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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of October 20, 2015 No. 717

About approval of the Procedure for transfer of pension savings from one accumulation pension fund in other accumulation pension fund or in the State accumulation pension fund of Social fund of the Kyrgyz Republic

(as amended on 30-10-2020)

For the purpose of realization of the right of insured citizens at choice of the accumulation pension fund, stimulation of development of the accumulation pension funds, according to 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" the Government of the Kyrgyz Republic decides:

1. Approve the Procedure for transfer of pension savings from one accumulation pension fund in other accumulation pension fund or in the State accumulation pension fund of Social fund of the Kyrgyz Republic according to appendix.

2. This resolution is subject to official publication and becomes effective since January 1, 2016.

Prime Minister

T. Sariyev

Appendix

Approved by the Order of the Government of the Kyrgyz Republic of October 20, 2015, No. 717

Procedure for transfer of pension savings from one accumulation pension fund in other accumulation pension fund or in the State accumulation pension fund of Social fund of the Kyrgyz Republic

1. General provisions

1. This Procedure is developed for the purpose of realization of the right of insured citizens at choice of the accumulation pension fund, stimulation of development of the accumulation pension funds according to 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" and determines translation rules of pension accruals from Fund sender in Fund receiver, and also the basis for transfer of pension savings.

2. In this Procedure the following concepts are used:

Fund sender - the accumulation pension fund from which pension accruals based on the statement of the investor or insured person, are transferred to other accumulation pension fund or to the State accumulation pension fund of Social fund of the Kyrgyz Republic;

Fund receiver - the accumulation pension fund to which insured person or the investor (participant) transfers pension accruals based on the signed agreement of non-state pension provision, or the State accumulation pension fund of Social fund of the Kyrgyz Republic;

transfer of pension savings - the consecutive actions of Fund sender necessary for transfer of the amount of pension accruals to the individual retirement account of the investor (receiver) or insured person in Fund receiver;

the statement for transfer of pension savings - the document of the approved form which is contributed to Fund - the sender for the translation of the amount of pension accruals.

3. Insured person, the investor (participant) has the right to transfer the pension accruals from Fund sender to Fund receiver in the presence of the agreement on mandatory pension insurance or the contract of non-state pension provision with Fund receiver.

4. The accumulation pension fund (further - NPF) according to the procedure and the terms established by the legislation of the Kyrgyz Republic and according to this Procedure shall translate pension accruals, including gained investment revenue of the investor (participant) or insured person.

5. During the forming and investment of means of pension accruals transfer of the specified means can be made not more often than once a year according to the legislation of the Kyrgyz Republic.

6. The size of means of the pension accruals which are subject to transfer is determined by the amount of the pension accruals considered on the retirement account of investment part of the state pension of the corresponding insured person or on the retirement account of non-state pension provision of the investor (participant).

2. Conditions of cancellation of the agreement on mandatory pension insurance or agreements of non-state pension provision

7. Validity of insured person or investor (participant) about provision of pensions stops:

1) in case of transfer of pension savings, created at the expense of compulsory pension contributions, in Fund receiver - in closing day of the individual retirement account of such persons;

2) in case of transfer of pension savings, created at the expense of voluntary pension contributions, in Fund receiver - after fifteen working days from the date of receipt of documents by it, the stipulated in Item 11 presents About, on condition of lack of return of the translated pension accruals and receipts of pension contributions;

3) in case of the choice of NPF or managing company of NPF according to the order of the Government of the Kyrgyz Republic "About realization of the right of insured persons at choice of the accumulation pension fund or managing company" of May 25, 2015 No. 316.

3. The bases for transfer of pension savings from Fund sender in Fund receiver

8. The fund sender transfers pension accruals on the following bases depending on what of them will come earlier:

1) termination of the contract about mandatory pension insurance or contracts of non-state pension provision between NPF and insured face or the investor (participant) in connection with the conclusion specified persons of the new agreement.

The pension accruals considered on the retirement account are transferred no later than three months from the moment of giving by insured person or investor (participant) of the statement in the established form of the transfer from Fund sender to Fund receiver.

The basis for the translation is the notification on satisfaction of the specified statement directed by the State accumulation pension fund of Social fund of the Kyrgyz Republic (further - Social fund) to insured person and in NPF;

2) cancellation of the license of NPF for implementation of activities for mandatory pension insurance. Pension accruals are transferred in time, not exceeding three months from the date of decision making about cancellation of the license.

The basis for transfer of pension accruals is the relevant decision of court about cancellation of the license;

3) adoption by court of the decision on recognition of NPF by the bankrupt or/and in case of liquidation of NPF. Pension accruals on mandatory pension insurance are contributed to Social fund according to this Procedure.

The basis for transfer of pension accruals is the relevant decision of court;

4) the death of the investor (participant), the insured person who allocated funds of pension accumulating for forming of investment part of the state pension if heirs are not determined. Pension accruals, including the income from their investment, are contributed after six months to Social fund with the relevant information.

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