What voluntary private pension managers have to report

Managers of voluntary private pensions (third pillar) have to inform their clients every time they change the investment policy for the funds they manage, according to the regulation on reporting and transparency obligations issued by the Private Pensions Supervision Commission (CSSPP). The norm has recently been published in the Official Gazette and includes all the reporting obligations of voluntary pension managers and their funds. The managers will inform their clients via a shortened version of an annual report for the year; thus giving an account of their capital, assets and liabilities, as well as data on their profit and loss account. In addition, each year, the managers will publish a report on their holders, divided according to age and sex for every voluntary pension fund managed. Every six months, voluntary pension managers will have to inform holders as to the situation of their assets and obligations for each managed fund. Six fund managers and six funds are currently authorised on the market of voluntary pensions, with another two funds preparing to launch products (after having their issue prospectuses authorised).