Amendments to standard MPI contract form approved
The Bank of Russia has approved amendments to the standard form of the mandatory pension insurance (MPI) contract to bring it in line with the current pension legislation of the Russian Federation. The Bank of Russia Ordinance on approving the new contract form and the order of the Ministry of Labour on invalidating the effective form have been registered by the Ministry of Justice and become effective on 31 December 2019.
The updated contract form includes new provisions regulating the procedure for delivering funded pensions, fixed-term pension payments and one-time payments.
The standard MPI contract form also stipulates the basic rights and obligations of the insured and non-governmental pension funds, the procedure for awarding and paying funded pensions, making fixed-term pension payments, one-time payments, and payments to legal successors of the insured.