Act No. 170 / 1999 Coll.
Act amending Act No. 42 / 1994 Coll., on Pension supplementary insurance with a State contribution and on amendments to certain laws related to its implementation, as amended, and Act No. 586 / 1992 Coll., on Income Tax, as amended
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Effective from 03.08.1999
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01.01.2000
03.08.1999
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170
THE LAW
of 1 July 1999
amending Act No. 42 / 1994 Coll., on the supplementary pension scheme with a State contribution and amending certain laws relating to its implementation, as amended, and Act No. 586 / 1992 Coll., on income taxes, as amended
Parliament has decided on this law of the Czech Republic:
Act No. 42 / 1994 Coll., on supplementary pension insurance with State contribution and on amendments to certain laws related to its implementation, as amended by Act No. 61 / 1996 Coll. and Act No. 15 / 1998 Coll., is amended as follows:
1. in Article 3, the following paragraph 3 is added:
"(3) A bank that carries out the functions of depositary (hereinafter referred to as" depositary ") for a pension fund and neither the legal person in which the depositary has a direct or indirect share of the capital in excess of 10% may acquire shares in that pension fund. Pension fund shares may also not be acquired by a health insurance company. (1a) Persons acquiring pension fund shares contrary to the provisions of the first and second sentences shall not exercise the following shareholder rights:
(a) to participate and vote in the general meeting;
(b) request an extraordinary general meeting; and
(c) submit to the court an application for annulment of the order of the General Assembly.
1a) Act No. 551 / 1991 Coll., on the General Health Insurance Company of the Czech Republic, as amended by Act No. 592 / 1992 Coll., Act No. 10 / 1993 Coll., Act No. 60 / 1995 Coll., Act No. 149 / 1996 Coll., Act No. 48 / 1997 Coll., Act No. 305 / 1997 Coll., Act No. 93 / 1998 Coll. and Act No. 127 / 1998 Coll. Act No. 280 / 1992 Coll., on departmental, branch, corporate and other health insurance companies, as amended by Act No. 10 / 1993 Coll., Act No. 15 / 1993 Coll., Act No. 60 / 1995 Coll., Act No. 149 / 1996 Coll., Act No. 48 / 1997 Coll., Act No. 93 / 1998 Coll. and Act No. 127 / 1998 Coll. '
Paragraph 3 shall become paragraph 4.
2. In Paragraph 4 (4), the amount "CZK 20 000 000 'is replaced by" CZK 50 000 000'.
3. In Section 4, paragraphs 5 to 8 are added, including footnote (1b):
"(5) An increase in the capital cannot be made in cash. The provisions of the first sentence shall not apply to cases where an increase in the capital is made by the merger of pension funds. New shares cannot be offered for subscription on the basis of a public invitation to subscribe.
(6) In order to transfer the shares of the pension fund to a range of more than 10% of the basic capital of the pension fund, carried out in one or more operations to any person or more persons acting in agreement, 1b) and to offer shares to the extent of more than 10% of the basic capital of the pension fund to the selected person, prior approval by the Ministry of Finance (hereinafter the Ministry) is required in agreement with the Securities Commission. A request for consent shall be made by the acquirer or subscriber. If, within 30 days of the date of receipt of the request for consent, the Ministry has not indicated that it does not agree to the transfer or subscription of new shares, they shall be subject to approval. A shareholder who has acquired shares in the manner set out in this paragraph without the consent of the Ministry shall not exercise the shareholder rights referred to in § 3 (3) (a) to (c).
(7) The Ministry shall not grant the approval referred to in paragraph 6 if the acquisition of that range of pension fund shares would not comply with the requirement of credibility and security of supplementary pension insurance.
(8) Shares of pension funds which constitute shareholder participation in the pension fund cannot be used to hedge liabilities.
(1b) Section 66b of the Commercial Code. ';
4. In the second sentence of Article 5 (1), the words "Ministry of Finance (" Ministry ')' are replaced by the words "Ministry '.
5. in Article 5 (2) (e):
"(e) depositary."
6. In the first sentence of Article 7 (2), the words "Member of the Board of Directors and the Supervisory Board of the Pension Fund (hereinafter referred to as" Pension Fund Bodies') 'are replaced by "Member of the Board of Directors and of the Supervisory Board (hereinafter referred to as" Pension Fund Authorities') and the words "or procurer 'are inserted after the words" Member of the Pension Fund Authority'.
