Non-state pension funds began to appear en masse more than 20 years ago and are classified as organizations providing voluntary pension insurance. Law No. 75, adopted in 1998, regulates the activities of these joint stock companies and regulates the legal and economic relations that arise during the creation and termination of their existence.
In accordance with the Federal Law “On Non-State Pension Funds”, the decision to register a non-state pension fund is within the competence of the Bank of Russia. The same institution issues a license, which is canceled if the law and obligations to participants are violated. The document will be refused if it does not comply with the established standards.
NPFs accept pension savings from investors and ensure the safety and timely payment of savings. The Central Bank has the right to submit an application to the Arbitration Court to stop the activities of a non-state company if it does not fulfill its obligations.
Basic Concepts
The following concepts are used in federal law:
- NGO agreement is an agreement between the fund and the investor, according to which the latter undertakes to make contributions to the NPF, and the organization undertakes to provide him with NGO.
- Compulsory pension insurance agreement (OPI) is an agreement between a NPF and a citizen, according to which the NPF undertakes to assign and pay him a pension when an insured event occurs.
- Depositor is an individual or legal entity who is a party to the NGO agreement and makes contributions to the NPF.
- The policyholder is an individual or legal entity that is obliged to make contributions to the pension provision of its employee.
- Participant is an individual who, in accordance with the agreement, is paid by the NGO. A participant can also be a depositor.
- The insured is an individual who has entered into an insurance policy agreement.
- Pension contribution is money paid by the investor to the participant in accordance with the terms of the agreement.
- A pension scheme is a set of rules under which contributions are paid and payments are made to an NGO.
- Redemption amount is money that is paid by the NPF to fund participants or transferred to another organization upon cancellation of the agreement.
- Pension reserves are money that is at the disposal of a non-state pension fund and is intended for the organization to fulfill its obligations to its participants.
- The investment portfolio of a management company is assets that are formed from pension savings provided to the management company for trust management by a non-state pension fund.
- An actuary is a person who meets the standards defined for persons involved in the actuarial assessment of the work of an enterprise.
- A one-time payment is an amount provided to insured citizens from savings.
Corporatization
Non-state funds were created in order to accumulate pension contributions, which they then used to pay their participants. These companies guarantee depositors the fulfillment of their obligations even in the event of termination of activity
In 2013, the law “On the corporatization of non-state pension funds” was adopted. Based on it, all non-governmental organizations that enter into pension insurance agreements are subject to the corporatization procedure, starting in 2020. In this regard, all savings of participants are transferred to the Pension Fund of the Russian Federation. The Central Bank inspects management companies, after which they must join the state program to guarantee the safety of depositors' savings. An insurance reserve is created, which will amount to up to 10% of pension investments.
The law provides for a reduction in the number of foreign organizations, the exclusion of offshore companies from participating in the collection of contributions and investment and pension contributions.
Incorporation was carried out in 2 stages
The Central Bank is entrusted with monitoring the activities of non-state pension funds and issuing licenses to them. The changes affected the authorized capital of these organizations; its size cannot be less than 150 million rubles. In addition to increasing the amount of equity capital, other amendments have been established:
- The registration requirements for non-state pension funds and their managers have been strengthened.
- A new procedure for liquidating organizations has been drawn up.
- Rules for early provision of pensioners have been adopted.
Non-state funds are prohibited from engaging in insurance at a professional level. The updated version of the law stipulates guarantees for depositors and the creation of a reserve fund. NPF employees do not have the right to enter into agreements with people and remotely withdraw money from their accounts.
Government organizations do not place funds in risky assets
Basic provisions
The main provisions of the law concerning the activities of the fund are that it must follow the following principles in its work:
- Introducing participants to the rules of the organization.
- Maintaining records of information about each participant.
- Free provision to all participants of information about the status of their individual personal accounts (IPA) once every 12 months.
- Payment to the NGO according to the terms of the agreement.
- Compliance with the standards established by the Central Bank.
- Organization of a risk management system associated with work on NPO and OPS.
- Determining the price of assets that make up pension reserves according to the rules established by the Central Bank.
