Amended proposal for a COUNCIL DIRECTIVE relating to the freedom of management and investment of funds held by institutions for retirement provision
Date: 1993-05-26
Institutions: European Commission
Subjects: financial institution, financial management, freedom to provide services, investment transaction, single market, social-security benefit, social-security contribution

COMMISSION  OF THE EUROPEAN  COMMUNITIES 

COM( 93) 237 

fma\ 

-  SYN 363 

Brussels, 26 May  1993 

Amended  proposal  for a 

COUNCIL  DIRECTIVE 

relating  to the freedom of management  and  investment  of  funds 

held by  institutions for retirement  provision 

(presented  by  the Commission pursuant  to Article  149(3) 
of  the  EEC-Treaty) 

-  2 -

EXPLANATORY  MEMORANDUM 

On  the  12th  of  November  1991  the  Commission  sent  to  the  Council  the 

Proposal  for  a Council  Directive  relating  to  the  freedom  of  management 

and  investment  of  funds  held  by  institutions  for  retirement  provision. 

The  aim  of  the  proposal  is  to  provide  for  the  application  of  the 

fundamental  treaty  principles  of  freedom  of  capital  movements  and 

freedom of services to  institutions for retirement provision. 

The Economic and Social  Committee gave  its opinion on  the 29th of April 

1992. The European  Parliament  gave  its opinion on  the  18th of  November 

1992 on the basis of a report  from  its Legal  Committee, thus completing 

the  first  reading  of  this  proposal.  Both  the  European  Parliament  and 

the Social  and  Economic Committee  approved  the general  approach  of  the 

initial proposal. 

The  Commission  has  accepted  two  amendments  proposed  by  the  European 

Parliament  in  their  intention,  if  not  their  exact  wording.  In 

accordance  with Article  149, paragraph  3 of  the Treaty,  the Commission 

has decided  to amend  its  initial proposal. 

In  line  with  the  purpose  of  Amendment  No  17, Article  2(a)  has  been 

changed  to  more  clearly  define  the  scope  of  the  Directive.  While  the 

Annex  largely  corresponds  to  the  lists  included  in Council  Regulation 

1408/71  the  purposes  of  that  Regulation  and  the  current  Directive  are 

sufficiently  diverse  to  require  a  separate  list  to  be  produced.  This 

avoids any automatic change  to the scope of  this Directive whenever  the 

lists annexed  to regulation  1408/71  are adapted  for  the purpose of  that 

Regulation.  However,  the  indicative  nature  of  the  list  has  been 

maintained.  An  indicative  list  is appended  to  the  revised  proposal  as 

an Annex. 

-  3 -

Taking up  the spirit  of  the  first  part  of  Amendment  27, Article 4.1(c) 

has  been  changed  to  extend  the  restriction  on  investment  in  the 

sponsoring undertaking  to "associated undertakings".  This has required 

a  definition  of  "associated  undertakings"  which  is  based  upon  the 

definitions  in  the  Seventh  Council  Directive  of  13th  June  1983 

(83/349/EEC). 

On  the other  hand  the Commission  has  not  considered  it appropriate  to 

take up certain other  amendments, particularly  in the following  areas: 

1. Amendments outside the scope of the proposal. 

Amendments 6 and 14 on pensions surpluses and contribution holidays 

Amendment  7 on the economic position of women 

Amendments  4  and  9  on  members'  participation  in  the  decision  making 

processes of  institutions and the training of  their  representatives. 

Amendment  15 on  insolvency  insurance 

Amendments  16.  19.  20.  24  and  25  on  annual  accounts,  actuarial 

valuations,  detailed 

investment 

rules  and  the  disclosure  of 

investments. 

The  first  part  of  amendment  26  which  would  oblige  Member  States  to 

define  the  duties  and  obligations  of  board  members,  managers  and 

custodians. 

