For every employee, a pension is a guarantee for the future. It is logical that the government
closely supervises the management of a supplementary pension. It is essential that this be done
professionally and in accordance with strict standards.

With the introduction of the law of the 27th of October 2006, a company can outsource the management
of such a pension to an ‘institution for occupational retirement provision’ or IORP (formerly,
‘Pension Fund’). Legally, this takes the form of an Organisation for Financing Pensions (OFP).

What can EMFEA Consulting do for you ?

We can take over the setting-up and management of an OFP for you, either fully or in part.

Setting up an OFP
We take care of :

• drawing up the statutes,

• setting up the pension scheme,

• obtaining the approval of the FSMA*,

• publishing it in the official Belgian legal journal (‘Belgisch Staatsblad/Moniteur belge’).

 

Actuarial management
An essential element for an IORP** is that the pension commitments have been sufficiently
provisioned and that the legal prescriptions are observed. With us you will find all the knowledge
and experience to help you in these matters. We will do all the calculations of the technical
provisions, the annual payments, the entitlements acquired by the participants, and so on.

Administrative management
EMFEA Consulting can take care of the entire administration, including :

• the management of the active participants, such as the annual renewal and drawing up

• the annual benefit statement.

• the management of early retirements : after calculating the departing employee’s entitlements, we inform him/her about the various possibilities with regard to pension rights and implement them.

• the management of payment of the pensions : we inform the beneficiaries about their pension annuity and/or the corresponding capital sum and draw up the tax documents and summary statements.

• the fiscal formalities, such as the tax declaration on the contributions, the correspondence and contacts with the Belgian Inland Revenue department.

• contacts with the internal and external monitoring organisations (internal auditor, compliance officer, official auditor and the FSMA).

• preparing and assisting the Boards of Directors and the General Meeting of the institution, as well as the obligatory publications in the official Belgian legal journal.

 

Managing the accounting
In addition to the actual bookkeeping, we can also take care of setting up the valuation rules,
complying with the legal formalities, drawing up the quarterly and annual reports, and organising
and following up the statutory meetings.

 

* FSMA = Banking, Finance and Insurance Commission (Belgian supervisory authority).
** IORP = Institution for Occupational Retirement Provision