LAW OF TURKMENISTAN

of March 31, 2012 No. 287-IV

About the national pension insurance

This Law determines legal, economic and organizational basis of creation and functioning of system of the national pension insurance in Turkmenistan.

Chapter I. General provisions

Article 1. Basic concepts

1. In this Law the following basic concepts are used:

1) the national pension insurance – system of the legal, economic and organizational measures directed to social protection of citizens on reaching them retirement age in case of approach of disability, loss of the supporter;

2) self-employed persons persons, independently, with one or several business partners engaged in activities, revenue-producing, without hiring of workers on permanent basis. In this case all business partners are self-employed persons. Business partners can be and not be members of one family or one household;

3) the pension fees fees paid on mandatory pension insurance, compulsory professional pension insurance and voluntary pension insurance;

4) the budget of the Pension fund of Turkmenistan form of education and expenditure of the money intended for financial provision of tasks and functions of the Pension fund of Turkmenistan.

2. In this Law other concepts are used in the values determined by civil and other legislation of Turkmenistan, and also the relevant articles of this Law.

Article 2. Legislation of Turkmenistan on the national pension insurance

1. The legislation of Turkmenistan on the national pension insurance is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan regulating questions of the national pension insurance.

2. If the international treaty of Turkmenistan establishes other rules than provided by this Law, then rules of the international treaty are applied.

Chapter II. Participants of legal relationship on the national pension insurance

Article 3. Types of the national pension insurance

The national pension insurance includes mandatory pension insurance, compulsory professional pension insurance, and also voluntary pension insurance on the basis of the contract of voluntary pension insurance signed between physical person and the Pension fund of Turkmenistan:

1) obligatory pension insurance system of the legal, economic and organizational measures of the state aimed at provision of pensions of insured persons in case of loss occurrence at the expense of the pension contributions on mandatory pension insurance paid by insurers to the Pension fund of Turkmenistan according to this Law;

2) obligatory professional pension insurance system of the legal, economic and organizational measures of the state aimed at provision of pensions of insured persons in case of approach of insurance case achievement of retirement age for long service or work with special (harmful, especially heavy) working conditions, at the expense of the pension contributions on mandatory pension insurance and compulsory professional pension insurance paid by insurers to the budget of the Pension fund of Turkmenistan according to this Law;

3) voluntary pension insurance system of the legal, economic and organizational measures of the state aimed at additional pension provision of insured persons at the expense of the pension contributions paid by them under the agreement of voluntary pension insurance.

Article 4. Subjects of the national pension insurance

Subjects of the national pension insurance are authorized state bodies on the national pension insurance, the insurer, the insurer and insured person.

Article 5. Insurer

The insurer in system of the national pension insurance is the Pension fund of Turkmenistan and its local authorities fulfilling obligations to insured persons stipulated by the legislation Turkmenistan about the national pension insurance.

Article 6. Insurer

1. Insurers on mandatory pension insurance are:

1) the legal entities created in Turkmenistan according to the legislation of Turkmenistan including the state body authorized by the Cabinet of Ministers of Turkmenistan, and also representation and the branches of legal entities of foreign states registered in Turkmenistan;

2) diplomatic representations, consular establishments of foreign states, representative offices of the international organizations located in Turkmenistan if the citizens of Turkmenistan who are constantly living in Turkmenistan foreign citizens and stateless persons work for them;

3) the physical persons who are engaged in business activity without formation of legal entity - the individual entrepreneurs, physical persons performing activities for rendering professional services.

Professional services include the independent types of professional services established by the tax legislation of Turkmenistan;

4) the physical persons employers using wage labor or work of house workers, and also the persons making agricultural products on the basis of the intraeconomic lease agreement with daykhansky associations (further - lessees), including using wage labor in case of production of agricultural products;

5) the self-employed persons having the income, including the physical persons gaining income from the sources which are outside Turkmenistan and from nonresidents of Turkmenistan.

2. The below-specified insurers on mandatory pension insurance at the same time are insurers on compulsory professional pension insurance:

1) bodies of Armed Forces of Turkmenistan, other troops, military bodies and law-enforcement bodies;

2) the legal entities having divisions of the state and (or) civil aviation in the maintaining;

3) the legal entities having workplaces with special (harmful, especially heavy) working conditions.

3. The pension fund of Turkmenistan is insurer for persons specified in Items 7-10 of part two of article 7 of this Law during the separate periods.

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