The Law on the Regulation of Pension Plans and Funds was a milestone in the demands of a private pension system.

The generically called Pension Funds were and are very widespread formulas at international level, with incidence in very numerous collectives and with a presence no less important in the investment and savings processes long term.

After a long parliamentary debate, Law 8/1987 of 8 June defines the concept of a pension scheme which, by means of its contractual nature, is based on the creation of a saving which will, in the long term, translate into perception of pensions.

The legal text configures a financial design that materializes in the channeling of the resources captured by the pension plans, through the Pension Funds in which the aforementioned plans are made up.

The Pension Funds, which are not legal personality, are the entities that address the investment of those resources according to the requirements of this legislation.

Within this process, the irrevocability of the promoters ' contributions and the unavailability of the resources of the participants contribute to the high permanence of such resources, which will be drained as they are accrues to the benefits. That permanence, which is in the availability of long-term resources, comes to cover the traditional inadequacies of our financial system in funds of these characteristics.

The investment of these resources, through the Pension Funds, is legally conditioned on the criteria of security, profitability, and diversification. The regulatory text has been limited to the flexible development of legal requirements, fleeing from more interventionist positions that qualify some countries in our economic area.

In particular, within this aspect of investments, the valuation criteria assume a leading aspect with a double incidence. The application of these criteria has an impact on the quantification of the position account of a plan in its pension fund and, in the second derivative, on the estimation of the consolidated rights of each participant in its pension fund. corresponding pension plan.

These valuation criteria, decanted towards market prices, in no way exhaust the requirements of quantification of other basic magnitudes in the plans. The so-called actuarial valuation criteria, which are essentially used for the determination of the mathematical provisions and other measures referred to above, are estimated to be regulated by lower-ranking rules, Thus assuming the most extensive international experience, characterized, on the other hand, by its constant adjustment and detailed development.

Serve this actuarial reference to highlight the role of the Administration in the delimitation of the criteria and parameters that characterize the application of the actuarial methods that are appropriate in each case and agreement to the typology of each plan.

The control and inspection of pension plans and funds will be pre-mediated through the definition of basic issues for the development of each plan. The tables of survival, mortality or invalidity shall be adjusted according to the criteria laid down by the Ministry of Economy and Finance.

The capitalization fund, the mathematical provisions, the heritage reserves and the solvency margin are concepts defined in this legislation that, in a comprehensive manner, form the structure of any pension plan. The application of systems of capitalization, individual or collective, leads to actuarial formulations when mediating an assumption of risk by the plan itself. Where appropriate, the plan may transfer all or part of that risk, and in this way the forms of insurance, guarantee or guarantee, transfer to a third party. Financial institution the coverage of a benefit or a return.

A particularly debated aspect has been the admissibility of collective capitalization.

The intergenerational solidarity that allows for the methods of collective capitalization is particularly relevant because of the existence of financial and fiscal limits that have a priority effect on older participants. The smallest place to constitute your pension requires contributions that can exceed the limits set.

To this end, the collective capitalisation, applicable to the pension schemes of the employment system, allows a decoupling between the financial and tax allocation affecting each participant and the ownership of the rights. consolidated.

The technically called aggregate cost methods make it possible to cover reserves identical to those required by individual capitalisation within a set time limit, provided that, in no case, the reserves generated are not less than 80 per 100 of those resulting from individual capitalization.

Not only does the collective system, on the side of the members to whom the financial and fiscal limits prove to be insufficient to found their pensions, is advantageous, but it facilitates the coverage of the cost of pension plans for the Company that promotes a plan for its employees, contributing to its best implementation. All this, without prejudice to the controls carried out by the application of such systems of capitalisation, in order to their viability and entrenchment.

The articulation of the financial and fiscal aspects, evidenced in the application of the collective capitalization, leads to a brief description of the controversial tax regime established in the Law of Plans and Funds of Pensions.

It is a basic characteristic of the existence of a full deferral of the tax burden on the amounts contributed and on the income generated by these resources. It is time to receive benefits when the requirement for personal tax is established.

There is a first note that modulates that tax treatment. The legislator decided to limit the attenuation of progressiveness, via minorations in the tax base of the amounts contributed to pension plans. To this end, it set a ceiling for that deduction, which would not exceed 15 per 100 of the net income, nor, in any case, 500,000 pesetas.

In turn, the income generated by the investment, through the Pension Funds, is not directly imposed upon the mediation of a zero rate in the Company Tax, which allows the recovery of the capital holds. furniture made in the name of the Fund.

The last impact on direct taxation arises with respect to the Extraordinary Tax on the Heritage of Physical Persons, which configures the ownership of the consolidated rights of the Member of the pension scheme. The unquestionable imposition of the tax, I did not start the non-inclusion in its tax base, in the absence of a value or a market price of the aforementioned consolidated rights. The special conditions affecting these rights, their internal mobility within the system of plans and their absolute unavailability will lead to their extramural consideration of any market, breaking the residual criterion, legally provided for the valuation of certain goods and rights in the Extraordinary Tax on Heritage. The absence of a market value of the consolidated rights prevents their integration into the tax base of the said tax.

However, along with the financial and fiscal components that characterize this regulation, it is necessary to highlight a determining aspect in the pension plan and fund system. The ownership of the resources, corresponding to members and beneficiaries, justifies the financial and fiscal imputation that characterizes the plans but, in particular, it gives the prominence of the Commissions of Control of the plans and the Pensions as key elements in the channelling of savings and investment.

The institutional framework is closed by the actions of the Gestora and Depositary Entities, which contribute their professionalism and their means, enabling the investment process and the material coverage of the relations, rights and obligations arising from the plans and funds.

The accounting audit requirements, in the actuarial work and the administrative control and inspection apparatus itself, represent the basic pillars for financial transparency, which is essential in order to win the confidence of many members who will channel their saved income towards the future pension, through the system regulated in this provision.

Advantages for individuals in this form of savings, via the ownership of financial resources and through the absence of taxation, converge with the social purpose used by the Pension Funds, in order to achieve a greater welfare of the future passive population.

With greater abundance, the role of the Control Committees of the Plans and Funds, which will be able to reflect the representativeness of the various sectors and social strata, will allow these collectives to have an impact on the processes investment and, ultimately, in real productive processes, exceeding the mere financial formulation.

At the end of the day, the tax regulation of the systems, other than pension schemes, which provides similar benefits to those of those plans, should be reviewed. The demand for imputation to the subject to which the contributions or endowments are linked does nothing more than to reoffend the consideration of remuneration in kind, which already had abundant developments in the regulations on personal taxation.

This Regulation of Pension Plans and Funds represents a difficult, difficult and probably insufficient work.

Collective bargaining, actuarial techniques, financial processes, the development of imaginative legal and economic formulations, will target new facets, advantages and problems that will confirm the old principle of that the market will always be ahead of the administrative regulation.

There is the great challenge of a new financial experience, with social effects expected to be much higher than the tax expenses incurred.

In its virtue, on the proposal of the Minister of Economy and Finance, heard by the Council of State and after deliberation by the Council of Ministers at its meeting on 30 September 1988,

DISPONGO:

Single item.

The Pension Funds and Plans Regulations are approved as annexed to this Royal Decree.

Given in Madrid to September 30, 1988.

JOHN CARLOS R.

The Minister of Economy and Finance,

CARLOS SOLCHAGA CATALAN

PENSION PLAN AND FUND RULES

INDEX

CHAPTER FIRST

Nature and principles of Pension Plans

Section 1. Nature and Classes of Pension Plans

Article 1. Nature of Pension Plans.

Art. 2. The Personal Elements of Pension Plans.

Art. 3. º Modes of Pension Plans.

Section 2. First Principles and Basic Characteristics of Pension Plans

Art. 4. The Basic Principles and Characteristics of Pension Plans.

Art. 5. The Principles of Non-Discrimination in the Pension Plans of the Employment System.

Art. 6. Principles of non-discrimination in the Associated System Pension Plans.

Art. 7. Principles of non-discrimination in the Individual System Pension Plans.

Art. 8. º Capitalization Systems.

Art. 9. The Principle of Irrevocability.

Art. 10. Attribution of rights.

Art. 11. Compulsory integration into the Pension Fund.

Art. 12. Oversight of the Plan Control Commission.

Art. 13. Annual contributions limitation.

CHAPTER II

Pension Plans Financial Regime

Section 1. First Obligations and Economic Content Rights

Art. 14. Obligations and rights of economic content.

Art. 15. Contributions.

Art. 16. Benefits.

Section 2. Financial and actuarial aspects of the capitalization system

Art. 17. Capitalization fund.

Art. 18. Mathematical provisions.

Art. 19. Capital reserves and solvency margin.

Section 3. Consolidated Rights

Art. 20. Consolidated rights.

CHAPTER III

Work Structure for Pension Plans

Art. 21. Specifications of the Pension Plans.

Art. 22. The Pension Plan Control Commission.

Art. 23. Approval of the Pension Plan.

Art. 24. Review of the Pension Plan.

CHAPTER IV

Nature and functioning of the Pension Funds

Section 1. Nature and classes of Pension Funds

Art. 25. Nature of the Pension Funds.

Art. 26. Structure of the Funds, Pensions.

Art. 27. Pension Fund classes.

Section 2. Constitution, operation and dissolution of pension funds

Art. 28. Constitution of the Pension Fund.

Art. 29. Administration of the Pension Fund.

Art. 30. Pension Fund Control Committee.

Art. 31. Dissolution and liquidation of the Pension Fund.

Art. 32. Operations with Pension Plans.

Section 3. Third Party Operations

Art. 33. Delimitation of responsibilities.

CHAPTER V

Pension Funds Financial Regime

Section 1. Investment and valuation criteria

Art. 34. Investments from the Pension Funds.

Art. 35. General conditions of operations.

Art. 36. Obligations towards third parties.

Art. 37. Assessment criteria.

Section 2. Annual Accounts and Information

Art. 38. Annual accounts.

Art. 39. Information requirements.

CHAPTER VI

Pension fund management and depository entities

Art. 40. Managing entities.

Art. 41. Depository entities.

Art. 42. Responsibility.

Art. 43. Remuneration.

Art. 44. Replacement of the managing or depository Entities.

CHAPTER VII

Administrative Control Regime

Section 1. Audit and actuarial review

Art. 45. Requirements for the performance of the actuarial audit and review.

Section 2. Records and Administrative Inspection

Art. 46. Administrative records.

Art. 47. Administrative inspection.

Section 3. Infractions and sanctions

Art. 48. Violations.

Art. 49. Minor infractions.

Art. 50. Serious infringements.

Art. 51. Very serious infringements.

Art, 52. Responsible for the violations.

Art. 53. Penalties.

Art. 54. Competent bodies.

Art. 55. Sanctioning procedure.

CHAPTER VIII

Pension Funds and Plans Tax Regime

Section 1. Fiscal Regime of Pension Plans

Art. 56. Taxation of Pension Plans.

Section 2. Tax Regime for Pension Funds

Art. 57. Value Added Tax.

Art. 58. Corporation Tax.

Art. 59. Tax on Proprietary Transmissions and Documented Legal Acts.

Art. 60. Reporting obligation.

Section 3. Fiscal Regime of the promoters of Pension Plans

Art. 61. Imposition on the Income of Physical Persons and Corporate Tax.

Art. 62. Reporting obligation.

Section 4. Fiscal Regime of Members in Pension Plans

Art. 63. Tributation of contributions imputed to participants in Pension Plans.

Art. 64. Deduction from the taxable income tax base of the Physical Persons.

Art. 65. Deduction in the fee of the Income Tax of the Physical Persons.

Section 5. Fiscal Regime of the beneficiaries of Pension Plans

Art. 66. Integration of benefits in the Income Tax of Physical Persons.

Art. 67. Particular rules of integration.

Section 6. First common rules for members and beneficiaries

Art. 68. System of imputation of yields.

Art. 69. Termination and settlement of Pension Plans.

CHAPTER IX

Tax regime of alternative formulas for coverage of benefits analogous to those of Pension Plans

Section 1. Application Scope

Art. 70. Scope of application.

Section 2. Fiscal Regime of companies or entities covered by alternative systems of benefit coverage

Art. 71. Deductibility in personal taxation.

Art. 72. Reporting obligation.

Section 3. Fiscal Rules applicable to the subjects to whom the contributions are linked

Art. 73. Tax imputation of the contributions.

Art. 74 Payment of the Income Tax of the Physical Persons resulting from the tax imputation.

Section 4. Beneficiaries Tax Scheme

Art. 75. Taxation of benefits.

ADDITIONAL DISPOSITION

TRANSIENT PROVISIONS

First.

Second.

Third.

Fourth.

FINAL DISPOSITION

CHAPTER FIRST

Nature and principles of Pension Plans

Section 1. Nature and Classes of Pension Plans

Article 1. Nature of Pension Plans.

1. The pension schemes define the right of persons, who are entitled to receive income or capital by retirement, survival, widower, orphan or invalidity, the obligations to make contributions to them and the rules of the establishment and functioning of the heritage which the rights it recognises must be affected.