7. in Article 7 (3) (b), the word "insurance undertaking" is replaced by the words "footnote 1c)" insurance undertaking, 1c) health insurance undertaking (1a)
1c) Act No. 185 / 1991 Coll., on Insurance, as amended by Act No. 320 / 1993 Coll., Act No. 60 / 1995 Coll. and Act No. 149 / 1995 Coll. '
8. In Article 8, at the end of paragraph 1, the dot is replaced by a comma and the words "unless otherwise specified in this law."
9. In Section 8, the following paragraphs 3 to 6 are added:
"(3) The Ministry may decide to change the depositary of the Pension Fund if the depositary infringes the obligations laid down by law or by the Depositary Agreement. The depositary Agreement shall expire on the date on which the decision by which the Ministry decided to change the depositary becomes final. No later than one month after the date of termination of the depositary contract, the pension fund shall conclude a depositary agreement with another bank.
(4) The Pension Fund shall always establish separate current accounts or sub-accounts with its depositary for the current account for:
(a) receiving and returning contributions from participants to supplementary pension schemes (hereinafter referred to as "the contribution");
(b) the provision and reimbursement of State contributions to supplementary pension schemes (hereinafter referred to as the "State contribution");
(c) financing the activities of the pension fund;
(d) the location and storage of the pension fund.
(5) A current account with a bank other than a depositary may be set up by a pension fund upon notification to its depositary only as a condition for opening a deposit account. Once the deposit account has been set up, the pension fund shall transfer the balances in that current account to the deposit account or to the current account held with the depositary.
(6) In the event of a change of depositary, the pension fund may open a separate current account for the acceptance and repayment of participants' contributions to the bank with which the depositary contract has been terminated for a period of six months from the date of termination of the contract. ';
Paragraph 3 shall become paragraph 7.
10. In the first sentence of Paragraph 9 (2), the words "and the pension plan 'are deleted.
11. in Article 9, the following paragraph 3 is added:
"(3) The changes to the pension plan must be approved by the Ministry, otherwise they are invalid. If, within 60 days of receipt of the amendment application, the Ministry does not agree to the amendment, the amendment shall be approved. The Ministry will not approve the amendment if the amendment does not meet the requirements of Section 5 (4). Amendments to the pension plan shall be approved by the Ministry in agreement with the Ministry of Labour and Social Affairs. ';
Paragraph 3 shall become paragraph 4.
12. in Article 11 (1) (e):
"(e) the amount of the contributions, ';
13. In Article 12, the following paragraph 3 is added:
"(3) Intermediate activities to conclude a contract between a pension fund and a natural person who is eligible to be a participant (§ 2) may be carried out by a natural or legal person residing or having its registered office in the Czech Republic for a pension fund authorised to operate (§ 5 (1))."
14. In Paragraph 14 (2), the words "or to which the contracting party has been informed before the conclusion of the contract 'are deleted.
15. In Paragraph 17, the current text becomes paragraph 1 and the following paragraph 2 is added:
"(2) The pension fund shall acknowledge receipt in writing to the participant no later than 30 days after the date of receipt of the statement and communicate the date of expiry of the supplementary pension. '
16. In Paragraph 18 (2), the words "if 'shall be deleted.
17. in Article 19 (1) (a), the word "last" shall be inserted after the word "payout."
18. In Article 19 (1), the words "instead of the last pension 'shall be added at the end of the text of point (b).
19. Paragraph 19 (2) reads:
"(2) The supplementary pension insurance of the participant shall be interrupted on the date indicated by the participant in the notice of interruption of the supplementary pension, but not earlier than the first day of the calendar month following receipt of the written notification to the pension fund. A participant may only interrupt supplementary pension insurance under the first sentence if:
(a) has paid supplementary pension contributions for a period of 36 calendar months; or
(b) pay contributions for 12 calendar months in the case of any further interruption of the supplementary pension scheme with the same pension fund.
