The pension system in the Russian Federation is under strict state control. At the same time, there are a number of special organizations of a non-state nature, legally regulated by 75- "On non-state pension funds". It is this normative act that will be examined in detail in the article.
Non-state pension system: general description
Pension funds that operate without government intervention are organizations whose functions include the provision of pensions to Russian citizens. It may have the nature of insurance and early retirement benefits. Activities of this kind should be implemented by the fund on the basis of a special license - this is stated in Article 2 of Federal Law No. 75-FZ "On Non-State Pension Funds".
How does the whole system in question work? Non-state pension funds conclude a pension agreement with their clients - a special agreement between the client and the organization, according to which the depositor must pay contributions, and the fund, in turn, must timely submit non-state pension payments to the depositor.
On the formation of the fund
Article 4 No. 75-FZ “On Non-State Pension Funds” deals with the procedure for the formation of the entire system under consideration. According to the law, a fund can be created only in the form of a joint-stock company of a legal form. The shareholders themselves must have the rights to participate in its management. At the same time, the company is not obliged to answer for the obligations of its participants, but must be responsible for the property owned.
This act contains the rules in accordance with which operations with bills and issuing loans are strictly prohibited. The shares of the fund must be paid before the founders apply for a license with the Bank of Russia.
About Functions Funds
What powers and responsibilities, according to 75- "On non-state pension funds", do the organizations in question have? It is worth paying attention to article 8, which states the following:
- Accumulation of pension savings and contributions.
- Conclusion of special pension type agreements.
- Maintenance of non-state pension accounts.
- Timely informing depositors and other participants of the system about the status of accounts.
- Legal formation of pension reserves, organization of allocation of funds from reserves.
- Investing in funded funds.
- Conducting tax and accounting.
- Implementation of actuarial calculations.
- Production, purpose and payment of pension savings.
- Implementation of some other functions specified in Article 8 of Law No. 75-FZ "On Non-State Pension Funds".
According to article 9, each non-state pension fund must develop a special set of rules that comply with the law. They must be approved by the board of directors of the fund. A number of developed requirements can be included in the organizational charter.
About fund ownership
Chapter 4 No. 75-FZ "On Non-State Pension Funds" describes the procedure for forming property and disposing of it. According to article 16, organizational property must be divided into pension savings and reserves.
What are reserves for? The law indicates the provision of solvency for the obligations of participants. For the same purposes, accumulations are formed. That’s why reserves are formed:
- targeted revenues;
- pension contributions;
- organizational income from the placement of reserves of the pension type;
- any other property determined by the decision of the board of directors of the fund.
According to the law, only the Bank of Russia can establish the standard amount of reserves for pension schemes.
And what about retirement savings? How is this group formed? The law states:
- to funds transferred by the fund to the trust management of a managing company;
- funds transferred from the FIU at the request of the insured person;
- for finances transferred to the organization by the previous insurer, etc.
There are a number of guarantees that non-state pension funds will carry out their activities. This is an audit, actuarial valuation by third parties and some other types of warranty performance.
System management
What is the composition of the system under consideration, according to 75-FZ of 05/07/1998 "On non-state pension funds"? It is worth paying attention to article 28. It states that the fund must contain a supervisory board, which includes directors. The transfer of authority to a management organization or to a separate manager in the form of an IP is prohibited.
An important role in any fund of this type is the board of trustees. At least 5 people from the total number of the board of directors and shareholders should go to it. The following items may be on the board's agenda:
- on liquidation or reorganization of the fund;
- on making some changes to the company's charter;
- on changing the maximum share of the fund’s income, etc.
According to article 33.2, a fund can be liquidated either as a result of a license withdrawal (at the initiative of the Bank of Russia), or by an independent decision of shareholders.
Changes in the law
The law previously contained article 35, which dealt with the prevention of monopolistic activity and the fight against it. It spoke about the inadmissibility of restricting fair competition, namely, the creation of cartels, illegal forms of struggle against competitors, etc. In 75- "On non-state pension funds" with amendments from January 2017, the rule in question was deleted due to the placement of the corresponding link in another law (Federal Law "On Protection of Competition").
75- was adopted in 1998, and over almost 20 years of operation, it has undergone many different refining.