2. Their benefits shall not, in any case, be replaced by the provisions of the corresponding social security scheme, having, as a result, a private and complementary nature or not of those provisions.

3. The name "Pension Plans", as well as its acronym, is reserved for the Plans adjusted to Law 8/1987, of June 8, of Regulation of the Plans and Pension Funds, which are the only ones that will be able to access the financial and fiscal regime provided for in this regulation.

Art. 2. The Personal Elements of Pension Plans.

1. They are constituent subjects of Pension Plans:

a) The promoter of the Plan: It has such consideration any Entity, Corporation. Society, Company, Association, Union or collective of any kind that urge their creation or participate in their development.

b) The participants: This is considered by the natural persons in whose interest the Plan is created, regardless of whether they make contributions or not. In any event, they shall acquire the ownership of the contributions or contributions made by the promoter, in accordance with the imputation criteria provided for in the formulation of the Plan.

2. Personal elements of a Pension Plan are the constituent subjects and the beneficiaries, understood by such individuals with the right to the perception of benefits, whether or not they have been involved.

Also included as personal elements to the members in suspense, being understood by such members who have ceased to make contributions, direct or imputed, but maintain their consolidated rights within the Plan, according to the Plan's forecasts.

Art. 3. º Modes of Pension Plans.

1. As a result of the constituent subjects, the Pension Plans subject to this regulation will necessarily be covered by one of the following:

a) Employment system. It corresponds to the Plans whose promoter is any Entity, Corporation, Company or Company and whose members are its employees.

b) The associated system. It corresponds to Plans whose promoter is any Association, Union, Guild or Collective, being the members their associates, members or affiliates.

These associations or collectives must be delimited by some common characteristic strange to the purpose of setting up a Pension Plan.

c) Individual system. It corresponds to Plans whose promoter is one or more Financial Entities and whose members are any natural persons, except those who are related to those for employment relationship, and their relatives up to the third degree inclusive.

For these purposes, they have the consideration of Financial Entities the Banks, Savings Banks, Spanish Confederation of Savings Banks, Credit Unions, Official Credit Entities, Augurator Entities, Companies in the money market and the companies of such character registered in the Special Registers under the Ministry of Economy and Finance.

2. Due to the obligations laid down, the Pension Plans shall be in accordance with

following procedures:

a) Defined benefit plans, in which the amount of all benefits to be perceived by the beneficiaries is defined as the default or estimated magnitude. The provision of the actuarial financial system that is used in the Plan will be determined or estimated, as will be the precise contribution.

The definition of the benefit may be performed in absolute terms or in terms of some magnitude, such as wages, seniority in the Company, supplementary perceptions, or other variables that may be used as a reference.

b) Defined contribution plans, in which the default magnitude is the amount of the promoters ' contributions and, where applicable, the contributions of the participants to the Plan.

The contribution may be set in absolute terms or on the basis of other measures such as wages, business flows, social security contributions or other variables which may be used as a reference.

In this mode of Plans, the capabilities will be quantified at the time of the contingency, as a result of the capitalization process developed by the Plan.

The minimum interest guarantee is incompatible with the defined contribution mode.

(c) Mixed plans, the subject of which is simultaneously or separately, the amount of the benefit and the amount of the contribution.

In particular, they are understood to be included in this mode:

i) Those Plans in which the amount of the contributions is defined is defined as the amount of the benefits corresponding to all or some of the expected contingencies.

ii) Those Plans that combine the defined contribution for some contingency, with the defined benefit for another or other of the contingencies covered by such Plans.

3. The Job and Partner Systems Plans can be any of the three modes above and those of the individual system only from the defined contribution mode.

Section 2. First Principles and Basic Characteristics of Pension Plans

Art. 4. The Basic Principles and Characteristics of Pension Plans.

1. Pension Plans must meet each of the following principles:

(a) Non-discrimination: Access should be ensured as a participant in a Plan to any natural person who fulfils the conditions of engagement or contracting capacity with the promoter that characterises each type of contract.

b) Capitalization: Pension Plans will be implemented through financial systems and capitalization actuarial. Consequently, the benefits shall be strictly adjusted to the calculation derived from such systems,

c) Irrevocability of contributions: The promoter's contributions to the Pension Plans will have the character of irrevocable.

(d) Attribution of rights: The contributions of the members to the Pension Plans determine for the aforementioned members some economic rights that define the benefits in the terms provided for in this legislation.

e) Compulsory integration: Compulsory integration into a Pension Fund, in the terms set by this regulation, of the economic contributions to which the promoters and participants are obliged and any other goods attached to a Plan.

2. The following are basic features of the Pension Plans:

a) Supervision by the Pension Plan Control Commission: The operation and execution of each Pension Plan will be supervised by a Control Commission constituted for the purpose.

(b) The limitation of contributions: The maximum annual contributions of a natural person or of his family unit to the Pension Plans covered by this legislation, including, where appropriate, those which the promoters of such Plans impute to that person or to the members of his family unit, they shall in no case exceed the amount of 750,000 pesetas.

For these purposes, the family unit shall be defined in the terms provided for in Article 5 of Law 44/1978 of 8 September of the Income Tax of the Physical Persons.

Art. 5. Principle of non-discrimination in the Pension Plans of the employment system.

1. An Employment System Plan shall be non-discriminatory when all staff employed by the sponsor with at least two years ' seniority are in or in a position to avail themselves of the said Plan.

Any plan of the employment system may provide in its formulation the access of employees with an age of less than two years.

2. In these Plans, when they are of the defined or mixed provision, the employee under conditions of eligibility may exercise his right of accession to the Plan, within the calendar year in which he reaches those conditions.

With a frequency of no more than five years and not less than three years, additional periods will be established so that those employees who did not exercise their option at the time indicated above can be granted access to the condition.

In the defined contribution employment system plans, the employee may adhere at any time from the date on which he meets the requirements for each Plan. However, the sponsor may reserve the right not to make contributions, for that new participant, until the immediate calendar year following the date on which he wishes to join.

Plans may refer to the rights of members from the date they exercise their option of membership.

Restrictions on accessions will be admissible in subsequent additional periods in the case of Pension Plans that are based on collective capitalization systems.

3. Non-discrimination in access to a Pension Plan is not incompatible with the differentiation of contributions made by the promoter and imputable to each participant, provided that it is based on objective criteria based on some of the the following circumstances:

a) Age of the participant.

(b) Salary according to the Convention, remuneration paid in respect of work income or differences between such remuneration and the basis of contribution to the public pension system.

(c) Past services, such as those provided on a pre-determined basis.

(d) Required supplement to the provision of the public pension system to cover all or a fraction of the last active remuneration or the average of the last active remuneration for the period to be set by the Plan of Pensions.

e) Direct input from the participant itself.

The criteria or criteria used must be accepted by the template as a result of collective bargaining.

4. The diversification of promoter contributions derived from the criteria mentioned in the previous paragraph and will allow different Subplans to be articulated within the same Pension Plan of the system.

Each Subplan integrates a collective of the total template that will be affected by the application of differentiated specifications within the corresponding Pension Plan, being admissible the existence of different contributions and benefits in each Subplan.

A single participant may be attached to more than one Subplan provided that this does not constitute discrimination.

Subplans may be of different modes, either defined benefit, defined contribution or mixed, and, if applicable, the Plan qualified as mixed.

Art. 6. Principle of non-discrimination in the Pension Plans of the associated system.

1. An associated system plan shall be non-discriminatory when all the partners of the sponsoring entity or collective are able to access the Plan on an equal basis and rights, without prejudice to the different consolidated rights arising from the the different contributions of the unit-holders.

2. In the Associated System Plans there will be no contribution from the promoter or collective promoter. Consequently, the existence of Subplans is not admissible.

3. The same promoter can urge the constitution of the associated system plans of different modes.

Art. 7. Principle of non-discrimination in the Pension Plans of the individual system.

1. An individual system plan shall be non-discriminatory when any person who manifests the will of accession and has the capacity to be bound can do so in the contractual terms stipulated for any of the members attached.

2. The physical persons employed by the sponsoring financial institution, as well as the members of the family units of those and their relatives up to and including the third degree, are excluded as members of these Plans.

3. In the Individual System Plans there will be no contribution from the sponsoring Entity.

Art. 8. "Capitalization System".

1. Pension plans, for the materialization of the financial regime they conduct, will be based on financial and actuarial systems of capitalization.

The contributions, the income obtained through the investments made by the corresponding Pension Fund the consolidated rights of the members and the benefits of the beneficiaries are materialized in some flows financial that will be strictly adjusted to the capitalization system used by each Pension Plan.

2. Individual or collective capitalization systems may be used.

The use of collective capitalization systems will only be possible in Employment System Plans and requires a prior assessment of the implicit demographic and financial variables in the Pension Plan model. designed so that the development of the Plan can be viable.

In such cases, the quantification of each participant's consolidated right will reflect its ownership of the financial resources constituted, which may differ from the tax allocation supported under the criteria of the distribution applied in collective capitalization.

It will be a basic condition for the application of a system of collective capitalization that the reserves generated are not less than 80 per 100 of those that would result by individual capitalization, guaranteeing, in any case, the total coverage of the benefits caused.

The actuary and the Pension Fund in which it is intended to be integrated, during the approval of the Plan, as referred to in Article 23 of this Regulation, shall be given in a detailed manner.

3. Pension Plans that cover a risk shall require the establishment of the relevant mathematical provisions or capitalisation funds on the basis of the benefits offered and taking into account the capitalisation system used.

The risk coverage of the Pension Plan will require the quantification of its cost and the corresponding provisions, based on the survival, mortality or invalidity tables and the interest rates that are specify in the Plan itself.

The tables referred to above and, where appropriate, the usable interest rates shall be in accordance with the criteria to be set by the Ministry of Economy and Finance.

A solvency margin shall be established by means of the capital reserves necessary to ensure that the potential obligations are met, in accordance with the terms laid down in this Regulation.

4. Pension Plans may provide for the hiring of insurance, endorsements and other guarantees with the relevant Financial Entities for the coverage of certain risks or the insurance or guarantee of benefits.

Such contracts may be formalized with both credit institutions and insurance entities, respecting, in any case, the provisions of Law 33/1984 of 2 August of the Management of Private Insurance.

Art. 9. The Principle of Irrevocability.

1. The contributions of the promoter of a Pension Plan shall be irrevocable.

2. Contributions to a Pension Plan are irrevocable from the moment they become due according to the requirements of the said contract, regardless of their actual disbursement.

Art. 10. Attribution of rights.

1. The contributions of the members to the Pension Plans, direct or imputed, determine for the aforementioned members the consolidated rights and, ultimately, the benefits of the beneficiaries.

2. The ownership of the property resources affected by each Plan will be the responsibility of the participants and beneficiaries.

3. The financial rights deriving from their contributions and from the actuarial financial system of capitalisation that the corresponding Pension Plan applies are the consolidated rights of a participant.

4. The consolidated rights of members shall only be effective for the sole purpose of their integration into another Pension Plan or, where appropriate, when the event giving rise to the benefit occurs.

5. The participants, through the Control Commission of the Plan, assume faculties in the management and control of the development of their pension plan, in the terms foreseen by the present regulations.

6. At the request of the unit-holders, certificates of membership of the Pension Plans must be issued, in no case shall they be transferable.

Art. 11. Mandatory integration into a pension fund.

1. Any pension scheme will be compulsorily integrated into a pension fund, in the terms set by this regulation.

2. For the implementation of a Pension Plan, the economic contributions to which the promoters and the members of the Plan are obligated will be incorporated immediately and necessarily into a pension fund.

Current contributions and, where appropriate, the assets and rights of the corresponding Plan will be collected in the Plan's position account in the Pension Fund. With this account, compliance with the benefits resulting from the implementation of the Plan will be considered. This account shall also include the income from the investments of the Pension Fund to be allocated to the Plan, in accordance with the provisions of this legislation and the specific covenants which characterise the integration into each Fund. Pensions.

The incorporation into the position account of a profit-sharing plan of an estate increase shall be admissible if it mediates the process of imputation to the unit-holders provided for in Article 15.3 of this rule.

3. The procedure for approving a Pension Plan requires the intervention of the Pension Fund in which the Plan is intended to be integrated into the process of approval, consisting of the examination of the draft Plan presented and communication, if any, to the Commission promoting the admission of the project, by understanding, under its responsibility, that the requirements required by this regulation are met and that the procedure provided for in Article 23 of this Regulation is addressed.

4. The accounting operation of the position account of a Plan in a Pension Fund shall be in accordance with the criteria laid down by the Ministry of Economy and Finance.

Art. 12. Oversight of the Plan Control Commission.

The operation and execution of each Pension Plan will be supervised by a Control Commission, made up of representatives of the promoter or promoters, participants and beneficiaries, in order to guarantee the presence of all the interests, while maintaining at least the absolute majority of the members ' representation.

When in the development of a Plan it will be without participants, the absolute majority of representation will correspond to the beneficiaries.

Art. 13. Limitation of annual contributions.

1. Within each calendar year, the maximum contributions of a natural person or of the other members of his family unit to one or more Pension Plans covered by this legislation, including, where appropriate, those which the promoters of such plans impute to that natural person or to other members of his family unit, they shall in no case exceed the amount of 750,000 pesetas.

