Document from CIS Legislation database © 2003-2018 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF UZBEKISTAN

of December 2, 2004 No. 702-II

About accumulative provision of pensions of citizens

(The last edition from 20-08-2015)

I. General provisions

Article 1. Purpose of this Law

The purpose of this Law is regulation of the relations in the field of accumulative provision of pensions of citizens.

Article 2. Legislation on accumulative provision of pensions of citizens

The legislation on accumulative provision of pensions of citizens consists of this Law and other acts of the legislation.

If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about accumulative provision of pensions of citizens then are applied rules of the international treaty.

Article 3. Basic concepts

In this Law the following basic concepts are applied:

voluntary accumulative pension contributions - the money deposited on the individual accumulation retirement account on voluntary basis;

compulsory accumulative pension contributions - the money deposited on the individual accumulation retirement account without fail;

the investor of accumulative pension contributions (investor) the legal entity - the employer (further - the employer) or the physical person performing fees for benefit of the receiver of accumulative retirement benefits;

accumulative provision of pensions - providing citizens with additional money to national pension from means of individual accumulation retirement accounts;

the individual accumulation retirement account - the personalized account of the citizen in People's Bank on which the accumulative pension contributions of investors and percent added at the expense of the individual accumulation retirement account arrive and are considered.

Article 4. Right to accumulative provision of pensions

Citizens of the Republic of Uzbekistan, and also the foreign citizens and persons without citizenship who are constantly living in the territory of the Republic of Uzbekistan have the right to accumulative provision of pensions.

Article 5. The state guarantees on accumulative provision of pensions

The state guarantees to the citizens participating in funded pension system, safety and payment of the means which are saved up on individual accumulation retirement accounts.

II. Organization of funded pension system

Article 6. Participation in funded pension system

For employers, and also citizens performing labor activity according to the employment contract, participation in funded pension system is obligatory if other is not stipulated by the legislation.

Individual entrepreneurs, members of Dehkan farms without formation of legal entity, and also other citizens participate in funded pension system on voluntary basis.

Article 7. Registration of citizens in funded pension system

Registration of the citizens participating in funded pension system without fail is performed according to the request of the employer in branch of People's Bank in the place of their main work.

Registration of the citizens participating in funded pension system on voluntary basis is performed based on their statement in branch of People's Bank at the place of residence.

Legal entities and physical persons have the right to submit the electronic application for registration of citizens in funded pension system, and also opening of individual accumulation retirement accounts on the Single portal of interactive state services of the Republic of Uzbekistan.

Registration in funded pension system includes:

opening of individual accumulation retirement accounts;

issue of the accumulative pension book.

People's Bank keeps personal account of citizens in funded pension system according to the procedure, established by the Cabinet of Ministers of the Republic of Uzbekistan.

Data on personal accounting of citizens in funded pension system and according to individual accumulation retirement accounts are created and remain in the single electronic database of People's Bank.

Article 8. Opening of individual accumulation retirement accounts

For citizens in case of registration in funded pension system by People's Bank opens individual accumulation retirement accounts with the permanent personal number established for life. Assignment of number to individual accumulation retirement accounts is performed based on passport data of citizens.

In case of change by the citizen of the residence, place of employment or change of passport data number of the individual accumulation retirement account remains invariable and opening of the new individual accumulation retirement account is not required.

Article 9. Accumulative pension book

The accumulative pension book certifying the citizen's right to receipt of accumulative retirement benefits is issued by People's Bank to the citizen after opening of the individual accumulation retirement account.

In the accumulative pension book date of registration, personal data of the citizen, including number of the individual accumulation retirement account, and also other necessary data are specified. The procedure for issue and form of the accumulative pension book are established by the Cabinet of Ministers of the Republic of Uzbekistan.

When losing (loss) of the accumulative pension book its duplicate with the same number of the individual accumulation retirement account is issued.

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