Federal Law of March 7, 2018 No. 49-FZ
RUSSIAN FEDERATION
THE FEDERAL LAW
On amendments to certain legislative acts of the Russian Federation on the regulation of the activities of non-state pension funds
Adopted by the State Duma on February 22, 2020
Approved by the Federation Council on February 28, 2020
Article 1
Paragraph two of paragraph 3 of Article 35 of the Federal Law of December 26, 1995 No. 208-FZ “On Joint-Stock Companies” (Collected Legislation of the Russian Federation, 1996, No. 1, Art. 1; 2001, No. 33, Art. 3423; 2006, No. 31 , Art. 3445; 2009, No. 52, Art. 6428; 2011, No. 30, Art. 4576; No. 49, Art. 7040; 2014, No. 52, Art. 7543; 2020, No. 27, Art. 4001) after the words “credit organization” should be supplemented with the words “and non-state pension fund”.
Article 2
Introduce into the Federal Law of May 7, 1998 No. 75-FZ “On Non-State Pension Funds” (Collected Legislation of the Russian Federation, 1998, No. 19, Art. 2071; 2001, No. 7, Art. 623; 2003, No. 2, Art. 166; 2005, No. 19, Art. 1755; 2007, No. 50, Art. 6247; 2008, No. 18, Art. 1942; No. 30, Art. 3616; 2009, No. 29, Art. 3619; No. 52, Art. 6450, 6454; 2010, No. 17, Art. 1988; 2011, No. 29, Art. 4291; No. 49, Art. 7036, 7037, 7040; 2012, No. 47, Art. 6391; No. 50, Art. 6965; 2013 , No. 30, Art. 4044, 4084; No. 52, Art. 6975; 2014, No. 11, Art. 1098; No. 30, Art. 4219; 2020, No. 27, Art. 4001; No. 29, Art. 4357; 2020 , No. 1, Art. 41, 47; No. 27, Art. 4225; 2020, No. 31, Art. 4754; 2020, No. 1, Art. 66) the following changes:
1) in article 3:
a) in paragraph twenty-four, delete the word “market”;
b) in paragraph twenty-five, delete the word “market”;
c) in paragraph twenty-seven, the word “market” should be deleted, the words “fund reserves, established by the Bank” replaced with the words “fund reserves (including restrictions related to accounting for securities at a value different from the market value), established by the Bank”;
d) add paragraphs with the following content:
“the constant part of the remuneration of a fund operating in compulsory pension insurance is a part of the remuneration that does not depend on the results of investing pension savings;
the variable part of the remuneration of a fund operating in compulsory pension insurance is the part of the remuneration that depends on the results of investing pension savings.”;
2) in Article 8:
a) paragraph thirty-two of paragraph 2 should be stated as follows:
“carries out other functions related to the activities of non-state pension provision, including early non-state pension provision, and compulsory pension insurance.”;
b) paragraph 4 is declared invalid;
3) in article 9:
a) paragraph thirteen of paragraph 3 should be stated as follows:
“the procedure for determining the size of the constant part of the fund’s remuneration and the size of the variable part of the fund’s remuneration.”;
b) paragraph 4 should be stated as follows:
"4. Changes made to the rules of the fund are put into effect after they are registered in the prescribed manner with the Bank of Russia. Changes made to the fund's pension rules do not apply to previously concluded pension agreements. Changes made to the insurance rules of the fund do not apply to previously concluded contracts on compulsory pension insurance, with the exception of cases of changes in the legislation of the Russian Federation on non-state pension funds, funded pensions and on the investment of pension savings to finance funded pensions. Amendments to the terms of the agreement are formalized by an additional agreement to this agreement. Previously valid conditions enshrined in the pension agreements concluded by the fund remain in force until they are fully fulfilled, unless otherwise agreed by the parties.”;
4) paragraph 6 of Article 13 shall be supplemented with the following paragraph:
“if the Financial Supervision Committee of the Bank of Russia, in the manner established by Article 342 of this Federal Law, decided that there was a violation by the fund of the conditions for organizing the investment of pension savings funds established by subparagraph 2 of paragraph 21 of Article 25 of this Federal Law, during the period when the fund was an insurer for compulsory pension insurance in relation to funds paid in favor of the insured person, the corresponding insured person, when concluding a new contract on compulsory pension insurance or transferring funds to the Pension Fund of the Russian Federation, has the right to demand from the fund the transfer of the corresponding part of the replenishment of the volume of pension savings carried out fund in accordance with paragraph 15 of Article 25 of this Federal Law, to the fund with which the insured person has concluded a new agreement on compulsory pension insurance, or to the Pension Fund of the Russian Federation.”;
5) paragraph 1 of Article 14 shall be supplemented with the following paragraphs:
