13 July 2017

General pension funds obtain clarification on derivatives transactions

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General pension funds experience difficulties in entering into, among other transactions,  derivatives transactions with banks; some banks fear that their receivables from derivatives cannot be charged to the separate own funds. Recently, the State Secretary for Social Affairs and Employment has explicitly stated that this was never intended. The Decree Implementing the Pensions Act and the Mandatory Occupational Pension Act will be clarified in this respect, which will make it easier for general pension funds to enter into these transactions.