4  -

While  all  these  amendments  raise  issues of  concern  they  go  beyond  the 

scope of  the proposal  which  is restricted  to the  freedom  of  investment 

and  of  provision  of  services.  As  the  proposal  does  not  envisage  any 

detailed  harmonisation  of  prudential  regulations  for  pension  funds 

these  issues cannot  be addressed  in the context  of  this proposal.  The 

spirit  of  amendment  15  is already  addressed  by  Article  8 of  Directive 

80/987/EEC1  which  deals with  the protection of  the  rights of  employees 

in the event of  the employer becoming  insolvent. 

2. Amendments  which  the  Commission  rejects  because  they  make  the 

proposal  less clear. 

Amendments  8  and  10  are  already  encapsulated  within  the  present 

proposal.  Amendments  3.  12  and  the  second  part  of  26. which  require 

that  investments  should  be  made  in  the  long  term  or  in  the  best 

interests  of  the  beneficiaries  are  already,  and  we  believe  better, 

covered by  the proposal's present  reference  to the prudent man rule. 

Amendment  1 refers to "professional  pension schemes".  The Commission's 

proposal,  however,  does  not  deal 

with 

"schemes"  but  with 

"institutions".  It  is also  unclear  what  is meant  by  a  "professional" 

pension  scheme. Amendment  27 seeks  to  introduce  the  term  "first  pillar 

statutory  social  security bodies".  This  is legally  imprecise and could 

cause  confusion.  Both  amendments  have  been  addressed  in spirit  by  the 

changes made to Article  2(a) 

1  0J No L 283, 20.10.1980, p. 23 

-  5 -

3. Amendments which  the Commission opposes  in principle. 

There  are  seven  amendments  which  the Commission  cannot  accept  because 

they run counter  to the policy objectives of  this proposed  Directive: 

Amendments falling  into this category are: 

Amendments  2 and 5 and 22 would  require pension  funds  to  invest  in the 

wider  interests  of  the  Community  to,  for  example,  stimulate  growth. 

These amendments contradict  the principle, accepted by Parliament, that 

pension  funds  should  be  invested  in  the  sole  interests  of  the 

beneficiaries and participants. 

Amendment  11.  requiring  custodians  to  be  entirely  independent  of 

sponsoring  undertakings  would,  for  instance,  forbid  a  bank  to  act  as 

custodian  of  the  pension  fund  for  its own  employees,  requiring  it  to 

engage  a  competitor  to  provide  this  service,  and  this  amendment  must 

therefore,  in the view of  the Commission, be  rejected. 

The  second  part  of Amendment  13 proposes  a maximum percentage  for  self 

investment  which  in most  circumstances would  be  regarded  as  too  high, 

but which can be too  low  in certain situations where self  investment  is 

Justifiable.  Furthermore, such  a specific maximum  runs counter  to the 

general  principle  of  this  proposal  which  is  to  establish  prudential 

principles and  to  leave Member  States  to translate  the principles  into 

detailed requirements appropriate to their own markets and conditions. 

-  fî  -

Amendment  28.  taken  together  with  Amendment  18.  would  prevent  Member 

States 

from 

laying 

down 

prudential 

rules 

to  ensure 

proper 

diversification  and  currency  matching  while  Amendment  18  taken  in 

isolation would  enable Member  States  to require  100% currency  matching. 

These  are  contrary  to  the  principle  of  free  movement  of  capital  and 

also  to  modern  investment  practice  and  theory  which  suggests  that 

proper  diversification  can  improve  the  yield  obtained  over  the  long 

term. 

- 7 -

Amended  Proposal  for a 

COUNCIL  DIRECTIVE 

relating to the freedom of management  and  Investment  of  funds 

held by  Institutions for retirement  provision 

THE COUNCIL OF THE EUROPEAN COMMUNITIES, 

Having  regard  to  the  Treaty  establishing  the  European  Economic 

Community, and  in particular  Articles 57(2) and 66 thereof, 

Having regard  to the proposal  from  the Commission, 

In cooperation with the European Parliament, 

Having  regard  to the opinion of  the Economic and Social  Committee, 

Whereas  institutions  for retirement  provision  are  institutions  'sui 

generis' which are amongst  the  largest  and most  important  financial 

institutions  within  the  Community  and  often  represent  an 

alternative means of providing  the same benefits as are provided by 

other  competing financial  institutions; 