“undergo stress testing of financial stability using stress testing scenarios approved by order of the Bank of Russia and posted on the official website of the Bank of Russia on the Internet information and telecommunications network.” Requirements for the procedure for passing stress testing and criteria for passing stress testing are established by the Bank of Russia;
carry out the calculation of the size of the fund’s investment portfolio and pension reserves at market value in the manner determined by the Bank of Russia.”;
6) in article 18:
a) in paragraph five of clause 2, delete the words “to cover the negative result from the placement of pension reserves”;
b) in paragraph 4:
Paragraph three should be stated as follows:
“fund funds held in trust by the management company in accordance with this Federal Law;”;
in paragraph seven, the words “to cover the negative result from investing pension savings” should be deleted;
7) subparagraph 1 of paragraph 2 of Article 201 should be stated as follows:
“1) annual contributions to the fund’s reserve for compulsory pension insurance, which are made at the expense of the fund’s own funds;”;
in article 25:
a) add paragraph 21 with the following content:
"21. Management of pension reserves and organization of investment of pension savings, including the determination of an investment strategy, is carried out by the fund on the following conditions:
1) placement (organization of placement) of funds of pension reserves and organization of investment of funds of pension savings are carried out exclusively in the interests of participants (insured persons) with the due degree of care and prudence;
2) when placing (organizing the placement) of funds of pension reserves and organizing the investment of funds of pension savings, the fund ensures the acquisition and sale of assets constituting pension reserves and pension savings, on the best terms available to the fund (including the ratio of risk and expected return) of acquisition and sale assets at the time of the transaction.”;
b) paragraph 13 is declared invalid;
c) add paragraph 15 with the following content:
"15. If, as a result of a violation of the conditions for managing pension reserve funds and organizing the investment of pension savings funds provided for in subparagraph 2 of paragraph 21 of this article, the amount of pension reserve funds or pension savings funds has decreased (hereinafter referred to as the decrease in funds) or the fund has received less income from pension reserves or pension savings funds, which it would have received if the specified conditions were met (hereinafter referred to as the lost income), the fund is obliged to replenish the amount of pension reserves or pension savings funds by the amount of the reduction in funds or the amount of lost income of the fund from its own funds.”;
9) in article 27:
a) paragraph 2 should be stated as follows:
"2. To replenish pension savings not included in the fund’s reserves, the fund must allocate at least 85 percent of the income received by the fund from investing these pension savings.
To replenish the funds of the payment reserve, the pension savings of insured persons for whom a fixed-term pension payment has been established, and the funds of the fund's reserve for compulsory pension insurance, the fund must allocate at least 85 percent of the income received by the fund from investing the funds of the payment reserve, the pension savings of insured persons who an urgent pension payment has been established, and funds from the reserve fund for compulsory pension insurance, respectively.”;
b) paragraph 3 is declared invalid;
10) paragraph eighteen of subparagraph 1 of paragraph 3 of Article 34 should be supplemented with the words “the procedure for calculating the current market value of assets and the value of net assets constituting pension savings”;
11) add Article 342 with the following content:
“Article 342. The procedure for eliminating, at the request of the Bank of Russia, the consequences of violation of the conditions for managing funds of pension reserves and organizing the investment of pension savings funds
1. At the request of the Bank of Russia, the fund is obliged to submit documents confirming its fulfillment of the conditions for managing funds of pension reserves and organizing the investment of pension savings funds established by subparagraph 2 of paragraph 21 of Article 25 of this Federal Law. If, based on the results of consideration of the submitted documents, signs of violation of the conditions for managing pension reserves and organizing the investment of pension savings funds established by subparagraph 2 of paragraph 21 of Article 25 of this Federal Law are identified in the actions of the fund, the Bank of Russia sends a letter to the fund describing the identified signs of violation. The question of the presence or absence of this violation in the fund’s actions is submitted for consideration to the Financial Supervision Committee of the Bank of Russia no earlier than 15 working days after the date of sending the specified letter.
