Microsoft Word - D158-2005.doc
LAW November 8, 2005 158
SAN MARINO
LAW FRAMEWORK OF SUPPLEMENTARY BENEFIT




We the Captains Regent of the Most Serene Republic of San Marino



Promulgate and publish the following law passed by the Council Great and General
its meeting on 8 November 2005.




Art.1 (The supplementary pension system)

1. Within 12 months from the date of entry into force of this Act, the State Congress
undertake to submit, by proposing the text, and in any event prior confrontation with the trade union organizations
and employers, the Great and General Council , a special law for the
constitution, by collective work contracts or agreements between self-employed and free
professionals, of one or more pension funds for the provision of supplementary pensions
, with ' compliance with the following guiding principles and criteria:
1) provision of a supplementary pension system for the provision of benefits supplementary pension
obligatory public system in order to ensure adequate
replacement rates;
2) the adoption of the system of capitalization and subsequent correlation between contributions and
complementary pension benefits;
3) setting up, for each category of workers, of a supplementary pension fund,
by making it possible for self-employed and freelancers to create
supplementary pension funds correspond to the specialist at those categories;
4) the principle that the membership of the supplementary pension system is mandatory, albeit to a limited extent
as provided in paragraph 7. With transitional provision will be identified
categories of workers, in the presence of certain personal data and contribution seniority,
will be exempt from the obligation to join the supplementary pension system;
5) the contribution is default at the time of establishment of the pension fund.
The contribution to the pension fund of employees must be shared equally
between employers and workers;
6) the extent of the compulsory contribution and basis of calculation are the same
defined by collective agreements of employment and agreements between representatives of
self-employed workers and the representatives of the liberal professions;
7) the extent of compulsory contributions to be defined taking into account the specificities
of different categories of employees, public and private, autonomous and free
professionals and, in any case, taking into account the management problems of pension funds
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of the categories mentioned just now at the Institute for Social Security, considering also the
benefit levels guaranteed by the respective managements of belonging. In any case, for
employees the compulsory contributions can not exceed the percentage
8.33% of annual salary, according to the procedures referred to in paragraph 5;
8) adoption of tax regimes to protect and promote the voluntary pension contribution
than collective forms of individual supplementary pensions;
9) the resources of the pension funds will be invested in financial markets and
scope of benefits will depend on the result of the investment made by management
financial and / or insurance, even if the rules relating to methods of management
contributions will necessarily ensure the integrity of the capital entrusted by the pension fund to the manager
. In any case there will be a State guarantee in case of default full or partial
of the commitments undertaken by the operator;
10) provision of an appropriate regulation of the financial management system, with the types of authorized companies
and affiliated operations that will be entrusted to financial managers and insurance
San Marino, providing for the possibility to confer management powers
managers in financial and insurance not San Marino. The pension fund, having fulfilled the tender for the
choice of the operator, will prepare a specific investment plan concerning the asset allocation
and risk diversification criteria, to submit, in advance, to screening
ISS;
11) the resources of the pension funds must be deposited at a separate custodian
by the manager. The tasks of the custodian bank will cover the custody of financial resources
entrusted management and the execution of instructions given by the manager and,

Finally, verification of effective compliance, by the same operator, the provisions
legislative and statutory and regulatory provisions of the pension fund. In defining the roles of
manager and custodian it must be given, in the discipline, a precise
relevance to the Central Bank of San Marino;
12) supervision of the supplementary pension system is entrusted to the Institute for Security Social
. Prior discussions with trade unions and employers, with special
Regency Decree shall be governed by the authorization and inspection tasks of the Institute for
Social Security;
13) to introducing at the Institute for Social Security of a Casellario
on supplementary pensions and discipline of a Board of Management of the Filing;
14) principle that complementary pension benefits shall be paid in the form of rent
. It will be identified the cases in which it may be allowed to
get part of the benefit as a lump sum;
15) prediction of a specific discipline in relation to the way in which pension funds
rely on insurance companies providing benefits in the form of rent.
2. For this purpose they will be identified:
a) schemas-type of agreement for the assignment of resources to financial managers and / or insurance
. At least 50% of resources will be managed through insurance managements re-valuable
;
B) the assets and the corresponding investment limits by which managers can operate,
in respect of the purpose only of the social security and the
Board directives (BoD) of the fund;
C) the quantitative and qualitative criteria to be considered for the choice of the operator, even
in relation to similar positions held in foreign countries;
D) the obligations of the operator in respect of the Fund's Board, the custodian bank, the
supervision and the Commission of the Filing Management;
E) the procedures for participation in a management and internal control of
representatives of those that contribute to the financing of the management according to the principles of equal partnership and adequate
elective nature and requirements of integrity and professionalism.
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Art.2 (Entry into force)

This Law shall enter into force on the fifteenth day following that of its legal publication
.





Our Residence, this day of 11 November 2005/1705 dFR





THE CAPTAINS REGENT
Claudio Muccioli - Antonello Bacciocchi







THE SECRETARY OF STATE FOR INTERNAL AFFAIRS

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