participation of non-state pension funds in the social security reform of the russian federation
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Inspectorate of Non-State Pension Funds of the Ministry of Labour and Social Development of the Russian Federation. Participation of Non-State Pension Funds in the Social Security Reform of the Russian Federation. Viacheslav Vladimirovich Bataev - PowerPoint PPT PresentationTRANSCRIPT
Participation of Non-State Pension Funds in the Social Security Reform of the Russian
Federation
Viacheslav Vladimirovich BataevHead of the NPF Inspectorate of the Ministry of Labour and Social
Development of the Russian Federation
Inspectorate of Non-State Pension Funds of the Ministry of Labour and Social Development of the Russian Federation
Moscow May 2004
Structure of the Presentation
• Main indicators of the development of the system of Non-State Pension Funds (NPF)
• Legal basis of the participation of the NPF in the Mandatory Social Security Insurance (MSI)
• Degree of preparation required of the NPF in order to take part in the MSI
• Place of the NPF in the Russian social security system.
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
Trends and General Characteristics of the Activity of Non-State Pension Funds in the
Russian Federation
By 01.01.2004 there were 284 Non-State Pension Funds in existence in the Russian Federation
• The own funds of the NPF are over 125 thousand million roubles, including their social security resources which amount to 90 thousand million roubles
• The total number of members of the NPF is 5.3 million people, in other words, 7.2% of the economically active population
• 426 thousand people are receiving the additional non-state pension, in other words, about 1.35% of all pensioners
• The average amount of the non-state pension is over 640 roubles per month
On 01.01.2004 the Non-State Pension Funds began their activity as insurers of the Mandatory Social Security Insurance.
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
Number of NPF
26
252
279 271 270294
257 256
284
0
50
100
150
200
250
300
1996 1997 1998 1999 2000 2001 2002 2003 2004
количество фондов с действующей лицензией на начало года
Number of funds with currently valid licence at the beginning of the year
Net worth of the NPF, in thousands of roubles.
0
20000
40000
60000
80000
100000
120000
14000001
.01.
1997
01.0
7.19
97
01.0
1.19
98
01.0
7.19
98
01.0
1.19
99
01.0
7.19
99
01.0
1.20
00
01.0
7.20
00
01.0
1.20
01
01.0
7.20
01
01.0
1.20
02
01.0
7.20
02
01.0
1.20
03
01.0
7.20
03
01.0
2.20
04
СобственноеимуществоПенсионный резерв
ИОУД
1. Own net worth; 2 Social security reserves 3. Resources for carrying out the activity envisaged in the By-laws
Development of Social Security Contributions, thousands of roubles.
852,559 1,093,2541,910,622
4,092,096
6,694,000
11,558,400
22,274,900
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
1997 г. 1998 г. 1999 г. 2000 г. 2001 г. 2002 г. 2003
Пенсионные взносы за год
Social security contributions in the year
Growth in Membership of the NPF
2,032,777
187,422
1,825,241
174,112
2,390,922
259,299
3,341,066
281,011
3,953,103
330,500
4,365,208
351,092
5318811
425646
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
1997 г. 1998 г. 1999 г. 2000 г. 2001 г. 2002 г. Jun-05
Численность участников НПФ на конец года
в т.ч. получающих негосударственную пенсию
1. Number of members in NPF at year end2. Including those who receive the non-state pension
Portfolio Structure of the NPF
0%
20%
40%
60%
80%
100%
01.01.1998 01.01.2000 01.01.2002 01.09.2003
Гос. бумаги 10%
Облигации 10%
Банковские депозиты 20%
Векселя 15%
оо
Акции 45%
1. State papers-10%, 2 Bonds – 10%, 3. Bank Deposits – 20%, 4.Bills of exchange – 19%, 5. shares – 49%
Russian Social Security System
•Capitalized part of the work pension
• Insured part of the work pension
• Basic part of the work pension
Average amountof the pensions is
30-40%of the average wage
In the country
• Additional Pension
Amount of pension depends on sum saved
The financing of the work pension is achieved witha single socialtax and with
contributions to theRussian Pension Fund
The financing of the additional pension
is achieved with the social security
contributions of the employer and/or worker
to the NPF
In the year 2003 (году) the averageamount of the work pension was
1830 roubles per month
Area of NPF activities
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
The Current System of State Regulation,Control and Supervision of the Mandatory Social Security Insurance Activity
Russian Ministry of Finance
Russian Federal Securities Comission
Russian Pension Fund
State Administration Company
Specialized Depositary
Administration Companies
Non-State Pension Funds
Non-state Pension Fund Administration Company
Specialized Depositary of the Non-state Pension Fund
Мин
тру
д Р
осси и
ControlContractual Relations
Organization of
CompetitionConsultation to the Regulatory Authority
Notice of non-compliance
Insp
ec-
tora
te
of N
PF
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
Administrative Reform(decree issued by the President of the Russian Federation on
9.03.04 № 314)
Functions of the Organisms of State Power
