Amendments to the laws on private and optional pension funds

Law no. 52/2017 that became effective on April 14, 2017, amends the procedure for modifying memoranda of association that establish both private and optional pension funds.

Under the new provisions, an amendment of the memorandum of association may be proposed by the director or by a majority of the participants in the pension fund. Furthermore, by waving provisions of the Civil Code that require resolutions about the amendment of the memorandum of association to be approved with the consent of all participants, the new law allows such resolutions to be adopted by the approval of the majority of the participants unless the memorandum of association regulates otherwise.

In addition to the provisions above, the Financial Supervisory Authority may issue norms about the amendment procedures governing a memorandum of association.

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