Pension Funds/Opinions/Portability

Transfers of contributions to and from pension funds of other Member States

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In the case of transfers of funds from pension funds established and operating in other Member States of the European Union to pension funds established and operating in Portugal, it is not for the Instituto de Seguros de Portugal to verify and rule on compliance with the requirements of the home Member State for such transfers to take place, and there are no obstacles to receiving such amounts under national law.

In turn, in the case of transfers of securities assigned to pension funds set up and operating in Portugal to another pension fund set up under the legislation of a Member State, the principles of Community law relating to the free movement of persons, capital and the provision of services legitimise the admissibility of such a transfer, although the provisions of Articles 6 and 7 cannot be disregarded in order for this transfer to take place.The provisions of Articles 6(1) and 8 of Decree-Law no. 12/2006, of 20 January, concerning, respectively, the contingencies that may confer the right to receive a pension and the form of payment of the benefits, must be observed.

However, it will only be possible to comply with the conditions for the transfer of such values if they are transferred to a pension fund, and therefore, in this measure, the management entities must ensure that the values in question are effectively transferred to a financing vehicle of this nature (namely through communications with the host management entity), not least because only in this way will it be possible to ensure compliance with the provisions of articles 8, no. 4 and 6, no. 1, both of Decree-Law no. 12/2006.

Although Decree-Law no. 12/2006, of 20 January, does not provide for any legal obligation for prior notice to be given to the Portuguese Insurance Institute for the carrying out of transfers of securities allocated to pension funds from Portuguese territory to another Member State, given the circumstances that must be observed for such transfers to take place, it is convenient that the Portuguese Insurance Institute be informed of their carrying out, in order to ensure effective supervision of compliance with the requirements inherent to such transfers (article 92 of Decree-Law no. 12/2006).

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