- Approval of legal structures;
– Control and supervision;– Application of laws;– Administration of state assets;– Provision of state services
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
Administrative Reform(decree issued by the President of the Russian Federation on
9.03.04 № 314)• Federal Ministries
– Legal regulation in the area established– Coordination and control of subordinate federal services and agencies– Coordination of activity of state funds outside the normal budget
• Federal Services– Control and supervision in the area established– Publishing of individual legal rulings
A Federal Service may be subordinate to the Government of the Russian Federation
• Federal Agencies– Provision of state services in the areas established– Publishing of individual legal rulings,– Maintenance of records, registrations and surveys
The federal agency is not entitled to carry out legal regulation and control and supervisory functions
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
System of State Regulation, Control and Supervision of the MSI Activity (after implementing the stipulations of decree № 314)
ControlContractual Relations
Notice of Non-compliance
Russian SFRF
Russian Pension Fund
State Administration Company
Specialized Depositary
Administration Company
Non-State Pension Fund
Non-State Pension Fund Administration Company
Specialized Depositary of the Non-State Pension Fund
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
Rus
sian
Min
istr
y o
f F
inan
ce
Legal basis of the participation of the Non-State Pension Funds in the MSI
• Federal Law № 167-ФЗ «Mandatory Social Security Insurance» dated17.12.2001
• Federal Law № 75-FZ «Non-State Pension Funds» dated 7.05.1998 (publishing of Federal Law № 14-FZ dated 10.01 2003 )
• Federal Law № 111-FZ «Investment of Resources to Finance the Capitalized Part of the Work Pension of the Russian Federation» dated 24.07.2002
• Government Resolutions of the Russian Federation, published in compliance with Federal Law № 14-FZ dated 10.01 2003
• Regulatory documents of the Authorized Federal Organism, in compliance with Federal Law № 14-FZ dated 10.01 2003
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
Legal Basis of the Participation in the MSI (resolutions of the Government of the Russian Federation)
Organization Chart (GK-P12-6004, dated 23.05.2003) stipulates the development of 23 draft resolutions of the Government of the Russian Federation
By 15.04.2004 г. the following resolutions had been passed:on 4.11.2003 № 669 Authorized Federal Organism on 5.12.2003 № 735 Approval of the Resolution regarding licenses for the
activity of the NPFs.on 30.12.2003 № 798 Approval of the Rules regarding information on the new
MSI agreementson 22.01.2004 № 30 Approval of the Calculation Rules for the Indicators of the
Composition and Structure of the Investment Portfolio, for Control Purposeson 6.02.2004 № 55 Approval of the Rules for Transferring Social Security
Savings from one NPF to another or from the NPF to the RPF, and the calculation of their value.
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
Legal Bases of the Participation in the MSI (resolutions of the Government of the Russian Federation)
- continued
The Government resolutions still missing should regulate:• Investments of social security savings (3 documents);• Additional requirements for administration companies (AC) and specialized
depositaries (2 documents); • Subjects dealing with the accounting systems of the NPFs and press
announcements (2 documents); • Liquidation of the NPF, actuarial assessments and codes of professional ethics
(4 documents). Three documents in the organization chart lost their relevance as a
result of the approval of Decree Nº 314 by the President of the Russian Federation on 9.03.2004
• on 6.02.2004 № 60 Approval of the standard Agreements of the MSI and statements of transfer to the NPF, or from the NPF to the RPF
• on 9.02.2004 № 67 Additional investment limits for social security resources• on 13.02.2004 № 77 Approval of standard insurance regulations for the
NPFs
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
Legal Basis of the Participation in the MSI (resolutions of the Authorized Federal Organism)(AFO)
New wording of the Federal Law «Non-State Pension Funds» contains 26 rules within the sphere of competence of the AFO. These rules require the preparation of 5 regulatory AFO documents on MSI subjects.
For 23.04.2004 • Resolution Nº 17 of the Russian Ministry of Labour, dated 16.02.04 was approved and
registered in the Russian Ministry of Justice, specifying the regulation of registration of NPFs as insurers or the MSI and the publication of information regarding that registration.
• Resolution Nº 42 of the Russian Ministry of Labour, dated 05.04.2004 was approved and registered in the Russian Ministry of Justice, approving the instructions for filling in declarations of transfers to NPF and from NPF to RPF.
• Resolution Nº 46 of the Russian Ministry of Labour, dated 15.04.2004 was approved and registered in the Russian Ministry of Justice, regarding the enactment of the regulations for registering the social security and insurance rules of the NPF.
