In recognition of the growing importance of private security schemes within the socio-economic environment of Macau, a new legal framework of private pension funds was enforced in 1999 by Decree-Law no. 6/99/M * of 8 February (Legal Framework of Private Pension Funds). This Decree-Law regulates the setting-up, management and winding-up of pension funds and pension plans in the private sector. The new Law is established with the aim of strengthening the guarantees to employers, employees and beneficiaries by means of efficient supervision and control of pension funds by the Monetary Authority of Macau (AMCM).

Under the new Macau Pension Fund Law, benefit schemes duly established under the new Law shall be exempt from taxes; and in order to enjoy tax exemption benefit, pension funds shall be managed by authorized companies in Macau and shall comply with the Investment Rules defined by the AMCM under Notice no. 006/2013-AMCM (Composition and Valuation of Assets Constituting The Patrimony of Pension Fund) of 4 August 2005.

* Subsequently amended by Law no. 10/2001 of 2 July 2001

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