After undertaking the respective Public Consultation, the ASF approved Regulatory Rule no. 12/2023-R, of 12 December, which amends Regulatory Rule no. 8/2021-R, of 16 November, which establishes the rules for calculating the minimum value of liabilities arising from defined benefit pension plans and health benefit plans financed by pension funds. In this regard, it should be noted that the minimum value of liabilities must be calculated by applying the TV 88/90 mortality table and the interest rate calculated through the sum of the following instalments, and cannot be less than 2.5%: Risk-free interest rate at the reference date of valuation of the liabilities, for the Euro currency and 15-year maturity, subject to the volatility adjustment for the Euro currency, published by the European Insurance and Occupational Pensions Authority (EIOPA), in accordance with article77.º-E of Solvency II Directive; 1,3%. Regulatory Rule no. 12/2023-R, of 12 December, came into force on December 13th and is available here.