-07-2005): United States
    2001: Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA); increases contribution and benefit limits, improves transferability between different types of plans and regulates faster vesting for employer matching contributions to 401(k) plans.
  • Click to Access: 
      http://oecd.metastore.ingenta.com/content/2108021ec012.pdf
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    AMERICAS - Mandatory (Information valid at 01-07-2005): Argentina
    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.
  • Click to Access: 
      http://oecd.metastore.ingenta.com/content/2108021ec013.pdf
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    AMERICAS - Mandatory (Information valid at 01-07-2005): Bermuda
    1999 (effective 1 January 2000): National Pension Plan (Occupational Pensions) Amendment Act; defines minimum accrual rates for defined benefit plans and introduces changes to the rules governing survivor benefits.
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      http://oecd.metastore.ingenta.com/content/2108021ec014.pdf
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    AMERICAS - Mandatory (Information valid at 01-07-2005): Bolivia
    2005: Law n° 3076; further establishes the attributions of the Superintendency of Pensions, Securities and Insurances (Superintendencia de Pensiones, Valores y Seguros).
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      http://oecd.metastore.ingenta.com/content/2108021ec015.pdf
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    AMERICAS - Mandatory (Information valid at 01-07-2005): Chile
    2004: Law No. 19,934; modifies the retirement option structure introducing a new method of calculation of life annuities.
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      http://oecd.metastore.ingenta.com/content/2108021ec016.pdf
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    AMERICAS - Mandatory (Information valid at 01-07-2005): Colombia
    2005: Legislative Act No. 1; amends article 48 of the Colombian Constitution Policy.
  • Click to Access: 
      http://oecd.metastore.ingenta.com/content/2108021ec017.pdf
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    AMERICAS - Mandatory (Information valid at 01-07-2005): Costa Rica
    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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      http://oecd.metastore.ingenta.com/content/2108021ec018.pdf
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    AMERICAS - Mandatory (Information valid at 01-07-2005): Dominican Republic
    2002: Decree 969; sets guidelines for compliance with Law 87/2001.
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      http://oecd.metastore.ingenta.com/content/2108021ec019.pdf
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    AMERICAS - Mandatory (Information valid at 01-07-2005): El Salvador
    1996: Decree No. 926; establishes the Superintendence of Pensions to supervise the system of mandatory private pension schemes and regulates its structure, functions and powers.
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      http://oecd.metastore.ingenta.com/content/2108021ec020.pdf
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    AMERICAS - Mandatory (Information valid at 01-07-2005): Mexico
    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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      http://oecd.metastore.ingenta.com/content/2108021ec021.pdf
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    AMERICAS - Mandatory (Information valid at 01-07-2005): Peru
    2003: Law No. 27,988; implements multifunds in the private pension scheme.
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      http://oecd.metastore.ingenta.com/content/2108021ec022.pdf
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    AMERICAS - Mandatory (Information valid at 01-07-2005): Uruguay
    1995: Law 16,713; reforms the old-age pension system, creates a mixed system of old-age protection consisting of a publicly managed social insurance scheme and a mandatory private pension scheme, and regulates the establishment and operation of pension fund administrators.
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      http://oecd.metastore.ingenta.com/content/2108021ec023.pdf
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    EUROPE - Voluntary (Information valid at 01-01-2006): Austria
    2005: Company Pensions Act; authorizes five different types of plans.
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      http://oecd.metastore.ingenta.com/content/2108021ec024.pdf
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    EUROPE - Voluntary (Information valid at 01-01-2006): Belgium
    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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      http://oecd.metastore.ingenta.com/content/2108021ec025.pdf
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    EUROPE - Voluntary (Information valid at 01-01-2006): Denmark
    2005: Consolidated Supervision of Company Pension Funds Act; regulates the establishment, operation, and supervision of company pension funds and includes rules concerning investment, minimum funding, annual reporting, and accounting.
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      http://oecd.metastore.ingenta.com/content/2108021ec026.pdf
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    EUROPE - Voluntary (Information valid at 01-01-2006): Germany
    2004: Retirement Income Act (Alterseinkünftegesetz - AltEinkG); harmonises the taxation of retirement income of employees with and without civil servant status and introduces deferred taxation for all kinds of retirement income.
  • Click to Access: 
      http://oecd.metastore.ingenta.com/content/2108021ec027.pdf
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    EUROPE - Voluntary (Information valid at 01-01-2006): Ireland
    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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      http://oecd.metastore.ingenta.com/content/2108021ec028.pdf
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    EUROPE - Voluntary (Information valid at 01-01-2006): Italy
    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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      http://oecd.metastore.ingenta.com/content/2108021ec029.pdf
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    EUROPE - Voluntary (Information valid at 01-01-2006): Luxembourg
    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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      http://oecd.metastore.ingenta.com/content/2108021ec030.pdf
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    EUROPE - Voluntary (Information valid at 01-01-2006): Republic of Moldova
    1999: Law on Nonstate Pension Funds (as amended in 2002); regulates the establishment, operation, supervision and winding up of private pension funds and defines investment restrictions.
