"Article 1.-Introducense the following amendments to the Decree Law No. 3,500 of 1980: 1." The penultimate paragraph of article 23, be replaced by the following: "administrators, its directors and employees, shall not offer or provide members or beneficiaries under any circumstances, other pensions, benefits or benefits to those listed in the law, either directly or indirectly, nor even to gratuitously or otherwise. Without limiting the foregoing, such entities may arrange for its affiliates obtaining the recognition bond referred to in article 3 transitional and complement referred to in article 4 bis transitional. The breach of the provisions of this subsection, shall be punished in accordance with that laid down in this law and Decree with force of law No. 101, of 1980, the Ministry of labour and Social Welfare. It will be punished with lower minimum degree presidio, who having been punished pursuant to this subsection, withdrawn in such infringement. "."
2. Add the following final article 31 paragraph: "In addition, according to instructions issued by the Superintendency, the administrators should send all those members or beneficiaries who meet the requirements to be included in the list defined in subsection first article 72 bis, concerning the modalities of pension information, characteristics and mode of choosing among them.".
3 be added to article 32, the following final new subsection: "Likewise, beneficiaries of pensions for survival may transfer the value of quotas for the individual account of the Member deceased, another administrator, or another type of Fund, pursuant to article 23, provided that there is agreement from all of them.".
4 insert in subparagraph first of article 53, between the words "reference" and the conjunction "and", the following phrase: "plus the mortuary fee".
5.-amending article 55, as follows: to) replace the second paragraph by the following: "the capital needed will be determined according to the technical bases and tables of mortality and life expectancy that for this purpose establish, jointly, the superintendencies of managers of funds of pension and securities and insurance, and using the interest rate update that point to the Superintendency of securities and insurance" , according to the following subsection. "."
(b) insert in the third paragraph, between the words "life" and "granted", the expression "of disability and survival", and disposed of its second sentence that says: "For these purposes the Superintendency of securities and insurance must put at the disposal of the Central Bank of Chile information.".
6.-amending article 56, as follows: a) added in the lyrics to) and (b)), after the "(letra a) expression", the following: "or b)", and b) Eliminanse letters c) and (d)), replacing the semicolon (;) that precedes them by a point apart (..).
7.-added in the second paragraph of article 61, the following point (d)) new, replacing at the end of the letter b), the expression ", or" by a semicolon (;) and at the end of point (c)), separate dot (.) for the expression ", or": "d) immediate annuity with scheduled withdrawal.".
8 insert between section 61 and paragraph 1 of title VI, the following article 61 bis, new: "article 61 bis.-to opt for a form of pension, members or their beneficiaries, where appropriate, must be previously receive information which will deliver the system queries and amounts of Pension offerings, which is defined in this article. Same procedure should follow both members changing their mode of pension as the beneficiaries of pension of survival.
Members or beneficiaries of pension of survival must personally select your type of pension. However, they may exercise the option through a representative specially authorised by means of a special power of Attorney, which shall designate the option chosen by the affiliate.
If Affiliate chooses the form of annuity may, Alternatively, accept any offer made in the system of consultations and offers from amounts of Pension; one made out of it by any insurance company which had participated in the system, provided that the amount of the pension is higher than the offered in such a system by the same company, according to what established the rule of a general nature referred to in the thirteenth paragraph of this article; or apply for the realization of a shot through the referral system of consultations.
If the Affiliate does not optare by any of the before-mentioned alternative, may postpone his decision of retirement, unless the query to the system laid down in this article, had been caused by an application for invalidity whose opinion is final.
In realizing the auction referred to in this article, members shall select the type of annuity, indicating at least three insurance companies of life that may participate in it. In any case they may only participate in the auction companies provided by the affiliate. At the same time, members shall be fixed in the minimum position, which may not be less than the amount of the greater of the deals made in the system of consultations by these companies.
