Obligations

(1) Pensionsfonds, pension funds, and other life insurance undertakings may implement pure defined-contribution commitments only where
1. they do not, in doing so, enter into obligations that involve guaranteed benefits,
2. the general terms of insurance or the pension schemes provide for a lifelong payment as the retirement provision benefit, and
3. it is determined that the retirement provision capital to be scheduled for allocation, and the interest and income attributable to it, are used on a scheduled basis for current benefits.
(2) Pension funds and other life insurance undertakings require authorisation for the class named in Annex 1, point 21.