2. Any excess which may arise, by contributions from several members of the family unit, may be withdrawn by 30 June of the following year, without application of the penalty provided for in Article 53.3 of this standard.

3. No Pension Plan may allow annual contributions, of the same participant, direct or imputed, by a higher amount than the 750,000 pesetas.

CHAPTER II

Pension Plans Financial Regime

Section 1. First Obligations and Economic Content Rights

Art. 14. Obligations and rights of economic content.

1. Each Pension Plan shall involve contributions and benefits in accordance with the system and the manner in which the Plan is registered and according to the amounts provided for in the Plan.

The correlation between the contributions and benefits of the beneficiaries will result from the agreed contractual conditions and the results of the capitalization system used.

2. According to the contributions made by each participant, direct or imputed, and with the financial-actuarial regime applicable in the Pension Plan, the consolidated rights of the corresponding participant will be quantified.

3. If, as a result of the revisions of the financial and actuarial system of the Pension Plans, the need or desirability of introducing changes in contributions and contributions, in the provided benefits or both, is raised. submit the matter to the Control Committee of the Plan so that it proposes what it deems appropriate, in accordance with the specifications of the Plan on Requirements for its modification and procedures to be followed for adoption of agreements in this respect.

Art. 15. Contributions.

1. Contributions or contributions shall be made by the sponsor and the unit-holders, in cases and in such a way that, in accordance with this legislation, the respective Pension Plan is established.

2. Only the following constituent subjects of the Pension Plans may make contributions:

(a) The promoter of a System of Employment Plan, in favor of its employees, who will assume ownership of the imputed contribution.

b) Unitholders, whatever the system of the Plan.

3. No contributions or contributions made by Entities or persons other than the constituent subjects mentioned in the preceding number shall be admissible.

However, capital increases may be permitted free of charge obtained by a Pension Plan, directly or through the Pension Fund, provided that the total amount is financially charged between the members of the Plan and are taxed as set out in Article 63 (2) of this Regulation.

4. The direct contributions of the participant will necessarily be made by the latter, without the mere mediation of payment by a third party liable to alter the nature of the income for such a contribution and its treatment for the purposes of withholding or other levy.

5. The Pension Plan should provide for the causes and circumstances that empower participants to modify or suspend their contributions, as well as the incidence of such conduct in the quantification of the consolidated and the benefits.

In the case of suspension of contributions, both direct and imputed, the constituent subject is considered as a suspended participant, with the category of personal element of the Pension Plan.

6. The contributions of the promoters and members shall be reviewed in the cases referred to in Article 14 (3) of this Regulation.

Art. 16. Benefits.

1. The benefits consist of the recognition of an economic right in favour of the beneficiaries of a Pension Plan, as a result of the occurrence of a contingency covered by the aforementioned Plan.

2. The contingencies that can be covered in a Pension Plan may be:

a) The retirement or equivalent situation of the participant.

If access to such a situation is not possible, the equivalent benefit can only be received from the age of sixty.

(b) Total and permanent labour invalidity for the usual or absolute and permanent profession for all work,

c) Death of the participant, who may be entitled to the benefit of widower, orphan or other heirs.

d) Death of the beneficiary, which may generate entitlement to a provision of widower or orphan's.

3. In accordance with the provisions of each Pension Plan, the benefits may be:

a) Provision in the form of capital.

b) Provision in the form of rent, temporary or life.

c) Provision in the form of capital-rent.

4. The benefits defined in a Pension Plan shall be reviewed in the cases provided for in Article 14 (3) of this Regulation.

5. The contractual specifications of the Pension Plan must define the benefits and, in particular, the method of payment. The nature of such benefits shall also be indicated as revaluations or not and, where appropriate, the form of revaluation.

Section 2. Financial and actuarial aspects of capitalization systems

Art. 17. Capitalization fund.

A capitalization fund shall be constituted, consisting of the contributions and the results of the investments attributable to them, deducted the expenses that are attributable to it, in the part in which the Plan does not assume the coverage of risk, unless it guarantees only a minimum interest in the capitalisation of contributions.

Art 18. Mathematical provisions.

The corresponding mathematical provisions shall be constituted when the Pension Plan assumes the coverage of a risk arising from the contingencies provided for therein. Where such provision is calculated prior to the event of the contingency, it shall consist of the amount representing the excess of the current value of the future benefits referred to in the Plan, on the current value of the contributions which, if appropriate, correspond to each member of the collective. Where the mathematical provision is calculated once the benefit is accrued, the amount of the provision shall be equal to the current actuarial value of the future payments to be completed.

Both the cost of the coverage of a risk and the calculation of the mathematical provisions shall be made on the basis of the survival, mortality or invalidity tables and the interest rates specified in the Pension Plan and adjusted to the criteria set by the Ministry of Economy and Finance.

Art. 19. Capital reserves and solvency margin.

1. Pension Plans which take on the cover of a risk must constitute a property reserve which shall be used for the coverage of the solvency margin in the amount required by this Regulation. From this same regulation, the applicable valuation criteria for the quantification of such reserves are derived.

The solvency margin of each Plan will be independent of the one corresponding to the other Plans integrated into the same Pension Fund

2. The minimum amount of the solvency margin shall be the sum of the amounts resulting from the following

:

(a) 4 per 100 of the mathematical provisions derived from operations in which the Plan assumes a risk.

(b) 4 per 100 of the capitalization fund corresponding to the operations in which the Plan guarantees a minimum interest in the capitalization of the contributions.

(c) 0,3 per 100 of the risk capital associated with the operations in which the Plan covers the invalidity or death contingencies, the benefit being defined, provided that such risk capital is positive.

The previous coefficient shall be reduced to 0,1 per 100 when the coverage of the contingencies referred to is defined for a period not exceeding three years, and 0,15 per 100 when the said period is longer than three and less than three years. five years.

3. The solvency margin shall not be required when the Plan is fully insured. If the insurance is partial, the mathematical provisions shall be calculated on the basis of the risk assumed by the Plan, reducing the coefficient referred to in paragraph (c) of the preceding number depending on the degree and modality of the insurance, in accordance with what is established by the Ministry of Economy and Finance.

The solvency margin referred to in paragraph (b) of the preceding number shall not be required, where the guarantee of interest on the part of the Plan is secured or secured by a Financial Entity, insurer or depot.

4. The minimum amount of the solvency margin laid down in this Article shall not be less than 37,500 pesetas.

However, coverage of that absolute minimum during the first five years of the Plan can be made in a linear manner, unless a greater amount is required in each of these exercises by application of the number 2 of the Plan. Article.

5. Each Pension Plan shall specify the manner in which the necessary contributions to the constitution of the reserves payable by this legislation are to be made, as well as the replenishment of the decreases in such reserves. reservations, on the minimum required.

Where appropriate, the reduction shall be indicated in the aliquot portion of the solvency margin that may be a participant at the time of the effective enforcement of its consolidated rights.

Section 3. Consolidated Rights

Art. 20. Consolidated rights.

1. They are consolidated rights by members of a Pension Plan as follows:

(a) In the defined contribution pension plans, the share of the capitalization fund that corresponds to the participant, determined on the basis of the contributions, direct and imputed, and the income generated by the resources invested, taking into account, where appropriate, the bankruptcy and expenses incurred.

(b) In the defined benefit plans and in the mixed provision plans, the part of the mathematical provisions and, where applicable, of the corresponding capitalization fund, taking into account the valuation of the corresponding position account.

Consolidated rights shall include the share of the share of the share of the equity reserves that make up the solvency margin, without prejudice to the following number 3.

2. In cases where a system of collective capitalisation is applied, the quantification of the consolidated right of a participant shall coincide with that resulting from the initial application of the individual capitalization system, irrespective of the contributions made by each participant in the collective capitalisation system and taking into account the proportionality factor that exists between the reserves generated and those that would result in individual capitalisation, in accordance with the terms of the

Article 2 (2) of this Regulation.

3. Where the non-defined benefit provided for all or some of the contingencies consists of an actuarial income and the obligation to pay the same is assumed by the Plan, the consolidated rights to be effective as a benefit, shall be in the aliquot part of the solvency margin attributable to the participant.

Where the benefit is defined, the amount of which is independent of the consolidated rights, the increase may be provided, at the time of the contingency, in the aliquot portion of the solvency margin attributable to the participate, provided that such benefit does not consist of an income whose obligation of payment is assumed by the Plan.

4. In the event of the event giving rise to a benefit in favour of a beneficiary, the amount of the benefit shall be in accordance with the consolidated right of the participant which generates the right to such benefit, unless it is defined.

In this case, the deviation between the constituted reservation and the enforceable provision must be borne by the Pension Plan itself.

5. The consolidated rights of a participant shall be mobilised, in accordance with the following circumstances:

(a) by cessation of the employment relationship with the sponsor of an Employment System Plan;

b) by the loss of the condition associated to the promoter collective of an associated System Plan.

c) by unilateral decision of the participant, communicated to the corresponding Pension Plan of the associated or individual system. Within a period of no more than three months from that communication, the necessary measures shall be arbitrated to make the mobilisation of the rights effective;

d) by completion of the Plan.

In any of these assumptions, the consolidated rights will be integrated into the Pension Plan or Plans designated by the subject who has ceased to be a participant in the Initial Plan.

The integration of the consolidated rights into another Pension Plan or Plans requires the condition of participation of these rights by the subject who mobilizes the rights.

6. However, at the request of the individual who has ceased to be a constituent and if provided for in the Pension Plan, the aforementioned consolidated rights may be retained, assuming that the category of participation is suspended.

The consolidated rights of the suspended members will be adjusted for the allocation of results that corresponds to them during the exercise of their maintenance in the Plan.

7. On an annual basis, the Management Entity of the Pension Fund in which the Plan is integrated shall transmit to each participant certification of the contributions, direct or imputed, carried out in each calendar year and the value at the end of the same of their consolidated rights.

CHAPTER III

Work Structure for Pension Plans

Art. 21. Specifications of the Pension Plans.

1. The Pension Plans must necessarily specify the following aspects:

a) Determination of the personal scope of the Plan, as well as its modality within the meaning of Article 3 of this Regulation.

b) Rules for the establishment and functioning of the Plan Control Commission.

c) Financing system, with precise information on the coverage of the financial and actuarial measures required by the capitalization system used, as well as the parameters and variables used actuarially.

d) Adscription to a Pension Fund, constituted or to constitute, as regulated in this standard.

(e) Definition of benefits and rules for determining the amount of benefits, indicating whether or not the benefits are revalued and, where applicable, the form of revaluation.

It shall also be specified if there are total or partially insured or guaranteed benefits, with indication, in the latter case, of the degree of assurance or guarantee.

(f) Rights and obligations of the members and age and circumstances arising from the accrual of benefits.

There will be an indication of how such rights and obligations will be documented, for the constancy of the participants and beneficiaries, in order to incorporate those into the Plan.

g) Causes and circumstances that empower members to modify or suspend their contributions and their rights and obligations in each case.

(h) Rules relating to the high and low level of unit-holders and, in particular, the mobility of consolidated rights.

i) Requirements for the modification of the Plan and procedures to be followed for the adoption of agreements in this respect.

j) Plan termination causes and rules for settlement.

The causes of dissolution of the Plan will necessarily include:

-The failure to achieve the absolute minimum solvency margin set out in this standard.

-The manifest impossibility of carrying out the feasibility measures arising from the review of the Plan, in the light of the relevant technical study.

In any case, it will be prerequisites for the completion of the Plan the individualized guarantee of the benefits caused and the integration of the consolidated rights of the participants in another Pension Plan.

2. Any Pension Plan shall provide for the procedure for the transfer of the consolidated rights corresponding to the participant who, by way of a collective or other work collective, alters his or her membership, in accordance with the provisions of this rules.

Art. 22. The Pension Plan Control Commission.

1. The operation and execution of each Pension Plan shall be supervised by a Control Board, consisting of representatives of the promoter or promoters, members and beneficiaries, in order to ensure the presence of all interests, the absolute majority of the members ' representation is maintained.

2. The Plan Control Commission will have the following functions:

a) Oversee the fulfillment of the Plan's clauses in everything that relates to the rights of their members and beneficiaries.

b) Select the actuary or actuaries to certify the situation and dynamics of the Plan.

c) Name the representatives of the Plan Control Commission in the Pension Fund Control Committee to which it is attached.

(d) Propose any amendments that it deems relevant to contributions, benefits or other variables, arising from the actuarial revisions required by this legislation. The procedure set out in the specifications of the Plan itself should be followed.

e) Monitor the adequacy of the balance of the Plan's position account, in its respective Pension Fund, to the requirements of the financial regime of the Plan itself.

(f) Propose and, where appropriate, decide on the other issues on which the present regulation confers jurisdiction on it.

g) Judicial and extrajudicial refiling the interests of the members and beneficiaries of the Plan with the Management Entity of the Pension Fund.

