(1) Each employer or participant who has established a retirement pension plan shall conclude a contract with a retirement pension trustee on the provision of the following services (hereinafter referred to as "asset management services"):
1. Setting up and managing an account;
2. Receiving contributions;
3. Keeping and managing reserves;
4. Following instructions related to the operation of the reserves which are delivered by a retirement pension trustee providing operational management services;
5. Paying benefits;
6. Any other service prescribed by Presidential Decree to ensure the adequate provision of asset management services.
(2) If an employer or a participant intends to conclude a contract as prescribed in paragraph (1), it shall be made in terms of an insurance contract or trust contract prescribed by Presidential Decree with his or her employees or the participant as the insured or beneficiaries.