On Tuesday, during a plenary session, the State Duma (Lower House of the Russian Parliament) has passed the law "On non-governmental pension funds" in the third and final reading.
The draft bill regulates legal, economic and social relations that arise when a non-governmental pension fund is set up, monitors its activities on non-governmental pension provision, compulsory insurance and professional retirement insurance.
The bill was initiated in the Duma by Chairman of the Sate Duma Committee on Labour and Social Policy Andrei Selivanov. According to him, the law creates legal ground for the insured to choose between a non-governmental pension fund or the Sate Pension Fund.
At the same time, the insured can switch from one non-governmental fund to another, but no oftener than once a year.
The law also sets up a minimum money value of property to ensure the fund's regulated activity.
According to Selivanov, the law will speed up the process of establishing a non-governmental pension funds market infrastructure.
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