If the participant breaks the supplementary pension scheme, it shall be entitled, during the period of the interruption, to a share in the income of the pension fund for which the supplementary pension scheme has been interrupted. ';
20. In Article 19, the following paragraph 3 is added:
"(3) Another supplementary pension contract may be concluded if:
(a) the former supplementary pension scheme has ceased to exist as referred to in paragraph 1 (a) to (e);
(b) the pension provision previously incurred has been interrupted in accordance with paragraph 2; or
(c) a participant entitled to supplementary pension benefits pursuant to Article 20 (1) has applied for payment of the benefit; a further contract may be concluded at the earliest on the first day of the calendar month following receipt of the written application for payment of the benefit to the pension fund. ';
21. in Article 20 (1) (a):
"(a) a pension which means a life-long periodic payment of the amount of money and, in the case of a survivor's pension, the payment of the amount of money for the period laid down in the pension plan;"
22. in Paragraph 21 (1):
"(1) The following pensions may be provided from supplementary pension schemes:
(a) an old-age pension provided that the entitlement to an old-age pension is subject to the pension or to the age laid down in the pension plan;
(b) an invalidity pension, provided that it is a condition for entitlement to a full invalidity pension from pension insurance;
(c) a pension if it is a condition of entitlement to the supplementary pension period provided for in the pension plan;
(d) survivor's pension if the entitlement to the death of the participant is a condition. "
23. in Paragraph 21 (2):
"(2) The pension entitlement is subject to the payment of supplementary pension contributions for a certain period of time provided for in the pension plan (hereinafter referred to as" insured period '), which must be at least 36 calendar months and must not exceed 60 calendar months, and the period of 36 calendar months cannot be reduced in the pension plan. However, the condition for entitlement to an old-age pension is that the insured period is at least 60 calendar months, which cannot be reduced in the pension plan; the insured period shall not exceed 120 calendar months.';
24. in Paragraph 21 (4), the figure "50" is replaced by "60."
25. In Article 22, the following paragraph 3 is added:
"(3) In the event of entitlement to one-off compensation and upon receipt of a written request for payment, the pension fund shall pay one-off compensation by the end of the calendar quarter following the month for which the participant's last contribution was paid. A participant who has been entitled to one-off compensation and who has interrupted the supplementary pension insurance before applying for its payment shall be obliged to pay one-off compensation within three months of receipt of the written request for payment. ';
26. in Article 23 (1) (a), the words "the supplementary pension insurance period of at least 12 calendar months" shall be inserted after the word "pension."
27. in Article 23 (1), the words "or if all the natural persons designated in the contract have given up their right to a survivor's pension in writing" shall be added at the end of point (b).
28. In Paragraph 23 (2), the following sentence is added at the end: "The amount of the State contribution shall be repaid by the pension fund to the Ministry. '.
29. in Article 23 (3), the words "and the State contributions to the Ministry" and the words "authorised persons" shall be replaced by the words "participant or natural persons specified in the contract."
30. In Paragraph 23, the following sentence is added at the end of paragraph 3: "If a participant applies for a payment of the fee before the termination of the supplementary pension scheme, the pension fund shall pay the contributions and return the contributions to the Ministry no later than three months after the date of expiry of the supplementary pension scheme. '
31. in Paragraph 24 (1), the words "for supplementary pension schemes (hereinafter referred to as the" State contribution ")" shall be deleted;
32. in Paragraph 24 (2):
"(2) Where a participant requests the transfer of funds pursuant to paragraph 1, the pension fund shall transfer them no later than three months after the date of cessation of supplementary pension insurance. The application for the transfer of funds shall be accompanied by the consent of the pension fund referred to in paragraph 1. ';
33. In Article 26, the following sentence is added at the end of paragraph 2: "The report on the management of the pension fund, including an overview of the deposit and location of the pension fund funds and their amount and number of participants, shall be included in the written information referred to in paragraph 1. '.
34. in Article 26, the following paragraph 3 is added:
"(3) The list of members of the pension fund bodies and the list of shareholders of the pension fund, which must contain data under the Special Act, (8a) must be made available to the public at the registered office and all branches of the pension fund.
8 (a) § 156 (2) of the Commercial Code. ';
35. in Paragraph 27 (5), including footnote (8b):
"(5) A contribution or part thereof may be paid by a third party to the pension fund with the consent of the participant; the participant is obliged to notify the pension fund in advance. According to the first sentence, the contribution or part of it may also be paid by the employer for its staff members under this Act. According to the first sentence, employers constituting a fund of cultural and social needs 8b) may also pay a contribution from the fund or part of it for their employees who are participants under this law. No State contribution shall be granted for the employer's contribution to or in part for his staff.