3. The establishment and functioning of the Pension Plan Control Commission shall be in accordance with the following rules:

(a) The number of members of the Board of Control of the Pension Plan shall be set in the specifications of the Pension Plan, and shall not be less than five. The Commission shall be composed of representatives of the members and the beneficiaries as well as those appointed by the sponsoring entity.

Where appropriate, the representation of each of the subplans that are defined within an Employment System Pension Plan should be guaranteed.

Members will be appointed for a maximum period of four years, and may be re-elected.

b) In all the Plans, whatever their system, the distribution of representatives in the Control Commission will be that provided in the specifications of each Plan, always guaranteeing the absolute majority corresponding to the representatives of the members.

c) For any Plan, whatever your system, when the absence or the small number of members and/or beneficiaries prevents the coverage of the percentages attributed to each group of personal elements, it will be operated with a the single collective of representatives of members and beneficiaries, whose representation in the Commission shall be the sum of the quantities attributable to both groups. However, the number of members of the Control Board shall be reduced, until the number of members of the Control Committee is persisted, until the absolute majority of the members of the Supervisory Board are guaranteed.

d) The choice of representatives of members and beneficiaries in an Employment or Associated Pension Plan shall be characterized by the following notes:

i) Existence of two polling stations one of participants and the second one of beneficiaries. Where appropriate, two schools shall be constituted for each existing sub-plan.

The representation of the participants and beneficiaries will be divided proportionally according to the number of members of each subplan.

ii) Open Lists. For the presentation of each list, the approval of a number of signatures of more than 15 per 100 of the total members of each electoral college will be required. In the case of Employment System Plans, the legally constituted workers ' unions may submit such lists.

iii) Personal, free, direct and secret voting. Not eligibility of the delegate vote, but if the vote by mail.

In no case shall the vote be weighted by the economic rights attributable to each voter or to his or her colleges.

e) The election of the representatives of the participants and beneficiaries in a Pension Plan of the Individual system will be carried out among the compromisaries. The condition of commitment shall be made by public draw, made from single lists covering, each of them, the totality of members and beneficiaries, in the event of these.

f) The renewal of the elected representatives will be done by halves. As a result, half of the components elected in the first process of setting up a Control Commission must be renewed at two years.

4. Natural persons who directly or indirectly hold a stake in a Pension Fund managing entity, more than 5 per 100 of the paid-up share capital, may not be members of the Supervisory Board of a Pension Plan. of that Entity.

Members of a Plan Control Commission may not acquire rights or shares in the Management Entity of their Pension Fund during the performance of their duties in such a Commission. If the acquisition is mediated, the Eesc shall cease to be a member of the Control Board.

Art. 23. Approval of the Pension Plan.

1. The promoter of a Pension Plan, once the draft plan has been drawn up which includes the specifications referred to in Article 21 of this standard, will seek the opinion of an actuary on the adequacy of the financial and actuarial system in that the project is based.

This opinion will include an express statement on the feasibility of the Plan, in view of the statistical, demographic and financial bases on which the Plan is based.

2. Obtained the favourable opinion, the promoter will urge the establishment of a Commission Protor of the Pension Plan with the potential participants.

This Commission shall consist of a number of members not less than three and not more than nine, with an absolute majority of potential members. Any natural person who, being able to access the condition of participation, is understood to express his intention to do so within one month after the promoter of his plan and the favorable opinion of the actuary, the usual means of communication with these potential participants. Its choice of members of the Commission shall be made among the potential participants registered within the time limit referred to above,

The Promoter Commission shall, where appropriate, carry out the tasks entrusted to the Control Committee and shall proceed with the presentation of the Pension Plan project to the Pension Fund in which it intends to be integrated.

3. The Commission for the Control of the Pension Fund, in the light of the draft plan submitted, shall inform the Commission, if appropriate, of the admission of the project, in order to understand, under its responsibility, that the required requirements are met. regulation.

The admission of the project will be jointly carried out by the Promoter Entity of the Pension Fund and its managing body when the Fund does not have the Control Commission, since the integration of no Plan of Pensions.

4. Having received the previous communication, the sponsoring Commission shall call for the formalisation of the Pension Plan and for the establishment of its relevant Supervisory Board, in accordance with the terms of Article 22 of this Regulation, and within a period of time. not more than six months from the above formalisation.

Art. 24. Review of the Pension Plan.

1. The financial and actuarial system of the Plans must be reviewed by actuary and, where appropriate, rectified, at least every three years, taking into account the evolution of wages, the profitability of investments, the mortality rates of the collective, the survival of the Pasivos and the other concurrent circumstances.

The assessment of such circumstances will be carried out in accordance with the criteria that, in general, can be established by the Ministry of Economy and Finance.

The revised review will include a projection on the evolution of the various variables for the period covered until the immediate planned review.

The review will be annual for Plans based on collective capitalization.

2. If, as a result of the actuarial review, the need or desirability of introducing variations in contributions and contributions, in the provided benefits or in other variables, is raised, the question shall be submitted to the Commission of Plan to propose what it deems appropriate, in accordance with the specifications of the Plan itself.

3. The Pension Plans, which entail the setting of the solvency margin, require the annual calculation of the amounts determined by an actuary, in accordance with the criteria laid down in this Regulation.

The quoted actuary will be responsible for those calculations and the quantification of the consolidated rights derived from those Plans.

When the solvency margin for a given financial year is insufficient, the pension plan must be revised.

CHAPTER IV

Nature and operation of Pension Funds

Section 1. Nature and Classes of Pension Funds

Art. 25. Nature of the Pension Funds.

1. The Pension Funds are assets created for the sole purpose of fulfilling Pension Plans, the management, custody and control of which will be carried out in accordance with this regulation.

2. They shall not have legal personality and shall be administered and represented in accordance with this legislation.

3. The name "Pension Funds" is reserved, as well as its initials to those made up according to Law 8/1987, of 8 June, of regulation of the Pension Plans and Funds and provisions that develop it.

Art. 26. Structure of the Pension Funds.

1. The Pension Funds shall be constituted, after administrative authorization by the Ministry of Economy and Finance, in public deed granted by the sponsoring Entity and shall be entered in the Special Administrative Register which shall be established and in the Commercial Register, and will allow the implementation of the Pension Plans that are integrated in those.

2. San Entities promoting the Pension Funds shall be the legal persons who require and, where appropriate, participate in the establishment of the pension funds.

3. The Pension Fund will integrate one or more Pension Plans, thus enabling the development of these in the terms provided for in this legislation.

Art. 27. Pension Fund classes.

1. Pension funds may be set up to implement a single Pension Plan.

2. The Pension Funds may be covered within two types:

a) Open fund characterized by being able to channel investments from other Pension Funds.

b) Closed Fund, exclusively implements the investments of the Plan or Pension Plans integrated into it.

3. In the Pension Funds which form the defined benefit pension schemes and in the open pension funds, the establishment of a minimum initial estate may be required, due to the guarantees required for its correct financial development, as provided for in the following Article of this Regulation.

Section 2. Constitution, operation and dissolution of the Pension Funds

Art. 28. Constitution of the Pension Funds.

1. The Pension Funds shall be constituted in public deed granted by the sponsoring Entity.

2. The writing of the constitution shall necessarily contain the following particulars:

a) The name or social reason and address of the Entity or Promoter Entities.

(b) The name or social reason and the address of the managing and depository Entities and the identification of persons exercising the administration and representation of those entities.

(c) The name of the Fund, which shall be followed, in any case, by the expression "Pension Fund".

d) The object of the Fund in accordance with this Regulation.

e) Operating rules.

3. The operating rules shall specify at least:

a) The scope of the Fund's action.

(b) The procedure for the election and renewal and the duration of the mandate of the members of the Fund Control Committee, as well as the functioning of the Fund.

c) The investment policy of the resources contributed to the Fund.

d) The criteria for imputation of results, in accordance with the provisions of this regulation.

e) The actuarial systems that can be used in the execution of the Pension Plans.

(f) The maximum Commission to be satisfied with the managing body, without prejudice to Article 43 of this Regulation.

g) The rules for the distribution of the operating expenses of the Fund Control Committee.

h) The conditions for the mobilization of position accounts and the quantification of position accounts.

i) The requirements for the modification of these operating rules and for the replacement of the Gestora and Depositary Entities. In no case shall the replacement be operated without the prior agreement of the Commission, or the Subcommittees, of the Pension Fund Control, except as provided for in Article 44 of this Regulation.

(j) The rules governing the dissolution and liquidation of the Fund.

4. Prior to the establishment of the Fund, the promoters must obtain authorization from the Ministry of Economy and Finance, whose terms will be accommodated. where appropriate, the writing of the constitution. The granting of the authorization in no case may be a title that causes the responsibility of the State Administration.

5. On the basis of the prior administrative authorization, a registration sheet shall be opened for each Fund in the Mercantile Register, in which the instrument corresponding to the writing of the constitution shall be the first entry and shall contain the ends which it must express, applying the rules governing the Trade Register.

6. The Pension Funds shall necessarily be entered in the Administrative Register of Pension Funds set up by the Ministry of Economic Affairs and Finance, which shall include the writing of the constitution and the subsequent amendments authorised thereto. in the form provided for in this Article. In addition, the integrated pension plan or plans and the incidents affecting them must be included. These include new integrations or low plans and substantive modifications in the nature of plans that have an impact on the fund itself.

7. Registration in the administrative register requires the prior fulfilment of all other requirements of the constitution.

8. The Pension Funds that integrate defined benefit pension schemes shall require the coverage by those of the required solvency margin as set out in Article 19 of this Regulation.

Analogous requirement affects those Funds that host other plans that assume the coverage of a risk and that require the said solvency margin.

Open Pension Funds require, bread to operate as such, a minimum asset of 5 billion pesetas.

Art. 29. Administration of the Pension Funds.

The Pension Funds shall be administered, subject to the limitations laid down in Article 30 of this Regulation, by a Gestora Entity with the contest of a Depositary and under the supervision of a Control Commission.

Art. 30. Pension Fund Control Committee.

1. If the Pension Fund implements a single Pension Plan, the Plan Control Commission shall exercise the functions of the Fund's Control Committee. If the same Fund implements various Plans, the Fund Control Committee shall be formed with representation of all the Control Committees of the Plans. The election of such representatives, by each Board of Control of the Pension Plan, will be carried out among its members. The vote of those appointed for each Plan shall be weighted in respect of their number and the part of the economic interest that the Plan has in the Fund.

2. The functions of the Pension Fund Control Commission are, among others:

a) Monitoring compliance with the attached Plans.

b) Control of compliance with the rules of operation, the fund itself and the Plans.

(c) Appointment of experts whose performance is required by Law 8/1987 of 8 June, without prejudice to the powers provided for in each Pension Plan.

d) Representation of the Fund, and may delegate this function to the Management Entity.

e) Review and approval of the performance of the Gestora Entity in each financial year, requiring, where appropriate, the liability provided for in Article 42 of this Regulation.

f) Replacement of the Gestora or Depositary Entity, in accordance with Article 44 of this Standard.

g) Suspension of the execution of acts and agreements contrary to the interests of the Fund, in terms and with the limits derived from the nature of those.

h) If applicable, approval of the integration into the Fund for new Pension Plans. The admission of the first Plan to be integrated into the Fund shall be jointly agreed by the Fund's Promoter Entity and its Management Entity.

(i) Proposal and, where appropriate, decision on the other questions on which the present rules confer jurisdiction on it.

You may obtain from the Management Entities and Depositary the information that is relevant to the performance of your duties.

3. For reasons of heterogeneity in the types of Pension Plans attached to or in the same Fund, the Constitution may be arbitrated within the Control Committee of Subcommittees to be occupied according to the homogeneous areas of according to investment modalities.

4. The position of a Commission of a Commission shall be temporary and free. The rules for the operation of the Fund shall include the procedure for the election and renewal of its members, the duration of its term of office. In no case shall that period be longer than four years, the presentation of which shall be possible for re-election if the Commission of Control of the Pension Plan to which it represents so decides, as well as the cases and forms in which it is to be met. Fund Control Committee.

5. Once elected, their members shall appoint each other who shall hold the Presidency and the Secretariat. The Commission shall be validly constituted when, on the basis of the provisions of paragraph 1, the majority of its members shall be present and their agreements shall be adopted at least by a simple majority.

6. The operating expenses of its Control Committee shall be borne by the Fund, distributed among the plans attached, in accordance with the imputation criteria laid down in the operating rules.

Art. 31. Dissolution and liquidation of the Pension Funds.

1. The dissolution of the Pension Funds shall be carried out for the reasons set out in its operating rules, and in the cases provided for in Article 44 of this provision.

In any case, it will be a prerequisite for the dissolution of the Pension Funds the individualised guarantee of the benefits caused and, if not half agreement to the contrary of the Promoters and participants, the continuation of the Plans in place through another Pension Fund already constituted or to constitute.

2. Once a Pension Fund is dissolved, the settlement period shall be opened, the corresponding operations being carried out jointly by the Fund Control Committee and the Gestora Entity, in accordance with the provisions of this Regulation.

Art. 32. Operations with Pension Plans.

1. The integration of a Pension Plan into a Pension Fund will require the following circumstances to be specified:

(a) Quantification of the position account, with particular reference to the criteria for imputation of the results of the investments made by the Fund, as well as the operating costs of the Fund.

