Rules for Reporting by Non-State Pension Funds Updated: What and When Will Change
The National Securities and Stock Market Commission has announced the approval of new regulations requiring administrators of non-state pension funds (hereinafter referred to as 'NSPFs') to report directly to the Commission. This initiative aims to enhance transparency in their operations and safeguard the interests of individuals saving for their pensions.
The new document specifies the content, procedure, and deadlines for NSPF administrators to submit reporting data. This includes submissions to both the Commission and the boards of the respective pension funds with which they are associated, as well as outlining the specifics of data disclosure. The reporting framework is bifurcated into two main sections: information pertaining to the administrators themselves and data concerning the operational performance of each pension fund.
Furthermore, a new provision clarifies the interaction between administrators and pension fund boards. It now precisely defines the process by which boards must inform administrators regarding the conclusion, extension, or termination of agreements stipulated by the Law on Non-State Pension Provision.
These new regulations are scheduled to come into effect on 1 October 2026.
Implications for Market Participants
These changes will enable the state to exercise more effective and streamlined oversight of non-state pension funds. Concurrently, the funds themselves will benefit from clear and unambiguous reporting guidelines, thereby reducing complexity. Crucially, individuals contributing to their pensions will gain the ability to readily monitor the performance of these funds at any given time.
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