The Association of Pension Funds Management Companies - Background
The intention to create an interest group with named „Association of Pension Funds Management Companies“ was officially declared for the first time by its signatories in the preamble of the Memorandum on cooperation of pension asset management companies, signed in August 2004. The Association of Pension Funds Management Companies (PFMC) was established on December 1, 2004 on the constitutive meeting of its members and it is registered by the Regional Authority in Bratislava on January 10, 2005. PFMC associates the legal persons having an authorization to perform the activity of the pension asset management companies according to the Act No. 43/2004 Coll. on old-age pension saving as amended by some acts in the wording of later regulations.
The establishing members of PFMC include:
- Aegon d.s.s., a.s.
- Allianz-Slovenská d.s.s., a.s.
- ČSOB d.s.s., a.s.
- ING dôchodková správcovská spoločnosť a.s.
- Prvá dôchodková sporiteľňa d.s.s., a.s.
- Sympatia – Pohoda d.s.s., a.s.
- VÚB Generali d.s.s., a.s.
- Credit Suisse Life&Pensions d.s.s., a.s. *
The arising of APFMCs was conditioned by an effort of the pension asset management companies to cooperate with the following aims:
- to protect and enforce the common interests of the pension asset management companies within the sphere of legislation
- to create and enforce the conditions for efficient provision of execution of old-age pension saving by the pension asset management companies with the emphasis to a protection of rights of savers and old-age pension saving beneficiaries
- to proceed in common in handling of problems related to execution of old-age pension saving. One of the main tasks of PAMC is to engage itself in the processes of creation of legislative standards governing the sphere of financial market and directly, or indirectly connecting with the subject of operation of its members itself.
APFMCs maintains the regular working contacts especially with the National Bank of Slovakia, the Ministry of Labour, Social Affairs and Family of the Slovak Republic and the Social Insurance Company. Despite of relatively short period of time from its establishment, APFMCs is endeavoring to become an equivalent partner for other associations and communities of the subjects acting on the financial market of the Slovak republic.
Note: * Credit Suisse Life&Pensions d.s.s., a.s. company has changed the name with effect from January 1, 2006 to Winterthur d.s.s., a.s. After the acquisitions on the market of old-age pension saving in Autumn 2005, at which a merge of the pension asset management companies has occured, the number of members of APFMCs was reduced from 8 to 6 to March 1, 2006. The membership of Sympatia – Pohoda d.s.s., a.s. has determined in connection with the dissolution of the company without liquidation and by its merging with ING d.s.s., a.s. company to December 31, 200T. The membership of Prvá dôchodková sporiteľňa d.s.s., a.s. determined in connection with the dissolution of the company without liquidation and by its merging with Allianz-Slovenská d.s.s., a.s. to March 1, 2006. At the end of 2006, AXA company has concluded officially the acquisition of Winterthur Group in the world and thus it has become a new owner of Winterthur company in Slovakia. Winterthur d.s.s., a.s. has changed the name to a new one AXA d.s.s., a.s. from the half of March 2007.