The auction process is complete, it is awarded to the highest bidder. In case of equal amounts of bids, the auction to that offering select affiliate will be awarded. In the latter case, if the Affiliate does not chose, the award shall be made to the offer of the insurance company that presents the best classification of risk; at equal risk classification, is it will be stated in the norm of a general nature concerning the thirteenth paragraph of this article. For purposes as provided in this subsection, the administrators shall sign on behalf of members or beneficiaries, contracts of annuity has place, should they not sign them for themselves.
However, the auction will only have binding character, when at least two of the companies selected by the affiliate submit offers of pension amounts. If only an insurance company life this offer amount of pension, members may choose to accept it; request a new auction; request an external offer pursuant to the third paragraph of this article; return to perform a query on the system or withdraw from retirement.
The managers of pension funds and life insurance companies must have electronic own information systems interconnected between all of them, called system of consultations and amounts of Pension offerings, through which should be: to) receive and transmit requests for pension amounts required by members, indicating, where appropriate, previously defined by those; annuity types
(b) receive and transmit are annuities from the life insurance companies offerings and programmed withdrawal amounts calculated by the administrators.
Offers annuities must relate, at least to annuity rates indicated by the affiliate. In the event that this had not expressed their preference, tenders must relate, at least to a life annuity immediate simple, without prejudice to a subsequent application where the affiliate indicated one or more other types of annuities.
Annuities bids must be submitted in units of development, with the exception of those with variable component, which may be expressed in other units or coin which for these purposes authorized by the Superintendency of securities and insurance. The offering takes place in the system will be issued specifying the pension and indicating the percentage of Commission or remuneration of reference, to be used only for the purposes of the contribution through the system. In the event that the Commission or remuneration which pay the company is less than the above reference either there is no Commission or fee, the pension will be increased in a way that set the norm of a general nature concerning the thirteenth paragraph of this article. However, pension that is effectively paid may not be less to the pension system, offered by the same company, based on the Commission or remuneration of reference. This Commission or remuneration of reference shall be fixed by joint decree of the ministries of finance and of labour and Social Welfare, and shall remain in force for twenty-four months from the first day of the month following its publication in the official journal. That period expired and while not a new Supreme Decree establishes it, the figure that is in application will maintain their validity.
Moreover, under the modality of scheduled removal and rent is let affiliate amounts of pension, UF, and their respective commissions. In the case of the scheduled removal, you should report the amount of pension and monthly Commission for the first year, an estimate of the amount of the monthly pension, an estimate of the amount of monthly Commission, for each of the following years, for a period equal to the life expectancy of the affiliate more three years, and the average amount of these pensions and commissions. The above estimate shall be carried out using existing interest rate and mortality tables for the calculation of the scheduled removal; and
((c) inform the affiliate that performs the query, monthly pension amounts offered, the letter b in accordance with) earlier.
They may also participate in the system referred to in this article, under the same conditions required the managers of pension funds and the life insurance companies, the banking subsidiaries referred to in the letter to) of article 70 of the decree with force of law No. 3 of 1997, of the Ministry of finance, which shall insurance brokerage , and the brokers of annuities, previously authorized by the Superintendency of securities and insurance.
The pension funds, life insurance companies and brokers of insurance annuities that participate in the system of consultations and offers of Pension amounts, shall ensure uninterrupted and integrated delivery of the service provided such system, in such a way that allows each one of them receive and transmit queries and offers referred to in this article. For the incorporation of the participants to the system, they may only require a reward efficient, non-discriminatory and according to the cost structure of the service.
The pension funds, life insurance companies and the insurance brokers who participate in the consultation system and amounts of Pension offerings, will be responsible for the full transmission of the system information. Also, they must protect the privacy of the information that operate according to provisions of law Nº 19,628, on protection of data of a personal nature, and will be subject to the responsibilities which are established in this law.
Which get unlawful patrimonial benefit through fraud to the affiliate or its beneficiaries or which make unauthorized use of the data of these, which under this article must be provided to the system or those contained in the list referred to in article 72, he shall be punished by the penalties laid down in article 467 of the Penal Code , without prejudice to any other legal or administrative sanctions that apply.
