RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of December 21, 2004 No. 595

About measures for implementation of the Law of the Republic of Uzbekistan "About accumulative provision of pensions of citizens"

In pursuance of the Law of the Republic of Uzbekistan "About accumulative provision of pensions of citizens" and for the purpose of creation of conditions for additional growth in prosperity of pensioners the Cabinet of Ministers decides:

1. Enter since January 1, 2005 funded pension system in addition to the operating system of the state provision of pensions of citizens.

2. Determine that:

in 2005 compulsory monthly fees on individual accumulation retirement accounts of citizens are made in the amount of 2 percent from accrued payroll (income) of the worker with the corresponding deduction of this amount from the income tax accrued according to the legislation;

implementation of monthly fees on individual accumulation retirement accounts of workers begins with the salary (income) added for January, 2005;

the citizens participating in funded pension system on voluntary basis, the size and terms of fees on individual accumulation retirement accounts are established independently.

3. Approve:

Regulations on procedure for conducting personal accounting of citizens by People's Bank in funded pension system according to appendix No. 1;

Regulations on procedure for opening and maintaining individual accumulation retirement accounts of citizens in People's Bank and introduction on them compulsory and voluntary contributions according to appendix No. 2;

Regulations on payment procedure of funds from individual accumulation retirement accounts of citizens according to appendix No. 3;

Regulations on the accumulative pension book according to appendix No. 4.

4. Determine that assignment to individual accumulation retirement accounts of personal number is performed on the basis of identification number (personal code) of the citizen determined according to passport system.

To law-enforcement bodies, khokimiyats of areas and cities to render necessary assistance to business entities in determination of identification numbers (personal code) of citizens for statement them on accounting in funded pension system and opening of individual accumulation retirement accounts in People's Bank.

5. To provide to Council of Ministers of the Republic of Karakalpakstan, khokimiyats of areas, areas and cities representation by the companies, organizations, organizations, farms and other business entities with formation of legal entity till January 1, 2005 in district (city) branches of People's Bank in the location of employers of data for acceptance of workers on accounting in funded pension system according to the established forms.

To assign the personal responsibility for timeliness, completeness and reliability of the provided information to heads of business entities.

6. To People's Bank till March 1, 2005 based on the data provided by business entities to perform statement of workers on accounting in funded pension system, to open for them individual accumulation retirement accounts and to issue accumulative pension books.

On People's Bank together with the State committee according to the statistics, the Ministry of Finance of the Republic of Uzbekistan till April 1, 2005 to report in the Cabinet of Ministers on completeness of statement of citizens on accounting in funded pension system by areas, the cities and areas.

7. Exempt People's Bank till January 1, 2008 from payment in the budget of all types of tax with the target direction of the released funds for compensation of operating expenses on opening and maintaining individual accumulation retirement accounts.

8. To People's Bank together with the Central bank and the State Tax Committee of the Republic of Uzbekistan:

in a month to take measures for development of the software for forming of the electronic database allowing to perform statement of citizens on accounting in funded pension system and opening of individual accumulation retirement accounts;

till December 1, 2006 to complete the formation of material basis and the software of the single electronic database, having provided possibility of data exchange at all levels of funded pension system and their reliable protection;

in a month to perform preparation and personnel training of territorial, district (city) branches of People's Bank for ensuring functioning of funded pension system.

9. To People's Bank, the Ministry of Labour and Social Protection of the population of the Republic of Uzbekistan to submit within week term within the Ministry of Finance, the Ministry of Economics and the Central bank of the Republic of Uzbekistan reasonable offers on the need for means on:

acquisition of the computer equipment, development of the electronic software providing reliability of functioning of information system of forming of the single electronic database;

production of necessary number of accumulative pension books, forms of certificates on the right to accumulative retirement benefits and forms of provision of data on personal accounting in funded pension system.

To the Ministry of Finance together with the Ministry of Economics and the Central bank of the Republic of Uzbekistan in two weeks to make offers on sources and the amounts of financing of the specified expenses in the Cabinet of Ministers.

10. To People's Bank in ten-day time in accordance with the established procedure to make changes to the organizational structure, to form in central office of People's Bank management of funded pension system with the relevant divisions in territorial, district (city) branches of People's Bank on accounting of citizens in funded pension system, to servicing of individual accumulation accounts and implementation of accumulative retirement benefits.

To People's Bank together with the Ministry of Finance of the Republic of Uzbekistan to introduce necessary offers on structure and number of management of funded pension system and the relevant territorial subdivisions till February 1, 2005.

11. To provide to the Ministry of Finance, the Central bank, the State Tax Committee, the Ministry of Labour and Social Protection of the population of the Republic of Uzbekistan and People's Bank development of guidelines manuals, instructions and instructions for employees of the companies, the organizations and organizations, to organize carrying out on places of seminars with heads and accountants of business entities concerning functioning of funded pension system.

To Council of Ministers of the Republic of Karakalpakstan, khokimiyats of areas, areas and cities to carry out necessary organizational work on places on implementation of funded pension system.

12. To the Ministry of Economics (R. S. Azimov), to the Central bank, the Ministry of Finance of the Republic of Uzbekistan, People's Bank till January 10, 2005:

hold sectional seminars on accomplishment provided by the Law of the Republic of Uzbekistan "About accumulative provision of pensions of citizens" and this resolution of measures for implementation of funded pension system;

taking into account the developing specific situation in each area to determine network and number of employees of structures which will perform these measures.

13. To broadcasting company of Uzbekistan, the Uzbek agency on seal and information, Council of Ministers of the Republic of Karakalpakstan, khokimiyats of areas, areas and cities, self-government institutions of citizens to ensure large-scale functioning among the population on explanation of operation of mechanisms and benefits of additional funded pension system by means of thematic program cycles and Articles in mass media, lectures and meetings with involvement of specialists.

14. To the Ministry of Justice of the Republic of Uzbekistan together with the interested ministries and departments to make in the Cabinet of Ministers offers on the changes and amendments in the current legislation following from this resolution in a month and to provide reduction of departmental regulatory legal acts in compliance with this resolution.

15. To impose control over the implementation of this resolution on the deputy prime minister of the Republic of Uzbekistan R. S. Azimov.

Appendix No. 1

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of December 21, 2004 No. 595

Regulations on procedure for conducting personal accounting of citizens by People's Bank in funded pension system

I. General provisions

1. This Provision establishes the normative legal basis, the principles and mechanisms of the organization of personal accounting of citizens in funded pension system according to the Law of the Republic of Uzbekistan "About accumulative provision of pensions of citizens".

2. In this Provision the following basic concepts are used:

personal accounting of citizens (further - personal accounting) - the organization and accounting of information about each participant of funded pension system;

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

the individual accumulation retirement account (further - INPS) - 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 from which accumulative retirement benefits are performed arrive and are considered;

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