(b) Conditions for the transfer of the position account of a plan to the Pension Fund designated by it. Provision should be made for the implementation of the transfer of goods and rights, and, where appropriate, the cost and the cost of the operation.

c) Procedure in case of plan settlement.

2. The operating rules of each Pension Fund shall provide for the mobility of the position account of a plan in the following situations:

(a) In the cases referred to in Article 44 of this Regulation.

b) In the event that any plan is freely decided upon.

The same forecasts will necessarily affect the Open Pension Funds, in order to enable the mobility of investments made by other Pension Funds.

Section 3. Third Party Operations

Art. 33. Delimitation of responsibilities.

1. The creditors of the Pension Funds will not be able to make effective their claims on the assets of the Promoters of Plans and the unit-holders, whose liability is limited to their respective commitments to contribute to their Plans of Pensions attached.

2. The equity of the Funds shall not be liable for debts of the Managing and Depositary Promoter Entities.

CHAPTER V

Pension Funds Financial Regime

Section 1. Investment and valuation criteria

Art. 34. Investments from the Pension Funds.

1. The assets of the Pension Funds, excluding the appropriations for the payment of insurance premiums or the cost of guarantees under Total or partially insured or guaranteed plans, shall be invested according to security criteria, profitability, diversification and congruence of appropriate time limits for their purposes.

Necessarily, 90 per 100 of this asset will be invested in financial assets contracted in officially recognised and officially open regulated markets open to the public or, at least, to financial institutions, in bank deposits, in mortgage and real estate loans.

Within this percentage, investment in bank deposits may not exceed 15 per 100 of the Fund's asset.

2. A minino liquidity ratio of 1 per 100 of the asset of the Pension Fund shall be fixed, which shall be kept in view deposits and in money market assets with a maturity of not more than three months.

The actuarial review of each Integrated Plan in the Pension Fund will specify the forecasts for liquid asset requirements, which, contrasted with the benefits caused, will define the appropriate level of coverage by the relevant Fund.

3. Investment in foreign assets shall be regulated by the corresponding legislation, in the percentage indicated to its nature.

4. Investment in securities issued or endorsed by the same Entity may not exceed, in nominal value, 5 per 100 of the total of the securities outstanding. The sum of the said investments in the same Entity, plus the credits granted to it or endorsed by it, may not exceed 10 per 100 of the total financial assets integrated into the Pension Fund. The second of these limits shall also apply in respect of securities issued and claims received by different entities but belonging to the same group.

When the degree of risk concentration is estimated to be high or the financial development of the integrated plans can be committed, the Minister of Economy and Finance may set special limitations, additional to the listed in the preceding paragraph, investments from the Pension Funds in assets or financial operations appearing on the liabilities of undertakings promoting the Pension Plans attached to the Fund, the Fund's Managers or Depositary or of the Companies belonging to the same group of companies.

5. The limitations of the preceding number shall not apply to the assets issued or endorsed by the State or its autonomous bodies, the Autonomous Communities, the foreign public entities, the international financial institutions of which Spain is a member and for others that result from international commitments that Spain can assume.

6. For the purposes of this legislation, a group of companies constituting a unit of decision shall be considered to be members of the same group because any one of them directly or indirectly controls the others. There is control of a company, dominated by another dominant company, when one of the following circumstances is present:

a) The dominant holds the majority of votes or capital of the dominated.

(b) The dominant entity, under agreements with other shareholders or cooperative partners of the dominated or with its own dominated, or under its Statute, has in relation to the governing bodies of the dominated Entity equal rights to those it would have had the majority of the voting rights of the shareholders or members of the dominated.

(c) The parent has a stake in the capital of the dominated not less than 25 per 100 and is subject to the sole management of that capital. It is presumed, unless proof to the contrary, that there is a single address when at least half of the members of the dominated are members or senior managers of the dominant or other dominated by the dominant one.

The rights of the parent shall be added to those held by other dominated Entities or through persons acting on behalf of the dominant Entity or other dominated entities.

7. In the case of Pension Funds administered by the same Management Entity or by different Management Entities belonging to the same Group of Companies, the limitations set out in the previous number 4 shall be calculated in relation to the balance sheet consolidated of those Funds.

8. Interest rates on deposits from the Pension Funds will be free.

9. For the verification of the limits set out in previous paragraphs, the assessment criteria provided for in this Regulation shall be met.

However, where the excess over any of the maximum limits indicated is due exclusively to the exercise of rights incorporated in the securities that are part of the portfolio, to the variation in the value of securities that were acquired subject to legal rules, to a reduction in the assets of the Pension Fund itself or when membership of the same group is a circumstance that has occurred after the investment, such excess shall not be considered as an infringement and the Fund shall have a period of one year from the time the excess was produced, to proceed with their regularisation.

Art. 35. General conditions of operations.

1. The pension funds shall be used for the operations on financial assets admitted to trading on the stock exchange or on an organised market of those referred to in Article 1 (1), in such a way as to effectively affect prices with the concurrence of plural offers and demands, unless the operation can be carried out under more favourable conditions for the Fund than those resulting from the market.

2. In general, the Pension Funds may not grant credit to the members of the Pension Plans attached, except in the case of contingencies not covered by each plan, resulting in a decrease in the disposable income of the participant either by the reduction of income or by the increase in expenditure. Each Plan shall specify in such circumstances the terms of access to the credit, as well as the amounts of the credit that may be granted to the participant. The maximum amount may not exceed 80 per 100 of the rights established by the participant and the type of remuneration required may not be lower than the market rate.

3. The acquisition and disposal of immovable property must be preceded by its assessment, carried out in the form provided for in the Law on the Regulation of the Mortgage Market and its complementary legislation.

4. The Management and Depositary Entities of a Pension Fund, as well as its Directors and Administrators, and the members of the Control Board, may not purchase or sell for themselves items of the Fund's assets directly or per person or Interposed entity. Similar restriction shall apply to the procurement of appropriations. For this purpose, the operation is understood to be performed per person or entity in question when executed by a person united by a link of parentage in direct or collateral, consanguine or affinity, up to the fourth degree inclusive, directors or trustees or any Company in which the said Directors, Administrators, Directors, Entities or members of the Control Board have, directly or indirectly, a percentage equal to or greater than 25 per 100 of the capital or perform functions involving the exercise of the decision-making power.

The transfer and acquisition of assets by the Depositary Entities that are part of their normal operations shall not be considered to be included in the preceding paragraph.

5. The assets of the Pension Funds may only be the subject of a guarantee to ensure that the Fund's obligations are met only.

Art. 36. Obligations towards third parties.

Obligations to third parties may not exceed 5 per 100 of the Fund's assets. These effects shall not be taken into account:

(a) Debits incurred in the acquisition of assets in the period up to the total settlement of the relevant transaction.

b) Existing obligations towards beneficiaries.

e) The obligations corresponding to the consolidated rights attributed to the unit-holders.

Art. 37. Assessment criteria.

1. The assets in which the investment of the Pension Funds materializes shall be measured according to the following criteria:

(a) The securities admitted to official listing on a single stock exchange shall be valued at the exchange of the day at which their estimate relates, if any. Otherwise, to which it is officially pointed out for the unsatisfied claims or, failing that, for the offers without consideration. If no change of operations or offer or demand position is published, the last published.

(b) The securities admitted to official listing on more than one stock exchange shall be estimated at the exchange of closure published in any of them. If there is no change published in any of the Bags, the criterion set out in the preceding paragraph shall apply.

(c) Securities not yet admitted to official listing shall be subject to changes resulting from the official contributions of similar securities of the same Entity from previous issues, taking into account differences in the amount of the securities. which may exist in their economic rights.

(d) Other financial assets that are part of the equity shall be valued, taking account of the amortisation period and its intrinsic characteristics, using the criteria of amortisation value and market price in the form to be determined by the Ministry of Economy and Finance.

e) The remaining assets, taking into account their performance value, according to the objective criteria set by the Ministry of Economy and Finance.

The valuation of the real estate carried out in the form provided for in the Law on the Regulation of the Mortgage Market and its complementary legislation, should be reviewed periodically. Each review shall not measure a period exceeding five years.

2. The quantification of the position account of each integrated plan in the Fund is derived from the application of the above assessment criteria.

3. The mobilisation of the position account of a pension scheme may involve a discount in favour of the Pension Fund, in accordance with the provisions of the Pension Fund's operating rules.

4. Those operating rules may provide for the mobilisation of a position account to be made by transmission to another Pension Fund of the assets that are proportionally corresponding to that position account.

5. For the quantification of the level of coverage of the mathematical provisions or of the capitalisation fund, which is attributable to the guarantee of a minino interest, the Ministry of Economy and Finance shall establish the actuarial valuation methods which proceed.

In particular, fixed-income securities may be valued for their purchase price, without being able to account for a higher than redemption value, except those acquired with a non-optional resale pact. The difference between the purchase price and the reimbursement, where the purchase price is higher, shall be calculated linearly over the period to be amortisation. The performance of these securities shall be required for the purposes to be determined administratively.

Variable income securities may be valued according to the average of a given number of sessions.

The actuarial valuation method used by a Pension Fund may only be modified when it mediates the express approval of the competent administrative body.

Section 2. Annual Accounts and Information

Art. 38. Annual accounts.

The financial year of the Pension Funds and its Management Entities will coincide with the calendar year.

1. Within the first quarter of each financial year, the Pension Fund Managers shall:

a) Formulate and submit to the approval of its competent bodies the annual accounts of the Management Entity.

(b) Form the balance sheet, the profit and loss account and the explanatory note for the previous year of the Fund or the Funds administered and submit those documents to the approval of the respective Fund Control Committee.

c) Get the audit reports referred to in paragraph 3 below.

d) Submit the information cited in the points above to the Ministry of Economy and Finance and to the Fund Control Committees and the Pension Plans attached to the Fund, who will be able to give the same dissemination as estimate relevant.

2. Within the first half of each financial year, the Management Entities shall publish, for general dissemination, the documents referred to in paragraph 1.

3. The documents referred to in sub-paragraphs (a) and (b) of the preceding number 1 shall be audited by experts or experts ' associations meeting the requirements set out in this Regulation. The audit reports shall cover the financial and actuarial accounting aspects, including an express statement regarding compliance with the provisions of this regulation.

4. The Ministry of Economy and Finance may require the Management of Pension Funds to carry out exceptional external audits, with the scope it deems necessary.

5. The Ministry of Economy and Finance shall establish the models for the balance, the results and other accounting statements of the Pension Funds and their Management Entities, as well as the criteria for accounting and valuation as soon as they are not available. determined by provisions of the Government.

Art. 39. Information requirements.

1. The Ministry of Economy and Finance may collect from the Management and Depositary Entities how much accounting and statistical data, public or reserved, concerning the same and the Pension Funds administered by them, are related to their inspection and guardianship functions and shall indicate the frequency with which such information shall be drawn up and the maximum time limits for delivery to the Ministry.

2. The Ministry of Economy and Finance shall have the publicity to be given, on an aggregate or an individual basis, to the data referred to in the previous paragraph, ensuring frequent, rapid and sufficient information in favour of the Monitoring Committees. of the Pension Plans and their members and beneficiaries.

3. The Supervisory Committees of the Pension Plans may request from the Ministry of Economy and Finance information on data relating to the Pension Fund to which they are attached or to their Gestora or Depositary Entity, not previously published and which are held by the Ministry or which the Ministry may collect.

4. The Entities referred to in paragraph 1 of this Article are subject to compliance with the obligations of information provided for in the legal order.

5. The tax obligations of information of the Management Entities and the Depositary shall be governed by the general provisions of the legal order and by the specific provisions of this Regulation.

CHAPTER VI

Pension Fund Managers and Depositary Entities

Art. 40. Managers Entities.

1. The Companies of the Pension Funds may be the Companies which, having obtained prior administrative authorization, have the following requirements:

a) Have a capital disbursed by the following amount:

-In any case, 100,000,000 pesetas.

-Additionally, 1 per 100 of the excess total assets of the Fund over 1,000,000,000 pesetas.

b) Your actions will be nominative.

c) Having as their exclusive social object and activity the administration of Pension Funds.

(d) They may not issue bonds or go to credit and will have their assets materialized as provided for in the following paragraph.

e) They must be domiciled in Spain.

f) You must register in the Administrative Registry established in this regulation.

2. Own resources shall be invested in financial assets contracted in organised markets, officially recognised and of regular operation open to the public or, at least, to financial institutions, in buildings, furniture, treasury or any other assets appropriate to the exclusive social object that characterizes these Entities.

In no case may they issue bonds, promissory notes, effects or similar securities, or give guarantees or pay for their assets.

3. The insurance institutions authorised to operate in Spain in life insurance may also be the Management of Pension Funds, provided that they meet the requirements laid down in paragraph 1 (a), (e) and (f) of this Regulation. Article.

The requirement set out in point (e) of the first subparagraph of paragraph 1 shall be deemed to be fulfilled with the existence of permanent establishment in Spain of the authorised foreign entity.

