What Does Pension Fund Mean?A fund established by an employer tofacilitate and organize the investment ofemployees retirement funds contributed bythe employer and employees. The pensionfund is a common asset pool meant togenerate stable growth over the long term,and provide pensions for employees whenthey reach the end of their working yearsand commence retirement.
Accumulative Pension FundCustodian Asset Management Company
Functions of Accumulative Pension Fund:• collecting obligatory pension contributions• keeping pension accounts of depositors and pension payments• pension asset management (by license)
A c c u m u la t iv e p e n s io n fu n d s c a n b e O pen C o r p o r a te All accumulative pension funds are created in corporation form of organization. Accumulative pension fund cannot be stockholder of any other accumulative pension fund.
Depositor Depositor Depositor Accumulative Depositor Accumulative Pension Fund Pension Fund Depositor Accumulative Accumulative Pension Fund Depositor Pension Fund Depositor
Types of pension contributions 1. Obligatory pension contributions - required forpaying in accumulative pension fund, are fixed in the amount of 10% of employees monthly income. 2. Voluntary pension contributions to accumulative pension funds are entered by depositor — physical person — in depositor’s favour from his income.Rate of voluntary pension contributions, its payment procedure and pension payments procedure are established according to agreement between both sides of contract.3. Voluntary professional pension contributions are implemented by depositor from his own sources infavour of employees. Rate of voluntary professional pension contributions is established according toagreement between both sides of contract excepting rate more than 10 % of employees monthly income.
At the beginning pension age (male - 63/ female - 58) depositor can choose one of the methods of pension payments p e n s io n p a y m e n t sb y a c c u m u la tiv e p e n s io n fu n d b y in s u a ra n c e c o m p a n y
pension contributions investments in financial instruments (FSA list) investment revenues pension payments Pension assetsreimbursement of losses transfer of pension funds minus commission into another accumulativeinterest of accumulative pension fund or pension fund insurance company
Pension in Switzerland age ( male 65, female 64) The size of the future pensionfrom the state≈ from 7800 up to 48300 Swiss francs a year.Deductions from the wages from 2up to 4 % on the personal accountand 1 % on indexation of pensions tocitizens who already receive it.Besides this everyone working onhiring can also insure itselfpersonally, having opened in anycommercial bank the correspondingpension account.
PENSION SYSTEMS OF THE USA S o c ia l a n d in v e s tm e n t r o le s t a t e p e n s io n s y s t e m s p r iv a t e p e n s io n s y s t e m s
The social roleThe investmentrole For two thirds aged the stateThe investment pensions makeof means can half and morecarry out only in than their incomethe statesecurities.
The largest statepension system of theUSA, the so-calledGeneral federalprogram - SocialSecurity, coveringalmost all borrowed ina private sector ofeconomy, isconstructed by adistributive principle.
A c c u m u la t iv e p e n s io n s y s t e m s c a n b ed e fin e d c o n t r ib u t io n p la n d e fin e d b e n e f it p la n
The great mass borrowed in a privatesector of economy also has anopportunity to participate inadditional not state pension systems,organized in a place of work. Besides participation in group pension schemes, organized in a place of work, each American can open and the personal pension account –individual retirement account