Whereas  the  provision  of  supplementary  retirement  benefits  through 

institutions  for  retirement  provision  is a matter  of  considerable 

importance  for  social  policy  within  the  Community  and  forms  one 

part  of  the  overall  structure  of  retirement  provision,  the 

components  of  which  vary  considerably  between  Member  States, 

particularly  as  regards  the  level  and  the  form  of  statutory  social 

security  retirement  benefits;  whereas  there  is  no  intention  to 

alter  at  Community  level  the  balance  which  has  been  arrived  at  in 

individual  Member  States  in this  respect;  whereas  the provision of 

supplementary  retirement  benefits  can  facilitate  the  effective 

provision  of  a  satisfactory  level  of  overall  retirement  income; 

whereas  the  protection  of  rights  to  retirement  benefits  is 

therefore  a  matter  of  proper  concern  and  great  importance  for  the 

Member  States; 

Whereas  the  provisions  of  the  Directive  apply  equally  to  many 

different  types  of  institution  for  retirement  provision  including 

institutions  which  operate  on  a  fully  funded  basis,  but  also  some 

institutions  operating  essentially  on  a  pay-as-you-go  basis  with 

compulsory  membership  and  limited  reserves  on  the  basis  of 

generational  transfers;  whereas  such  institutions  are  different  in 

many  other  respects;  whereas  the  characteristics  which  are 

necessary  for  their  stability  must  be  taken  into  account; 

Whereas  freedom  of  services  extends  to  the  provision  of  investment 

management  services  and  custody  services  to  institutions  for 

retirement  provision;  whereas  a  situation  where  such  institutions 

are  restricted  to  the  use  of  investment  managers  or  custodians 

established  in  a  particular  Member  State  is  incompatible  with  the 

principle  of  freedom  of  services;  whereas  the  requirements  for 

authorisation  and  mutual  recognition  of  the  providers  of  such 

services  are  set  out  under  the  legislation  applicable  to  these 

providers; 

- 9 -

Whereas  institutions  for  retirement  provision  represent  major 

accumulations  of  capital  within  the  Community;  whereas  the 

provisions  of  Council  Directive  (88/361/EEC)1  (capital  movements) 

have  a clear  impact  on  such  institutions but  are without  prejudice 

to  the  right  of  Member  States  to  take  all  requisite  measures  to 

prevent  infringements of  their  laws and  regulations,  inter  alia  in 

the  field  of  prudential  supervision  of  financial  institutions; 

whereas  it  is  therefore  necessary  to  define  in  more  detail  the 

prudential  investment  rules  which  are  consistent  with  the  free 

movement  of  capital  and  the  freedom  of  services;  whereas  the 

adoption of common prudential  investment  principles will  facilitate 

the  exercise  of  the  freedom  of  establishment  for  institutions  for 

retirement  provision; 

Whereas  the protection  of  members' rights  requires  that  the  assets 

of  institutions  for  retirement  provision  be  invested  in  a  prudent 

manner;  whereas  capital  movements  within  the  Community  must  not 

lead to a situation where an  increased  level of  risk could  endanger 

those  rights;  whereas  the  assets  of  institutions  for  retirement 

provision must  therefore be  invested with  the care, skill, prudence 

and  diligence  under  the  circumstances  then  prevailing  that  a 

prudent  man  acting  in  a  like  capacity  and  familiar  with  such 

matters  would  use  in  the  conduct  of  an  enterprise  of  a  like 

character  and  with  like  aims;  whereas  those  responsible  for  the 

investment  of  the  assets  of  an  institution  for  retirement 

provision,  such  as  the  directors  or  trustees  of  such  an 

institution,  and  their  delegates,  such  as  external  or  internal 

managers  and  advisors,  must  act  together  in  the  sole  interest  of 

1  OJ No L 178, 8.7.1988, p. 5. 

-  11 -

HAS ADOPTED THIS DIRECTIVE: 

Article 1 

1.  This Directive shall  apply  to  institutions for  retirement  provision 

in order  to ensure  certain  freedoms  concerning  the  management  and 

investment of  their assets. 

