RESOLUTION OF BOARD OF SOCIAL SECURITY FUND OF THE POPULATION OF THE MINISTRY OF LABOUR AND SOCIAL PROTECTION OF THE REPUBLIC OF BELARUS

of April 7, 2010 No. 7

About approval of the Instruction about charge on the amounts of pension savings of the income from investment of funds of professional pension insurance

Based on Regulations on Social Security Fund of the population of the Ministry of Labour and Social Protection of the Republic of Belarus approved by the Presidential decree of the Republic of Belarus of January 16, 2009 No. 40 "About Social Security Fund of the population of the Ministry of Labour and Social Protection" the board of Social Security Fund of the population of the Ministry of Labour and Social Protection of the Republic of Belarus DECIDES:

1. Approve the enclosed Instruction about charge on the amounts of pension savings of the income from investment of funds of professional pension insurance.

2. This resolution becomes effective after its official publication.

Approved by the Resolution of board of Social Security Fund of the population of the Ministry of Labour and Social Protection of the Republic of Belarus of April 7, 2010 No. 7

The instruction about charge on the amounts of pension savings of the income from investment of funds of professional pension insurance

1. The instruction about charge on the amounts of pension savings of the income from investment of funds of professional pension insurance (further - the Instruction) is developed based on article 10 of the Law of the Republic of Belarus of January 5, 2008 "About professional pension insurance" (The national register of legal acts of the Republic of Belarus, 2008, No. 16, 2/1419) and determines procedure for charge on the amounts of pension savings of the income from investment of funds of professional pension insurance (further - PPS).

2. In this Instruction terms in the values determined by the Law of the Republic of Belarus "About professional pension insurance" are used.

3. Charge on the amounts of pension savings of the income from investment of funds of PPS is made by Social Security Fund of the population of the Ministry of Labour and Social Protection (further - Fund) annually till April 1 on the terms of equal interest yield is pro rata to the weighted average pension savings considered on special part of individual personal accounts of insured persons (daleeprofessionalny part of personal accounts).

4. Basic data for charge of the income from investment of funds of PPS are:

data on income amount from investment of funds of PPS in reporting year as of January 1 of the year following after accounting year;

individual data on professional pension insurance in the PU-6 form "Individual data on professional pension insurance" on insured persons for accounting year;

data on the amounts of pension savings of the insured persons created on professional part of personal accounts from the amounts of fees on PPS and the income of last years, and also the amounts of the paid fees on PPS in reporting year;

data on the amounts of the pension savings which are not used in connection with the death of insured persons, and also the pension savings which were not demanded by insured persons in reporting year.

5. Based on data on the amounts of pension savings of insured persons, the income from investment of funds of PPS in reporting year, the pension savings which are not used in connection with the death of insured persons, the pension savings which were not demanded by insured persons, and also other receipts which are not forbidden by the legislation the coefficient of the weighted interest yield is calculated by the following formula:

where Cd - coefficient of the weighted interest yield (with rounding to the sign seventh (inclusive) after comma) for accounting year;

Sd - income amount from investment of funds of PPS as of January 1 of the year following after accounting year;

With - the amount of the pension savings which are not used in connection with the death of insured persons, and also the pension savings which were not demanded by insured persons;

Vulture - the amount of other receipts which are not forbidden by the legislation;

OSPS - the total amount of pension savings of the insured persons created on professional part of personal accounts from the amounts of fees on PPS and the income of last years, and also the amount of the paid fees on PPS in reporting year according to the PU-6 form for accounting year.

6. Forming of the amount of imputed income to insured person for accounting year is performed on the following formula:

where the UMP - the amount of imputed income to insured person for accounting year;

SPSZL (last years) - the amount of the pension savings of insured person created on professional part of personal account from the amounts of fees on PPS and the income of last years;

SUVO - the amount of the paid fees on PPS in reporting year according to the PU-6 form for accounting year.

7. Forming of the amount of pension savings of insured person (SPSZL) is performed for the beginning of the year following after accounting year on the following formula:

8. The amount of pension savings of insured person is used as basic data for charge of the income from investment of funds of PPS next year.

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