8b) Decree No. 310 / 1995 Coll., on the Fund of Cultural and Social Needs, as amended by Decree No. 167 / 1997 Coll. '
36. In Article 27, the following paragraph 6 is added:
"(6) The period of deferral of contributions for which the participant has paid contributions shall be counted against the insured period. The period of other interruption of the payment of contributions shall not be included in the insured period. ';
37. in Paragraph 29 (2):
"(2) The amount of the State contribution per calendar month shall be determined by reference to the monthly amount of the contribution of the participant to the pension provided under the contribution pension scheme as follows:
| výše příspěvku účastníka v Kč | výše státního příspěvku v Kč |
|---|---|
| 100 až 199 | 50 + 40 % z částky nad 100 Kč |
| 200 až 299 | 90 + 30 % z částky nad 200 Kč |
| 300 až 399 | 120 + 20 % z částky nad 300 Kč |
| 400 až 499 | 140 + 10 % z částky nad 400 Kč |
| 500 a více | 150 Kč.“. |
38. Paragraph 29 (3) is deleted and paragraph 4 is renumbered paragraph 3.
39. in Paragraph 29 (4):
"(4) In the event of a change of the depositary, the State contribution referred to in paragraph 1 shall be granted even if the participant's contribution has been paid within the period laid down in Article 27 (3) with the depositary of the pension fund before its amendment is made, for a period of six calendar months after the expiry of the depositary contract. ';
40. In the first sentence of Paragraph 30 (1), the word "quarterly 'shall be inserted after the word" submission'.
41. in the second sentence of Paragraph 30 (1), the word 'this' shall be replaced by 'the end of the calendar';
42.Paragraph 30 (2) reads as follows:
"(2) The Ministry shall refer the State contribution for the calendar quarter to the pension fund account by the end of the second month following the quarter for which the State contribution is requested. '.
43. In the first sentence of Paragraph 30 (3), "eight days' is replaced by" 30 days'.
44. In Article 30, the following paragraph 4 is added:
"(4) The amount of the State contribution to the pension fund referred to in paragraphs 1 and 2, which was not used to satisfy claims under paragraphs 23, 24 and 25, is obliged to return the pension fund to the Ministry, namely:
(a) within six months of the date on which the supplementary pension is terminated in the event of the acquisition of a right of disposal pursuant to § 23 and in the case of inheritance pursuant to § 25,
(b) within 60 months of the date of expiry of the supplementary pension in the event that the participant has not been entitled to the severance payment pursuant to Article 23 and has not requested the transfer of funds to the supplementary pension in another pension fund pursuant to Article 24. ';
Paragraphs 4 and 5 shall become paragraphs 5 and 6.
45. In Article 31, paragraphs 3 and 4 are added:
"(3) The pension fund shall not treat its property in a manner contrary to the interests of the participants.
(4) In case of doubt as to the eligibility of the pension fund, the Ministry may provide for verification by an expert on its cargo. '
46. in Paragraph 33 (1), including footnotes 10), 11), 11a) and 11b) shall read as follows:
"(1) Pension fund funds may only be placed in:
(a) state bonds (10) and bonds for which the State has taken over the guarantee;
(b) mortgage bonds;
(c) bonds issued by the Czech National Bank11) and other banks, 11a)
(d) bonds issued by trading companies and admitted to trading on the main or secondary markets of the stock exchange;
(e) shares and units admitted to trading on the main or secondary market of the stock exchange;
(f) municipal bonds for which the guarantee has been taken over by the bank or issued by banks, 11b)
(g) bonds issued by Member States of the Organisation for Economic Cooperation and Development or the central banks of those States;
(h) movable goods constituting a guarantee of the safe deposit of funds;
(i) real estate producing permanent income and serving wholly or principally for business or housing.
10) Paragraph 18 of Act No. 530 / 1990 Coll., on Bonds, as amended by Act No. 84 / 1995 Coll.
11) Act No. 6 / 1993 Coll., on the Czech National Bank, as amended by Act No. 60 / 1993 Coll. and Act No. 15 / 1998 Coll.
11a) Act No. 21 / 1992 Coll., on Banks, as amended by Act No. 264 / 1992 Coll., Act No. 292 / 1993 Coll., Act No. 156 / 1994 Coll., Act No. 83 / 1995 Coll., Act No. 84 / 1995 Coll., Act No. 61 / 1996 Coll., Act No. 306 / 1997 Coll., Act No. 16 / 1998 Coll., Act No. 128 / 1998 Coll. and Act No. 165 / 1998 Coll.
11b) § 20 paragraph 1 (a) and § 2 of Act No. 530 / 1990 Coll. '.
47. In Article 33, the following paragraph 2 is added:
"(2) The Pension Fund may also deposit funds on deposit accounts with banks. 11a) The amount of the funds thus deposited with one bank must not account for more than 10% of the assets of the pension fund."