2.  This Directive  shall  not  apply  to  financial  institutions which  are 

covered by 

Council  Directive 

89/646/EEC1 

Council  Directive 

Council  Directive 

92/96/EEC2 

92/49/EEC3 

Council  Directive 

85/611/EEC4 

Directive 

(Investment  Services Directive) 

1  OJ No L 386, 30.12.1989, p. 1 

2  OJ No L 360, 9.12.1992, p. 1 

3  OJ  No L 228, 11.8.1992, p. 1 

4  OJ No L 375, 31.12.1985, p. 3 

-  12 -

Article  Z 

For  the purpose of this Directive 

(a) "Institution  for  retirement  provision"  means  an  institution  or  a 

fund,  other  than  a  statutory  social  security  body,  established 

separately  from  any  sponsoring  undertaking  or  body  for  the  purpose 

of  financing  supplementary  retirement  benefits,  including  those 

prescribed  by. or  provided  for,  in social  security  legislation  and 

which  constitute  reserves  which  are  capable  of  being  invested  In 

assets. 

A non  exhaustive  list  as at  the date of  adoption of  this Directive 

of  the  statutory  social  security  bodies,  referred  to  in  the  above 

sub paragraph,  is contained  in the Annex. 

Member  States  shall  Inform  the  Commission  of  any  changes  to  this 

list which  shall  be published  in the Official  Journal. 

(b) "retirement  benefits"  means  benefits  in  the  form  of  pensions, 

whether  for  life-time or  a temporary  period, or  in the form of  lump 

sums  paid  on  death,  disability,  cessation  of  employment  or  when a 

defined  retirement  age  is reached,  or  support  payments  in case of 

sickness  or  indigence  when  they  are  supplementary  to  the  above-

mentioned  benefits.  Benefits  which  replace  statutory  social 

security  benefits  are  regarded  as  retirement  benefits  within  this 

définit ion. 

13 -

(c)  "Sponsoring  Undertaking"  means  any  prIvate  or  pub Iic  undertaking 

which  pays  contributions,  or  the  employees  or  members  of  which  pay 

contributions,  into an  institution  for  retirement  provision. 

(d) "Sponsoring  Body"  means  any  private  or  public  body  which  pays 

contributions,  or 

the  employees  or  members  of  which  pay 

contributions,  into an  institution  for  retirement  provision. 

Article  3 

1.  Member  States  which  permit  the  external  management  of  the 

Investments  of  certain  forms  of  institution  for  retirement 

provision  shall  not  restrict  the  freedom  of  such  institutions  to 

choose  an  investment  manager,  for  parts  or  the  whole  of  their 

assets,  who  is  established  in  another  Member  State  and  duly 

authorised  for  this  activity,  according  to  Council  Directive 

92/96/EEC,  Directive 

(Investments  Services  Directive)  or 

Council  Directive  89/646/EEC. 

2.  Member  States  shall  allow  institutions  for  retirement  provision  of 

which  the  sponsoring  undertakings  or  bodies  belong  to  a  group  of 

undertakings  or  bodies  to  organise  the  management  of  their 

investments  on  a  group  basis,  through  one  of  these  institutions. 

This  shall  not  affect  the  right  of  Member  States  to  provide  that 

institutions  for  retirement  provision  shall  be  managed  by  a 

separate  legal  entity. 

-  14 -

3.  Member  States  which  permit  or  require  that  the  assets  of  an 

institution  for retirement  provision  are held  by a custodian  shall 

not restrict  the freedom of such  institutions to choose a custodian 

to  hold  parts  or  the  whole  of  their  assets  who  is established  in 

another  Member  State  and  duly  authorised  according  to  Directive 

89/646/EEC  or  Directive 

(Investment  Services  Directive),  or 

is  accepted  as  a  depositary  for  the  purposes  of  Directive 

85/611/EEC. 

