THE COVIP WHEREAS Bill 5 December 2005, n. 252, containing the "Discipline of supplementary pension schemes"; In view of art. 23, paragraph 3, of Legislative Decree n. 252/2005 COVIP it attaches to the task of issuing directives to all supplementary pension schemes by the alert, based on the content of the decree; Given the general directive to COVIP adopted, on 28 April 2006 by the Minister of Labour and Social Policy, in consultation with the Minister of Economy and Finance, in accordance with art. 18, paragraph 1, of Legislative Decree n. 252/2005; Considering that in the aforementioned general directive and 'clear that COVIP and' estate, in their directives addressed to all supplementary pension schemes supervised, to provide useful guidance to the timely adjustment of the statutes, regulations and related information documents for the collection of accessions to the rules of the legislative decree n. 252/2005 as well ', with specific regard to individual pension schemes implemented by means of life insurance contracts, intended to enable the formalities required by art. 13, paragraph 3, of the Decree; Considering that in the aforementioned general directive and 'clear that COVIP must standardize the guidelines of its activities' with the aim of pursuing the transparency and fairness of behaviors, having regard to the protection of members and beneficiaries and to the proper functioning of the system supplementary pension; Detected therefore the need, on the basis of legal provisions and the general lines of the above address, necessary to issue directives under Article. 23, paragraph 3, of Legislative Decree n. 252/2005; Taking into account the recommendations made at the conclusion of the consultation procedure of the social partners and representative bodies of the supervised persons, financial services providers and consumers, put in place by COVIP as of May 4, 2006; ISSUES the following guidelines: General guidelines to supplementary pension funds, in accordance with art. 23, paragraph 3, of Legislative Decree December 5th, 2005, n. 252 With Legislative Decree n. 252 of 5 December 2005 (hereinafter: Decree), published in the Official Gazette no. 289 of 2005, ordinary supplement no. 200, the government has taken steps in implementation of the Law of 23 August 2004 n. 243, to a comprehensive reform of the regulation of supplementary pensions in order to an overall harmonization and rationalization of the industry. In this vein, the decree has carried out a comprehensive review of the provisions contained in the legislative decree 21 April 1993 n. 124 (hereinafter: Decree no. 124/1993), as well as' tax provisions on supplementary pension schemes. Under the provisions of art. 23, paragraph 1, the regulatory intervention of the above will enter 'into force on 1 January 2008, except for certain provisions (Articles 16, paragraph 2, letter b), 18, 19 and 22, paragraph 1) that are already 'came into force on 14 December 2005. in view of the scale and importance of innovations are ever in the decree, Article. 23, paragraph 3, gave the COVIP the task to dictate directives to all supplementary pension schemes aimed at achieving full and proper adaptation of these to the new regulatory framework by 31 December 2007. This', also having regard to the provisions of art. 23, paragraph 4, of the Decree, which provides that, with effect from 1 January 2008, only the supplementary pension schemes that have complied with the adjustments required, and have obtained the necessary prior authorization or approval by the COVIP will receive new members, even with reference to the financing of the provision for severance indemnities (hereinafter: TFR). In view of the above, by this measure we will provide guidance in order to clarify the main profiles of novelty 'of the sector and the effect of various legal provisions, as well as' best inform the attivita' of adaptation that supplementary pension schemes are called to put in place. As stated in the general directive to COVIP (hereinafter: Ministerial Directive) was adopted by the Minister of Labour, in consultation with the Minister of Economy, COVIP and 'call to "issue appropriate instructions to supervised entities, standardizing the guidelines of their own activities' with the aim of pursuing the transparency and fairness of behaviors ", providing useful information" to the timely adjustment of the statutes, regulations and related information documents for the collection of subscriptions and, with specific regard to individual pension schemes implemented by means of life insurance contracts, aimed at enabling the formalities required by art. 13, paragraph 3 ". The attribution to COVIP the task to give directions to supplementary pension schemes and 'closely related to the significant expansion of the same attributions, went by the decree, in line with the principle of delegation aimed at perfecting the homogeneity' of the supervisory system on ' whole sector of supplementary social security, including through the provision of new regulatory powers and regulation of supplementary pension schemes. The growth of the COVIP skills constitutes, as underlined by the Ministerial Directive, a necessary so that 'element of a serious and rigorous system of controls may be effectively realized. In full continuity 'with the decree, even the law of 28 December 2005 n. 262 ( "Provisions for the protection of savings and the regulation of financial markets") has confirmed the architecture of the new system of supervision with regard to supplementary pensions, focused on recognizing the COVIP of a greater number of functions and powers of all forms supplementary pension. This' objective to achieve the definition of common rules to the various supplementary pension schemes so 'to ensure compliance with the principles of transparency, comparability' and portability ', to ensure a more' effective protection of members (or potential) and beneficiaries and promote the smooth operation of the supplementary pension system. In particular, with reference to open-end pension funds and individual pension schemes implemented by means of life insurance contracts, the decree, as confirmed by art. 25, paragraph 3, of the law for the protection of savings and specified in the ministerial directive, predicted concentration in COVIP of responsibilities for regulation and oversight on the documentation that the supplementary pension funds use for the collection of applications and in the disclosure to members, so 'recognizing the peculiarities' of pension savings, whose functional connection with the basic security 'was more' repeatedly stated by the constitutional Court and whose specificity 'you make it obvious diversity' than the purely financial savings. In accordance with the decree and the law on savings, those rules, specifically for pension funds, it must 'still inspire the principles relating to solicitation of public savings. In this regard, the appropriately precise ministerial directive that the skills of the above step in chief to COVIP will take place 'with effect from 1 January 2008, the date on which the decree n. 124/1993 will be 'fully replaced by Decree No. 252/2005. From that date they will feed into COVIP, for such profiles, skills hitherto assigned to CONSOB (on open-ended funds) and ISVAP (on individual pension schemes implemented by means of life insurance contracts). In view of the above, the COVIP has taken on the task to define uniform criteria for representation to applicants the nature of the supplementary pension scheme, in order to allow each person to make informed choices with regard to their own supplementary pension plan and make a proper comparison between the various options, also in terms of clear perception of the level of costs, risk-return profiles and achievements. The need to define such uniform criteria, COVIP earth 'account either with regard to the documentation intended for the collection of acceptances is with reference to the periodic reports that each pension scheme and' required to provide to its members, to enable clear information and easily assessable dall'aderente on all the contributions paid and the executive summary of the acquired position as well as 'about the level of pension which is' reasonably expected at maturity. Piu 'specifically, with regard to the phase of subscriptions, all supplementary pension schemes will have to equip themselves for subsequent accessions to 1 January 2008, an information memo drawn up on the basis of the scheme prepared by COVIP. The privacy policy must 'be completed by a summary sheet, also drawn up on the basis of a proposed by COVIP scheme, which aims to introduce the participant to operating mechanisms and conditions for participation in supplementary pension taking into account the needs of simplicity 'tax information on the particular characteristics of such a size and composition of the audience of individuals which the supplementary pension schemes are addressed. In this card are therefore