RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of September 13, 2024 No. 559

About approval of Rules of management of means of the pension accruals created for benefit of the insured persons which did not use

For the purpose of creation of necessary conditions for management of means of pension accruals, according to article 5 of the Law of the Kyrgyz Republic "About investment of means for financing of investment part of the state pension on the national social insurance in the Kyrgyz Republic", articles 13, of the 17th constitutional Law of the Kyrgyz Republic "About the Cabinet of Ministers of the Kyrgyz Republic" the Cabinet of Ministers of the Kyrgyz Republic decides:

1. Approve Rules of management of means of the pension accruals created for benefit of the insured persons which did not use option of managing company, Social fund of the Kyrgyz Republic under the Cabinet of Ministers of the Kyrgyz Republic according to appendix.

2. Recognize invalid:

1) the order of the Government of the Kyrgyz Republic "About approval of Rules of management of means of the pension accruals created for benefit of the insured persons which did not use option of managing company, Social fund of the Kyrgyz Republic" of February 28, 2017 No. 129;

2) the order of the Government of the Kyrgyz Republic "About modification of the order of the Government of the Kyrgyz Republic "About approval of Rules of management of means of the pension accruals created for benefit of the insured persons which did not use option of managing company, Social fund of the Kyrgyz Republic" of February 28, 2017 No. 129" of January 15, 2018 No. 23;

3) the order of the Government of the Kyrgyz Republic "About modification of the order of the Government of the Kyrgyz Republic "About approval of Rules of management of means of the pension accruals created for benefit of the insured persons which did not use option of managing company, Social fund of the Kyrgyz Republic" of February 28, 2017 No. 129" of September 27, 2018 No. 448;

4) the resolution of the Cabinet of Ministers of the Kyrgyz Republic "About modification of the order of the Government of the Kyrgyz Republic "About approval of Rules of management of means of the pension accruals created for benefit of the insured persons which did not use option of managing company, Social fund of the Kyrgyz Republic" of February 28, 2017 No. 129 of February 11, 2022 No. 73;

5) the resolution of the Cabinet of Ministers of the Kyrgyz Republic "About modification of the order of the Government of the Kyrgyz Republic "About approval of Rules of management of means of the pension accruals created for benefit of the insured persons which did not use option of managing company, Social fund of the Kyrgyz Republic" of February 28, 2017 No. 129" of September 8, 2022 No. 487.

3. To social fund of the Kyrgyz Republic under the Cabinet of Ministers of the Kyrgyz Republic to organize opening of settlement accounts in foreign currencies for implementation of transactions on purchase and sale of foreign currencies.

4. This resolution becomes effective after fifteen days from the date of official publication.

Appendix

to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of September 13, 2024 No. 559

Rules of management of means of the pension accruals created for benefit of the insured persons which did not use option of managing company, Social fund of the Kyrgyz Republic under the Cabinet of Ministers of the Kyrgyz Republic

Chapter 1. Basic provisions

1. These rules determine procedure and the basic principles of management of means of the pension accruals created for benefit of the insured persons which did not use option of managing company, Social fund of the Kyrgyz Republic under the Cabinet of Ministers of the Kyrgyz Republic (further - Rules).

2. The social fund of the Kyrgyz Republic under the Cabinet of Ministers of the Kyrgyz Republic (further - Social fund) manages means of pension accruals only for the benefit of insured persons, according to these rules and the legislation of the Kyrgyz Republic, proceeding from need of ensuring the principles of diversification, reliability, liquidity, profitability and recoverability.

3. The social fund bears responsibility for accomplishment of functions under management of means of pension accruals according to these rules.

Chapter 2. Requirements to structure of investment portfolio

4. Means of pension accruals can be placed in:

1) government securities of the Kyrgyz Republic in the amount of no more than 85 percent of cost of pension accruals;

2) bonds with providing (mortgage), issued by issuers of the Kyrgyz Republic according to the legislation of the Kyrgyz Republic, in the amount of no more than 10 percent of cost of pension accruals. At the same time means of pension accruals are allowed to be placed in the bond of one issuer in the amount of no more than 5 percent of the pension accruals provided by this subitem;

3) term deposits in credit institutions in the amount of no more than 25 percent of cost of pension accruals. At the same time means of pension accruals can be placed in deposits of one credit institution in the amount of no more than 15 percent of the pension accruals provided by this subitem;

4) term deposits in credit institutions in foreign currency in the amount of no more than 5 percent of cost of pension accruals. At the same time means of pension accruals can be placed in deposits of one credit institution in foreign currency in the amount of no more than 15 percent of pension accruals and in one foreign currency in the amount of no more than 50 percent of cost of the pension accruals provided by this subitem;

5) bonds of local government bodies of the Kyrgyz Republic in the amount of no more than 10 percent of cost of pension accruals;

6) the mortgage securities issued by authorized body in the sphere of mortgage housing lending in the amount of no more than 1 percent of cost of pension accruals;

7) securities of National Bank of the Kyrgyz Republic no more than 1 percent of cost of pension accruals. At the same time investment of funds of pension accruals in securities of National Bank of the Kyrgyz Republic are performed according to regulatory legal acts of National Bank of the Kyrgyz Republic;

8) precious metals (gold, silver, platinum) in the amount of no more than 10 percent of cost of pension accruals. At the same time means of pension accruals can be placed in one metal in the amount of no more than 80 percent of the pension accruals provided by this subitem.

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