A rule of a general nature which will jointly give the superintendencies of managers of funds of pension and securities and insurance, will regulate matters related to inquiries and offers from amounts of Pension System. This standard will establish, at the very least, information which must be transmitted, deadlines that must agree that, the standards to be met by participants in the interconnection between them, including levels of security that are consistent with the principles of the electronic transfer of data and information to be provided to the affiliate.
Regarding funds effectively transferred from the account of individual capitalization affiliate, excluding those that were likely to be removed as freely available over, life insurance companies only may be paid, directly or indirectly, to brokers or sales agents involved in the marketing of annuities, Commission or remuneration which may not be higher than the maximum rate set as a percentage of those funds. This figure will have a duration of twenty-four months from the entry into force of this law. Expiry of this period, this figure can be set again by joint decree of the ministries of finance and of labour and Social Welfare, prior requirement contained in resolution founded the superintendencies of managers of funds of pension and securities and insurance. This resolution will consider relevant technical data requested, inter alia, to the supervised entities. In any case, at least fifteen days prior to the issuance of the aforementioned resolution, the new proposed figure and its foundations will be public knowledge. Whenever made an amendment to the Commission, the new figure will be valid for 24 months.
Life insurance companies may not pay their dependents, intermediaries and annuity sales agents or other persons involved in the marketing of these, no other variable remuneration, fees, bonuses, awards or payments by concept of intermediation or sale of annuities, whether in money or species which exceed the amount of the fee retribution for selling or trading to that referred to in the preceding paragraph , as neither finance costs that must be incurred for its purpose. Excepted from this arrangement fixed and permanent remuneration and other employment benefits of a general nature, permanent, uniform and universal, which stem from a contract of employment as a dependent with the respective company. "."
9 replace the heading of paragraph 1 °, title VI, by the following: "The income lifetime immediate and of the income lifetime immediate with withdrawal scheduled".
10.-amending article 62, in the following way: to) replace the final sentence of the second paragraph by the following: "the amount of monthly income that results from applying the above, can be constant or variable over time. Constant annuities and the fixed part of the variable annuities, should be expressed in u.f.. The variable component may be expressed in currency of legal tender, in foreign currency or index associated with portfolio that is authorized by the same Superintendency. In the event that the agreed monthly income is variable, the annuity fixed component shall comply with the requirement referred to in the subsection below, unless in the case of an old-age pension early, in which case fixed agreed income component must be at least equivalent to the hundred and fifty per cent of the minimum pension to that referred to in the above paragraph. "."
(b) replace the fourth subparagraph by the following: "the insurance of life annuity contract is perfected through the acceptance in writing of the affiliate of the offer of the life insurance company of your choice or awarded at auction, and the insurer contracting refer to the administering the policy and other history evidencing compliance with the provisions of article 61 bis. Once the administrator receives policy and these precedents, shall transfer to the company affiliate's individual account funds that may be required to pay the premium, upon certification of compliance with the requirement laid down in the preceding paragraph. Deadlines in which the procedures outlined in this subsection, must be satisfied shall be established by a rule of general character that will jointly give the superintendencies of managers of funds of securities and insurance and pension. "."
(c) replaced in the sixth paragraph, the "hundred and twenty" by "150" expression and the word "following" with the "63" figure. Also added below the separate dot (.), happened to be followed dot (.) as follows: "Case of members declared invalid shall be deemed Seventy per cent of the income base.".
(d) replace the eighth subparagraph by the following: "members or beneficiaries of pension opt to hire a life annuity with the same life insurance company forced to pay additional contributions, in accordance with article 60, are entitled to sign the contract with this, even though it had not submitted offers according to the provisions of article 61 bis , and that is to pay them a life annuity immediate without special coverage conditions, not less than 100% of the pensions of reference laid down in articles 56 and 58, as applicable, without regard to that part of the balance of the individual capitalization account consisting of voluntary contributions, voluntary pension savings and agreed deposits deposits in its financing. This option must be exercised within 35 days following the date of notification of the offers made by the life insurance companies, according to stipulations in the eighth paragraph of article 61 bis. "."