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      http://oecd.metastore.ingenta.com/content/2108021ec031.pdf
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    EUROPE - Voluntary (Information valid at 01-01-2006): Netherlands
    2000: Industry Pension Funds Act; authorizes the Minister for Social Affairs and Employment (MSAE) to make membership in an industry-wide pension plan compulsory for all employees in a particular industry if requested by a representative group of employers and employees.
  • Click to Access: 
      http://oecd.metastore.ingenta.com/content/2108021ec032.pdf
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    EUROPE - Voluntary (Information valid at 01-01-2006): Portugal
    2002: Law No. 32; approves the basis of the social security system and defines general principles for complementary occupational pension plans.
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      http://oecd.metastore.ingenta.com/content/2108021ec033.pdf
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    EUROPE - Voluntary (Information valid at 01-01-2006): Slovak Republic
    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.
  • Click to Access: 
      http://oecd.metastore.ingenta.com/content/2108021ec034.pdf
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    EUROPE - Voluntary (Information valid at 01-01-2006): Slovenia
    2005: Investment Funds and Management Companies Act; provides conditions under which investment funds and management companies are founded; regulates the way they are run and supervised and pension mutual funds management.
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      http://oecd.metastore.ingenta.com/content/2108021ec035.pdf
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    EUROPE - Voluntary (Information valid at 01-01-2006): Spain
    2006: Act 11; regulates cross border activity of pension plans and funds.
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      http://oecd.metastore.ingenta.com/content/2108021ec036.pdf
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    EUROPE - Voluntary (Information valid at 01-01-2006): Sweden
    1999: Income Tax Act; Ch. 28 on employers’ pension costs and Ch. 58 on pension insurance.
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      http://oecd.metastore.ingenta.com/content/2108021ec037.pdf
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    EUROPE - Voluntary (Information valid at 01-01-2006): United Kingdom
    2000: Child Support, Pensions and Social Security Act; introduces State Second Pensions (S2P) which replaced SERPS and alters rules for "contracting-out", on member-nominated trustees and on winding up of occupational pension plans.
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      http://oecd.metastore.ingenta.com/content/2108021ec038.pdf
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    EUROPE - Mandatory (Information valid at 01-01-2006): Bulgaria
    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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      http://oecd.metastore.ingenta.com/content/2108021ec039.pdf
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    EUROPE - Mandatory (Information valid at 01-01-2006): Croatia
    2004: Act on Data Collection of insured persons for contribution payment for mandatory insurance.
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      http://oecd.metastore.ingenta.com/content/2108021ec040.pdf
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    EUROPE - Mandatory (Information valid at 01-01-2006): Estonia
    2004: Funded Pensions Act; regulates coverage, contributions and benefits.
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      http://oecd.metastore.ingenta.com/content/2108021ec041.pdf
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    EUROPE - Mandatory (Information valid at 01-01-2006): Finland
    1997: Pension Insurance Companies Act No. 354; regulates the establishment and operation of insurance schemes. 
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      http://oecd.metastore.ingenta.com/content/2108021ec042.pdf
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    EUROPE - Mandatory (Information valid at 01-01-2006): France
    1994: Law 94-678; confirms the role of pension institutions in the implementation of the complementary pension schemes Agirc and Arrco and strengthens the supervision of the national associations of pension institutions over their operations.
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      http://oecd.metastore.ingenta.com/content/2108021ec043.pdf
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    EUROPE - Mandatory (Information valid at 01-01-2006): Hungary
    2003: Act LX; regulates insurance institutions and the insurance business.
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      http://oecd.metastore.ingenta.com/content/2108021ec044.pdf
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    EUROPE - Mandatory (Information valid at 01-01-2006): Iceland
    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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      http://oecd.metastore.ingenta.com/content/2108021ec045.pdf
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    EUROPE - Mandatory (Information valid at 01-01-2006): Liechtenstein
    1997: Decree on the Mandatory Occupational Provision for Unemployed Persons; provides for disability and survivor insurance of unemployed persons.