privileged the principles of accessibility ', conciseness' and immediacy of the information provided, including through the use of a more' simple and direct language than that used in more '' traditional information documents. " This' allow ', while respecting the different characteristics of each form, an array of standard representation of the information, thus promoting the comparability' of the various proposals by the subscriber. With the purpose 'to allow comparability' of the various proposals, the information must 'documents be shown a' synthetic indicator of cost ", built in order to provide, by means of use of a single value, an instant indication onerousness' participation to the various pension schemes, as well as' of different offers within each of them. The supplementary pension schemes should also provide an 'example project ", to be defined on the basis of guidance provided by COVIP and to be made available by the member in forms and in a way' appropriate, including the use of IT tools, even after all ' accession. The project 'aimed at providing an indication of the evolution over time of the individual position and the starting amount of the supplement. This also constitutes a useful tool to the member in the adoption of decisions on participation (measure of the contribution, the investment line, etc.), Allowing them to get an idea of ​​the consequences that these choices can have over time. The pension funds and open pension funds will also provide for an overall review of the statutory rules and regulations, to make them compatible, as from 1 January 2008, with the new regulatory decree went from trim. This operation will be 'facilitated by the establishment by the COVIP, of status and settlement arrangements. Even the individual pension schemes implemented by means of life insurance contracts, for which the decree requires the adoption of a specific regulation with effect from the date of entry into force of the same, will carry out this performance effectively making use of the prepared draft regulation by COVIP in terms of homogeneity 'than other pension plans, while aware of the specificity' of such pension arrangements. Adaptation to the end of the statutory and regulatory provisions, all supplementary pension schemes will take action well in advance of the date of entry into force of the decree, on the basis of procedures to be defined by COVIP. It remains, of course, understood that by giving effect to the amendments made in the implementation of the new regulatory framework can not 'be prior to 1 January 2008, the date in the vicinity' of which COVIP provide 'to communicate entry in the register for forms not previously recorded. Scope of the decree n. 252/2005: Adjustment obligations. As provided in Art. 1, fall within the scope of the new decree all forms of security established for the provision of supplementary pensions than the mandatory system. Will therefore, in general, required to comply with the decree and the implementing provisions issued by COVIP the pension funds registered in the register, the companies' in art. 6, paragraph 1, of the decree already 'established open pension funds and insurance companies implementing supplementary pension schemes by means of life insurance contracts, including the companies operating in the territory of the State of establishment or the freedom to provide services. With regard to those last two pension schemes, the decree provides that insurance contracts with finalita 'social security entered into until the date of December 31, 2007 continue to be governed, even after l January 2008, on the basis of previous regulations. As stated in the Ministerial Directive, and 'to be considered anyhow enabled firms, insurance adapting contracts outstanding at December 31, 2007 with the new regulations, in accordance with the Decree and the directives of the COVIP. To this end, companies will have to prepare the Regulation and submit it for approval by the COVIP for the registration to supplementary pension schemes, as well as' implement the establishment of a separate and independent assets. Only upon completion of these formalities, after registration, these forms will collect new subscribers, the subscribers will be able to transfer to them the severance pay and the decree potra 'be fully applied. These guidelines, so 'as the provisions of the decree, they are not, therefore, apply in respect of pension schemes implemented by means of life insurance contracts entered into up to 31 December 2007, for which it was never intended adaptation to the new framework regulatory. The ministerial directive also clarifies that "the members of pension policies taken out by December 31, 2007 and not appropriate within that period to the new regulations, and the right '' recognized to transfer its position, as laid down by the regulation of industry, for tools complementary pension realized under the new legislation. " It is believed that insurance companies should carefully assess the need to allow that that right 'to be exercised by the members, as well as without time spent constraints in pension policy, even without costs of moving such that, in fact , impossible the exercise of that prerogative. The new rules will apply not then, given the provisions of art. 23, paragraph 6, of the Decree, in respect of employees of public administrations in art. 1, paragraph 2, of Legislative Decree 30 March 2001, n. 165, for which it will continue 'to apply the legislation in force today. For existing supplementary pension schemes, ie those already 'established the date of entry into force of the law 23 October 1992, n. 421, the adjustment to the new provisions will take place ', according to art. 20, paragraph 2 of the Decree, according to the criteria, the modalities 'and the times that will be specifically determined, also in relation to the specifics of some of these forms, with one or more' decrees of the Minister of Economy, in cooperation with the Minister of Labour, felt COVIP, to be adopted within one year from the date of publication of the decree in the Official Journal (and, that 'by 13 December 2006). And 'advisable, altresi', to point out that even in reference to the existing internal pension funds to entities, companies' or groups subjected to the checks on the exercise of the credit and insurance function, which, under Article. 18, paragraph 3, letter b) of Decree No. 124/1993, are currently subject to the Authority 'responsible supervision of controls right on the subjects in which they are established, the transfer of authority from the Bank of Italy and ISVAP to COVIP will happen', also in the light of the content clarification in the Ministerial Directive, from 1 January 2008. definitions. The decree leads all supplementary pension schemes to the term 'supplementary pension scheme'. Piu 'in particular, the decree defines' collective supplementary pension schemes 'means negotiating character pension funds established as independent legal entities, with personality' legal or in the form of non-recognized associations; the funds set up or promoted by the regions; open pension funds (having regard to membership on a collective basis); forms established by private law entities referred to legislative decree 30 June 1994 n. 509 and 10 February 1996, n. 103; the existing pension schemes in art. 20 of the decree. They are also defined as 'individual supplementary pension schemes' those implemented through membership on purely individual basis to open pension funds and pension schemes implemented by means of life insurance contracts, in accordance with art. 13 of the decree. All forms mentioned above, regardless of the collective or individual of the same and the legal form, must, however, include in their title the words' retirement fund. " Recalls, therefore, the focus of this forecast especially for companies' governess of individual pension schemes in art. 13, paragraph 1, letter b) of the Decree, for which the prescription mentioned above assumes the novelty character 'and that will have to comply with it in the drafting of the relevant regulations. The name 'pension fund' can not 'be, however, used by other entities than those registered as COVIP. It should, in this regard, to remember that the exercise of the 'own pension funds in default of the required authorizations or approvals and' punished criminally. With regard to COVIP, the decree provides for changing its name in full, replacing "Supervisory Commission on pension», naming the funds contained in art. 16, paragraph 2 of the Decree n. 124/1993 by which the aforementioned Commission 'was set up, with "Supervisory Commission on supplementary pension schemes." That amendment, which will intervene 'with effect from 1 January 2008, is in line with the extension, from that date, the Commission's supervisory prerogatives of all supplementary pension schemes. Membership to supplementary pension schemes. This confirms the principle of freedom 'and VOLUNTARY' accession to any supplementary pension plan, both individual and collective (articles 1, paragraph 2, and 3, paragraph 3, of the Decree). The principle of voluntariness' accession find 'applies even if the TFR devolution through the silent participation mechanism (art. 8, paragraph 7 of the Decree), configuring the silence of the worker as an implicit expression of will' which Therefore the consequence of joining the supplementary pension so 'identified in that case to the member shall be granted all the rights and prerogatives, including order information, related to participation in the same form. The decree does not exclude the possibility 'of simultaneous membership of more' supplementary pension schemes, a situation which, typically, potra 'be realized in the event of a plurality' of labor relations that give title to membership in the pension fund of. However, in the mode 'case by case more' appropriate, the member must 'be put in a position to evaluate carefully in terms of the opportunity', the formation of a plurality 'of positions at different pension schemes, such as having also with regard to the profile of the total costs to be incurred. Recipients of supplementary pension schemes. Article. 