of December 28, 2005 No. 149
About non-state pension funds
This Law governs the legal and economic relations concerning creation, functioning, reorganization and liquidation of non-state pension funds in the Republic of Tajikistan and provides realization of the rights of citizens to voluntary additional pension provision.
Operation of this Law does not extend to the relations arising when implementing the state provision of pensions. This Law cannot be used for restriction of the rights of citizens of the Republic of Tajikistan for voluntary pension and social insurance.
Non-state pension fund (further - Fund) - special form of business of specialized non-profit organization on provision of pensions of citizens on voluntary basis.
The fund functions irrespective of system of the state provision of pensions and in addition to it.
The exclusive type of activity of Fund consists of voluntary non-state pension provision of physical persons on the basis of pension agreements.
Activities of Fund consist in accumulation of pension contributions, accumulating of pension assets and accounting of pension liabilities, placement of pension assets for the purpose of income acquisition from investments, appointments and payment of non-state pensions to receivers to voluntary basis.
The legal entities who are not meeting requirements imposed by this Law to the funds having no right to use in the name words "non-state pension fund" in any combinations.
The legislation of the Republic of Tajikistan on non-state pension funds is based on the Constitution of the Republic of Tajikistan and consists of this Law, other regulatory legal acts, and also the international legal acts recognized by the Republic of Tajikistan.
In this Law the following basic concepts are used:
the investor - the physical person or legal entity performing pension deposits to advantage of the receiver based on the pension agreement;
the redemption amount - the money paid by Fund to the investor - to the receiver or contributed to other fund for specifying of the investor in case of termination of the pension agreement;
diversification - the mandatory requirements on protection of assets of Fund consisting in restriction of their placement for the purpose of protection against unreasonable and excessive risks;
officials of Fund are persons who determine policy of Fund or have powers to participate or really participate in the main transactions of Fund creating policy of Fund irrespective of whether these persons on a grant basis work or earn reward;
investment revenue - income gained as a result of investment of pension assets;
pension assets - form of cash assets (money) of Fund which is created at the expense of pension deposits and the part of the income from their placement considered on retirement accounts;
pension contribution - the money deposited by the investor in accordance with the terms of the pension agreement for benefit of the receiver;
the pension agreement - the agreement between Fund and the investor for benefit of the receiver according to whom the investor shall make pension contribution and Fund shall pay to the receiver non-state pension according to the chosen pension scheme;
pension accruals - the total amount of pension deposits and the income collected for benefit of the receiver on its retirement account, determining the size of monetary commitments of Fund before the receiver;
rules of Fund - the document determining relations, the rights, obligations and responsibility of Fund, the investor and receiver of pensions;
the retirement account - method of analytics of movement of pension deposits and pension payments;
pension scheme - set of the conditions determining procedure for forming of pension accruals and pension payments;
non-state pension - the money payment appointed and paid to the receiver in accordance with the terms of the pension agreement;
the receiver - the physical person who is the citizen of the Republic of Tajikistan, the foreign citizen or the stateless person to which owing to the signed pension agreement shall be made or payments of non-state pensions are made;
managing company (further - the managing director) - the legal entity who has the license and exercises control of pension assets of Fund based on the agreement signed with Fund.
The fund is established by physical persons or legal entities in the presence of cumulative contribution of founders (the founder's contribution) according to the procedure, established by this Law and other regulatory legal acts of the Republic of Tajikistan.
The fund is legal entity, acts on the basis of the this Law, other regulatory legal acts of the Republic of Tajikistan, the fund charter and has the right to open the branches in the territory of the Republic of Tajikistan.
The money deposited by founders as cumulative contribution and intended for ensuring authorized activities of Fund is property of Fund.
The fund answers for the obligations all money and property belonging to it and bears responsibility according to the legislation of the Republic of Tajikistan. The fund does not answer for obligations the state, founders, investors and receivers.
Founders, investors and receivers, and also the state do not bear responsibility according to obligations of Fund.
For the purpose of ensuring protection of the rights of investors and receivers founders of Fund create cumulative contribution of founders (the founder's contribution) which shall be at least fifty-thousandfold size of minimum wage.
In case of receipt of license for activities on non-state pension provision the cumulative contribution of founders (the founder's contribution) shall be completely brought.
State registration of Fund is performed according to the procedure, established by the Law of the Republic of Tajikistan "About state registration of legal entities and individual entrepreneurs".
The fund acquires the right to implementation of authorized activities from the date of receipt of the license. The license is granted according to the Law of the Republic of Tajikistan "About licensing of separate types of activity".
Constituent documents of Fund are:
- the charter approved by the founder (founders) of Fund;
- the foundation agreement signed by founders of Fund and determining procedure for creation of Fund (in case number of founders more than one).
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