CELEX: 51993PC0237
Language: en
Date: 1993-05-26
Title: Amended proposal for a COUNCIL DIRECTIVE relating to the freedom of management and investment of funds held by institutions for retirement provision

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)
 ---pagebreak---                                - 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.
 ---pagebreak---                                 - 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.
 ---pagebreak---                                    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
 ---pagebreak---                                  - 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.
 ---pagebreak---                                 -  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.
 ---pagebreak---                                 - 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
 ---pagebreak--- 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;
 ---pagebreak---                                    - 9 -
  Whereas    institutions       for     retirement      provision     represent       major
  accumulations      of    capital       within     the     Community;     whereas       the
                                                                1
  provisions of Council Directive (88/361/EEC)                     (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.
 ---pagebreak---                                - 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      92/96/EEC2
     Council Directive      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
 ---pagebreak---                               - 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.
 ---pagebreak---                                   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.
 ---pagebreak---                                - 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.
 ---pagebreak---                                   - 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
 ---pagebreak---                                 - 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
 ---pagebreak---                                     ANLLEÂ
List of Social Security Bodies referred to In Article 2(a)
                                         s
BELG1QUE/BELG1E
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
 IKA
Tctueio Zuvia^euv   AUTOKIVHTIOTWV
Taueio EuvxâSewv Kai ETTIK. AocpâAionç flpoowniKoù
recopyiKwv ZuveraipiOTiKÛv Opyavûoeuv
Taueîo EuvTàÇewv npooomiKoû HEAfl
TaMeio EuvTâÇewv npooamiKOÛ
0epaireuTn.ptou "0 EYArrEAIEMOE"
 ---pagebreak---                                       -AS-
Taueio Ao<paX. npooamiKOÛ Ao<p. Exaipiaç
"H E0NIKH"
Taueio EuvxàÇewv npooamiKOÛ E8vu<nç TpaitéÇnç Tnç EXXâôoç
Taueîo EuvxâÇewv npooum»KOÛ TpanéÇnç EXXâôoç KOI
KTIUJOTIKI^Ç
Taueio Euvxâ^ewv npooum IKoù AypoxiKfiç TpanéÇnç Tnç EXXâôoç
Taueio AotpâXionç npooomiKoû TpanéCnç IOVIKHÇ - AaïKnç
Taueio AotpâXionç npoowntKoû ETBA
Taueio Ao(pàXtonç npoowtuKOÛ O.T.E.
TEBE
Taueio AotpâXionç Eunôpov
Taueio AotpâXionç N O U X I K W V npaKxôpuv KOI YnaXXnXuv
Taueio EuvxâÇeuv EKxeXuvtoxûv
Taueio npôvoiaç Hevoôôxuv
Taueio N O U I K Û V
TEAY
TEMEAE
Taueio Euvxâ£ewv npooum iKOÛ Etpnuepiôwv
A8nvœv - OeooaXoviKnç
Taueio AotpâXionç lôiOKxnTwv EUVXOKXÛV Kat
YiraXXfiXwv TÛIÏOU
Taueio EuvxâÇeuv EtpnuepiôontoXûv KO» YnaXXhXuv
npaxxopeiuv GeooaXoviKrjÇ
Taueio AotpaX i oeuv TCXVIKWV Tûnou A8nvu>v KOI
GeooaXovÎKnç
orA
T.A.n.E.n. Innoôpouiwv
T.E.A.n.E. Aiîtaouâxwv
E.T.E. MexâXXou
T.E.A.E.Y.E.E. Opyavûoeuv
T.E.A.n.E. Toiuévxœv
T.E.A.n.O.Z. OivoiT/iaç
T.E.A.Y.E. Kaxaoxnuâxuv
T.E.A.A.fl. Aotp/KÛv ETTI xeipnoeuv
T.E.A. HXeKxpoxexvixwv
T.E.A.E.A. EuXoupyiKwv Epyaotûv
T.E.A.Y. <DapuaKeux i KWV Epyaoïwv
 ---pagebreak---                                               v°>-
T . E . A . n . E . nexpeXaioeiôûv
T.E.A.Y.E. Tpotpiu«v
T . E . A . n . AeponopiKb>v Eiuxeipnoewv
T.E.A.E.I.T. EKnaiôeuonç
IKA - TEAM
Taueio Apuyhç npooum iKOÛ OTE
KXâô. EfflK. Aotp. AiKHYOpCOV
Tau. EITIK. Aotp. XnMiKÛv
Tau.      E I U K . Aotp. YnaX. Paô. Kai Toupiouoû
Tau. EniK. AotpâXionç Apxonoiwv
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
 ---pagebreak---                                      -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
 ---pagebreak---                                    -$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
 ---pagebreak---                                    -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.
 ---pagebreak---  ---pagebreak---                                                                      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
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