2 of Decree reproduces, in good measure, forecasts of recipients of supplementary pensions now contained in Decree No. 124/1993, making a number of news'. Under that provision, the collective supplementary pension schemes can join: employees, private and public, with fixed-term employment relationship permanent or temporary, including workers employed on the basis of types of contracts under Legislative September 10, 2003 , n. 276; self-employed and freelancers; the working members of all types of cooperatives, also with the employees by the cooperatives themselves. With respect, however, the individual supplementary pension schemes, the decree states (Art. 13, paragraph 2) that may also accede to persons other than those identified in listing in art. 2 (for example, subjects without work income). There is, therefore, for such forms, any restriction on grounds of potential members. Also taking into account Article. 8 of the decree, can adhere to the supplementary pension funds, both individual and collective, even those so-called "tax-dependent", in art. 12 of the consolidated law on income tax (Decree of the President of the Republic December 22, 1986, n. 917). In the case of pension funds, where it is intended to include such entities as part of the recipients, it will be necessary 'Statute explicit provision to that effect. With reference to open pension funds, and 'to be considered also it allowed the possibility' of funds "dedicated" to one type of adhesions (funds open only to individual membership or open-end funds only to collective subscriptions). Where it intends to introduce such a specialization, with effect from the entry into force of the decree or thereafter, it will be necessary 'amended accordingly Regulation in order to delimit the scope of the possible adhesions. As for the already 'made adhesions, which are of a different nature than that used by the fund to its specialization, the companies' governess of the open pension funds will have to assess whether to allow the maintenance of entries in place, limiting the "specialization" only to accessions future, or anticipate the need to transfer to another fund, providing any useful information to the member for the conscious exercise of related prerogatives. Establishment of pension plans. Article. 3 of the Decree identifies specific institutive sources in relation to the types of recipients indicated in art. 2, reproducing, with certain additions, the wording of Article. 3 of Decree No. 124/1993. Among the news 'will be working from January 1, 2008 must be reported the possibility' of agreements, at company level, intervening directly between employers and individual workers. These agreements will, however, limited effectiveness only to the subjects signatories of such agreements, can not in any way be inherent to the workers, despite belonging to the same company, who have not taken part in it and not causing, consequently, no strings attached to them . Therefore, these agreements can not be included among those referred to in Article. 8, paragraph 7, letter b) of the Decree, in order to adjust the tacit allocation of the severance pay of other employees of the company. Of note, and 'also the inclusion of the sources institutive supplementary pension schemes of the Regions, which' also given the task of regulating regional law operation of such forms, while still complying with the national legislation of the sector. It remains of course stops the possibility 'of the Regions to promote and facilitate the development of supplementary pension initiatives, as already' experienced in the current regulatory environment, primarily through formulas that provide for the involvement of collective bargaining. For completeness, the decree brings nell'alveo of institutive sources also the companies' governess of open pension funds and supplementary pension schemes implemented by means of life insurance contracts. Finally, the letter g) of paragraph 1 of article. 3 of the decree remained among the sources institutive the social security institutions of private law referred to in legislative decree 30 June 1994 n. 509 and 10 February 1996, n. 103 (as now provided for in paragraph 1-bis, art. 3 of the Decree n. 124/1993, introduced by art. 1, paragraph 35 of the Law of 23 August 2004, n. 243). To these entities, and 'therefore permitted to provide, either directly, through a resolution of the institutions themselves, is also on the basis of collective agreements or agreements between the workers, the establishment of new forms of supplementary pensions. Constitution of pension funds and authorization to operate. With regard to pension funds, with effect from 1 January 2008 will result 'changed, in streamlining and simplifying key, the procedure for the recognition of personality' legal. Notwithstanding the provisions of the Decree of the President of the Republic February 10, 2000, n. 361, recognition conseguira 'directly to the authorization provision to the exercise of the attivita' adopted by COVIP without more 'should be a further measure of the Ministry of Labour. COVIP provide ', for such pension funds, keeping a register of legal entities. In this regard, taking into account the explanations given to COVIP in the ministerial directive, you have in mind that even pension funds that will be gia 'constituted as subjects with personality' legal (whether pension funds to newly created or existing pension funds) will need to It is, from that date, entered in the register kept by COVIP, which will provide 'acquisition of dossiers by the relevant prefectures. The pension schemes promoted by the entities referred to in Legislative Decree 30 June 1994 n. 509 and 10 February 1996, n. 103 may be formed as a non-recognized associations or as individuals with personalities' legal; and 'also it permitted the adoption of the form of the target assets, separate and independent, as part of the same body, with the effects of art. 2117 of the Civil Code, which is managed separately from the other activities' entity. The adoption of the target assets, separate and independent, and 'in any case, the only permissible form for open pension funds and for supplementary pension schemes implemented by means of life insurance contracts. The arrangement, already 'exists for open pension funds, hold any material profiles news' with reference to supplementary pension schemes in art. 13 paragraph 1, letter b) of the Decree. Each insurance company will be ', therefore, required to adopt a special resolution once the constitution of a heritage destination with regard to pension schemes implemented by means of life insurance contracts. As specified in the Directive Ministerial, in the constitution of the separate assets of the insurance companies will have to operate according to the procedures' established by ISVAP. In addition, the operability 'of individual pension schemes implemented by means of life insurance contracts will be' subject to the expected adoption of the Regulation, drawn up in accordance with the directives issued by the COVIP and approved in advance by the same, on provisions concerning the modalities' of participation, transfer of individual positions to other pension schemes, the comparability 'of costs and operating results, cost transparency and contractual conditions, the mode' communication to members and to COVIP activities' pension and the individual position forms. Together with the Regulation, it should be transmitted to the Commission the general conditions of contracts, for which the decree expressly refers to the requirement of notice before their implementation. Any subsequent amendments of the general conditions of contracts shall also be forwarded by the insurance companies, the ever COVIP in advance with respect to their practical application. Registration