Proposal to establish a supplementary pension insurance fund

(Chinhphu.vn) - In the draft Decree on supplementary pension insurance, the Ministry of Finance proposed establishing a supplementary pension insurance fund.

Ministry of Finance proposes to establish additional pension insurance fund

The draft clearly states that the supplementary pension insurance fund is a financial fund to implement the supplementary pension insurance program; it is accounted for, accounted for, prepared for financial reporting, and audited in accordance with the provisions of the law on accounting and auditing (hereinafter referred to as the pension fund). The supplementary pension insurance fund is monitored, managed, and accounted for independently by the pension fund management enterprise, separate from the assets of the pension fund management enterprise.

The supplementary pension insurance fund is formed from contributions from employers, employees participating in supplementary pension insurance and profits from the fund's investment activities.

The supplementary pension insurance fund is used to pay supplementary pension insurance benefits to employees and to pay supplementary pension insurance management costs as prescribed.

Supplementary pension insurance fund charter

According to the draft, pension fund management enterprises must issue a Charter to establish a pension fund including the following basic contents:

- Name of pension fund;

- Pension fund management enterprise;

- Depository organization;

- Supervisory bank;

- Other related service providers (if any);

- Investment objectives and policies of the pension fund according to regulations and procedures for changing investment policies (if any);

- Rights and obligations of fund participants, employers, fund management enterprises, depository organizations, custodian banks and related service providers (if any);

- Provisions on the transfer of individual pension accounts between supplementary pension insurance funds managed by the same pension fund management enterprise;

- Provisions on changing pension fund management enterprises;

- Selection and change of depository institutions, custodian banks and related service providers (if any);

- Principles for allocating pension fund operating costs to each individual pension account;

- Method of determining the net asset value of the pension fund and of each individual pension account;

- Time, method and process of signing a life insurance contract with periodic payments to ensure minimum payment upon retirement age for fund participants;

- Dispute resolution regulations;

- Cases of compensation for damages to fund participants;

- Reporting information mode;

- Dissolution of pension fund;

- Commitment of the pension fund management enterprise, depository organization, custodian bank and related service providers (if any) to perform the obligations specified in the Fund Charter;

- Procedures for amending and supplementing the Pension Fund Charter.

The draft clearly states that the pension fund charter must be presented clearly and easily understood, published on the website of the fund management enterprise, and sent to the employing enterprise and employees participating in the supplementary pension insurance program.

Payment from the supplementary pension insurance fund

According to the draft, the amount of additional pension insurance payment for each individual includes the payment from the life insurance contract with periodic payments as prescribed and the payment from the pension fund.

The payment from the pension fund depends on the value of the individual pension account at the time of payment, the payment regulations in the supplementary pension insurance program and the regulations in the written agreement between the employee and the employer on participation in the supplementary pension insurance.

The State does not guarantee the amount of additional pension insurance payments.

Payment for employees participating in additional pension insurance

Based on the supplementary pension insurance participation contract, the written agreement between the employee and the employer, the pension fund management enterprise requests the depository organization of the supplementary pension insurance fund to pay the employee participating in the supplementary pension insurance. The pension fund management enterprise is responsible for making full and timely payments to the fund participants according to the supplementary pension insurance program and the pension fund charter.

Employees participating in supplementary pension insurance may authorize another person to receive payment. The legal heir of an employee participating in supplementary pension insurance shall inherit all rights and obligations in the case of inheritance according to the provisions of the Civil Code.

The pension fund management enterprise shall finalize and convert into cash the entire value of the participating employee's personal pension account and notify the employee's heir of the amount so that the heir can make a written confirmation of inheritance and fulfill tax obligations in accordance with relevant laws.

We invite readers to read the full draft and give comments here./.

Source: https://baochinhphu.vn/de-xuat-thiet-lap-quy-bao-hiem-huu-tri-bo-sung-10225120317455088.htm