of July 9, 2003 No. 1058-IV
About obligatory national pension insurance
This Law drafted according to the Constitution of Ukraine and Bases of the legislation of Ukraine on obligatory national social insurance determines the principles, bases and mechanisms of functioning of system of obligatory national pension insurance, appointment, recalculation and pension payment, rendering social services from the means of the Pension fund created at the expense of insurance premiums of employers, budget and other sources provided by this Law and also regulates procedure for forming of the Accumulation pension fund and financing at the expense of its means of expenses on payment of insurance contracts of life pensions or lump sum payments to insured persons, members of their families and to other persons provided by this Law.
Change of conditions and regulations of obligatory national pension insurance is performed only by introduction of amendments to this Law.
In this Law the stated below terms are used in the following value:
actuarial calculations - the financial analysis of short and long-term consequences of functioning of system of obligatory national pension insurance containing the forecast of financial flows, assessment of financial liabilities, the long-term forecast of condition and stability of system, the detailed analysis of short and long-term financial consequences of any changes in this system;
activities for asset management - professional activity on asset management of institution investors which procedure is determined by the legislation on securities and the stock market;
life pension (annuity) - retirement benefit at the expense of means which are considered on the accumulation retirement account of insured person, and in the cases provided by the law - on the individual retirement account of the member of non-state pension fund which amount and payment procedure are determined in the insurance contract of life pension signed with insurance company which is paid person after achievement in it of the retirement age provided by this Law, to either members of her family or heirs in the cases provided by this Law;
insured person - physical person which according to this Law is subject to obligatory national pension insurance and pays (paid) and/or for which insurance premiums for obligatory national pension insurance and are paid or paid to accumulative system of obligatory national pension insurance in the procedure established by the law;
the keeper - the bank performing the activities according to the legislation on banks and banking activity is elected by results of tender and meets the requirements of this Law concerning storage of assets and servicing of means of the Accumulation fund;
investment revenue - the surplus amount of cost of pension assets of the Accumulation pension fund for certain period received for the account of change of their market value, and profit (loss) from implementation of transactions with assets and the passive incomes added behind these pension assets;
investment profit (loss) - difference between the amount of investment revenue of the Accumulation pension fund gained for certain period and the amount of the administrative expenses of the Accumulation pension fund for this period on fee determined according to this Law;
coefficient of insurance years of service - the size determined according to this Law for shortchanging of insurance years of service in case of calculation of the size of pension in solidary system of obligatory national pension insurance;
the company on asset management - the legal entity exercising asset management based on the license for implementation of professional activity in the stock market (activities for asset management of institution investors) is also elected following the results of tender;
tender - process of determination on the competitive principles of the legal entity (group of legal entities) who offered the best services (performance of works) in accumulative system of pension insurance in the procedure determined by this Law;
minimum pension - the state social guarantee which size is determined by this Law;
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