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      http://oecd.metastore.ingenta.com/content/2108021ec046.pdf
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    EUROPE - Mandatory (Information valid at 01-01-2006): Macedonia
    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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      http://oecd.metastore.ingenta.com/content/2108021ec047.pdf
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    EUROPE - Mandatory (Information valid at 01-01-2006): Norway
    2005: Mandatory Occupational Pensions Act; provides for the shift from voluntary to mandatory establishment of complementary occupational pension schemes. Provision of survivor and disability benefits remains voluntary
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      http://oecd.metastore.ingenta.com/content/2108021ec048.pdf
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    EUROPE - Mandatory (Information valid at 01-01-2006): Poland
    2003: Amendment to the Act on Organization and Operation of Pension Funds; modifies several aspects of the mandatory private pension scheme.
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      http://oecd.metastore.ingenta.com/content/2108021ec049.pdf
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    EUROPE - Mandatory (Information valid at 01-01-2006): Romania
    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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      http://oecd.metastore.ingenta.com/content/2108021ec050.pdf
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    EUROPE - Mandatory (Information valid at 01-01-2006): Switzerland
    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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      http://oecd.metastore.ingenta.com/content/2108021ec051.pdf
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    ASIA & PACIFIC - Voluntary (Information valid at 01-07-2006): Bangladesh
    1984: Income Tax Ordinance; provides for favourable tax treatment of occupational provident, pension and gratuity plans.  
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      http://oecd.metastore.ingenta.com/content/2108021ec052.pdf
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    ASIA & PACIFIC - Voluntary (Information valid at 01-07-2006): Hong Kong, China
    2000: Mandatory Provident Fund Schemes (Exemption) Regulation; provides for contractingout of the Mandatory Provident Fund Schemes Ordinance and defines rules with which contractedout occupational plans must comply.
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      http://oecd.metastore.ingenta.com/content/2108021ec053.pdf
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    ASIA & PACIFIC - Voluntary (Information valid at 01-07-2006): Indonesia
    2005: Decree No. 91/PMK.05; amends Decree No. 231/KMK.017 of 2002 that defines a framework for contributions and benefits under both defined contributions and defined benefit plans.
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      http://oecd.metastore.ingenta.com/content/2108021ec054.pdf
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    ASIA & PACIFIC - Voluntary (Information valid at 01-07-2006): Israel
    2005: Control of Financial Services (Provident Funds) Law; provides for the authorization and supervision of pension management companies and provident fund management companies.
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      http://oecd.metastore.ingenta.com/content/2108021ec055.pdf
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    ASIA & PACIFIC - Voluntary (Information valid at 01-07-2006): Japan
    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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      http://oecd.metastore.ingenta.com/content/2108021ec056.pdf
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    ASIA & PACIFIC - Voluntary (Information valid at 01-07-2006): Malaysia
    1991: Employees Provident Fund Act; allows pension plans/provident funds established prior to this Act to have approved fund status if they provide benefits at least as good as those of the mandatory Employees Provident Fund (EPF) and to be exempt from paying contributions to the EPF.
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      http://oecd.metastore.ingenta.com/content/2108021ec057.pdf
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    ASIA & PACIFIC - Voluntary (Information valid at 01-07-2006): New Zealand
    1997: Securities Amendment Regulations; amend Securities Regulations 1983 (established under Securities Act 1978) to require prospectus and investment statements for certain occupational and public (i.e. available to the whole population) superannuation schemes.
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      http://oecd.metastore.ingenta.com/content/2108021ec058.pdf
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    ASIA & PACIFIC - Voluntary (Information valid at 01-07-2006): Thailand
    2005: Provident Fund (Amendment) Act; provides members with options to accept accrued benefits in the form of a lump sum or instalments, portability from the Government Pension Fund to a provident fund and establishes a master fund to facilitate the concept of employee’s choice
  • Click to Access: 
      http://oecd.metastore.ingenta.com/content/2108021ec059.pdf
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    ASIA & PACIFIC - Mandatory (Information valid at 01-07-2006): Australia
    In Australia, the term Superannuation refers to savings specifically dedicated to the provision of financial support in retirement. The term is preferred to pension for historical reasons (largely because of the long-standing preference for lump-sum benefits rather than income streams).
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      http://oecd.metastore.ingenta.com/content/2108021ec060.pdf
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    ASIA & PACIFIC - Mandatory (Information valid at 01-07-2006): Hong Kong, China
    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
  • Click to Access: 
      http://oecd.metastore.ingenta.com/content/2108021ec061.pdf
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    ASIA & PACIFIC - Mandatory (Information valid at 01-07-2006): Kazakhstan
    2003: Regulation on accounting standards; requires financial institutions including pension funds to use international accounting standards 
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      http://oecd.metastore.ingenta.com/content/2108021ec062.pdf
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    • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/complementary-and-private-pensions-throughout-the-world-2008/glossary_9789264048829-62-en
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    Glossary
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