• The form for notifying agreements entered into with the MSI needs to be approved Two pending documents of the AFO are dedicated to information about the funds in the
press and the approval of the codes of professional ethics which are awaiting the corresponding Government resolutions. Their absence does not prevent the NPFs being
registered as insurers nor MSI agreements being entered into by the funds.
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
Scheme of movement of information and monetary resources (during the formation of the capitalized part of the work pension in the NPFs)
Payment of the capitalized part of the work pension
Russian Pension Fund
Non-state Pension Fund
Administration Company
Insured person
Employer
Federal Taxation Service
Monetary flows
Information
Investment of Social Security Savings
Annual information about the state of the social security account of the capitalized part of the work pension
Основная сумма
Current payments
Half-yearly insurance payments on the
capitalized part of the work pension
Annual information of
the insurance payments that
are paid in
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
Activity of the NPFs as insurers of MSI (preliminary measures)
• Development and registration in the AFO of the rules for underwriting the Fund
• Preparation of the materials for registering as a MSI insurer– Copies of the foundation documents of the Fund and information about its
registration;– Rules for underwriting the Fund;– Information ratifying the fact that the Fund complies with the indicators
stipulated by the law.– Accounting balance and results of the actuarial assessment of the past
two years • Presentation to the AFO of a statement regarding the intention to
execute the activity of mandatory social security insurance in the role of an insurer.
• Development of technologies and computer programs to record the activity of the Fund as an insurer of the MSI, in accordance with the standards for personified records.
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
Activity of the NPFs as MSI insurers (capitalization period)
Necessary conditions
Registration as an MSI insurer
Existence of a notification form approved by the AFO
Transfer of the resources of social security savings from the RPF to the current account of the NPF
Notify AFO and RPF of the agreements signed.AFO – within two weeksRPF – within one monthSend the RPF versions or copies of the agreements, legalized before a notary
Actions depending on results
Signing of a Trust Administration agreement (TA) with the administration company (AC)
Implementation of a publicity campaign, also providing
information for the persons insured
1
Signing of mandatory social security insurance agreements
2
Opening of the social security accounts for the capitalized part
of the work pension
3
Allocation of investment income, depending on the
investment results
4
Record of social security contributions
5Transfer the resources to the AC within one month of their being recorded in the personal account.
Notify the AFO regarding the signing of a trust administration agreement (TA) within three working days. On 1st February at the latest, transfer the resources to the AC. On 1st July at the latest, notify the insured persons of the state of their social security accounts.
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
Activity of the NPF as MSI insurer (reception of the insured’s resources from the other NPF)
Necessary conditions
Receipt from the RPF of the notice of modifications in the Single Register of Insured Persons
Transfer of the main amount of the social security savings to the current account of the NPF
Actions depending on results
Signing of the mandatory social security insurance agreement
1
Opening of social security accounts for the capitalized part
of the work pension
2
Allocation of investment income, depending on the
investment results
4
Registro de cotizaciones previsionales
5
Notify AFO and RPF of agreements signed.AFO – within two weeksRPF – within one monthSend the RPF versions or copies of the agreements, legalized before a notary
Recording of social security savings reflected after the transfer of the main sum
3
Pass the resources to the AC by 1st February at the latest.
Transfer of social security resources reflected after the transfer of the main amount to the current account of the NPF
Pass the resources to the AC during the month following their registration in the account.
Transfer the resources to the AC during the month following their registration in the account
Notify insured persons of the state of their social security accounts by 1st July at the latest.
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
Activity of the NPF as MSI insurer (transfer of insured’s resources to another NPF or to the RPF)
Necessary conditions
Receipt from the RPF of notice of the modification of the Single Register of Insured Persons
Receipt of social security savings resources from the AC or RPF in the current account of the NPF
Transfer the resources before 31st December of the year in question. Deliver a summary to the insured person showing the state of his/her social security account and indicating the sum that is liable to be transferred.
Activities depending on results
Transfer to another NPF (RPF) of the main sum of social
security savings
1
Transfer to another NPF (RPF) of the social security savings
reflected in the social security account after the transfer of the
main sum (income from investments and social security
contributions)
2
Transfer the resources within one month at the latest after these are reflected in the social security account
Инспекция негосударственных пенсионных фондовпри Министерстве труда и социального развития Российской Федерации
Contacts
Address: 109074, Moscow, Plaza Slavianskaya,
ed. 4, building 1
Phones: (095) 925 8500, 298 1825
Fax: (095) 925 8500
E-mail: [email protected]
WWW: http://npfinsp.mintrud.ru
Inspectorate of Non-state Pension Funds of the Ministry of Labour and Social Development of the Russian Federation