RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of October 29, 2024 No. 652

About approval of the Regulations on the corporate accumulation pension funds in the Kyrgyz Republic

For the purpose of development of the corporate accumulation pension funds in the Kyrgyz Republic, according to part 5 of article 2-1 of the Law of the Kyrgyz Republic "About the accumulation pension funds 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 Regulations on the corporate accumulation pension funds in the Kyrgyz Republic according to appendix.

2. This resolution is subject to official publication and 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 October 29, 2024 No. 652

Regulations on the corporate accumulation pension funds in the Kyrgyz Republic

1. General provisions

1. This Provision determines the legal basis of creation, the organization, functioning, management when implementing activities of the corporate accumulation pension funds in the Kyrgyz Republic.

2. The corporate accumulation pension fund (further - fund) is created on voluntary basis for provision of additional non-state pension provision to members of labor collective according to the agreements of corporate provision of pensions signed between the employer and the fund or managing company exercising trust management.

3. The fund is created by one or several legal entities of one industry for the participating workers. On industry sign funds are created by the organizations, associations or organizations representing certain industry and are intended for provision of provision of pensions of workers in this industry.

4. Activities of fund are regulated according to the legislation of the Kyrgyz Republic on joint-stock companies, the legislation in the sphere of the accumulation pension funds, this Provision, and also the charter and rules of fund.

5. For the purposes of this provision the following main terms and their determinations are used:

the agreement of corporate provision of pensions - the agreement between fund or managing company, on the one hand, and the investor - with another (further - the investor), put in advantage of the investor according to whom the investor shall pay corporate pension contributions to fund or managing company where the last in turn shall pay to the participant corporate pension;

the corporate pension plan - the system of non-state pension provision developed by the organization, fixing conditions of acquisition by the worker of the right to corporate pension, financing terms of the pension plan, procedure for determination of the size of pensions, and also other questions connected with non-state corporate provision of pensions of workers;

the legal successor - the physical person (persons) specified by the participant to which in case of the death of the participant the redemption amount according to the procedure is paid, established in accordance with the terms of the pension agreement;

the worker - the physical person consisting in employment relationships with the employer;

the employer - legal person / organization, including joint-stock companies, created according to the civil legislation of the Kyrgyz Republic and entered employment relationships with the worker;

managing company - the independent professional participant of the security market selected by fund on competitive basis performing on its own behalf in interests and for customer account trust management of investment assets, including pension;

the charter and pension rules - the constituent documents of fund determining procedure for its activities and condition of execution by fund of agreement obligations of collateral non-state corporate provision of pensions.

Other concepts and terms used in this Provision are applied in the values determined in article 3 of the Law of the Kyrgyz Republic "About the accumulation pension funds in the Kyrgyz Republic".

2. Basic provisions of the organization and functioning of fund

6. The main objectives of fund are:

1) the organization and provision of participation of workers in corporate provision of pensions, increase in social security of the worker in case of retirement;

2) obligation fulfillment before participants according to agreements on corporate provision of pensions, provision of corporate pension;

3) increase in appeal of work and motivation of employees for achievement of the best results, attraction and deduction of highly qualified personnel;

4) assistance in ensuring financial stability of the organization, increase in overall performance due to forming of strong professional team.

7. The corporate pension plan of the employer establishes employee categories on which corporate provision of pensions, the used pension schemes / plans, sources of financing of the pension plan, the size and frequency of payment of pension contributions by the employer for benefit of workers depending on the pension plan of fund or managing company performing corporate provision of pensions, other conditions of corporate provision of pensions extending to them extends.

8. The corporate pension plan of the employer cannot contradict the rules of voluntary accumulative pension insurance and pension schemes of fund or managing company exercising corporate provision of pensions and trust management of means of pension accruals.

9. The fund shall perform accounting of the obligations to investors, participants and insured persons and to keep separate account of means of pension accruals on corporate provision of pensions and on mandatory pension insurance.

10. The rights and obligations of investors, participants and insured persons are determined by this Provision, the legislation of the Kyrgyz Republic in the sphere of the accumulation pension funds, rules of fund and the agreement on corporate provision of pensions.

11. The fund performs the rights concerning investment of pension accruals according to the legislation in the sphere of the accumulation pension funds, does not violate legitimate rights and the interests of investors, participants and insured persons.

12. The fund has the right to sign the trust management agreement with managing company according to the civil legislation of the Kyrgyz Republic. The managing company performs the activities according to this Provision and the legislation of the Kyrgyz Republic in the sphere of the accumulation pension funds.

13. The procedure and terms of submission of the activities report of fund are established by the legislation of the Kyrgyz Republic in the sphere of the non-bank financial market and financial accounting.

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