Federal Law "On Non-State Pension Funds" No. 75-FZ of 07/07/1998
The Russian pension system is controlled by the authorities. At the same time, there are both state pension institutions and independent ones. The activities of the bodies of the non-state group is regulated by 75-ФЗ "On non-state pension funds". The most important provisions of this regulation will be discussed in the article.
Non-state pension system: general characteristics
First of all, you should deal with what is generally called a non-state-type pension fund. The law speaks of a special type of organization whose powers include regular and early retirement insurance, as well as pension insurance. The activity of the fund is carried out on the basis of a special license.
A special pension agreement must be concluded between the fund itself and its investors. So, the investor undertakes to pay contributions, and the fund takes responsibility for payment of a non-state pension to its client.There is another form of contract, which deals with compulsory pension insurance. According to this document, the fund undertakes to pay the insured citizen a funded or fixed funded pension.
On the establishment of a fund
Having understood what the goals of a non-state pension fund are, one should pay attention to the processes of forming such an organization. According to Article 4 No. 75-ФЗ “On Non-State Pension Funds”, the fund itself can be formed only in the form of a joint stock company. Shareholders have the right to participate in the management of the organization. Issue of shares is possible only in ordinary form.
As in the case of any other joint-stock organization, a non-state pension fund is not able to answer for the obligations of its representatives. In this case, the shareholders themselves are obliged to bear responsibility for the obligations of the fund. Working with bills of exchange, issuing loans, paying for shares through offsetting financial claims are all not allowed in a non-state-type pension fund.
Article 5 of the considered normative act refers to the state registration of the fund.According to the law, the created organization must receive a special license and a document on the entry in the unified state register of legal entities. The document can only be received from the Bank of Russia, which, by the way, keeps the submitted register.
On Foundation Powers
Non-state pension funds have a number of legal duties and powers. First you should talk about the powers of the organization, of which there are many. This is what the law governs:
- development of fund rules (rules can be combined into a charter);
- the conclusion of pension contracts and documents on mandatory pension insurance;
- accumulation of pension contributions and savings;
- development of retirement accounts;
- the conclusion of contracts for the provision of technical support services;
- investment strategy definition;
- creation of special pension reserves, placement of finance in them;
- the conclusion of contracts with companies that implement management functions;
- termination of contracts with companies with management functions;
- taking measures to safeguard the finances of the fund, etc.
All the functions presented are characteristic of joint-stock companies, which are independent pension funds from the state.
Requirements for contracts
The pension system in Russia is subject to special control. Still, it is this structure that is designed to ensure the vital activity of the largest category of the population. A number of critical requirements are also established for non-state pension funds. They are fixed in Article 9 No. 75-ФЗ "On Non-State Pension Funds". Thus, a number of rules are established for pension agreements. According to the law, they must contain:
- types of pension schemes;
- list of grounds for calculating pensions;
- the process of making contributions to the fund;
- provisions on the responsibility of the fund to customers;
- the procedure for calculating the redemption amount;
- description of the methods of implementation of actuarial calculations;
- determination of fund services and other.
If we talk about insurance contracts, then documents of this kind should include:
- the procedure for investing finances;
- provisions for the responsibility of the organization;
- rules for the conclusion, amendment or liquidation of the contract;
- obligations and rights of all parties to a contract, etc.
Each individual organization may establish some of its own requirements. Only one thing is important: that they do not contradict the 75-ФЗ "On Non-State Pension Funds".
It is also worth paying attention to the responsibilities of participants in the non-state-type pension system. Article 14 of the considered normative act specifies the following:
- the duty to exercise their professional functions only in strict accordance with the norms of the federal law under consideration;
- accounting of information on individual depositors, insured persons or members of the pension system;
- free provision of information on the status of pension accounts to depositors and insured persons;
- implementation of payments of non-state pensions or redemption amounts in strict accordance with the conditions of the pension agreement;
- notifying the system participants of the occurrence of a guarantee event;
- organization of a high-quality risk management system.
