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Get more information on the members and stakeholders of the RESAVER Pension Fund and how it is regulated

Governance

The RESAVER Pension Fund has numerous stakeholders. Discover who they are

Research organisations that have enrolled employees in the RESAVER Pension Fund.

The current members are:

  • BBMRI-ERIC, Austria
  • Central European University, Hungary
  • CEU Oktatási - Szolgáltató Nonprofit Kft, Hungary

Employees of RESAVER Member Organisations

The Financial Services and Markets Authority (FSMA), is the Belgian regulator who oversees the operation of the RESAVER Pension Fund.

Responsible for ensuring that the RESAVER Pension Fund complies with the applicable rules and regulations.

Responsible for verifying processes are put in place in line with the internal control procedures.

Responsible for verifying the accuracy of the financial accounts of the RESAVER Pension Fund.

Advisers are appointed when the RESAVER Pension Fund does not have the in-house expertise. These would typically include lawyers and actuaries.

 

The Member Service Centre is responsible for the daily plan activities. These include:

  • Collection of contribution data
  • Verification that contributions are aligned to the plan rules
  • Ensures that contributions are allocated to the appropriate individuals’ accounts and these to the appropriate investment funds
  • Interacts with the asset manager(s) to track individual members’ fund values and requests for changes to asset allocation
  • Ensures benefits are paid in line with the plan rules
  • Communicates with individual members, e.g. by providing benefit statements. 

Responsible for investing and monitoring assets.

Board of directors

The Board of Directors is responsible for the operational activities of the RESAVER Pension Fund:

  • Composition of operational bodies, other than the Board of Directors:
    • Conditions to be appointed
    • Terms of dismissal
    • Termination of office
    • Possible remuneration
    • Periods of assignments and mandates
  • Set of  mandate, tasks, powers and responsibilities, rules or procedures:
    • Scope of operational tasks
    • Common ground with other operational bodies
    • Operation, reporting and execution of operational tasks
  • Set of operational body’s procedures and reporting to the Board of Directors

If you want to receive minutes of the RESAVER Pension Fund Board of Directors meetings, contact us or visit the library.

General Assembly

The General Assembly consists of all full members of the RESAVER Pension Fund

  • General Assembly’s responsibilities:
    • Amending bylaws, sponsor agreements, financing plan, and statement of investment principles.
    • Appointing/removing directors.
    • Appointing/removing external auditors and defining remuneration.
    • Approving new member organisations and removing existing member organisations.
    • Approving annual reports and accounts and discharging of the Board/auditors.
    • Approving collective asset transfers from other pension plans.
    • Dissolving and winding-up the RESAVER Pension Fund if this option is ever needed.
  • Members
    • Each organisation will identify one or two people to act as permanent representatives, as applicable by social and labour legislation of their collective labour agreement (CLA) or registered office’s country:
    • If the organisation members are subject to joint management or co-decision it will be represented by two people: one representing the organisation and one representing the individual employees.
    • If the organisation members are not subject to joint management or co-decision it will be represented by one or two people, as the organisation chooses.
    • It is the organisation’s discretion to appoint its representatives.

Supervision and regulation

The Financial Services and Markets Authority (FSMA) is the regulator of the RESAVER Pension Fund.

Its main duties are:

  • Seeks fair and proper treatment of financial consumers
  • Promotes proper financial services and transparent financial markets
  • Aims at the proper provision of financial services by:
    • Verifying that financial institutions comply with the applicable rules of conduct
    • Supervising financial products, service providers and supplementary pensions
    • Contributing to improving the financial education of consumers

Find more about FSMA

 

The Directive (EU) 2016/2341 sets out minimum harmonisation rules for institutions managing collective retirement schemes for employers on behalf of employees. 

The rules aim to:

  • Ensure occupational pension schemes are financially sound; 
  • Give greater protection and information to members and beneficiaries; 
  • Remove obstacles to cross-border fund activity; 
  • Encourage long-term and responsible investment. 

Consult the full text of the EU Directive here.

The RESAVER Pension Fund aims at addressing differences across countries. Nevertheless, each country has its own set of local laws to govern the retirement benefits.

The existing differences result from complying with the local laws / local practices. 

The local laws that a member organisation joins depends on:

  • Where the assets are located
  • Where the individuals are paying their taxes
  • Tax and social/employment laws.

The participating countries are Austria, Belgium, Cyprus, Hungary, Italy, The Netherlands