on the COVIP. All supplementary pension schemes (with the exception of the pension schemes set up within government agencies, including economic, exercising controls on the protection of savings, concerning currency or on insurance) must enroll in the appropriate register held by the COVIP. This' will constitute 'a novelty' of relief for pension schemes implemented by means of life insurance contracts, which will be included in the albo only upon completion of the approval procedure of the related regulations. Such forms will be listed in the register of COVIP only since 1 January 2008. It is in fact in mind that in accordance with Art. 19 of Decree No. 252/2005 is up to COVIP call "in order to ensure compliance with the principles of transparency, comparability 'and portability," the conditions that the forms must meet "to be traced within the (...) Decree and application be listed in the register. " Whereas, therefore, for individual insurance forms, the realization of these principles of transparency, comparability 'and portability' and 'closely related to the entry into force of the new regulation of supplementary pensions, such forms may be listed in the register only once intervened adaptation to new standards, having proceeded to the establishment of independent and separate assets and having received the approval of the Regulation. Responsible for supplementary pension schemes. Some significant changes and additions are set out in the decree on governance of pension funds and must be taken into account for the purpose of the necessary adjustments. The decree emphasizes the role of the fund manager by providing that for all supplementary pension schemes, without exception, should be appointed to a responsible form itself. The body authorized to make such appointment will be 'the fund's board of directors board, in the case of a legal entity, or of society' or honorary sponsor of the pension plan, if devoid of subjectivity '. In particular, this news 'clothe' relief especially for supplementary pension schemes implemented through contracts of insurance on the life of art. 13, paragraph 1, letter b) of the Decree, for which no and 'foreseen today the figure of the manager. These forms will have to proceed to their appointment, in accordance with the provisions of the decree, in order to have that figure with effect from 1 January 2008. For open-end funds, for which the fund manager figure is already 'contemplated by 'current legislation, in addition to making the necessary adjustments as the new functions to be attributed to the person responsible, it draws attention to the need' that, with effect from 1 January 2008, those in charge are not located incompatibility 'outlined situations Art. 5, paragraph 3, of the Decree. In this regard, it is noted that the position of head of the open pension funds and supplementary pension schemes implemented by means of life insurance contracts can not 'in any case, be granted to a director or an employee of the same shape and sara' incompatible with the performance of attivita 'of employment and the ongoing operating performance at those tutors of the same forms, or at the companies' controlled by them or that control. With reference to the company 'who have established a plurality' of open pension funds or supplementary pension schemes by means of life insurance contracts, while being allowed the chance 'to be entrusted to the same person in charge of responsible for more' pension schemes , must 'be avoided concentrating on the same subject of an excessive number of positions, given the delicate tasks that the same and' expected to perform in the interest of members. For pension funds established by agreements, potra 'be sufficient to provide for combining the powers of the Director General, this figure typically already' planned, within the time specified in the decree. If necessary, potra 'be evaluated the opportunity' to confer the predicted position of head of the fund also separate entity from the general manager. In general, as regards the functions, WILL BE FOR 'to provide responsible to verify that the management of the shape is carried out in the exclusive interest of members, as well as' in compliance with the prevailing regulations and guidelines of COVIP, and contractual provisions contained in the statutes and regulations. In particular, the manager is responsible for supervising compliance with the investment limits in the aggregate and for each line which make the shape, on transactions involving conflicts of interest and on the adoption of operational practices to better protect members. supervisory body. The open pension funds which would also include the possibility 'of collectively accessions should provide for the establishment of a supervisory body. In the first application, the body must 'have at least two members to be designated by the parties tutors of the funds, for a job that can not' exceed two years. For the components of the organism, the decree requires certain standards of good character 'and professionalism' and provides situations of incompatibility 'and decadence, referring to the rules governing a special decree to be issued by the Minister of Labour. The components may not, however, hold office in the management bodies of tutors subject of open pension fund or from the companies' controlled by them or controlling them, it 'may carry out at these institutions activities' of an employment or provision of work on a continuous basis. And 'forbidden to be owners, usufructuaries or holders of other rights - even indirectly or on behalf of third parties - concerning shareholdings of tutors of open pension funds entities, ie companies' controlled by them or controlling them. The finding of a failure had the required qualifications, whose report must be made by the person concerned, possibly by means of a written declaration, shall result in disqualification from the office, which will be 'declared by decree of the Minister of Labour on the proposal of COVIP. It remains optional, at this stage, the establishment of a monitoring body to equal participation of representatives of workers and employers. After this first phase, the body monitoring components must be identified as part of the independent directors enrolled in a register of CONSOB (if established). Moreover, in this second phase, in the open pension funds to collective subscriptions, the supervisory body must 'necessarily be integrated by a representative of the employer and a representative of the workers whenever the collective membership bears the legend at the bottom of at least 500 workers in a single company or a single group. The above provision does not preclude the possibility 'for open pension funds to provide, on a voluntary basis, the aforementioned integration even at the stage of initial application of the decree. The supervisory body and 'intended to represent adequately the interests of members and to ensure that the administration and management of the fund takes place in the exclusive interest of the same. The body refers to the management body of the open pension fund and COVIP regarding irregularities' found. Resource management of supplementary pension schemes. The decree essentially confirms the current framework, with some news' relief. First, with reference to the tacit TFR, the decree provides for the investment of its funds must necessarily be in a content line more 'prudent, to guarantee the repayment of capital and yields comparable to the revaluation of the reserve rate. With regard to the characteristics that the line must possess, it is believed that the term guarantee should be understood as an effective commitment to ensure with certainty the result of the full repayment of capital, net of any charges, within a predetermined time period and / or realization of certain events (such as in particular retirement). It 's not enough then the mere commitment to pursue investment strategies to achieve with a degree of probability' also very high, but not to ensure with certainty, the result of the repayment of capital. The investment policy of that line must ', however, be such as to achieve with high probability' returns that are equal to or higher than those of severance pay, at least in a multi-year time horizon. In determining the specific features of the line, it calls altresi 'attention to the need' to consider and highlight with particular clarity even the profile of the costs borne directly and indirectly on the positions of the members, who must be the most 'can content. The potential recipients of the pension schemes of the tacit TFR will therefore make the necessary adjustments in good time, before the tacit devolution of severance pay mechanism, providing a line with the above characteristics. Otherwise, the pension schemes will not be addressed tacit devolution of TFR. The aforesaid line will also merge the sun shares remaining severance pay awarded in tacit away, where the worker is found already 'registered in