Relations with the Russian Central Bank are a separate group of responsibilities of non-state pension funds (NPF).According to the law, they are obliged to promptly warn the Central Bank about entering into or changing contracts with management companies, to ensure the availability of electronic documentation to the Bank, to report on the results of the audit, etc.
Property of the organization
Chapter 4 of the Federal Law 75-FZ of 07/07/1998 describes the rules for managing the assets of funds. According to Article 16, the property of the companies under consideration is divided into three groups: these are own funds (necessary for the provision of shareholders and directors) and pension savings. The composition of pension savings also includes insurance reserves of the fund. At the expense of what all represented groups of finance are formed? According to the law, this is:
- targeted income;
- fund revenues from the placement of reserves;
- pension contributions;
- other property that can be determined by the decision of the organization’s directors board.
The Russian Central Bank sets the standard reserve amount for the respective pension schemes.
Control of the fund
Control and supervisory activities in respect of non-state pension funds can take two forms: state and internal, that is, organizational.In the first case, we are talking about inspections of the activities of the Central Bank of the Russian Federation, about sending reports to special state bodies, etc. In the case of an internal audit, a number of important procedures should be noted, including auditing and actuarial evaluation. It is subject to all the activities of the fund. The so-called actuaries check how APF is able to meet its obligations to customers.
In the case of auditing, things are a little different. All documents, contracts and reports of the organization must be checked. Particular attention is riveted to a comparison of the current documentation with the original, constituent documents of the foundation. By the way, these include the charter of the fund and additions to it. The charter itself must contain the name of the fund, the maximum share of income, the composition of the board of trustees and the board of directors.
Fund management system
A little more need to tell about the structure of the fund. According to article 28 of the regulatory act in question, the body includes a board of directors (it’s also the supervisory board), and sometimes a board of trustees (both boards can be combined).The transfer of powers of an organization of a managing type or one manager in the form of an IP cannot be allowed.
What does the board of trustees do? It is worth highlighting here the decision to reorganize, change the charter or the maximum share, etc. All duties of representatives of the board of trustees are implemented free of charge. It is also worth noting that the board should include at least 5 people whose recommendations were previously reviewed by the board of directors or the meeting of shareholders.
About reorganization and liquidation of the fund
The reorganization of a non-state pension fund can be performed in several forms: by merger, merger, division, or spin-off. Other forms of reorganization are not allowed.
The need for reorganization issues is raised at the general meeting of shareholders. After the decision has been taken, a notice is sent to the Bank of Russia (the maximum time limit for submitting such a document is three days). The notice must contain the following information:
- on the order of reorganization processes and the timing of their implementation;
- about the intended outcome of the processes.
Interested parties in this case are shareholders and creditors. The refusal of the Bank of Russia in the implementation of the reorganization procedure, if any, can be appealed.
The situation with liquidation is a little different. All accumulated funds must be transferred to the FIU. The requirements of investors and members of society must be fully satisfied, but not at the expense of pension-type savings. A special liquidation commission should be created, the functions of which acquire a priority character. The activity of the fund will cease after the exclusion of relevant information from the state register of legal entities.
Mandatory pension insurance and early retirement insurance
Any non-state fund that has received a license from the Central Bank of the Russian Federation to exercise professional authority in the field of pensions has the ability to carry out pension insurance. These are the responsibilities of such a fund:
- provide free of charge information about the status of accounts to users;
- reflect on the accounts of the results of investing pension funds;
- to pay a funded pension, term pension or a lump sum payment;
- notify citizens about the temporary inability to transfer part of the funds for the formation of pensions of a cumulative nature.
A number of requirements are also fixed for the early non-state pension provision. They mainly concern the list of professions regulated in the Federal Law "On Insurance Pensions".
What non-state pension funds are most known at the moment? The maximum level of reliability, according to the magazine "Pension Decision", is set at JSC "Gazfond". Volga-Capital is in second place with a 13% yield. In the rating of NPF "Trust" is in third place. This organization has a very high degree of reliability. Further, the European, NPF from Sberbank, VTB, Rosgosstrakh and Neftegarant should be highlighted. Other funds either spread to specific regions, or are subsidiaries of other, larger companies.