In many cases, it could be the sponsoring undertaking and not the institution itself that either covers any biometric risk or guarantees certain benefits or investment performance. However, in some cases, it is the institution itself which provides such cover or guarantees and the sponsor's obligations are generally exhausted by paying the necessary contributions. In these circumstances, the products offered are similar to those of life-assurance companies and the institutions concerned should hold at least the same additional own funds as life-assurance companies.
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New version applies from 04/01/2011 — introduced by Directive 2010/78/EU.
48 provisions change.
Later versions: 21/07/2011, 20/06/2013, 13/01/2019.
Recital 30 changes in this version: compare with the current text.