Article 4 

1.  Member  States  shall  require  institutions  for  retirement  provision 

established  within  their  territory  to  invest  all  assets  held  to 

cover  expected  future  retirement  benefit  payments  in  accordance 

with the foMowing principles: 

(a) The  assets  shall  be  invested  in  a  manner  appropriate  to  the 

nature  and  the  duration  of  the  corresponding  liabilities  and 

the  level  of  their  funding, taking  account  of  the  requirements 

of  security,  quality,  liquidity  and  profitability  of  the 

institution's portfolio as a whole. 

(b) The  assets  shall  be  sufficiently  diversified  in such  a way  as 

to  avoid  major  accumulations  of  risk  in  the  portfolio  as  a 

who Ie. 

-  15 

(c)  Investment  In the  sponsoring  undertaking  or  undertakings  or  Lu 

affiliated  or  associated  undertakings  shall  be  restricted  to a 

prudent  level.  "Affiliated  undertakings"  are  those  between 

which  a  relationship  exists  as  described  in  Article  1  of 

Council  Directive  83/349/EEC1  of  13th  June  1983.  "Associated 

undertakings"  are  those  over  which  the  sponsoring  undertaking 

or_under-taJc-lncis  or  an  affiliated  undertaking  exercises  a 

significant  Influence  as described  in Article  33(1) of Council 

Directive 83/349/EEC of  13th June 1983. 

In the application of  these principles  the extent  of any  insolvency 

insurance or State guarantees may be taken  into account. 

2.  Member  States  shall  not  require  institutions  for  retirement 

provision  to  invest  in  particular  categories  of  assets  or  to 

localize their  assets  in a particular  Member  State. 

3.  Member  States  shall  in no case  require  institutions  for  retirement 

provision  to  hold  more  than  80%  of  their  assets  in  matching 

currencies,  after  taking  account  of  the  effect  of  any  currency 

hedging  instruments  held  by  the  institution.  In the  case of  those 

institutions  for  retirement  provision  whose  liabilities  are  not 

fixed  in  monetary  terms,  but  are  for  instance  linked  to  future 

salary  levels, this percentage shall  be reduced  to 60%. 

Assets  denominated  in  ECU  shall  be  regarded  as  matching  any 

particular  currency  in the Community. 

1  OJ No L 193, 19.7.1983, p. 2 

-  16 -

4.  Member  States  shall  not  subject  the  investment  decisions  of  an 

institution  for  retirement  provision  or  its  investment  manager  to 

any  kind  of  prior  approval  or  systematic  notification  requirements. 

5.  Member  States  may  lay  down  more  detailed  rules  consistent  with 

paragraphs  1 to 4. 

Article 5 

1.  Member  States  shall  bring  into  force  the  laws,  regulations  and 

administrative  provisions  necessary  to  comply  with  this  Directive 

not 

later  than 

They  shall 

forthwith 

inform  the 

Commission  thereof. 

When  Member  States  adopt  these  provisions,  these  shall  contain  a 

reference  to  this  Directive  or  shall  be  accompanied  by  such 

reference  at  the  time of  their  official  publication.  The  procedure 

for  such  reference  shall  be  adopted  by Member  States. 

2.  Member  States  shall  communicate  to  the  Commission  the  texts  of  the 

main  laws,  regulations  or  administrative  provisions  which  they 

adopt  in the  field  covered  by  this Directive. 

Article 6 

This Directive  is addressed  to Member  States. 