another line, which will continue to flow its contribution flows (including those relating to the shares of TFR already' previously devolved to supplementary pension schemes). The worker potra 'still decide, through explicit expression of will', to allocate also the shares of remaining severance pay to the same line previously selected. In any case, must allow himself to workers a chance 'to ask later to reallocate the severance pays, those already' paid and those maturing, as deemed more 'line of investment suits their needs and to their level of risk appetite apart even from the minimum period of stay in the same line. In addition, at the time of actual establishment of this line it must 'be allowed to all members to exercise the right' transferring their individual position (or part thereof, if permitted) to the line in question, even before the expiry of the period minimum provided for in the statute / regulation for the normal exercise of the right 'to transfer to another line. With regard to pension schemes umbrella, it is the opportunity 'of a structure articulated on a small number of lines, easy to understand and supervision as the risk profiles. Otherwise, then, from the provisions of art. 6, paragraph 4-bis of the Decree n. 124/1993 is not 'more' prescribed that the choice of financial managers is to be made by the Management Board identified pursuant to art. 5, paragraph 1, the third period of the said decree. 124/1993. In effect from 1 January 2008, therefore, that choice can 'be done, always in accordance with established procedures, including the board of directors appointed at the time of incorporation. Due to the provision contained in art. 6, paragraph 1 of the Decree, the management models covered by it will also find application in the pension systems to be set up directly from the regions. The decree also confirms that such management models are also applicable to the forms established by private law entities referred to legislative decree 30 June 1994 n. 509 and 10 February 1996, n. 103, in accordance with the 'already' now incorporated in the existing legislation. In addition, and 'to be highlighted that the supplementary pension funds will be required, with effect from 1 January 2008, state in their annual report and, briefly, in the periodic communications to members, whether and to what extent the management of resources and lines followed in the exercise of rights arising from the ownership 'of portfolio values ​​they have been taken into account social, ethical and environmental factors. The obligation will 'load to all supplementary pension schemes, collective and individual. As for the management of individual pension schemes implemented through insurance contracts, the decree states that continue to apply to the investment rules set out in the Code of Private Insurance (Legislative Decree of 7 September 2005, n. 209). administrative services. As of 1 January 2008 will be 'less obliged to request contractual offers, through the form of advertising' news, for the conclusion of agreements relating to the provision of administrative services. The fact that the rule is not more explicit 'the need' that the selection is made on the basis of a public tender procedure will not do 'naturally remove the obligation of the boards of directors of pension funds to make the choice of the administrative services in respect of principles of sound and prudent management, based on objective and appropriate criteria, so 'to identify the person who best meets the requirements of the fund and the reference audience. Investment restrictions and conflicts of interest. It should be highlighted the innovation visited art. 6, paragraph 13, letter c) of the decree, with reference to the provisions of art. 18 of Directive 2003/41 / EC on the activities' and supervision of institutions for occupational retirement provision, introduces a new limit for investments. Under the new forecast, the funds directed towards the employees of a particular company can not invest its availability 'in financial instruments issued by that entity, or, where' the company belongs to a group, the companies belonging to the same group and for more than a total of, respectively, to five to ten percent of the total fund assets. The funds are called, therefore, to also adjust to the above limit. As for the conflict of interests, the decree provides that for individual pension schemes implemented through insurance contracts must apply, with effect from 1 January 2008, the planned legislation for other supplementary pension schemes. Found that even the Law of 28 December 2005, n. 262, relating to the protection of savings, that forecasts on the subject of conflict of interest of pension funds, delegating the Government to adopt a legislative decree on the subject, do you reserve later provide WHEN 'will define the regulatory framework , any directives about the aforesaid adjustment. Conventions for resource management of pension funds. As already 'anticipated a circular letter sent February 23, 2006 to collective pension funds, it should be noted that Article. 19, paragraph 2, letter e) of the Act (which entered into force on 14 December 2005 under the provisions of art. 23, paragraph 1 of the Decree), recognizes the COVIP the task of providing, in ' context of the general supervision of supplementary pension schemes, to address line audit of the management and supervision on the comparability of conventions for the management of resources to the legislation in force and to the drafting of the conventions criteria, defined by COVIP after hearing the Authority 'supervisory the persons authorized to manage resources. The norm referred to above therefore confirms the existence of the supervisory power of COVIP regarding management agreements, already 'foreseen in Art. 17, paragraph 2, letter f) of the Decree n. 124/1993, under the overall supervision of the management guidelines (and that ', the investment policy) of the fund and the individual funds. Compared to the previous wording of Decree No. 124/1993, and 'now expected to be exceeded, in the interests of simplification, the COVIP assent prior to the signing of the agreements. As a result of this provision, therefore, the management agreements do not form more 'subject to prior authorization, returning, however, in its control of COVIP together with the investment policy of each fund. Therefore, the procedure for making management conventions, COVIP contemplated in the resolution of 4 December 2003 laying down 'Regulations concerning the procedures for modification of the statutes of pension funds and to the conventions of art. 6 of the legislative decree 21 April 1993 n. 124 ', and' to be understood exceeded, due to sudden and legislation above provision. In particular, they are meant to Articles 5 and 6 of that regulation, governing the authorization procedure to stipulate no more 'of the applicable agreements and the procedure for authorizing changes to the guidelines. For the purposes of the investment policy on supervision and management agreements, the pension funds have to transmit to COVIP within twenty days from the signing of the agreements, the following documentation: one of the administrative and political relationship in which 'Illustrated deliberate investment for each fund and, consistent with this, describes the characteristics of each contract and it 'indicate the date of transfer of resources to the operators; the text of each Convention, drawn up in accordance 'with the criteria defined by COVIP after hearing the Authority' the oversight bodies responsible for managing the resources of the supplementary pension schemes (at the time the conventions you must, however, conform to the diagrams-type of agreement which is currently current); the explanatory report of the performance of the manager selection process pursuant to art. 8, paragraph 1, letter b) of Resolution COVIP 9 December 1999. As for the successive changes of the investment policy or agreements, pension funds are required, within twenty days of the date of the deliberation of the board bearing the amendment, to the same reporting requirements set out above. In particular, the management board's report should describe the changes introduced, the reasons that led to the adoption of these amendments, as well as' any impact that they have on subscribers indicating the principals for the protection of the same also in order the mode 'for implementation. custodian. For the decree it clarifies that the directors and auditors of the custodian bank must report without delay to the COVIP on possible irregularities' in the operation of pension funds with regard to the Institute of the Custodian, subject to the general rules previously applicable,. Bearing in mind also the provisions of Art. 38, paragraph 1, letter a-bis), second part, of Legislative Decree 24 February 1998 n. 58, which recognized the possibility 'for the custodian to provide, on behalf of the SGR, the calculation of the value