How to process
Application procedures and required documents
Open pension funds
Authorization to constitute open pension funds shall be granted based on the petition from the life insurance companies or pension fund management companies duly accompanied by Pension Fund Application Form and all documents referred in the form, including a draft of the management regulations. The management regulations shall contain the following information:
a) Name of the fund;
b) Name, share capital and address of the management company or companies;
c) Name and address of depositories;
d) Unit value of participation on the date of commencement of the fund;
e) Method used for calculating the unit value of participation;
f) The days of the month fixed for calculating the unit value of participation;
g) Investment policy of the fund;
h) Maximum remuneration of the management company or companies;
i) Maximum and minimum limits of commission on subscription and redemption of fund units, detailing clearly the method of application;
j) Maximum remuneration of the management depository or depositories;
k) Conditions for the transference of fund management to other management company or companies and the deposit of securities and other assets of the fund to another depository;
l) The establishment of a minimum guaranteed income and the duration of this guarantee, explaining how the investment policy will meet this objective, in case the management company or companies assume the risk of investment;
m) The conditions under which the management company or companies reserve the right to modify the provisions of the management regulation;
n) Conditions for winding up the fund;
o) Procedure for winding up the fund;
p) Rights, obligations and functions of the management company or companies under the terms of the legal and regulatory norms;
q) Indication of the existence of any investment management contracts;
r) Conditions for arbitration and the relevant jurisdiction.
Note: The management regulation of approved open pension fund shall be subject to publication in the Official Gazette.
Closed pension funds
Authorization to constitute closed pension funds shall be granted based on the joint petition from the life insurance companies or pension fund management companies and the founder members. The petition shall be submitted together with a Pension Fund Application Form and all documents referred in the form, including a draft of the deed of constitution, an actuarial valuation of the liabilities to be guaranteed by the fund, in the case of pension plans with defined benefits or mixed plans, and the respective financing plan. The deed shall contain obligatorily the following information:
a) Name of the fund;
b) Name, share capital and head office of the management company or companies;
c) Name and address of founder members;
d) Indication of the persons who can be participants, contributors and beneficiaries of the fund;
e) Initial value of the fund’s assets, with a detailed breakdown of such assets;
f) Objective of the fund and the respective pension plan or plans to be guaranteed;
g) Rules of management of the fund and representation of the founder members;
h) In the case of funds that finance contributory plans, the form of representation of the participants, which cannot be delegated to the associate;
i) Conditions for the transference of fund management to another management company and the deposit of securities and other assets of the fund to another depository;
j) Rights of the participants when they are no longer covered by the fund and the rights of the participants and beneficiaries when the fund is liquidated or when any of the associates is wound up or withdraws from the fund, without prejudice to the provisions of Article 9 of Decree-Law No. 6/99/M;
k) Conditions under which the management companies and the founder members reserve the right to modify the terms of the contract;
l) Conditions for winding up the fund, without prejudice to the provisions regulating this matter in Decree-Law No. 6/99/M.
Note: The deed of constitution of approved closed pension fund shall be subject to publication in the Official Gazette.
Service location and office hours
Submit application
The Monetary Authority of Macau﹝A.M.C.M.﹞ － Insurance Supervision Department
Address：Calçada do Gaio, N° 24 e 26, Macau
Office Hour ：Monday to Thursday : 9:00 to 13:00 and 14:30 to 17:45
Friday : 9:00 to 13:00 and 14:30 to 17:30
(closed on Saturdays, Sundays and public holidays)
Fees
Free of charges.
Time required for approval
within 45 working days upon receipt of all necessaries. (Performance Pledge)