2. The decision on the presence or absence in the actions of the fund of a violation of the conditions for managing funds of pension reserves and organizing the investment of pension savings funds established by subparagraph 2 of paragraph 21 of Article 25 of this Federal Law, as well as on the amount of funds to be replenished, is made by the Financial Supervision Committee of the Bank of Russia on the basis of a reasoned judgment within 15 working days after the date the relevant issue was submitted for consideration by the Financial Supervision Committee of the Bank of Russia.
When making the appropriate decision, the Financial Supervision Committee of the Bank of Russia is based on the information that was available to the fund at the time the fund made the decision to acquire or sell assets.
3. If the Financial Supervision Committee of the Bank of Russia makes a decision that the fund’s actions violate the terms of managing pension reserves and organizing the investment of pension savings funds established by subclause 2 of clause 21 of Article 25 of this Federal Law, the Bank of Russia sends an order to the fund to eliminate the identified violation, justification for the decision made, calculation of the amount to be repaid. The period for execution of the order to eliminate the identified violation must be at least 50 working days. Appealing the decision of the Financial Supervision Committee of the Bank of Russia in the manner provided for in paragraph 4 of this article does not suspend the deadline for fulfilling this order.
If the Financial Supervision Committee of the Bank of Russia makes a decision that the fund’s actions do not violate the conditions for managing pension reserves and organizing the investment of pension savings funds established by subparagraph 2 of paragraph 21 of Article 25 of this Federal Law, the Bank of Russia within 10 working days from the date of adoption of this decision sends a corresponding notification to the fund in writing.
4. The decision of the Financial Supervision Committee of the Bank of Russia, provided for in paragraph 2 of this article, may be appealed within 15 working days from the date of receipt by the fund of the order provided for in paragraph 3 of this article, to the Bank of Russia commission for consideration of the fund’s complaint (hereinafter referred to as the Bank of Russia commission) .
The Bank of Russia commission operates on an ongoing basis based on the regulations on the Bank of Russia commission, approved by the Board of Directors of the Bank of Russia. The personal composition of the Bank of Russia commission is determined by a decision of the Board of Directors of the Bank of Russia.
The fund's application to appeal the decision of the Financial Supervision Committee of the Bank of Russia, provided for in paragraph 2 of this article, may be accompanied by information confirming the fund's compliance with the conditions for managing pension reserves and organizing the investment of pension savings funds established by subparagraph 2 of paragraph 21 of Article 25 of this Federal Law.
The fund’s application to appeal the decision of the Financial Supervision Committee of the Bank of Russia is subject to consideration by the Bank of Russia commission within 30 working days from the date of its receipt with the invitation of representatives of the fund and, if so provided for in the said application of the fund, representatives of a self-regulatory organization in the financial market that unites funds, of which the fund is a member. is a fund. In case of absence of representatives of the fund and (or) self-regulatory organization, the Bank of Russia commission considers the specified application of the fund in their absence.
Based on the results of consideration of the fund’s application to appeal the decision of the Financial Supervision Committee of the Bank of Russia, the Bank of Russia commission makes a decision to satisfy or refuse the said application. The Bank of Russia shall send a written notice to the fund of decisions made in accordance with this paragraph no later than the business day following the day of their adoption. If the Bank of Russia commission makes a decision to approve the application to appeal the decision of the Financial Supervision Committee of the Bank of Russia, a notice of cancellation of the order provided for in paragraph 3 of this article is also sent to the fund.