of the units of mutual funds, they' believed to admit that pension funds can be attributed to the custodian bank the authority to arrange the direct calculating the value of the fund units. As for the other cases of delegation, he remains firm in chief at the negotiating pension fund or the company 'governess of the open pension fund the responsibility' for the work of managing subject. Funding of supplementary pension schemes. E 'primarily affirmed the principle of freedom' for all workers to determine the entities 'contribution of accepting responsibility, provided that, in a collective nature forms, institutive sources will fix mode' and the minimum amount of contribution by the employer and workers. In addition, the contribution to be allocated to supplementary pension schemes potra 'be determined, for all members, and therefore also for employees and self-employed, either at a fixed rate as a percentage of the salary taken for the calculation of severance pay (or part of it ) or self-employment income or business. The decree will allow 'altresi' supplementary pension schemes, with effect from 1 January 2008, lay in the possibility 'statutes / regulations for the member to split also contributory streams of different lines of investment within the same pension plan. The introduction of such a provision in the statutes / regulations and 'left to the evaluation of pension schemes, without prejudice to the subsequent effects of the tacit TFR for a worker already' writing, as previously stated. In any case this right ', when it is to introduce it, should be clearly spelled out at the level of the Statute / Regulation. It 'also established that the contribution to supplementary pension schemes can continue voluntarily after reaching age' official retirement from the compulsory scheme membership, provided that the member can claim, on the date of retirement, at least one year of contributions in favor of the supplementary pension funds and without prejudice to the freedom 'of the person who chooses to voluntarily continue the contribution to autonomously determine the time of use of pension benefits. That option 'of the member must' necessarily be inserted in the statutes and regulations of the supplementary pension schemes. The complementary pensions, both collective and individual, will be able to predict, because the mode 'financing, the possibility' for writing to also make use of accreditation, on its individual position, allowances allocated as a result of purchases made through electronic money or other means of payment at partner sales centers, based on a proxy to the service center or company issuing the credit or debit card (it is so 'extended this right', today admitted only for the recipients of the INPS Fund pursuant to legislative decree 16 September 1996, n. 565, that is, those who carry out unpaid care work resulting from responsibility 'family). It 'must, however, left to the valuation of pension plans the introduction of such a provision in the statutes and regulations, it is considered the actual interest of the members and the administrative implications and in terms of costs that it entails. In any case, if you intend to introduce this right ', the same should' be clearly spelled out in the fund regulations. the TFR. The regulation of the financing of supplementary pension schemes is incisively innovated with effect from January 1, 2008, mainly as a result of the provisions which provide for giving these forms, even with mode 'tacit, of severance pay, in addition to contributions by the employee and shares if applicable, the employer. course consists of the severance pay, in respect of which the decree provides for specific rulings, being its contribution to the supplementary pension funds take place in accordance with methods 'whether express or implied for employees, significant part of the funding will be'. Within six months after entry into force of the decree (and, therefore, by 1 July 2008) or within six months from the original date of recruitment, if after 1 January 2008, workers will be able to decide, with an express manifestation of will ', if you give the entire amount of the severance pay maturing to any of the supplementary pension funds, chosen from those existing and already' adapted to the provisions of the decree and COVIP directives, or keep it from your employer. In this second case, the worker potra 'however later change your choice, proceeding to the TFR matured to a form of supplementary pension from the same choice. In the absence of an explicit manifestation of the will ', as outlined above, it will activate' tacit of the TFR. In this regard, the decree provides that if in the time frame of six months above the worker does not express any willingness ', the employer will be' held to confer the TFR maturing of its employees in the collective pension scheme provided for in the agreements or contracts collectives, which are used for that company (whether national or regional, or enterprise), with effect from the month following the expiration of the six month period. Where there are more 'reference pension schemes (for example, pension funds category, territorial funds, collective pension schemes at company level) severance indemnities will be' transferred to that identified by company agreement or, failing that, to the form which appears registered the largest number of workers in the company. For the determination of this number must 'make reference, consideration of whether to art. 23, paragraph 8, of the Decree, as of 1 January 2008, and in order to subsequently recruited workers to the entry into force of the decree, the date of employment. Where it is not possible to proceed as above, the employer will be 'required to transfer the TFR matured to supplementary pension scheme established by INPS Special provisions are, then, apply to workers who have been enrolled in a form of security compulsory until 28 April 1993, date of entry into force of decree No. 124/1993. In this context, those who are already 'members of supplementary pension schemes into defined contribution schemes as of 1 January 2008 and which do not pay already' the entire TFR to supplementary pensions can choose, within six months from that date or from date of the new hire if later, whether to keep the remaining portion of TFR with the employer; in the absence of an explicit expression of will 'TFR It will be 'passed on in full to the complementary form which turn out to have already' joined. Those, however, are not, as of 1 January 2008, already 'enrolled in supplementary pensions may choose, always within six months from that date, in which supplementary pension allocate their TFR future and define the TFR share from bestow. This share will correspond 'to that provided for in the agreements or collective agreements that apply to the employee or, when such agreements do not provide for the payment of severance pay, can not' be less than 50 percent; and 'in each case it permitted the allocation of a TFR contributions exceeding the aforesaid limits and, therefore, also equal to 100 percent. Retains the possibility ', alternatively, decide to keep the TFR from your employer. Again, if the employee does not express the will 'explicit, severance indemnities will be' fully donated to the supplementary pension scheme in accordance with normal mode 'of the silent transfer. Under the provisions of art. 23, paragraph 2 of the Decree, the provisions on the tacit TFR will not apply to workers whose companies will be deprived of the requirements for access to the Guarantee Fund referred to in Article. 10, paragraph 3, of the same decree, limited to the period in which there is such a situation and no later than one year of the entry into force of the decree. As already 'previously detected, and' expressly provided that the TFR, is expressed in the form either tacitly, determines the adhesion of the worker to the supplementary pension scheme. This ', however, does not imply' the obligation to allocate the chosen form the contribution that might be envisaged in collective agreements, by the employee and the employer. The worker will be 'free to allocate, in addition to severance pay, even a part of their salary. In the event that the employee decides to pay the contribution envisaged against him and is entitled, on the basis of collective agreements, including company, to a contribution by the employer, this contribution will flow 'to the form chosen to the limits and conditions set out in those contracts. It maintains however the right 'of the employer to decide, in the absence of collective agreements, including company, to contribute to the pension scheme to which the worker has already' joined. In order to allow workers a conscious choice for the disposal of a supplementary pension severance pay and make them aware of the effects resulting from the failure event to your preference, the decree provides for the obligation of the employer to provide adequate information on the various choices