11 be inserted between articles 62 and 63 the next article 62 new bis: "rule 62 bis: immediate annuity with programmed withdrawal is that form of pension which affiliate contract with a life insurance company a life annuity immediate with a part of the balance of the individual capitalization account, welcoming the remaining part to the scheduled removal mode." In this case, the pension will correspond to the sum of the amounts collected by each of the modes. Only they can decide this mode those affiliates who can obtain an immediate annuity that is equal to or greater than the minimum old-age pension guaranteed by the State referred to in article 73.
In this form of pension they will have right to withdraw surplus of unrestricted members who obtain a pension greater than or equal to the hundred and fifty per cent of the minimum old-age pension mentioned in article 73 and the seventy per cent of average remuneration perceived and declared income, calculated in accordance with the provisions of the following article. Case of members declared invalid shall be deemed Seventy per cent of the income base.
However as established in article 23 third subsection, members who select the mode of pension set out in this article, and that hiring a constant immediate annuity that meets the requirements set out in the preceding paragraph, may choose any of the funds of the administrator, with that part of the balance you are welcome to scheduled removal mode.
Affiliate may request their administrator a decrease in the amount that he is entitled to under the mode of withdrawal scheduled. Also you can request that the amount perceived by withdrawal scheduled fits, so such that the sum of this and the one perceived by annuity, is equal to the value of the minimum pension, which says article 73.
When affiliate has selected the form of immediate annuity with withdrawal scheduled, the insurance company obligated to the payment of the additional contribution, shall be obliged to sign the contract and pay between a life annuity not less than the product, the share of the balance of the account of individual capitalization of the worker that it may decide to transfer to the concerned company and the 100% of the reference pension set out in article 56. For this purpose, shall be that part of the balance of the individual capitalization account designated in the eighth paragraph of article 62.
However, this modality will be subject to the same rules as the scheduled removal and the immediate annuity, as appropriate, on all matters not covered in this article. "."
12 replaced article 63, first paragraph with the following: "article 63.-the average of the remuneration referred to in the sixth paragraph of article 62, is the result of dividing the sum of all taxable remuneration perceived and incomes declared in the ten years prior to the month in which old-age pension is welcomed" , by twenty percent, always than the number of months in which quotes actually aware there out less than or equal to sixteen. Otherwise, such amount will be divided by twenty percent less the number of months without actually aware quotes exceeding sixteen. If during these years the affiliate had perceived invalidity pensions granted according to a first opinion, applies provisions of the fifth paragraph of article 57, without considering the referral limit. "."
13.-amending article 64, in the following way: to) replace the third sentence of the fourth paragraph, the phrase "minor, average real profitability of the respective pension fund share and the weighted average, the real profitability of the respective Pension Fund fee" by the next, "weighted average between the annual real return of all funds of the same type".
(b) replaced in the fifth paragraph the expression "The Superintendency of pension funds require it", "require it together the superintendencies of managers of funds of pension and securities and insurance".
((c) Insert following fifth paragraph, the following new sixth subsection, passing the current sixth subparagraph to be seventh: "In any case, the affiliate may opt, during the period of rent, for withdrawing a sum lower, as well as that his monthly rent is adjusted to the amount of the minimum pension, which says article 73.", and d) in the sixth paragraph which happens to be the seventh, replace the term "hundred and twenty" by "150" and insert, after the expression "article 63", the phrase "or of the income base" in the case of members declared invalid.
14.-amending article 65, in the following way: to) insert in the first sentence of the second paragraph, then of the expression "Superintendency of of pension fund,", the expression together "with the Superintendency of securities and insurance". At the same time, in the second sentence replace the expression "the National Institute of statistics" by the expression "the Superintendency of pension funds together with the Superintendency of securities and insurance".