5. An appeal of the order of the Bank of Russia, provided for in paragraph 3 of this article, to the arbitration court is allowed only after appealing the decision of the Financial Supervision Committee of the Bank of Russia in accordance with paragraph 4 of this article.”;
12) in paragraph 1 of Article 3615:
a) in paragraph two, replace the words “and satisfying the requirements established by the Bank of Russia, and securities that meet the requirements of the Bank of Russia” with the words “and satisfying the requirements established by the Bank of Russia for the purposes of this paragraph, and securities that meet the requirements of the Bank of Russia, established for the purposes of this paragraph";
b) in paragraph seven, the words “and satisfying the requirements established by the Bank of Russia, and securities, the issuer of which meets the requirements of the Bank of Russia” shall be replaced with the words “and satisfying the requirements established by the Bank of Russia for the purposes of this paragraph, and securities, the issuer of which meets the requirements of the Bank Russia, established for the purposes of this paragraph";
c) in paragraph eight, the words “and satisfying the requirements established by the Bank of Russia, and securities the issuer of which meets the requirements of the Bank of Russia” shall be replaced with the words “and satisfying the requirements established by the Bank of Russia for the purposes of this paragraph, and securities the issuer of which meets the requirements of the Bank Russia, established for the purposes of this paragraph";
13) Article 3623 shall be stated as follows:
“Article 3623. Remuneration and payment of expenses of a fund, management company, specialized depository
1. The fund, which carries out the activities of the insurer for compulsory pension insurance, has the right to remuneration. The fund's remuneration includes a fixed part of the remuneration and a variable part of the remuneration.
Payment of the permanent part of the fund's remuneration is made from pension savings. Payment of the variable part of the fund's remuneration is made from income from investing pension savings. The fund's remuneration is included (credited) in the fund's own funds.
The procedure for determining the amount of the fund's remuneration is established by the insurance rules of the fund, taking into account the requirements of this article.
2. The amount of the permanent part of the fund’s remuneration for the reporting year and the amount of necessary expenses of management companies directly related to the investment of pension savings funds and paid from pension savings funds for the reporting year cannot exceed in aggregate the sum of the following amounts and funds:
0.75 percent of the average net asset value for the reporting year, calculated in accordance with Article 3614 of this Federal Law;
funds to be paid by the fund as guarantee contributions to the fund for guaranteeing pension savings in accordance with Article 15 of the Federal Law of December 28, 2013 No. 422-FZ “On guaranteeing the rights of insured persons in the compulsory pension insurance system of the Russian Federation in the formation and investment of pension savings , establishing and making payments from pension savings”;
funds subject to transfer by the fund to the reserve of the fund for compulsory pension insurance in accordance with Article 201 of this Federal Law.
In this case, the payment of the constant part of the fund’s remuneration is made no more than once a month.
3. The variable part of the fund’s remuneration for the reporting year is withheld from the income from investing pension savings for this year, taking into account the requirements provided for in paragraph 2 of Article 27 of this Federal Law.
The procedure for calculating income from investing pension savings for the purpose of calculating the variable part of the fund's remuneration is established by the Bank of Russia.
4. Payment of expenses associated with ensuring the statutory activities of a fund operating in non-state pension provision is made from the own funds of such a fund, with the exception of expenses associated with the placement of pension reserves.
Payment of expenses associated with the placement of pension reserve funds is made from the funds of pension reserves.
Payment of expenses associated with ensuring the statutory activities of a fund operating compulsory pension insurance is made in accordance with this article, with the exception of expenses associated with the delivery of a funded pension.
Payment of expenses associated with the delivery of a funded pension is made in accordance with Federal Law dated December 28, 2013 No. 424-FZ “On Funded Pension”.
Payment of expenses associated with the implementation of an urgent pension payment, a lump sum payment, is made from the fund’s own funds.
5. The management company carrying out trust management of pension savings has the right to remuneration paid by the fund from its own funds. The remuneration of such a management company includes a fixed part of the remuneration and a variable part of the remuneration.
6. The amount of the constant part of the management company’s remuneration and the size of the variable part of the management company’s remuneration, the procedure and terms for their accrual and deduction are established by the trust management agreement for pension savings funds.
7. The management company carrying out trust management of pension savings funds has the right to pay the necessary expenses directly related to the investment of pension savings funds from the pension savings funds.
The list of such necessary expenses is established by the trust management agreement for pension savings.
8. The specialized depository has the right to