Done  at  Brussels 

For  the Council 

The  President 

ANLLEÂ 

List of Social  Security Bodies referred  to  In Article  2(a) 

BELG1QUE/BELG1E 

s 

Office  national 

des  pensions,  Bruxelles  -  Rijksdienst 

voor 

verknemerspensioenen, Brussel 

Institut  national  d'assurances sociales pour  travailleurs  indépendants, 

Bruxelles  -  Rijksinstitùut  voor  de  sociale  verzekeringen  der 

zelfstandigen, Brussel 

PANMARK 
Arbejdsmarkedets TiIlaegspension 

DEUTSCHLAND 

Bundesversicherungsanstalt  fur Angestellte  (BfA) 

Landesversicherungsanstalten  (LVAen) 

Bundesknappschaft 

Altershilfe  fur  Landwirte 

Seekasse 

BundesbahnversicherungsanstaIt 

Berufsstandische Versorgungswerke 

(doctors, architects, pharmacists, notaries,  lawyers, veterinarians, 

dent ists) 

Zusatzversorgung  des offentlichen Dienstes 

HELLAS 

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Tau.  ETTIK.  Aotp.  Kai  npôv.  npoo.  EPT  2 

ESEABA 

Instituto Nacional  de  la Seguridad  Social 

Instituto Nacional  de  Empleo 

Instituto  Social  de  la Marina 

Mutualidad  General  de Funcionarios  Civiles  del  Estado 

Mutualidad  Nacional  de Prevision  de  la Administraciôn  Local 

Mutuas  patronales  de  accidentes  de  trabajo  reguiadas  en  la Ley  General 

de  Seguridad  Social 

EBANCE 

Agence  Centrale  des Organismes  de Sécurité  Sociale  (ACOSS) 

Unions  pour  le  Recouvrement  des  Cotisations  de  Sécurité  Sociale  et 

d'Allocations  Familiales  (URSSAF) 

Caisse  Nationale  d'Assurance  Vieillesse  des  travailleurs  Salariés 

(CNAVTS) 

Caisses  Régionales  d'Assurance  Maladie  (CRAM) 

Caisse  Régionale  d'Assurance  Vieillesse  de  Strasbourg 

Caisses  Générales  de Sécurité  Sociale  des Départements  d'Outre-Mer 

Caisses  des Français  de  l'Etranger 

Fonds  National  de Solidarité 

Caisse  Centrale  de Secours  Mutuels  Agricoles 

Caisse  Nationale  d'Assurance  Vieillesse  Mutuelle  Agricole 

Caisses  de Mutualité  Sociale  Agricole 

-i O-

Caisse  de  Prévoyance  Sociale  de  Saint  Pierre  et  Miquelon 

Caisse  Nationale  de  Retraites  des  Agents  des  Collectivités  Locales 

(CNRACL) 

Fonds  Spécial  des ouvriers  de  l'Etat 

Caisse  Autonome  Nationale  de  la  Sécurité  Sociale  dans  les  Mines 

(CANSSM) 

Etablissement  National  des  Invalides  de  la Marine  (ENIM) 

Caisse  de  Retraite  et  de  Prévoyance  des  Clercs  et  Employés  de  Notaires 

(CRPCEN) 

Caisses 

des  Organisations 

autonome 

d'Assurance 

Vieillesse 

des 

Professions  Artisanales  (CANCAVA,  AVA),  des  Professions  industrielles 

et  commerciales  (ORGANIC)  et  des  Professions  Libérales  (CNAVPL)  visées 

à  l'article  L  621-3  du  code  de  la sécurité  sociale 

Caisse  Nationale  des  Barreaux  Français  (CNBF) 

Caisse  Mutuelle  d'Assurance  Vieillesse  des  Cultes  (CAMAVIC) 

Union  Nationale  Interprofessionelle  pour  l'Emploi  dans  l'industrie  et 

le Commerce  (UNEDIC) 

Associations  pour  l'Emploi  dans  l'Industrie  et  le Commerce  (ASSEDIC) 

IRELAND. 

The  Social  Insurance  Fund  established  under  Section  122  of  the  Social 

Welfare  (Consolidation) Act  1981. 

ITALIA 

Istituto  nazionale  del la previdenza  sociale 

Ente  nazionale  di  previdenza  e  assistenza  per  i  lavoratori  dello 

spettacolo 

Istituto  nazionale 

di 

previdenza 

per 

i  dirigenti 

di 

aziende 

industr iali,  Roma 

Istituto  nazionale  di  previdenza  per  i  giornalisti 

italiani 

'G. 