(b) replace the sixth by the following paragraph: "means minimum balance required capital needed to pay, to the affiliate and their beneficiaries, in accordance with the percentages laid down in article 58, a pension equivalent to seventy per cent of the average remuneration referred to in article 63 or seventy per cent of the base income , case affiliate declared disabled. "(, y c) replaced in the seventh paragraph the expression"hundred and twenty"by"150", replaced the final dot (.) by a followed dot (.), and then add the following sentence:"However, the minimum balance may not less than that required to finance a pension which meets the criteria defined above, in the form of immediate annuity without special conditions of coverage " , which will be determined on the basis of the cost per unit of average pension of selectable tenders by the affiliate, received through the consultations system. "."
15.-amending article 65 bis, as follows: to) in its third paragraph, insert, after the second sentence, which ends with the expression "article 68", the following sentence: "May also be the balance to adjust their pensions to the amount of the minimum pension, which says article 73.".
(b) in the fourth subparagraph, reemplazanse the final sentence: "in which case must finance a total pension that is equal to or superior to seventy per cent of the income basis referred to in article 57.", and the comma (,) that precedes it, by the following: "and in accordance with the sixth subparagraph of article 65.".
16 insert in the second sentence of the first subparagraph of article 66, between the word "immediate" and the disjunctive conjunction "or" expression ", immediate life annuity with scheduled withdrawal".
17.-replacements in the letters a) and b) of the first subparagraph of article 68, the expressions "fifty" and "hundred and ten" for "seventy" and "150", respectively.
18 be inserted between title VII and article 72 article 72 bis, new next: "article 72 bis.-each administrator will issue a public list containing the name and family group members that meet the legal age for retirement within a period of one year from the date of its publication or have a balance sufficient individual capitalization account to finance a pension pursuant to article 68. Also, this list shall contain all those members or beneficiaries who have lodged an application for pension. The administrator shall notify affiliate or its beneficiaries the inclusion in this list, opportunity in which it or they may express your desire to not be included in the.
The opportunity of the issuance and dissemination of listing, information and the deadline by which this will be included in it, as also the form in which the administrator will determine what affiliates are in condition of retirement ahead of time, the notification of the decision to include an affiliate in the listing and the time to recover from such a measure they will be established by the Superintendent by a general rule.
The information that the list shall contain with regard to Affiliate shall relate at least to the following: to) full name, date of birth, national certificate of identity, sex and address;
(b) age, sex, and the characteristics of the beneficiaries;
((c) accumulated in the individual capitalization account, balance) and (d) the recognition bond amount and date of their issuance.
The rules governing the determination of those members who are in conditions of retirement early, must use the technical bases and the interest rate established for the calculation of the withdrawals scheduled, whereas, moreover, the bond of recognition, if any, discounting this time missing for the expiration date, based on the average rate that will have traded these instruments in formal secondary market during the quarter preceding the anteprecedente month in that the calculation is made. "."
19 insert after the first sentence of subsection first article 74, the following new sentence: "In the case of the members welcomed to immediate annuity with programmed withdrawal mode, the guarantee of the State will operate when the individual capitalization account balance has been exhausted, and provided that the agreed lifetime income is less than the minimum pension referred to in article 73.".
20. Add at the end of the letter b) article 77, before the separate dot (.), the following sentence: "or have, at least sixteen months of dues if less than two years have passed since work began for the first time".
21 added in article 78, before point apart (..), the following sentence: "or, at least, have sixteen months of dues if less than two years have passed since work began for the first time".
22 the following final paragraph added to article 88: "when affiliate has selected the immediate annuity with programmed withdrawal mode, the mortuary fee must be paid with resources from the account of individual capitalization and the insurance company in proportion to the initial distribution of the balance between both types of pension.".
23 added in article 94, the following number 12, new: "12. Inform members regarding their rights and obligations in relation to the pension system, using methods themselves or through other entities, in order to provide national coverage for this service. "."
24, replaced in the final paragraph of article 17 transitional, "hundred and twenty" by "150" expression.