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Additional info for Private Pensions Series No. 07: Reform and Challenges for Private Pensions in Russia
The rates for liability insurance (their margin levels) are set by the Government of the Russian Federation. Specific requirements have been established for the insurance companies involved in this business on capital levels (no less than Rb3 billion, or USD104 million) and concerning experience in insuring corresponding risks (no less than three years). For the Russian securities market, this is a relatively new kind of insurance, and insurance companies are not large. Therefore, the industry and its regulator have had to make much effort to be able to provide necessary services.
The new formula was based on the so-called individual coefficient of a pensioner. It was calculated as follows: the percentage of accumulated pension, derived from the employment record, was multiplied by the ratio of the average monthly wage (derived for the whole period of contributory payments) to the average monthly wage in the country during the same period. The new formula did not nullify the previous one; people could choose the formula to be used for calculating their pensions (most pensioners selected the new formula).
75-Fz of May 7, 1998 “On Non-State Pensions Funds” (with the Amendments and Additions of February 12, 2001, March 21, 2002, January 10, 2003, December 2, 2004) regulates the establishment and operation of NPFs. 1 The configuration of this voluntary, funded pillar differs from that of other countries with three-pillar pension systems. The development of NPFs started in 1991, ahead of the establishment of the main principles and design for the regulatory framework. This still influences the role the NPFs play in the Russian pension system.