Paragraphs 2 to 5 shall be renumbered paragraphs 3 to 6.
48. in Paragraph 33 (3):
"(3) The pension fund is obliged to buy the security only at the lowest price at which it would be possible to buy it in the event of professional care and to sell it only at the highest price at which it could be sold in the event of professional care. The pension fund shall demonstrate compliance with the conditions laid down in the previous sentence. ';
49.Paragraph 33 (4), including footnote 11c, reads:
"(4) For the calculation of the value of a security held in the assets of a pension fund, the provisions of a special law establishing the method of calculating the value of securities held in the mutual fund or investment fund shall apply mutatis mutandis. 11c)
11c) Decree No. 207 / 1998 Coll., on the calculation of the value of securities held in the mutual fund or investment fund. '
50. In Article 33 (6), the words "or prices' shall be inserted after the words" courses'.
51. In Article 33, the following paragraph 7 is added:
"(7) The assets of the pension fund cannot be used to hedge liabilities. '
52. In Paragraph 34, the following paragraph 2 is added:
"(2) The value of the securities referred to in Paragraph 33 (1) (e) shall not be more than 25% of the assets of the pension fund."
Paragraphs 2 to 6 shall become paragraphs 3 to 7.
53.In Paragraph 34 (6), "3" is replaced by "4."
54. In Article 35, the following is deleted at the end of the period and the following words are added: "and persons whose supplementary pension insurance has ceased to exist in the year for which the profit is distributed. ', the current text becomes paragraph 1 and paragraph 2 is added, including footnote 12 (a):
"(2) If the management of a pension fund ends with a loss, it shall be used to cover the loss of retained earnings from previous years, the reserve fund (12a) and other profit-making funds. If these resources are not sufficient, the loss must be covered by a reduction in the capital. The value of the capital must not fall below the amount set out in Paragraph 4 (4).
12a) Sections 67 and 217 of the Commercial Code. '
55. In Paragraph 36, the dot is deleted at the end of paragraph 1 and the words "and an overview of the location of the pension fund funds (Paragraph 33 (1)), their deposit (Paragraph 33 (2)) and their amount are added."
56. Paragraph 37 (1), including footnote 12b, reads:
"(1) The pension fund shall record on a continuous basis the status of contributions paid to individual participants in the breakdown of the participant's contributions, contributions claimed by the participant for deduction from the income tax base 12b) by the participant who is a taxpayer, contributions paid by the employer and other contributions paid to the participant. In addition, the pension fund is required to record separately the state contributions of individual participants and the share of the income of the pension fund.
12b) Paragraph 15 (12) of Act No. 586 / 1992 Coll., on Income Tax, as amended by Act No. 170 / 1999 Coll. '.
57. In Paragraph 37, the following paragraph 5 is added:
"(5) The pension fund is obliged to store and store documents related to the supplementary pension of the participant
(a) 10 years after the submission of the application for a national contribution for the tenderer for documents proving entitlement to the State contribution;
(b) three years after payment of the last supplementary pension benefit to the participant for documents proving entitlement to supplementary pension benefits. "
58. In Paragraph 39, the following paragraph 5 is added:
"(5) The application for the authorisation of the liquidator to be entered in the business register and the removal of the liquidator from the business register shall be submitted by the liquidator."
Paragraph 5 shall become paragraph 6.
59. In Paragraph 42 (3), the following sentence, including footnote 13a, shall be added at the end: "To this end, the Ministry shall be entitled to operate the information system under the conditions laid down in a specific legislation. 13a)
13a) Act No. 256 / 1992 Coll., on the protection of personal data in information systems. '.
60. In Paragraph 42 (5), the following sentence, including footnote 13b, shall be added at the end: "The staff of the Ministry may provide information to the Securities Commission and the Czech National Bank for the purpose of mutual cooperation carried out under specific legislation. 13b)
13b) Sections 16 to 18 of Act No. 15 / 1998 Coll., on the Securities Commission and amending and supplementing other laws. '.
61.In Paragraph 42, the following paragraph 6 is added:
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Regulation Information
| Citation | Act No. 170 / 1999 Coll., amending Act No. 42 / 1994 Coll., on Pension supplementary insurance with a State contribution and amending certain laws related to its implementation, as amended, and Act No. 586 / 1992 Coll., on Income Tax, as amended |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 03.08.1999 |
|---|---|
| Effective from | 03.08.1999 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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