Liberty News – Legislative changes effective 01.01.2017

Liberty News – Legislative changes effective 01.01.2017

The revised legislation providing for new pension-sharing rules designed inter alia to improve the position of mothers or fathers who forgo gainful employment to stay home and raise the children came into force on 01.01.2017.

Occupational benefits and vested benefits institutions are henceforth periodically required to communicate the names of all holders of pension assets to the 2nd pillar Central Office. This is designed to enable the courts to ensure, in the framework of divorce and pension-sharing proceedings, that no pension assets have been hidden.

Another new rule is the requirement for vested benefits institutions like Liberty Foundation for Vested Pension Benefits to demand the spouse's consent (officially certified signature) before paying lump-sum capital benefits to married holders of pension assets. This rule is already mandatory for occupational benefits institutions.