The SEC supports PVDs as a long-term savings and investment mechanism for promoting post-retirement financial security and has considered amendments to the relevant rules to protect members’ rights in a fair and transparent manner, while enhancing the quality of services provided by business operators. The SEC has therefore incorporated feedback and suggestions from relevant stakeholders to revise the proposed principles, making them clearer, more appropriate and flexible, while facilitating business operators’ compliance with the rules and continuing to place primary emphasis on the best interests of PVD members.

The SEC is therefore seeking further public comments on the proposed amendments to the PVD management rules. The key points are as follows:

            (1) Requiring AMCs to design and offer investment policies for employees who do not express a preference for an investment policy (default portfolio) by taking into account the diverse profiles of members and the adequacy of long-term savings, instead of considering the profile of the majority of members. This is intended to promote the potential for long-term growth of PVD portfolios while enabling appropriate risk management, so that AMCs can provide services that accommodate PVD members with diverse and evolving profiles, such as increasing age or lower risk tolerance. AMCs may offer life path or target date investment policies or more than one default portfolio policy, as appropriate for the agreed member groupings.

            (2) Amending the timeframe for disclosure of investment terms to make it clearer, more flexible and conducive to decision-making by fund committees and members, without imposing an undue burden on AMCs. As investment terms are important documents comparable to the mutual fund management scheme, the SEC additionally requires AMCs to prepare and disclose such terms to fund committees and members, as well as submit them to the SEC. In the case of pooled fund, AMCs must also disclose the terms to the public in a comprehensive and easily accessible manner.

            (3) Amending the purposes for which AMCs providing member servicing for PVDs are required to maintain member information to cover fund administration, member registrations, and the protection of members’ rights and investments, instead of the previous purposes of verification, contact and payment to members only. Under the revised approach to online service provision, AMCs may also consider allowing PVD members to record additional information in the online system in accordance with each AMC’s practice.

            In addition, the Association of Investment Management Companies (AIMC) would be required to issue practice guidelines based on the principles for the design of default portfolio policies, the formats of investment terms and member information, and the scope of information, advice and services provided by AMCs, including advice on post-retirement money management. Such practice guidelines must be approved by the SEC.

            (4) Amending the effective period of the rules to provide greater flexibility. Under the proposed amendment, the rules would take effect within 12 months from the date of publication in the Government Gazette. Upon completion of the six-month period from the date of publication in the Government Gazette, AMCs would be required to report their progress and preparation plans for complying with the rules to the SEC within one month from the date of such completion.

The consultation paper is available on the SEC website at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1181 and on the Legal Hub at https://law.go.th/listeningDetail?survey_id=NzQ0OERHQV9MQVdfRlJPTlRFTkQ= Stakeholders and interested parties are invited to submit comments via these websites or by email to kodchawan@sec.or.th, anoma@sec.or.th, or sirinad@sec.or.th. The public hearing ends on 23 July 2026.