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The document is not valid from  December 31, 2015 according to Item 2 of this Resolution

ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of June 30, 2014 No. 361

About approval of Provisional regulations for procedure of payments of results of investment of means of pension accruals

For the purpose of determination of single technique of calculations of results of investment of means of pension accruals, being guided by articles 10 and 17 of the constitutional Law of the Kyrgyz Republic "About the Government of the Kyrgyz Republic", the Government of the Kyrgyz Republic decides:

1. Approve the enclosed Provisional regulations for procedure of payments of results of investment of means of pension accruals.

2. This resolution becomes effective since January 1, 2013 and is effective till December 31, 2015.

3. Publish this resolution in official mass media.

Prime Minister

J. Otorbayev

 

Approved by the Order of the Government of the Kyrgyz Republic of June 30, 2014 No. 361

Provisional regulations for procedure of payments of results of investment of means of pension accruals

1. These Provisional regulations establish the rules of calculation of results of investment of means of pension accruals existing for implementation of the Kyrgyz Republic by Social fund (further - Sotsfond) trust management of means of pension accruals.

2. Results of investment of means of pension accruals are calculated for their reflection in accumulated portion of personal insurance accounts of insured citizens upon completion of accounting year once a year. Settlement period for the purpose of these Provisional regulations is accounting year from January 1 to December 31 inclusive.

3. For each investment portfolio of Social fund of the Kyrgyz Republic are calculated:

- the relative size of income gained for settlement period as a result of investment of means of pension accruals taking into account the incurred expenses connected with administration and investment of means of pension accruals - coefficient of surplus of investment portfolio;

- the relative size of the expenses incurred for settlement period as a result of investment of means of the pension accruals and which built investment portfolio - expense ratio of investment portfolio.

4. The coefficient of surplus of investment portfolio (k_prirosta) is calculated for investment portfolio of Sotsfond to within the twelfth sign after comma on formula:

                                            K_prirosta = Sk/(So+Sn-Sm), where

Sk - net assets value, constituting investment portfolio of Sotsfond as of the last working day of accounting year;

So - net assets value, constituting investment portfolio as of the last working day of year, previous to settlement period;

Sn - the amount of means of the pension accruals which arrived into the account of the State accumulation pension fund (further - GNPF), during the settlement period;

Sm - the amounts of funds of the pension accruals allocated for payment from the account of GNPF during the settlement period.

In calculation of net assets value, constituting investment portfolio as of the last working day of accounting year (the last working day of year, previous to settlement period), the amounts of limiting excess of the size of necessary expenses calculated following the results of settlement period are considered (years, previous to settlement period).

5. The expense ratio of investment portfolio (k_ of expenses) is calculated for each investment portfolio to within the twelfth sign after comma on formula:

                                             K_raskhodov = R/(So+Sn-Sm), where

R - the amount of the expenses incurred for settlement period on administration and investment of means of the pension accruals constituting investment portfolio, but no more amount, calculated proceeding from the extreme size of necessary expenses established by the legislation of the Kyrgyz Republic.

So, Sn, Sm - the sizes specified in item 4 of these Provisional regulations.

6. Calculation of coefficient of surplus of investment portfolio and expense ratio of investment portfolio is made on basis:

- calculations of cost of pension assets in which means of pension accruals are invested;

- income statements from investment of means of pension accruals.

7. The coefficient of surplus and expense ratio calculated according to these Provisional regulations for investment portfolio which part funds of pension accruals of insured person for the end of settlement period were are reflected in accumulated portion of the personal insurance account according to the procedure, established by the legislation of the Kyrgyz Republic.

8. The coefficient of surplus of investment portfolio calculated according to these Provisional regulations and reflected in accumulated portion of the personal insurance account is used for calculation of the amount of means of pension accruals of insured person taking into account results of their investment (S3/l) on formula:

Формула к Пост Прав от 30.06.2014 №361

where

i - settlement period (i=j - the current year);

Si - the amount of the means of the pension accruals reflected in accumulated portion of the personal insurance account and transferred for placement in year of i;

Sj - the amount of the means of the pension accruals reflected in accumulated portion of the personal insurance account and transferred (which are subject to transfer) in the current year;

ki - coefficient of surplus of investment portfolio which part means of pension accruals of insured person as of the end of i-go of settlement period calculated according to these Provisional regulations for i-y settlement period and reflected in accumulated portion of the personal insurance account were.

 

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