The most significant changes in a nutshell:

Investment Regulations of the Vested Benefits Foundation and 3a Retirement Savings Foundation:

• Article 17 concerning ethics in asset management lays down new principles and rules of conduct. Rules of Procedure of the Vested Benefits Foundation and 3a Retirement Savings Foundation:
• Articles 10, 11 and 12 contain provisions regulating related-party transactions, disclosure of pecuniary benefits and, under “Final Provisions”, confidentiality, liability and recusal

A few cosmetic changes were also made to facilitate the legibility and intelligibility of the regulations.

We also took the opportunity to specify the rules on the transfer of retrocessions received in connection with asset management activities. Even before stipulating these rules in writing, Liberty Pension has always followed a transparent, client-friendly policy in this regard: all retrocessions received from third parties (banks, investment funds, etc.) are disclosed and passed on to our clients. Transparency and client satisfaction are extremely important to us, whereby we shall continue to apply this principle; we are also verifying with various asset managers whether any retrocessions they may have received have effectively been passed on, and if not, we shall claim those amounts on behalf of our clients.

The amended regulations are available for downloading from our website. You may of course also obtain copies from the Foundation.