Amendola' 

Ente  nazionale  di  previdenza  ed  assistenza  medici 

Ente  nazionale  di  previdenza  ed  assistenza  farmacisti 

Ente  nazionale  di  previdenza  ed  assistenza  veterinari 

Cassa  nazionale  di  previdenza  per  gli  ingegneri  ed  architetti 

-$A-

Cassa  nazionale  di  previdenza  ed assistenza  a favore  dei  geometri 

Cassa  nazionale  di  previdenza  ed  assistenza  a  favore  degli  avvocati  e 

dei  procuratori 

Cassa  nazionale  di  previdenza  ed  assistenza  a  favore  dei  dot tori 

commercialist i 

Cassa  nazionale  di  previdenza  ed  assistenza  a  favore  dei  ragionieri  e 

per i ti  commerciali 

Ente nazionale  di previdenza ed assistenza  per  1 consulenti  del  lavoro 

Cassa nazionale  notariato 

Fondo di  previdenza  a favore degli  spedizionieri  doganali 

Ente Nazionale Assistenza  Rappresentati  di  Commercio  (ENASARCO) 

Instituto  Nazionale  del la  Previdenza  Dipendenti 

Administrazione 

Pubblico  (INPDAP) 

Ente Ferrovie dello Stato 

Istituto Postelegraphonico 

LUXEMBOURG 

Etablissement  d'assurance  contre  la  vieillesse  et  l'invalidité, 

Luxembourg 

Caisse  de pension des employés  privés,  Luxembourg 

Caisse  de  pension  des  artisans,  des  commerçants  et  des  industriels, 

Luxembourg 

Caisse de pension agricole,  Luxembourg 

Caisse de prévoyance  des fonctionnaires et employés  communaux 

NEDERLANP 

Fondsen  en  instellingen  als  bedoeld  in  de  Organisâtiewet  Sociale 

Verzekeringen  en  de  Wet  op  de  Sociale  Verzekeringsbank,  in  de  tel kens 

van kracht  zijnde versies. 

EOBIUfiAL 

Centro Nacional  de Pensôes 

Caixa Nacional  de Seguros de Ooenças Profissionais 

Caixa de Previdência do Pessoal  da Companhia  Portuguesa  Radio Marconi 

-21 

Institute de Gestâo Fi nance ira da Segurança  Social 

Fundo  Especial  da  Caixa  de  Previdéncia  do  Pessoal  da  Companhia  de 

Carris de Ferro de Lisboa 

Fundo Especial  de Segurança Social  da Banca  dos Casinos 

Fundo  Especial  da  Caixa  de  Previdéncia  dos  Profissionais  de 

Espectâculos 

Caixa de Previdéncia  dos Advogados e Solicitadores 

Caixa Gérai  de Aposentaçoes 

Montepio dos Servi dores do Estado 

Fundo de Pensoes dos Mi il tares das Forças Armadas 

UNITED KINGDOM 

A.  Great  Britain 

National  Insurance  Fund  maintained 

under  the  control  and  management  of  the  Secretary  of  State  under 

S.161(1) of  the Social  security Administration Act  1992 

B.  Northern  Ireland 

Northern  Ireland  National  Insurance 

Fund  maintained  under  the  direction  of  the  Northern  Ireland 

Department  of  Finance  and  Personnel  under  S.141(1) of  the  Social 

Security Administration  (Northern  Ireland) Act  1992 

C.  Gibraltar 

Social  Insurance  (Pensions) Fund, 

maintained  under  the  control  and  management  of  the  Director  of 

Labour  and Social  Security. 

ISSN 0254-1475 

COM(93) 237 final 

DOCUMENTS 

EN 

09  io 

Catalogue number : CB-CO-93-268-EN-C 

ISBN 92-77-56179-3 

Office for Official Publications of the European Communities 
L-2985 Luxembourg