The limit provided for in paragraph 1 (a) shall be understood as applicable to the Mutual Fund of the Social Security Entities and to the Mutual Insurance Fund. This limit shall also apply to the permanent fund with the central house of the delegations of foreign entities, as provided for in the specific insurance legislation.

The access of the Social Security Entities to the Management of Pension Funds will be made after notification to the Ministry of Economy and Finance.

4. The name of the Pension Fund Management Entity is reserved exclusively for Entities that meet the requirements set forth in the preceding numbers.

5. The Council of Ministers shall determine the conditions under which the administration of foreign financial assets acquired in accordance with current legislation may be contracted with entities domiciled outside the national territory.

6. The Pension Fund Managers ' Entities shall have the following functions:

(a) Intervention in the granting of the corresponding public deed of incorporation of the Fund as, in its day, the modification or liquidation of the Fund. Where appropriate, you may collaborate or perform other tasks related to the preparation of such documents.

b) Carry out the accounts of the Pension Fund per day and make accountability in the form provided for in this regulation.

c) Determination of the balances of the position accounts and the rights and obligations arising from each integrated pension plan. It shall provide the relevant instructions for the transfer of the accounts and the rights involved.

(d) Emission, in union of the Depositary, of the certificates of belonging to the pension plans, required by the members whose plans are integrated into the Fund. Certification shall be submitted annually on the contributions made and charged to each participant, as well as the value, for the exercise of their consolidated rights.

e) Determining the value of the mobilizable position account to another Pension Fund, when requested by the corresponding plan.

f) Control of the Depositary Entity of the Pension Fund, in terms of strict compliance with the obligations of the Pension Fund, in accordance with the principle of responsibility stipulated in this legislation.

7. The following shall be the functions of the aforementioned Management Entities in so far as expressly decided by the Supervisory Board of the Pension Fund and with the limitations it considers relevant:

(a) Exercise of the rights derived from securities and other assets belonging to the Fund.

b) Authorization for the transfer of position accounts to other Funds.

c) Selection of investments to be made by the Pension Fund, in accordance with the operating rules and the applicable administrative requirements on such matters.

d) Order to the depositary for the purchase and sale of assets.

Art. 41. Depository Entities.

1. The custody and deposit of the securities and other financial assets integrated in the Pension Funds shall correspond to a Depositary, which shall be a Depository Entity domiciled in Spain.

2. In addition to the custody function, they shall exercise the supervision of the Gestora Entity before the sponsoring entities, members and beneficiaries, and must carry out only those operations agreed by the Management Entities that conform to the legal and regulatory provisions.

3. The Council of Ministers shall determine the conditions under which the deposit of the foreign financial assets referred to in Article 5 of the preceding Article may be made.

4. Each Pension Fund shall have one Depositary, without prejudice to the existence of different deposits of securities or cash.

5. No one may be at the same time Manager and Depositary of a Pension Fund, except for the assumptions provided for in Article 44 of this Regulation.

6. The Depository Entity of a Pension Fund shall have the following functions:

(a) Intervention in the granting of the constitution and, where appropriate, modification or liquidation of the Pension Fund, and in tasks related to the preparation of such documents.

b) Control of the Management Society of the Pension Fund, in terms of strict compliance with the obligations of the Pension Fund, in accordance with the principle of responsibility stipulated in this legislation.

(c) Issue, together with the Management Entity, of the certificates of membership of the members of the pension plans, which are integrated into the fund.

d) Instrumentation, which can be performed with the Management Entity, the collections and payments arising from the pension plans, in its double aspect of contributions and benefits, as well as the transfer of consolidated rights between plans, where appropriate.

e) Exercise, on behalf of the Fund for the purchase and sale of securities, the collection of returns on investments and the materialization of other income, the transmission of assets and how many transactions are derived from the own value repository.

f) Causing the transfer of the position account of a pension plan to another Fund.

g) Receiving the securities owned by the Pension Fund, constitution in deposits guaranteeing their custody and issuing the supporting documents.

h) Reception and custody of the liquid assets of the Pension Funds.

Art. 42. Responsibility.

The Management and Depositary Entities shall act in the interest of the Funds that they administer or preserve, being responsible to the sponsoring Entities, members and beneficiaries of the damages that will be caused by the non-compliance with their respective obligations. Both are obliged to demand this responsibility reciprocally in the interests of those.

Art. 43. Remuneration.

1. Management companies shall be charged for carrying out the functions referred to in this regulation, a management committee in accordance with the rules of operation of the Fund.

The entire commission may not exceed 2 per 100 of the pension fund's assets annually.

In no case will commissions be eligible based on the results.

2. In remuneration for their services, the Depositary shall receive from the Funds the remuneration freely agreed by the Management Entities, subject to the prior approval of the Fund Control Committee, without being able to exceed 0,6 per 100 per year of the Fund. the nominal value of the assets held, without prejudice to the application of the banking fees for the provision of services not provided for in Article 41 of this standard.

Art. 44. Replacement of the Gestora or Depositary Entities.

1. The replacement of the Gestora or Depositary Entities shall proceed:

a) At the request of the Entity itself, upon presentation of the one to replace it. In such a case the approval by the Fund Control Committee and by the Management Entity or Depositary to continue in its functions, of the replacement project which, in compliance with the requirements set out in the rules of operation of the Fund, shall be required. Fund, to be proposed to those in the form and time frame indicated below.

To proceed with the replacement of the Gestora Entity, it will be a prerequisite for the performance and sufficient publicity of the audit provided for in Article 38 of this standard and, if applicable, the constitution for the guarantees necessary to cover the responsibilities of their management.

Within a period of not more than one month after the audit of the Pension Fund provided for in Article 38 of this Standard, the replacement application shall be made in writing to the Directorate-General. General of Insurance. This documentation shall be signed by both Entities and the new Management Society or the new Depositary who declare themselves willing to accept such functions, with an interest in the corresponding authorization.

In no case may the Gestora or Depositary Entity give up the exercise of its functions, until all the requirements and formalities for the designation of its substitutes have been fulfilled.

(b) By decision of the Supervisory Board of the Pension Fund, which must simultaneously designate an Entity willing to take over the management or the deposit. As long as the corresponding designation is not produced, the affected entity will continue in its functions.

2. The unilateral waiver of their duties by the Management or Depositary Entities shall only take effect after a period of two years from their notification to the Commission of the Control of the Pension Fund and prior to compliance with the the audit, publicity and security requirements referred to in paragraph (a) of the preceding number. If the time limit is not appointed, a replacement entity shall be wound up.

3. The dissolution, the insolvency proceedings of the Gestora or Depositary Entities and their exclusion from the Administrative Registry will result in the cessation of the management or custody of the Fund of the affected entity. If this is the Management Entity, the management shall be provisionally entrusted to the Depositary Entity. If the Entity that ceases in its duties is the Depositary, the Fund's financial and cash assets shall be deposited with the Bank of Spain. In both cases the dissolution of the Fund shall occur if no new Gestora or Depositary Entity is designated within one year.

4. The replacement of the Management Company or the Depositary of a Pension Fund, as well as the changes in the control of the Pension Fund, in amounts exceeding 50 per 100 of the capital of the Pension Fund, shall confer on the pension plans integrated into that Fund the right to mobilize its position account, moving it to another Pension Fund.

Changes that occur in the control of the Management and Depositary Entities and the replacement of their Directors must be brought to the attention of the Commissions for the Control of the Pension Funds, within the processes information provided for in Article 39 of this Regulation.

CHAPTER VII

Administrative Control Regime

Section 1. Audit and actuarial review

Art. 45. Requirements for Auditing and Actuarial Review.

1. The audit of the financial statements and other documents, as well as the review of the bases and the actuarial calculations shall be carried out by experts meeting the following requirements:

a) Professional qualification. They must be natural persons or companies formed belonging to a professional corporation, legally recognized and qualified for the exercise of the functions of verification and examination of financial statements and actuarial review. Other experts in matters related to this legislation may participate in these Societies.

b) Enrollment. Experts and their Societies shall be registered in the Special Register of the Directorate-General for Insurance. Such registration shall be made on presentation of the corresponding title or certificate of the relevant corporation of which they are members, and the other documents supporting the fulfilment of the requirements laid down in this Regulation. Article.

c) Independence. The experts and their companies will not be able to advise on their financial and stock aspects of the Pension Plans and Funds whose states they examine. They will also not be able to maintain any type of relationship that can lead to direct or indirect dependency.

An institution shall be deemed to be dependent on an institution where the income received from the institution by the expert or the Society of experts amounts to more than 20 per 100 of the total total income accrued annually by its institution. professional activity. This limitation shall not apply during the first three years of professional practice.

Likewise, when the professional develops his or her activity within the framework of a Company, it is understood that there is no independence from the verified when it controls, directly or indirectly, more than 25 per 100 of the capital social of that.

In any case, it is understood that the conditions of independence of a professional are not given when he/she provides his/her services in a Pension Fund Management Entity, with respect to the plans and funds managed by the latter.

d) Fiance. The experts must provide a minimum guarantee of 5,000,000 pesetas, being able to be used by the deposit of securities of public debt, guarantee of financial institution or insurance of professional civil liability. In the case of a company of experts, the amount of the guarantee shall be equal to the sum of the amount corresponding to each of its partners.

This guarantee must be increased by 4 per 1,000 of the assets of the audited institutions that does not exceed 10,000,000,000 pesetas and 2 per 1,000 of the excess.

e) Control. Experts or Societies of experts shall be subject to the quality control of their reports in respect of Pension Plans and Funds by the relevant bodies of the professional corporation to which they belong and by the Inspection Services. Financial institution of the Ministry of Economy and Finance. The outcome of such actions shall be given to the Directorate-General for Security for the intended effects on infringements and penalties for this Regulation.

This Steering Centre may, at any time, require the competent bodies of professional corporations to examine and issue opinions on certain professional actions.

2. The Pension Plans and Funds and the Management Entities shall freely designate any of the experts or Societies, including those registered in the corresponding Administrative Records.

3. The designation shall be made in the first half of the financial year to be examined and shall be notified to the Directorate-General for Insurance of the Ministry of Economic Affairs and Finance.

4. The Pension Plans and Funds and the Management Societies may amend the designation of auditor or actuary already performed or designate a different one for the following year, sending reasoned communication to the said Steering Centre.

5. In the field of actuarial review, natural persons may develop their activity individually or in a company. This must meet the following requirements:

(a) At least the majority of its members are experts who meet the requirements of professional qualification provided for in this Article or of these Societies, and, at the same time, the majority of the capital and the voting rights.

(b) The majority of the partners exercising the function of the Administrator or the Director of the Company are experts in the matters covered by this legislation.

e) To be entered in the Special Register of the Directorate-General for Insurance.

Section 2. Records and Administrative Inspection

Art. 46. Administrative Records.

1. The following Administrative Records are created in the Directorate General of Insurance of the Ministry of Economy and Finance:

a) Register of Pension Funds.

b) Registration of Management Entities and Depositary of Pension Funds.

c) Register of Pension Plans and Funds Auditors.

d) Register of Current Plans and Pension Funds.

2. The Ministry of Economic and Financial Affairs is authorised to regulate the procedure for registering and, where appropriate, prior authorisation affecting the institutions or persons intending to carry out the tasks provided for in this Regulation. rules.

Art. 47. Administrative inspection.

1. It is up to the Ministry of Economy and Finance to inspect the Gestoras and Pension Funds and to monitor compliance with these regulations, and the competent bodies of the same will be able to obtain from the Management and Depositary Entities. and the Control Commissions all information that is accurate to check the correct compliance with the laws and regulations.

(a) The inspection of the legal, technical, economic-financial situation and, in general, the solvency of the Management Entities and Pension Funds will be carried out through the Directorate General of Insurance. The inspection may be carried out in a general or specific manner.

(b) The Inspectors, in the performance of their duties, shall have the status of Agents of the public authority. They shall be bound by the duty of professional secrecy even after the exercise of their public function.

(c) The inspector shall also reach those who perform operations which may, in principle, qualify as being subject to this regulation to check whether the activity is carried out without prior administrative authorisation.

(d) The Inspectors, in accordance with the provisions of the Laws, shall have free access to the registered office and to the establishments, premises and offices in which activities are carried out by the Management Entity inspected and may to examine all the documentation relating to the Funds ' membership plans and, in general, to all their operations, including those required to provide them with the maximum facilities for the performance of their tasks.

(e) Inspectors shall carry out inspection visits to the Entities and Funds subject to this regulation, in the form of a written order given for each case by the Director-General of Insurance, from which a copy shall be delivered to the representative of the Gestora Entity and the Presidents of the Control Commissions.

f) For each inspection visit, the corresponding record shall be lifted, in duplicate, by the Inspector and the legal representative of the Gestora Entity, who shall have a period of 15 working days to formulate allegations to such minutes.

The minutes and, where appropriate, the allegations will serve as the basis for the Administration's agreement.

(g) The Management Entities shall account for the inspection report and the agreement of the Directorate-General for Insurance to the Control Committees of the Funds that they administer, once those are received.

(h) All of the above shall be without prejudice to the tax inspection which shall be carried out by the competent bodies in accordance with the rules in force at any time.

