Pension Savings

2. For the purposes of this Federal Law, pension savings are understood to mean:

1) pension savings funds formed in favor of insured persons for whom the Russian Pension Fund or a non-state pension fund has established the accumulative part of the old-age labor pension and (or) an immediate pension payment, a lump-sum payment of pension savings, held by the Russian Pension Fund or a non-state pension fund and not transferred to management companies for trust management;

2) pension savings funds formed in favor of insured persons who have applied to the Russian Pension Fund or a non-state pension fund for the appointment of the accumulative part of the old-age labor pension and (or) an immediate pension payment, held under trust management by management companies;

3) pension savings accumulated on behalf of insured persons, for whom the Russian Pension Fund has established a contributory part of the old-age labor pension and (or) an immediate pension payment, which have been received by the Russian Pension Fund from management companies for transfer to the state management company through the payout reserve and have not yet been transferred to it;

4) pension savings accumulated on behalf of insured persons for whom a non-state pension fund has established the accumulative part of old-age labor pension and (or) an immediate pension payment, transferred to the non-state pension fund by management companies for transfer to the managing company with which the non-state pension fund has concluded a trust management agreement for funds of the payout reserve and a trust management agreement for insured persons' pension savings established in separate investment portfolios, and not yet transferred to it;

5) funds of the payout reserve, as well as pension savings accumulated in favor of insured persons who have been granted a fixed-term pension payment, held under the trust management of a managing company with which a non-state pension fund has concluded a trust management agreement for the funds of the payout reserve and a trust management agreement for the pension savings of insured persons who have been granted a fixed-term pension payment, respectively in the investment portfolio of the payout reserve funds and in the investment portfolio of the pension savings of insured persons who have been granted a fixed-term pension payment, or in the state managing company of the payout reserve funds with which the Russian Pension Fund has concluded a trust management agreement for the funds of the payout reserve and a trust management agreement for the pension savings of insured persons who have been granted a fixed-term pension payment respectively in the investment portfolio of the funds from the payment reserve and in the investment portfolio of insured persons' pension savings, for whom a deferred pension payment has been established;

(as amended by Federal Law No. 242-FZ dated December 3, 2012)

6) funds received by the Russian Pension Fund from the state managing company of the payment reserve for the distribution of the accumulative part of the old-age labor pension and (or) urgent pension payments, but not yet paid to insured persons;

7) funds received by a non-state pension fund from a managing company with which contracts for the management of the payment reserve funds and contracts for the management of pension savings of insured persons who have been granted an urgent pension payment have been concluded, but not yet paid to insured persons

Source: Federal Law No. 360-FZ dated November 30, 2011 (as amended on December 3, 2012) "On the Order of Financing Payments from Pension Savings"

1) pension savings - a set of funds including:

the amounts of insurance contributions for financing the accumulative part of the labor pension, as well as the amounts of additional insurance contributions to the accumulative part of the labor pension, and the amounts of employer contributions made in favor of the insured person, paid in accordance with the Federal Law of April 30, 2008 No. 56-FZ "On Additional Insurance Contributions to the Accumulative Part of the Labor Pension and State Support for the Formation of Pension Savings" (hereinafter referred to as the Federal Law "On Additional Insurance Contributions to the Accumulative Part of the Labor Pension and State Support for the Formation of Pension Savings"), which have been received by the Russian Pension Fund and have not yet been transferred to management companies in trust, including the net financial result obtained from the temporary placement of the aforementioned insurance contributions and employer contributions by the Russian Pension Fund, and the calculation procedure of which for the purposes of this Federal Law is established by the authorized federal executive body;

the amounts of contributions to the co-financing of pension savings that have been received by the Pension Fund of the Russian Federation in accordance with the Federal Law "On Additional Insurance Contributions to the Accumulated Part of the Labor Pension and State Support for the Formation of Pension Savings";

funds (a part of the funds) of the maternity (family) capital directed towards forming the accumulated part of the labor pension in accordance with the Federal Law of December 29, 2006 No. 256-FZ "On Additional Measures of State Support for Families Having Children" (hereinafter - the Federal Law "On Additional Measures of State Support for Families Having Children") and not yet transferred to the management by investment companies, as well as non-state pension funds;

funds transferred to the management by investment companies by the Pension Fund of the Russian Federation in accordance with this Federal Law;

funds received by the Russian Pension Fund from management companies for payment to insured persons and their heirs and not yet directed towards pension payments;

funds (a part of funds) of the maternity (family) capital, directed towards forming the accumulative portion of the old-age pension, received by the Russian Pension Fund from management companies and non-state pension funds in cases when an insured person refuses to direct them for forming the accumulative portion of the old-age pension and chooses another use option in accordance with the Federal Law "On Additional Measures of State Support for Families Having Children" and not yet directed towards these purposes;

funds received by the Russian Pension Fund from management companies for transfer to non-state pension funds according to statements of insured persons and not yet transferred to non-state pension funds;

funds, including (a part of) the maternal (family) capital funds directed towards forming the accumulative part of the labor pension, received by the Pension Fund of the Russian Federation from non-state pension funds in accordance with Russian legislation and not yet transferred to the management companies for discretionary management;

funds of the payment reserve transferred by the Pension Fund of the Russian Federation to the discretionary management of the state managing company of the payment reserve funds under a trust management agreement of the payment reserve funds, the specifics of formation and investment of which are established by the Federal Law of November 30, 2011 No. 360-FZ "On the procedure for financing payments from pension savings" (hereinafter - the Federal Law "On the procedure for financing payments from pension savings");

(paragraph introduced by Federal Law of December 3, 2012 No. 242-FZ)

funds of pension savings of insured persons, for whom a deferred pension payment has been established, transferred by the Russian Pension Fund to the discretionary management of the state managing company of the payment reserve under the discretionary management agreement of pension savings funds of insured persons for whom a deferred pension payment has been established, the specifics of formation and investment of which are determined by the Federal Law "On the order of financing payments from pension savings funds";

Source: Federal Law No. 111-FZ dated July 24, 2002 (as amended on December 3, 2012) "On the investment of funds for financing the accumulative part of the labor pension in the Russian Federation"

accumulated pension funds - the total amount of funds recorded in the special part of the individual account or on the accumulative part of the labor pension account, formed at the expense of insurance contributions for financing the accumulative part of the old-age labor pension, additional insurance contributions to the accumulative part of the labor pension, employer contributions paid in favor of the insured person, contributions for co-financing the formation of pension savings, income from their investment, funds (part of the funds) of the maternity (family) capital directed towards forming the accumulative part of the labor pension, and income from their investment;

Source: Federal Law No. 173-FZ dated December 17, 2001 (as amended on December 3, 2011, with amendments effective from November 19, 2012) "On Labor Pensions in the Russian Federation" (with amendments and additions coming into force on July 1, 2012)