possible, as well as' on the form to which the TFR will be 'bound in the absence of explicit expression of will' in the terms. In particular, employers are required to provide workers with adequate information prior written about the different choices available, according to the following schedule: in the vicinity 'of the entry into force of the decree, with regard to workers who are already' made in this moment; same assumption, however, for workers hired after. In addition, thirty days before the expiration of six months are useful in the TFR maturing (and, that 'by 1 June 2008 for workers already' made at the date of entry into force of the decree, and, on the other hand, within five months from the assumption for workers hired after 1 January 2008) employers must arrange to supply, only to workers who have not yet shown any willingness', a second adequate information written, directed to indicate the supplementary pension scheme to which the accruing TFR 'for the end of the semester. In the case of tacit the TFR, the pension plan target must 'promptly arrange to inform the employee dell'avvenuta membership of the same and the possibility' to take advantage of the contributions paid by the employer provided for in the agreements establishing the same shape, subject to bear the contribution. The pension plan must ', in addition, provide the worker with the necessary guidance on the modalities' acquisition of the securities note for collecting statements of support, the summary sheet and the statutory or regulatory documents as well as' any other information deemed useful to ensure the worker the full knowledge of the workings of the pension scheme and the rights and obligations of membership. Together with this communication it must 'be sent to the worker a module for the possible payment of their contributions and possible amendment of the choice of resource allocation. Performance regime. The decree provides for the introduction, from 1 January 2008, important news' in terms of pension benefits, redemptions, advances and transfers. The statutes and rules, as well as' information documents for collecting statements of support, must, therefore, be suitably modified in order to align those provisions to the new rules. The news' inherent in the system of benefits and the tax treatment should be, altresi ', brought to the attention of those who will be on that date already' enrolled in a supplementary pension scheme in order to enable them to make informed choices. In any case, the new provisions on performance and tax regime will be applied immediately to all those who are enrolled in supplementary pension schemes concerned by the decree, even without adjustment of the contractual documentation. It should also be borne in mind that, given the provisions of Art. 23, paragraph 5, of the decree, continue to apply the provisions previously applicable regulations (contained in the Decree no. 124/1993) regarding the benefits accrued as of December 31, 2007, meaning those that, by that date, are been achieved all access requirements and has been exercised its right by the data through an explicit request. pension benefits. From 1 January 2008 the right to pension benefits will acquire you 'at the time of vesting requirements of access to benefits established in the mandatory regime of belonging, with at least five years of participation in supplementary pension schemes. Coordinated by the reading of Articles 14, paragraph 2, letter c), and 11, paragraph 4, of the decree it follows that, on request by the member, access to supplementary pension benefits, both in the capital and in income, potra 'be achieved in advance of the above terms, with a maximum of five years in advance with respect to the requirements for access to basic services, in the case of disability 'involving the permanent reduction of capacity' work less than a third and following of the attivita 'working cessation involving the unemployment for over forty-eight months period of time. For the purposes of length of service 'necessary determination for the request of pension benefits must be considered useful all periods of participation, and that means' enrollment in supplementary pension funds, for which it is not used in the total of the individual position ransom. It retains the possibility 'of obtaining the lump-sum payment of pension benefits up to a maximum of 50 percent of the individual position. In total payable amount calculating capital it would, however, be excluded from the sums already 'paid by anticipation and not replenished by the member. For the purposes of compliance with that provision of the supplementary pension schemes will have to take due note of the advances granted and made reintegration (see next paragraph on analytical information relating to the member). Where the amount resulting from the conversion into annual pension annuity in favor of the member of the 70 percent of the final accumulated position is less than 50 percent the annual amount of the provision potra 'be delivered entirely in capital. For the purposes of such calculation, it should be taken as reference an immediate annuity without reversibility '. Finally, the decree states that in case of death of the owner of the pension benefit, schemes for the payment of annuities may provide restitution to the beneficiaries indicated by it upon the remaining upright or, alternatively, the supply to the same of a calculated annuity according to the said riser. Anticipations. Even in terms of the provisions of the present anticipations relevant news'. Advances to meet pay for extraordinary treatment or surgery recognized by public health structures, as a result of serious situations relating to the member, the spouse and children, can be requested at any time (a Regardless, then, from the period of participation in the form) by no more than 75 percent of the entire position. Those for the purchase or renovation of the first dwelling house can be requested more and up to 75 percent of the position, elapsed eight years of entry in supplementary pension schemes. In addition to the above assumptions, advances may be asked for more of the member needs, eight years elapsed from the inclusion of an amount not exceeding 30 per cent (in the latter case, therefore, will be 'simply the request of 'writing and the course of the minimum period, not having the pension plan to make any inquiry about the reasons for the request). They are attributable to this area also advances usable during periods of enjoyment of leave for training and continuing education, in art. 7, paragraph 2 of Law March 8, 2000, n. 53 and those related to the use of parental leave, in art. 5, paragraph 1 of Legislative Decree 26 March 2001, n. 151. Such forms of anticipation may be, therefore, requests within the time stated in the decree. In response to each request for an advance and before the release of the same, the pension plan must 'still check that the total sums paid to the member, in this connection (even in the face of previous requests for advances) results do not exceed the limit of 75 percent of the total of the individual position. The total amounts received by way of anticipation may not, in fact, exceed 75 percent of the time for time accrued individual position, increased the perceived advances and not replenished. If any exceeding of this maximum, the amount to be paid must 'be reduced to within the allowable limit. As previously already 'noted reference, in general terms, the system of benefits, it should be noted that even for the purposes of length of service' necessary for determining the demand for advances must be considered useful all periods of participation in the supplementary pension schemes accrued dall'aderente for which the same has not exercised the total of the individual position ransom. Loss of the participation requirements before maturity of the pension. In case of loss of the participation requirements to the pension plan, before the date of entitlement to the provision of retirement benefits, the decree provides for the possibility 'to make the transfer the position to another supplementary pension to which the worker may join because of new business 'work and exercised the right' to the position ransom. In particular, the ransom potra 'be achieved either partially (50 percent of the accrued individual position), in cases of termination of the attivita' labor involving unemployment for a period of not less than twelve months and not more than forty-eight months or in case of appeal by the employer of mobility 'or redundancy fund procedures. The redemption total extent will ', instead, admitted in cases of disability' involving the permanent reduction of capacity 'work less than a third and following of the attivita' employment termination involving the unemployment for a period of time more than forty-eight months. As already 'noted above in the section on retirement benefits and that' to keep in mind that the right 'total ransom for disability' involving