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On July 17th, 2012 the Financial Supervision Commission approved the minimum rate of return for the Supplementary Pension Security Funds for the period from 30 June 2010 till 29 June 2012 on an annual basis

The Financial Supervision Commission has approved a minimum yield of  0.19 % on an annual basis, resulting from the management of the Universal Pension Funds /UPF/’ assets for the preceding 24-month period, considered from 30 June 2010 till 29 June 2012, while for the same period of time the minimum yield for the Professional Pension Funds /PPF/ has been determined at  0.55 % on an annual basis.

The weighted average yield (modified weighted yield ) of UPF for the same period, calculated on an annual basis, is 3.19% and for PPF 3.55% respectively.


The FIAP International Seminar 2012 was held on 31st May and 1st June 2012 in Cancun, Mexico

The FIAP International Seminar 2012 "Opportunities and Challenges for Individually-Funded Systems in a Globalised World", organized jointly by the International Federation of Pension Fund Administrators (FIAP) and the Mexican Association of Pension Funds Management Companies (AMAFORE), was held on 31st May and 1st June 2012, at the hotel Fiesta Americana Grand Coral Beach Cancun Resort & Spa, in Cancun, Mexico.
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On April 25th, 2012 the Financial Supervision Commission approved the minimum rate of return for the Supplementary Pension Security Funds for the period from 31 March 2010 till 30 March 2012 on an annual basis

The Financial Supervision Commission has approved a minimum rate of return of  -0.29 % on an annual basis, resulting from the management of the Universal Pension Funds’ assets for the preceding 24-month period considered from 31 March 2010 till 31 March 2012, while for the same period of time the minimum rate of return for the Occupational Pension Funds has been determined at  0.09.% on an annual basis.


EC published the White Paper on Pensions

The EU pensions white paper suggests measures to help EU countries ensure adequate pensions in an affordable and sustainable way.
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New Service Provided by National Revenue Agency (NRA) Allows Citizens to Access their Tax and Social Security Information

According to the Social Security Code (SSC), every individual born after 31 December 1959 is obliged to participate in a supplementary pension fund. The distribution of individuals among the respective funds takes place either through a personal choice or by means of an administrative distribution in the event a fund has not been chosen.
 
If you have been distributed to a fund through an administrative procedure or if you participate in a fund based on your own choice, but you have forgotten which fund you have chosen, you can now make an inquiry with the National Revenue Agency (NRA).
 
From the beginning of 2012, all NRA offices issue personal identification codes (PIC) for accessing personal tax and social security data. Using this code, people can check the following:
- what is their social security base income, i.e. what is the amount which their employers use as basis for making social security contributions;
- supplementary mandatory pensions related data, i.e. the fund where the individual is a member
- labor contracts declared by the person’s employer to the NRA.
 
The personal identification code (PIC) is issued at the NRA offices by permanent address. The PIC can be obtained immediately after the application is filed, either in person or by another individual authorized by means of a notarized power of attorney.
 
For e-services provided by the NRA click here.


The EFRP has called on the EP and the Council of EU to dismiss the Proposal regarding Financial Transaction Tax

EFRP Warns of Disproportionate Impact on Pension Funds of Financial Transaction Tax

7 February 2012 (PLANSPONSOREurope.com) – The proposed European Financial Transaction Tax would “disproportionately” impact pension funds and IORPs, according to the European Federation for Retirement Provision (EFRP).
The European Parliament and the Council of the European Union are discussing a Proposal from the European Commission for a Directive on a common system of financial transaction tax (FTT), setting out a common tax on all transactions, carried out by EU-based financial institutions.

In outlining its position paper the EFRP predicts:

• transactions would be made more expensive therefore, net returns would be lower,
• the investment strategy may turn to be less efficient
• less liquidity would be circulating on the market.

The EFRP has called on the European Parliament and the Council of the European Union to dismiss the Proposal, adding that if it is introduced, pension funds, IORPs and financial institutions managing assets on their behalf should be exempted from its application.

Patrick Burke, EFRP Chairman, said: “The EFRP understands the reasons underlying the Proposal for a Financial Transaction Tax. However, if the Proposal was approved in its current form, pension funds, IORPs and companies managing assets on their behalf would be deeply affected by this tax. The consequent increase of costs would be born by beneficiaries, in terms of reduced benefits: current and future pensioners would be requested to pay even more the costs of this financial crisis, which has already affected their income.”
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On January 31st, 2012 the Financial Supervision Commission approved the minimum rate of return for the Supplementary Pension Security Funds for the period from 30 December 2009 till 30 December 2011 on an annual basis

The Financial Supervision Commission has approved a minimum rate of return of  -0.82 % on an annual basis, resulting from the management of the Universal Pension Funds’ assets for the preceding 24-month period considered from 30 December 2009 till 30 December 2011, while for the same period of time the minimum rate of return for the Occupational Pension Funds has been determined at  -0.25% on an annual basis.


On October 24th, 2011 the Financial Supervision Commission approved the minimum rate of return for the Supplementary Pension Security Funds for the period from 30 September 2009 till 30 September 2011 on an annual basis

The Financial Supervision Commission has approved a minimum rate of return of  -0.81 % on an annual basis, resulting from the management of the Universal Pension Funds’ assets for the preceding 24-month period considered from 30 September 2009 till 30 September 2011, while for the same period of time the minimum rate of return for the Occupational Pension Funds has been determined at -0.69 % on an annual basis.


On July 15th, 2011 the Financial Supervision Commission approved the minimum rate of return for the Supplementary Pension Security Funds for the period from 30 June 2009 till 30 June 2011 on an annual basis


The Financial Supervision Commission has approved a minimum rate of return of  3.03 % on an annual basis, resulting from the management of the Universal Pension Funds’ assets for the preceding 24-month period considered from 30 June 2009 till 30 June 2011, while for the same period of time the minimum rate of return for the Occupational Pension Funds has been determined at 3.18 % on an annual basis.


The organized by FIAP International Seminar Advancing in the Strengthening and Consolidation of the Individually Funded Pension Systems, was held on May 19th and 20th, 2011 in Dominican Republic

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