In terms of the regulation of the pension sector, the Authority is competent to examine applications for approval of Mutual Pension Funds (SMR) statutes and bylaws.
To achieve this mission and according to Article 64 of Law 64-12, a circular has been approved by the Minister of Economy and Finance after examination by the regulatory commission. This Circular (No 1/PS/16, November 10th 2016) establishes the list of documents to be produced for the request of bylaws and statutes approval of a pension fund.
What are Mutual Pension Funds?
A mutual pension fund is a private body practicing or managing pension operations as defined benefit or as defined benefit and contribution plans.
In a pension plan operating by distribution (defined benefit plan), an affiliate acquires rights served at a given age through the payment of a periodic contribution. These rights are paid in the form of a life annuity (retirement pension), part of which can be paid in capital. This operation is based on solidarity between generations, setting uniformly, for all affiliates, the parameters for determining contributions and retirement pensions.