the permanent reduction of capacity 'work less than one-third or following termination of the attivita' work involving the unemployment for a period longer than forty-eight months to not ', however, be exercised in the previous five years to maturity of access to jackets performance' requirements in this case there is a right for the subscriber to access advance to the provision pension. In addition to the assumptions shown above, expressly provided for by art. 14, paragraph 2 of the Decree and for which and 'foreseen taxation substantially facilitated, pursuant to paragraph 4 of that Article, it should also be kept in mind the provision of the following paragraph 5, which provides a different, and less favorable tax regime on the amounts received by way of ransom for "various reasons" than those mentioned above. Having regard to the legislative, and 'to be considered admissible that the statutes and regulations of the supplementary pension schemes contain predictions concerning the possibility 'redemption of the position in line with the causal loss of the participation requirements hitherto permitted in the very statutes and regulations, including on the basis of collective bargaining forecasts. Prejudice to the application of ordinary transfer prerogatives of the individual position to another supplementary pension scheme, must 'still be possible to maintain, in general, the same at the supplementary pension plan membership. All supplementary pension schemes should therefore be made, in addition to the redemption and transfer also the maintenance of the individual position by the member at the form itself; the position, unless advised otherwise by the worker, must 'continue to be managed by the pension scheme to be increased and the returns achieved. In default the option is exercised by the Subscriber must 'find automatic application of the rule of maintaining the position at the pension plan. The new rules clarify, then, that the burdens on supplementary pension schemes arising from the exercise of the right 'to redemption or transfer subsequent to the termination of the participation criteria to the supplementary pension scheme as well as' the voluntary transfer requests (of which you will deal 'in the next paragraph), they must be made within a maximum period of six months from the exercise itself. This deadline must 'necessarily be indicated in the statutory / regulatory documentation to ensure clarity for members, however, without prejudice to the right' for supplementary pension schemes to fix, in a more 'favorable to the subscribers, also for a shorter period to the above six months. In any case, the forms must provide for its obligations in the most 'shortest possible time, so' to respond quickly to the demands of the members, whose interests must be taken into account even at this stage. They remain subject to the provisions COVIP (resolution of 17 June 1998 on the financial statements of pension funds) on the day they perform, against the exercise of the aforementioned right ', the enhancement of the position of the member. Premature death of the subscriber. Result 'unified, with effect from 1 January 2008, the discipline of the individual position in case of redemption by the member died before the date of entitlement to pension benefits, now differentiated depending on whether it's individual membership or accession of collective basis. The entire accrued individual position potra 'be redeemed by the heirs or beneficiaries designated by the various dall'aderente, either natural or legal persons. In the absence of these persons remain 'position acquired in the pension fund, except for individual pension schemes (open pension funds exclusively dedicated to individual membership and supplementary pension schemes implemented by means of life insurance contracts) for which the said sums are devolved to purposes 'according to the social mode' to be laid down by decree of the Minister of Labour. voluntary transfer of the individual position. According to art. 14 of the decree and in line with the objective of enabling law to facilitate the transition between supplementary pension schemes, the minimum residence period in the chosen pension scheme falls to two years by three / five years covered by the Decree. 124/1993. After two years from the date of registration to supplementary pension the member will have ', therefore, the right' to transfer the entire accrued individual position to another pension scheme. The statutes and regulations can not in any way introduce limitations to this right: will therefore inadmissible terms which are, de facto, restrictive, such as, for example, the application of high cost items, initials or on transfer, penalizing a spill from the form (such as those relating to the application of precontati costs directly with the payment of the first annual 'premium provided for in some of life insurance contracts with finalita' social security). In the event of exercise of the aforementioned right 'the worker will have' right to payment to the form he has identified the future benefits. With regard to the contribution of the employer, the continuation of its payments to the form chosen by the worker potra 'take place within the limits and methods' laid down by collective agreements, including company. Regarding the timing of the subsequent fulfillment of the voluntary transfer requests of the individual position, it calls what was previously stated (by treating the redemption or transfer to loss of the participation requirements). Transferability ', to seizure' and to seizure '. Article. 11, paragraph 10, of the Decree expressly confirms, in the first place, the inviolability 'of the individual positions during the accumulation phase from the supplementary pension schemes, including of course the portion related to the TFR. In this phase, in fact, the resources covered by the assets of the pension plan and are not generally available by the Subscriber it 'they are subject to seizure or garnishment. Although the sums transferred to another fund for the initiative of the member are intangible, as always related to the accumulation phase. In addition, the aforementioned rule states that pension provisions, capital and income, and advances made to cope with health costs will be subject, as from 1 January 2008, to the same limits for securitization ', to seizure' and to seizure ' in force for the performance in the basic pension scheme, while claims relating to the subject of redemption sums or anticipation for other reasons will not be subject to any restriction to. about. analytical information relating to the member. Given the need 'to keep track over time the choices made by the member, in particular as regards the granting of severance pay, to the use of imprest accounts and the reintegration of the individual position, and the possibility' that the subscriber transits from one form in the accumulation phase, the supplementary pension scheme will write down 'in an orderly and analytical all the relevant information about the history of the contractual relationship and will broadcast' that information to the pension scheme of destination in case of transfer of the individual position. Creating websites and advertising '. The pension funds and the companies' governesses open pension funds and supplementary pension schemes implemented by means of life insurance contracts should publish on its website the statutes / regulations, the securities note and summary sheet, budgets / reports and all the tools the member, actual or potential, to carry out more 'conscious choices related to the holding ratio. The supplementary pension schemes communicate to COVIP addresses of Internet sites created. a program that allows to create exemplary projects previously recalled, allowing altresi 'to perform simulations considering even more options such as, but not limited to, the effects of the use of advances or partial redemptions in the Internet must' site will also be made available. The companies' governesses open pension funds and supplementary pension schemes implemented by means of contracts of life insurance will take care to allow an immediate clear distinction between information relating to supplementary pension schemes, compared to those for other products offered, by putting in place sites, or at least specific sections of the sites, dedicated to such forms. The need to distinguish clearly complementary pension schemes than the other products offered will go ', however, be kept in mind also in reference to the advertisements, in any widespread form. The products not covered by the supplementary pension shall not, in any way, to be presented in order to create confusion and mislead potential stakeholders. Advertisements must be easily identifiable as such. In particular, it must 'be specified the nature of the advertisement with finalita' promotional and recalled the need 'to read the disclosure documents before signing. Rome, 28 June 2006 President: Scimia