2. The Management Entities shall provide the Ministry of Economy and Finance with information on the situation of the Pension Funds with the periodicity and content to be established by the Ministry of Economy and Finance.

3. Where, as a result of the inspection and information activity provided for in the preceding paragraph, the Ministry of Economic Affairs and the Finance Ministry considers it appropriate, it may provide a reasoned agreement on the intervention of the entities indicated, without prejudice to the other precautionary measures which may be agreed in the sanctioning procedure.

Section 3. Infractions and sanctions

Art. 48. Violations.

1. Infringements of the rules of this regulation shall be punishable on an administrative level, without prejudice to the responsibilities of another order which may be involved.

2 The infractions are classified according to their respective transcendence, in light, serious and very serious. The repetition of the same infringement, which is sanctioned by a final decision within a period of three years, shall determine that it is qualified in accordance with the higher immediate category. However, minor infringements shall only be aggravated if the same offence is committed three times in the same year or six times within a period of three years, by means of a final penalty.

3. Infringement of the non-compliance by a natural person or by the family unit to which he belongs to the annual contribution limit provided for in Article 13 of this Regulation.

Art. 49. Minor infractions.

These are minor breaches of the facts involving mere delays in the performance of reporting obligations or failure to comply with other provisions, provided that they do not endanger or directly affect the rights of the the sponsoring entities, members and beneficiaries. They have this consideration:

(a) The delay of not more than one month in the notification of changes relating to the Management Entities referred to in Article 44.4 of this Regulation.

(b) The excess investment in the coefficients set out in Article 34 of this provision, provided that it is of a transitional nature and does not exceed 20 per 100 of the legal limits.

(c) The delay of not more than 15 days in compliance with the time limits referred to in Article 38 of this Standard.

(d) Failure to comply with other obligations or prohibitions laid down in administrative provisions.

Art. 50. Serious infringements.

Serious violations are those that involve non-compliance with reporting obligations or other rules when the action or omission risks or damages the rights of the sponsoring entities, members and beneficiaries. They have this consideration:

(a) Payment to the Management Entities of fees exceeding the limits established by administrative rule or by the Fund Regulation.

(b) The materialisation in securities of the shares in the Fund, in contravention of the provisions of Article 11.2 of this Regulation.

c) The issuance of obligations or the recourse to credit by the Management Entities.

d) The hiring of foreign asset management in violation of the rules that are dictated in accordance with Article 40.5 of this rule.

e) Non-compliance by the depositaries of the obligations laid down in Article 41 of this Regulation.

(f) The delay of more than one month in the notification of changes relating to the Management Entities referred to in Article 44.4 of this text.

g) The lack of revision of the actuarial systems referred to in Article 24 of this standard.

h) Investment in excess of that established in accordance with Article 34 provided that the excess does not exceed 50 per 100 of the legal limits.

i) Contraven the established prohibition of pignorize or constitute collateral on the Fund's financial assets.

j) The performance of transactions in breach of the provisions of Article 35 of this Regulation.

(k) The delay exceeding 15 days in compliance with the time limits provided for in Article 38 of this provision.

Art. 51. Very serious infringements.

The actions or omissions, whatever their nature, are very serious, seriously injuring the rights of the sponsoring entities, members and beneficiaries, or they do not fulfil the purpose of the Fund's own resources. Pensions. They have this consideration:

(a) Develop the activity of the Pension Funds or the Pension Fund Managers without having obtained the required registration in the Administrative Records provided for in this legislation.

b) Use the names of "Pension Funds" or "Pension Fund Management Entity" without having obtained the said registration.

c) The falsehood and omission in the accounting or information documents provided for in this regulation.

d) The failure to carry out the audit provided for in Article 38 of this Regulation.

e) Trust the custody of transferable securities and other financial assets to Entities other than those provided for in Article 41 of this Standard.

(f) Investment in goods other than those authorised or in excess of that established in accordance with Article 34 of this Regulation where the excess exceeds 50 per 100 of the legal limits.

g) Mortgage or tax in any form the properties that had been acquired free of charge as referred to in Article 35 of this text.

h) The resistance, refusal and obstruction of the inspection by the Ministry of Economy and Finance and the refusal to provide the information that is regulated.

i) The acceptance of contributions to a Plan, in the name of a participant, above the limit provided for in Article 13 of this Regulation, unless such contributions correspond to the transfer of consolidated rights.

Art. 52. Responsible for the violations.

1. The Management and Depositary Entities, their Administrators, the members of the Commission for the Control of the Plans and the Pension Funds which have committed or facilitated them shall be responsible for the various offences referred to above. their proceeding.

Exception to this general rule is the responsibility of the natural person, or of the family unit in which it is integrated, in the infringement referred to in Article 48 (3).

2. Minor offences shall be prescribed at two years and the serious and very serious offences at five years, from the date on which they were committed.

In violations resulting from continued activity, the time of the prescription will begin to run from the end date of the activity or the last act that the infringement is consumed.

Art. 53. Penalties.

1. The penalties applicable to the Entities, as well as to those who have administrative or management positions, as a result of the violations committed shall be as follows:

a) For minor infractions, private admonition or fine of up to 500,000 pesetas.

b) For serious infringements, public admonition, fine of up to 10,000,000 pesetas or up to 30 per 100 of the offence, if this is encrypted, temporary suspension of the Administrators and temporary exclusion from the Register Special.

c) For very serious infringements, fine of up to 25,000,000 pesetas or up to 50 per 100 of the infringement, if this is encrypted, separation of Administrators and exclusion from the Entity of the Special Register. The very serious infringement will always carry with it the public admonition of the Administrators responsible for it.

2. The sanctions shall be imposed on the Entities and also the Administrators and Directors who, with malice, gross negligence, abuse of powers or in direct or indirect own advantage, or of the persons or enterprises to which they are linked, shall not be carry out the necessary acts which are of their own responsibility for the fulfilment of the obligations infringed, they consider the failure by which they are dependent or shall take into account any such infringement. From the pecuniary sanctions imposed on the Administrators, the Entity will respond subsidiary.

3. Failure by a natural person or other members of his family unit of the contribution limit provided for in Article 13 of this Regulation shall be sanctioned with an amount equal to 75 per 100 of the excess of that limit, without prejudice to the immediate withdrawal of the said excess from the corresponding Plan or Plans.

Art. 54. Competent bodies.

They will be competent bodies for imposing these sanctions:

(a) The Minister of Economy and Finance, who will be able to delegate the imposition of the sanctions of private and public admonition and fines of up to 10,000,000 pesetas.

(b) The Council of Ministers, for pecuniary penalties of higher amounts, definitive suspension of the Administrators and exclusion from the Special Register.

Art 55. Sanctioning procedure.

The sanctioning procedure shall be that of Chapter II of Title VII of the Law of Administrative Procedure. However, the private admonition and the financial penalties up to 500,000 pesetas may be brought to the attention of the interested party in summary proceedings. Any complaint shall require the provision of information to be provided for in the case, unless it is manifestly unfounded or in bad faith, without prejudice to any agreement that may be made in this case.

CHAPTER VlII

Pension Funds and Plans Tax Regime

Section 1. Tax Regime for Pension Plans

Art. 56. Taxation of Pension Plans.

1. Pension Plans are not taxable taxable persons.

2. The income corresponding to the Pension Plans is excluded from the income allocation scheme referred to in Article 12 (1) of Law 44/1978 of 8 September of the Income Tax of the Physical Persons.

Section 2. Tax Regime for Pension Funds

Art. 57. Value Added Tax.

Will be exempt from the Value Added Tax the management services of the Pension Funds constituted in accordance with the Law of Regulation of the Pension Plans and Funds and this Regulation, provided by the Management and Depositary Entities of the same, in accordance with the provisions of Law 30/1985 of 2 August.

Art. 58. Corporation Tax.

1. The pension funds established and registered under this Regulation shall be subject to the corporation tax at a zero rate of charge, having, as a result, the right to the refund of the withholding tax on the returns on capital furniture.

2 The right to the return provided for in the previous paragraph shall not be subject to the withholding tax referred to in Article 6 of Law 14/1985 of 29 May on the Tax Regime of Certain Financial Assets.

3. The Pension Funds shall comply with the formal obligations in the Corporate Tax on taxable persons subject to the general scheme.

Art. 59. Tax on Proprietary Transsimisions and Legal Acts.

The constitution, dissolution and the modifications consisting in increases and decreases of the Pension Funds regulated in this Regulation will be exempt in the Tax on the Transimisiones Heritage and Legal Acts Documented.

Art. 60. Reporting obligation.

In accordance with Article 111 of the General Tax Law, the Management Entities of the Pension Funds will be required to supply the Tax Administration annually, in the form and time limits it orders. Ministry of Economy and Finance, individual relations of the members of the Plans attached and the amount of the contributions to them, either directly by them or by the promoters of such Plans.

Section 3. Fiscal Regime of the promoters of Pension Plans

Art. 61. Tax on the Income of Physical Persons and Corporate Tax.

The contributions of the promoters of Pension Plans will be deductible in the tax base of the personal tax that taxes their income, although it is essential that each member of the Pension Plan be charged the part that corresponds to the above contributions.

When the promoters ' contributions may be classified as liberalities, it shall be, for the purposes of their deductibility, the general provisions of the Laws of the Income Tax of the Physical Persons and of the Corporation Tax.

Art. 62. Reporting obligation.

According to Article 111 of the General Tax Law, the promoters of Pension Plans that make contributions to them will be obliged to supply the same annually. Tax administration, in the form and deadlines ordered by the Ministry of Economy and Finance, individual relations of the participants by whom they made their contributions and the amount of these corresponding to each one.

Section 4. Fiscal Regime of Members in Pension Plans

Art 63. Taxation of the amounts charged to unit-holders in pension schemes.

1. The contributions deductible by the promoters of pension schemes in their personal taxation shall be charged in the part corresponding to the members thereof, which shall integrate them into their taxable base of the Income Tax of Persons Physical, in terms of net income of dependent work.

2. The amounts charged to members of pension schemes which constitute for these property increases free of charge shall in any event be taxed in accordance with the rules governing the Tax on Successions and Grants.

3. Contributions that have been made subject to the provisions of paragraph 1 of this Article shall not be subject to withholding tax on the Income Tax of the Physical Persons.

Art. 64. Deduction in the taxable base of the Income Tax of the Physical Persons.

1. The members of pension schemes may deduct from the taxable amount of their Income Tax on the Physical Persons their personal contributions, including, where appropriate, the contributions of the promoter who have been imputed to him yields of the dependent work. The maximum limit for this deduction is the lower of the following two quantities:

a) 15 per 100 of the sum of the net income of the work, business and professional or artistic, perceived individually in the exercise.

b) 500,000 pesetas per household per year.

2. Where contributions or contributions are made jointly to pension schemes and the payments provided for in paragraph 2 of the first provision of Law 8/1987 of 8 June of Regulation of the Pension Plans and Funds, the limit of 500,000 pesetas annually will operate jointly for both concepts.

3. According to the above rules, this deduction will not be applicable when the participant does not obtain income from the dependent, business, professional or artistic work.

Art 65. Deduction in the fee of the Income Tax of the Physical Persons.

The excess of the contribution charged or made directly by each participant, which is not deductible on the basis of the taxable amount as provided for in the previous article, will enjoy a deduction in the income tax Natural persons of 15 per 100 of their amount, subject to the limits and requirements laid down in Article 29. (f) of Law 44/1978 of 8 September, without, in any event, the sum of the contributions and contributions attributed to this article and the previous one may exceed 750,000 pesetas. The latter amount operates as a family unit limit.

Section 5. Fiscal Regime of the beneficiaries of Pension Plans

Art. 66. Integration of benefits in the Income Tax of the Physical Persons.

Benefits received by pension scheme beneficiaries will be integrated into the tax base of their Income Tax on the Income of the Physical Persons in respect of income from the dependent work.

Benefits received by pension scheme beneficiaries will not be subject to the Succession and Donation Tax.

Art. 67. Particular rules of integration.

1. The following rules shall be taken into account in the integration of benefits received by the beneficiaries of pension schemes into their taxable income tax base of the Physical Persons:

(a) Where these benefits are realised in a single capital charge, the amount received shall be treated as an irregular income which shall be divided by the number of years in which the respective right has been generated; consolidated.

(b) If the benefits consist of an income, temporary or lifetime, the amount of the income shall be integrated annually in the taxable amount of the tax in accordance with the provisions of the previous article.

(c) When materialised in the form of capital-income, it shall apply, according to the nature of each benefit, as set out in the preceding two letters.

2. In any event, the income or capital received may be reduced in the amounts corresponding to the excess of the contributions or contributions on the deduction limits in the taxable amount referred to in Article 64 (1) of the Treaty. This Regulation.

Section 6. First common rules for members and beneficiaries

Art. 68. System of imputation of yields.

The income corresponding to the pension schemes shall not be attributable to the members or beneficiaries in the income allocation scheme referred to in Article 12 (1) of Law 44/1978, 8 of September, of the Income Tax of the Physical Persons.

Art 69. Dissolution and settlement of pension plans.

