INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of June 29, 2023 No. 6477-U

About the normative size of insurance reserve of non-state pension fund, procedure for its forming, procedure of assignments on its forming and procedure for its use

This Instruction based on paragraph two of Item 1 of article 20 of the Federal Law of May 7, 1998 "About non-state pension funds" and the subitem 4 of Item 2 of article 296 of the Tax Code of the Russian Federation establishes No. 75-FZ:

normative size of insurance reserve of non-state pension fund;

procedure for forming of insurance reserve of non-state pension fund;

procedure of assignments on forming of insurance reserve of non-state pension fund;

procedure for use of insurance reserve of non-state pension fund.

Chapter 1. The normative size of insurance reserve of non-state pension fund, procedure for forming of insurance reserve of non-state pension fund and procedure of assignments on its forming

1.1. The insurance reserve of non-state pension fund (further respectively - insurance reserve, fund) shall be created by fund in the amount of at least normative size of the insurance reserve constituting at least 5 percent from the smallest of the following sizes:

the size of reserves of covering of pension liabilities as of the beginning of accounting year;

the size of reserves of covering of pension liabilities as of the end of accounting year.

1.2. The insurance reserve shall be created by fund in the amount of, constituting as of each working day of every quarter the normative size of insurance reserve suffices.

The normative size of insurance reserve for each working day of the current quarter constitutes the size calculated by formula:

where:

Srnorm - the normative size of insurance reserve;

BUT - the size of obligations of fund for agreements of non-state pension provision (further - pension agreements), to agreements of long-term savings, calculated according to Items 3 - 7 Provisions of the Bank of Russia of March 28, 2024 No. 836-P "About establishment of requirements to calculation by non-state pension funds of size of agreement obligations about mandatory pension insurance, to agreements of non-state pension provision and agreements of long-term savings based on the internal document, cases of implementation of the specified calculation, and also requirements to the specified internal document" <1> (further - the Provision of the Bank of Russia No. 836-P), less the amount of risk margin on all obligation types under the pension agreements, agreements of long-term savings provided by subitems 4.2 and 4.3 of item 4 of the Provision of the Bank of Russia No. 836-P determined according to subitem 5.4 of Item 5 of the Provision of the Bank of Russia No. 836-P;

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<1> It is registered by the Ministry of Justice of the Russian Federation on June 20, 2024, registration No. 78622.

PR - aggregate value of pension reserves;

Srfakt - the size of insurance reserve.

For calculation of the size constituting the normative size of insurance reserve for each working day of the current quarter NO, PR values and Srfakt as of the last calendar day of the quarter preceding the last quarter are used.

1.3. The insurance reserve is created due to assignment of the following means: 

1.3.1. The income of fund from investment of funds of pension reserves for prior calendar year on condition of observance of requirements, stipulated in Item 1 article 27 of the Federal Law of May 7, 1998 No. 75-FZ "About non-state pension funds" (further - the Federal Law "About Non-state Pension Funds"), in the amount of, not exceeding:

the amount of settlement size of the income from investment of funds of insurance reserve and settlement size of the income from investment of funds of the pension reserves reflected in solidary retirement accounts (if the size of the insurance reserve created by fund as of December 31 of prior calendar year without the income from investment of funds of pension reserves following the results of the specified year (further - the settlement actual size of insurance reserve), constitutes more quadruple size of the normative size of the insurance reserve calculated by data as of September 30 of prior calendar year (further - the settlement normative size of insurance reserve);

the settlement size of the income from investment of funds of pension reserves for prior calendar year (if the settlement actual size of insurance reserve constitutes at least the size of the settlement normative size of insurance reserve, but no more quadruple size of the settlement normative size of insurance reserve);

the amount of settlement size of the income from investment of funds of pension reserves for prior calendar year and differences between the settlement normative size of insurance reserve and the settlement actual size of insurance reserve (if the settlement actual size of insurance reserve constitutes less than the size of the settlement normative size of insurance reserve).

The settlement size of the income from investment of funds of pension reserves for prior calendar year is calculated fund by addition of settlement size of the income from investment of funds of insurance reserve, the settlement size of the income from investment of funds of the pension reserves reflected in solidary retirement accounts, and the settlement size of the income from investment of funds of the pension reserves reflected in personalized retirement accounts and accounts of long-term savings, in the amount of, exceeding the size of the work of average size of the pension reserves reflected in personalized retirement accounts and accounts of long-term savings, and surplus of consumer price index for prior calendar year.

The average size of the pension reserves reflected in personalized retirement accounts and accounts of long-term savings for calendar year is calculated fund by addition of the amount of remaining balance of means on personalized retirement accounts and accounts of long-term savings as of the end of each working day of the specified calendar year and division of the received amount into quantity of the working days in the specified calendar year.

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