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Pension Plans

General Information

Acting parties

Who participates in a pension plan

  • The pension scheme promoter is any company, institution, corporation, association or union that promotes its creation or participates in its operation.
  • Participants are individuals in whose interest the pension scheme is created. Inactive participants are those who have stopped making contributions but keep their vested rights in the scheme.
  • Beneficiaries are individuals with a right to receive benefits, regardless of whether or not they are participants.

For individual pension schemes, the promoter has functions assigned that are done by the Control Committee in other types of schemes. There is also an ombudsman to protect the interests of participants and beneficiaries, to whom claims shall be submitted that are formulated against these management entities, depositories or promoters.