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Contributor |
A legal entity or an individual who is a party to an VPS (Voluntary Pension Scheme) contract, and who makes pension contributions to the benefit of participants they designate. |
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Redemption sum |
Money to be paid by the Fund to Contributor/Participant, or to be transferred to another fund on termination of an VPS contract. |
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Statement of an individual’s pension account |
A document to be sent by the Fund to a Contributor/Participant, and which sets out information on the status of their pension account. |
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Customer |
A person to whom mandatory pension insurance applies, and for whom pension contributions are paid for a mandatory pension scheme (MPS). |
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Investment portfolio |
Assets (cash and securities) created with funds under the fiduciary management of a asset management company. |
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Accumulation period |
A period which starts to run from the date when an VPS contract comes into force, and ceases on the day preceding the day when a pension is awarded to a Participant. |
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Private pension |
Money regularly paid to a Participant in accordance with the terms and conditions of an VPS contract. |
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Voluntary Pension Scheme |
The entirety of the legal, economic and administrative procedures and rules which secure the granting of supplementary pensions to citizens from resources of employers or citizens themselves. |
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Private pension fund (PPF) |
A special form of incorporation for a non-commercial organisation for social security with exclusive types of business, as follows: voluntary pension provision; an insurer for the mandatory pension scheme; an insurer for a professional pension scheme. |
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Mandatory Pension Scheme (MPS) |
A system of legal, economic and administrative measures established by the state to provide citizens with compensation of earnings or of other payments which they receive prior to retiring on a pension. |
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Pension scheme |
The entirety of terms and conditions which determine the procedure for payment of pension contributions and the payment of voluntary pensions. |
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Mandatory pension assets |
The sum of pension contributions made by an employer on behalf of an insured person to form the funded part of a work pension, and which are recorded on their individual pension account. |
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Voluntary pension assets |
The aggregated funds in the ownership of a Fund with which the Fund will perform its obligations to the Participants in accordance with VPS contracts. They are established from the contributions made by Contributors, income from investing pension reserves, and special-purpose revenue. |
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Pension conditions |
The basis on which a Participant becomes qualified for the award and payment of a voluntary pension (attaining the established pension retirement age, loss of ability to work, etc.). |
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Fund’s pension rules |
A document which defines the procedure and terms and conditions for the Fund to perform its obligations under VPS contracts. |
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Pension account |
A form of analytic account in the Fund which reflects the receipt of pension contributions, accrued income, accrued payments of voluntary pensions and payments of redemption sums to a Participant (a personal pension account, hereinafter – PPA) or to Participants (a joint pension account, hereinafter – JPA), and also the accrual of redemption sums for a Participant or Participants for transfer to another Fund on termination of an VPS. |
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Russian Federation Pension Fund (RFPF) |
An independent financial institution created for state management of finances for pension provision in the Russian Federation. The funds of the RFPF are not included in the budgets of other funds, and are not subject to appropriation. |
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Special custody |
A joint-stock company with limited or supplementary liability which is established in accordance with Russian Federation law and which has a licence to engage in depositary business, and a licence to engage in business as a special custody for investment Funds, unit trust Funds, and voluntary pension Funds. |
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Insurant |
An individual or legal entity which makes payments to individuals and is bound to pay insurance contributions to finance the funded part of a pension on behalf of an insured person in accordance with the Federal Law: Mandatory Pension System in the Russian Federation. |
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Reserve fund |
A reserve formed by the Fund under a procedure established by the authorised federal body and by the Regulations on the Fund’s insurance reserve to ensure the solvency and financial stability of the Fund when it performs its obligations under VPS contracts. |
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Pensionable service |
The aggregate periods of work, or of other activity, taken into account when determining qualification for a work pension, and during the course of which insurance contributions were paid to the RF Pension Fund, and also other periods to be included as pensionable service. |
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Fund’s insurance pension rules |
A document which defines the procedure and the terms and conditions for the Fund to perform its obligations under contracts for mandatory pension insurance. |
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Pension |
A monthly payment of money which is to be made to compensate citizens for salary or other income to be received by insured persons until they are awarded a pension. |
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Asset management company |
A legal entity which has a licence to engage in the management of investment funds, unit trust funds and voluntary pension funds. With regard to the MPS, the funded part of a work pension may be entrusted to both a state management company (SMC) and also to a private management company (PMC): in both cases the RFPF acts as the insurer. |
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Participant |
An individual to whom pursuant to an VPS contract between a Contributor and the Fund payment of a voluntary pension are to be made. A Participant may also act as a Contributor for its own benefit. |
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Salary (FOT) |
The sum of payments and other forms of compensation accrued by taxpayers over a given tax period for individuals. |