Changes To The Methodological Note For Calculating Indicatoresintetico Costs As Per Resolution Of October 31, 2006 Laying Down ' Adoption Of Statutes, Regulation And Notainformativa».

Original Language Title: Modifiche alla Nota metodologica per il calcolo dell'indicatoresintetico dei costi di cui alla delibera del 31 ottobre 2006, recante«Adozione degli schemi di statuto, di regolamento e di notainformativa».

Read the untranslated law here:

The COMMISSION Saw the Legislative Decree of December 5, 2005, n. 252 laying «discipline of supplementary pensions» (hereinafter: Decree No. 252 of 2005); Visto l'art. 18, paragraph 2 of the Decree # 252 of 2005, which provides that the COVIP is hereby established for the purpose of pursuing the transparency and fairness of behaviors and the sound and prudent management of complementary pension schemes, taking into account the protection of the members and beneficiaries and the smooth functioning of the supplementary pension system; Visto l'art. 19, paragraph 2) (g) of Decree No. 252 of 2005, which attaches to the COVIP tasked to dictate the arrangements for ensuring the transparency of contractual conditions of all complementary pension schemes, in order to protect the membership aware of recipients and to guarantee the right to portability of individual position among the various complementary pension schemes, having regard to the need to ensure the comparability of costs; Always seen art. 19, paragraph 2) (g) of Decree No. 252 of 2005, in so far as those provisions stipulates that the application of common rules COVIP for all complementary pension schemes, both for stage concerning the collection of adhesions, and concerning the periodic reporting to members; Seen the same art. 19, paragraph 2) (g) of Decree No. 252 of 2005 that in order to accomplish the above, attaches, inter alia, to the COVIP to develop schemes for the fact sheets, prospectuses and notices to direct to potential adherents to all supplementary pensions; Having regard to its resolution of October 31, 2006, which were adopted the patterns of statute, regulation and information note pursuant to art. 19, paragraph 2) (g) of Decree No. 252 of 2005; View in particular the note on methodology for calculating the synthetic indicator of costs (ISC), as defined by the above decision of October 31, 2006; Given that the ISC is useful to understand the different cost levels charged by complementary pension schemes; Considered that in accordance with the mentioned methodological note, ISC is currently the difference between the internal rate of return calculated net of taxation and the internal rate of return, net of tax, which is calculated taking into account the anticipated cost in the stage of accumulation; Given that the aforementioned method of computing the ISC assumes a substantial stability of yield taxation of supplementary pensions; Given that the yield of taxation supplementary pensions has recently been the subject of various modifications, go first by Decree-Law No 66 of April 24, 2014 and the conversion law No. 89 of June 23, 2014 and, most recently, by law, December 23, 2014 # 190; Given that as a result of these changes the level of taxation applicable to returns of complementary pension schemes and, consequently the ISC can also vary due to the type of investments made by each pension; Recognised the need to ensure that the overall tax system actually applied by the pension will affect the calculation of the ISC, so altering the information concerning fees charged; Was therefore considered appropriate to amend the above note on methodology for calculating the ISC in order not to take more into account in the calculation of the indicator of taxation applied on yields to neutralize it and make it irrelevant for the purposes of its counts; View the circular of March 6, 2015 prot. n. 1389, with which the Commission produced the first urgent operational guidance to complementary pension schemes with regard inter alia to the method of calculation of the ISC, following the law December 23, 2014 # 190; Visto l'art. 4, paragraph 6, of its resolution of May 29, 2008 bearing the regulation on mode of adherence to complementary pension schemes, under which negotiating pension funds and pension funds and tutors of PIP is proceeding within the month of March of each year to update, as well as information on the performance of the company, the information contained in the other sections of the securities Note by the subsequent deposit with the new text of COVIP information note; Considered that the review of the methodological note of ISC is necessary and urgent in connection with the need to ensure the proper conduct of the business of complementary pension schemes, to protect the members and prospective members, to enhance transparency of the forms themselves, and in general the proper functioning of the system of supplementary pensions, account being taken taken place new regulations on the taxation of supplementary pensions; Felt, therefore, that the conditions for exemption provided for by art. 9 of its resolution of September 8, 2011 concerning the procedures for the adoption of the acts regulating the jurisdiction of COVIP. Having regard to law no 262 of December 28, 2005;
Resolution: to replace in its entirety, with the one attached to this deliberation, the notes on the method for calculating the synthetic indicator of costs referred to resolution COVIP of October 31, 2006 laying down ' Adoption of the statutes, regulation and information note». This decision shall enter into force on the day following its publication in the official journal of the Italian Republic.
Rome, 1 St April 2015 President (acting): Massive