The amount of the property resources that will be delivered by dissolution and liquidation of a pension plan will be integrated into the tax base of the Income Tax of the Physical Persons of the beneficiaries with the irregular income treatment.

CHAPTER IX

Tax regime of alternative formulas for coverage of benefits analogous to those of pension schemes

Section 1. Application Scope

Art. 70. Scope of application.

Any system for the coverage of benefits analogous to those of pension schemes will be subject, as regards its tax regime, to the provisions of this chapter.

Section 2. Fiscal Regime of companies or entities covered by alternative systems of benefit coverage

Art. 71. Deductibility in personal taxation.

Business or any other entity's contributions to the coverage of benefits analogous to those of pension schemes shall be deductible from the taxable amount of the personal tax of the payer, provided that the following requirements are met:

1. No such contributions are fiscally imputed on the personal imposition of the subject to which they are linked.

2. º That the payer transmits the ownership of the resources in which these contributions consist.

3. º That are mandatory for the payer.

Art. 72. Reporting obligation.

In accordance with Article 111 of the General Tax Law, companies or entities benefiting from alternative systems of coverage of benefits similar to those of pension schemes will be required to supply annually to the Tax Administration, in the form and deadlines ordered by the Ministry of Economy and Finance, individual relations of the persons for whom they made contributions or allocations and the amount of these corresponding to each one.

Section 3. Fiscal Rules applicable to the subjects to whom the contributions are linked

Art. 73. Tax imputation of the contributions.

1. The deductible contributions or allocations pursuant to Article 71 of this Regulation shall be individually charged to the persons to whom they are linked and shall be included in the taxable amount of their Income Tax. with the consideration of dependent job returns.

2. By way of derogation from the above paragraph, contributions or allocations constituting property increases free of charge to members shall be taxed in accordance with the rules governing the Tax on Successions and Grants.

Art. 74. Payment of the Income Tax of the Physical Persons resulting from the tax imputation.

1. Where the taxable person who receives the imputation results from the funds constituted, the payment of the portion of the debt tax resulting from that imputation shall be effected in accordance with the general rules on income of the tax on the Income of the Physical Persons.

2. In the event that the taxable person receiving the imputation is not the holder of the funds constituted, the excess tax liability resulting from the integration into his Income Tax of the Physical Persons of the contributions or endowments which have been linked to it, shall be satisfied in the financial year, provided that the full share of the tax does not exceed the result of applying on the income actually received in the financial year a percentage equal to the last marginal rate of the liquidation which would only be considered as effective income.

Where the fee exceeds that result, the amount of such excess may be reduced in the amount of such excess for the purposes of determining the tax liability to be met in the financial year.

The above excess will be computed in the immediately subsequent exercise, and incorporated into the full quota of the tax, and the same system of reification as contained in the preceding paragraphs.

When the perception of the benefits derived from these alternative systems is initiated without the taxable person having finished satisfying the outstanding full quota, he will enter it in the first period of the tax return. on the Income of the Physical Persons to be opened later.

However, if the full amount outstanding exceeds the result of applying to the income actually received, including the above benefits, a percentage equal to the last marginal rate of the liquidation that would be (a) for the whole of the income of the taxable person, for the income tax of the physical persons, the excess shall be entered in the subsequent financial year or years, using, for that purpose, the same technique of calculation of the amount of payment that is set in this paragraph.

Section 4. Beneficiaries Tax Scheme

Art. 75. Taxation of benefits.

The benefits derived from these alternative hedging systems will be integrated into the taxable income tax base of the recipient's Physical Persons to the extent that their amount exceeds the sum of the Previously integrated envelopes or contributions.

The integration referred to in the preceding paragraph shall be carried out in respect of the performance of the dependent work, taking into account the nature and characteristics of the benefits.

These benefits will not be subject to the Succession and Donation Tax.

ADDITIONAL DISPOSITION

As from 29 June 1987, the deductibility of the envelopes to institutions for the provision of staff, as referred to in Article 107 of Royal Decree 2631/1982 of 15 October 1982, on the adoption of the Corporation tax, it is considered conditional on compliance with the requirements laid down in the additional provision of Law 8/1987 of 8 June.

In any event, the deductibility of the employer's personal imposition of any internal fund endowment or similar concept involving the maintenance of the ownership of the constituted resources, intended for the the coverage of benefits referred to in point 1 of the above mentioned first provision of Law 8/1987.

TRANSIENT PROVISIONS

First.

1. The following institutions may be established in pension funds covered by this legislation within one year of the entry into force of this Regulation:

a) Social forecasting entities.

b) Work foundations.

c) Other staff forecasting institutions, adjusted to the provisions of Article 107 of Royal Decree 2631/1982 of 15 October, which approves the Corporate Tax Regulation.

(d) Funds made up of contributions and allocations made for the coverage of benefits similar to those provided for in this Regulation, including pensions caused, where members or beneficiaries are employees or employees of the company itself.

In such a case, only those institutions shall be exempt from the taxes imposed on the operations necessary for this purpose, without prejudice to the tax debts which may result from exercises prior to the entry into force of this Regulation. in force of this standard, and having regard to the provisions of the following numbers.

2. Any increases or decreases in property which may arise as a result of the integration, as provided for in the preceding number, by the carrying out or contribution of the assets initially affected by the personnel, are exempt from taxation corresponding to such heritage funds.

In order to access this tax treatment it will be essential that the property assets affected by the institutions of staff provision are in such a situation as at 17 September 1986.

3. For the amounts integrated into the Pension Funds, no tax charge shall be required for the members, without prejudice to the prior delimitation of their consolidated rights, when those corresponding to the following allocations or contributions:

(a) Those carried out before 17 September 1986.

(b) Those made between that date and 29 June 1987, provided that they are based on agreements of the date of 17 September 1986, which provide for the amount to be individually allocated, either fixed or based on actuarial systems.

4. The Pension Plans for the institutions covered by this transitional regime shall be adapted to the capitalisation systems and other requirements of this Regulation within the time limits authorised by the Ministry of Economy and Finance, by means of the approval of the corresponding actuarial and financial rebalancing plans. Where appropriate, such Plans should explicitly provide for the transfer of the assets to be incorporated into the funds.

5. The institutions promoting institutions covered by this transitional arrangements, in order to meet the obligations of the pensioners or beneficiaries prior to the date of entry into force of this Regulation, may choose to the following alternatives:

(a) To carry the assets constituted, which correspond to such beneficiaries, to an independent Pension Plan. The company's contributions will not require charges against the beneficiaries, being deductible in the personal tax of the employer.

In this case, the contributions made prior to the entry into force of this Regulation, which have not resulted in deductibles in the personal imposition of the promoter, despite their prior computation as accounting expenditure, will be deductible item in the financial year in which the equity funds consumed are integrated into the Pension Fund of the aforementioned Pension Plan.

b) To deal with the annual payments of the aforementioned pensions resulting in deductible expense in the imposition of the employer.

(c) Concerting a payment of such obligations, with the payment of the deductible premium on the payer's tax, without imputation to the beneficiaries.

6. For staff active on 29 June 1987, rights may be recognised for past services arising from commitments prior to 17 September 1986, formalised in the Collective Convention or equivalent provision.

For these purposes, the equivalent provision shall be understood as being validated as such by the Ministries of Labour and Social Security and/or Economy and Finance.

In such cases, subsequent contributions for the coverage of the updated value attributable to such rights shall be deductible in the personal taxation of the promoter, when they are integrated into pension schemes covered by this Regulation.

Likewise, the integration of previously constituted heritage funds, which have not resulted in deductibles in the promoter's personal taxation, despite their prior computation as accounting expenditure, will be deductible in the exercise in which such funds are incorporated into the Pension Fund system.

In both cases, the tax allocation shall not be required for the participation, without prejudice to the financial allocation of the consolidated rights that correspond to it.

For the calculation of the consolidated rights for the unit-holders at the date of entry into force of this Regulation, the second transitional provision shall apply.

7. Subject to the provisions of paragraphs 5 and 6 of this transitional provision, any allocation or business contribution made between 17 September 1986 and 29 June 1987 shall be deductible only in respect of personal taxation. of the undertaking where it is derived from feisty covenants and prior to the first date cited, which predetermine the amount required and the timing of its coverage, and is in accordance with the provisions of the various modalities accepted in the Royal Decree 2631/1982 of 15 October 1982, which approves the Company Tax Regulation and other rules concordant.

Second.

1. The entities which are eligible for the scheme provided for in the first transitional provision 1 may recognise, for the staff active as at 29 June 1987, rights for past services, resulting from commitments prior to 17 September 1986, formalised in Collective Convention or equivalent provision.

2. It shall be a prerequisite for such recognition that the amount of the benefits corresponding to the contingencies covered by the undertaking is defined in the Convention or equivalent provision. This definition may be in absolute terms or in terms of any reference magnitude, as set out in Article 3. of this Royal Decree.

3. The quantification of the consolidated rights for each participant, at the date of entry into force of this Regulation, shall be made taking into account the following:

(a) If the plan is based on the accrual for each year of service of a quota-part of the intended benefit, or in some similar method, the contribution corresponding to the periods by which the past services are recognized determine according to the age of the participant in each of these periods, taking into account the demographic and financial assumptions included in the plan's specifications. The amount of benefits payable shall, in each period, be that resulting from the application of the terms of the Convention or equivalent provision in force therein.

In these plans, the value of the consolidated rights will be obtained by the sum of the contributions that correspond to each of the periods elapsed, updated to the date of the valuation.

(b) If the plan is based on any other method other than the above, it shall be considered as the contribution that it would have been made to the participant since its integration into the collective or from the access to the committed right. The contribution for each participant shall be based on the age of the participant at that time and shall be calculated as the contribution of constant value, absolute or relative terms necessary to achieve the expected benefits, taking into account the demographic and financial assumptions contained in the plan.

The value of the consolidated rights for past services will be obtained, in this case, by the difference between the current actuarial value of the future benefits and the current actuarial value of the future contributions to be made, calculated in accordance with the provisions of the preceding paragraph.

In both cases, a maximum interest rate of 6 per 100 applies. The assumptions shall be consistent with the technical interest used, under the responsibility of the actuary. In no case shall a differential between inflation and technical interest rate be allowed to exceed three points.

4. Where the existence of a deficit is revealed, the difference between the value of the consolidated duties calculated in accordance with the provisions of the above and the assets constituted for the coverage of the abovementioned rights, the financing of the same may be carried out in accordance with the criteria laid down by the Ministry of Economy and Finance for each participant.

Third.

The entities or institutions that are in accordance with the provisions of the transitional provision 1 of this Regulation, as long as the corresponding Pension Plan is formalized and integrated into a Pension Fund constituted or constitute, may recognise benefits from contingencies provided for in this legislation, which may be definitively included in the pension scheme and pension scheme, provided that they are in one of the following cases:

(a) Retired staff at the entry into force of this Regulation, when the institution or institution opts for the establishment of an independent Pension Plan, as provided for in the transitional provision first 5 of the present Regulation, and are recognized as benefits in accordance with pre-existing commitments to the entry into force of this rule.

(b) Active personnel on the date of entry into force of the Regulation, which, when affected by the contingencies provided for in this Regulation, are granted provisional benefits, on account of those which are definitively of the Pension Plan.

This staff will be provided with the provisions on the recognition of past services in the first transitional provision 6 and the second transitional provision of this Regulation.

Fourth.

1. Social security institutions which, after notification to the Ministry of Economic Affairs and Finance referred to in Article 40 (3) of this Regulation, acquire the status of Pension Fund Management Entities, shall have a five years from the beginning of the financial year following the year in which the notification is made, in order to attain the amount of the Mutual Fund required by the said Article, provided that they fulfil the following conditions:

(a) That they are registered in the Special Register of Insurance Entities of the Directorate-General for Insurance before 9 June 1987.

(b) During the indicated period, other funds other than those made up of the Social Security Entity itself shall not be managed by application of the transitional provision of Law 8/1987. Such funds may include only Pension Plans to be established for the collectives whose members meet the conditions required to be able to belong to the Social Security Entities, by the Statutes of the same. The conditions laid down for the development of the abovementioned Pension Plans, their technical bases, benefits, contributions and, in general, all the extremes which, in accordance with Article 21 of this Regulation, are required to be included in their specifications, they must be notified to the Directorate-General for Insurance prior to its implementation. Where appropriate, they shall be adapted to the capitalisation systems and other requirements of Law 8/1987 and this Regulation within the time limits specified by the Management Centre by the approval of the corresponding rebalancing plans. actuarial and financial.

2. For the application of this transitional provision, at the end of the financial year in which the Social Security Entities have access to the condition of the Management Entities, the insufficiency of the Mutual Fund shall be encrypted. in respect of the minimum amount referred to in Article 40 of this Regulation; each year the Fund shall be increased by one fifth of the amount of the shortfall.

However, the total amount of the assets of the Funds administered by the Social Security Entities shall not exceed, in each financial year, the result of multiplying by 100 the Mutual Fund constituted at the close of the Fund.

FINAL DISPOSITION

This Regulation shall enter into force on the day following its publication in the Official Gazette of the State.