INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of October 31, 2018 No. 4954-U

About procedure of payments of current value of the assets and net assets value making pension accruals, the procedure and terms of calculation of asset cost constituting pension reserves and aggregate value of pension reserves of non-state pension fund

Based on the paragraph of the fifteenth Item 1 of Article 14, Item 2 of Article 26, the paragraph of the eighteenth subitem 1 of Item 3 of Article 34, the paragraph of the eighth Item 1 of article 36.14 of the Federal Law of May 7, 1998 No. 75-FZ "About non-state pension funds" (The Russian Federation Code, 1998, No. 19, Art. 2071; 2001, No. 7, Art. 623; 2002, No. 12, Art. 1093; 2003, No. 2, Art. 166; 2004, No. 49, Art. 4854; 2005, No. 19, Art. 1755; 2006, No. 43, Art. 4412; 2007, No. 50, Art. 6247; 2008, No. 18, Art. 1942; No. 30, Art. 3616; 2009, No. 29, Art. 3619; No. 48, Art. 5731; No. 52, Art. 6450, Art. 6454; 2010, No. 17, Art. 1988; No. 31, Art. 4196; 2011, No. 29, Art. 4291; No. 48, Art. 6728; No. 49, Art. 7036, Art. 7037, Art. 7040, Art. 7061; 2012, No. 31, Art. 4322; No. 47, Art. 6391; No. 50, Art. 6965, Art. 6966; 2013, No. 19, Art. 2326; No. 30, Art. 4044, Art. 4084; No. 49, Art. 6352; No. 52, Art. 6975; 2014, No. 11, Art. 1098; No. 30, Art. 4219; 2015, No. 27, Art. 3958, Art. 4001; No. 29, Art. 4357; 2016, No. 1, Art. 41, Art. 47; No. 27, Art. 4225; 2017, No. 31, Art. 4754, Art. 4830; 2018, No. 1, Art. 66; No. 11, Art. 1584; No. 31, the Art. 4858) and subitem 21 of Article 11, the subitem 7 of Item 1 of article 12 of the Federal Law of July 24, 2002 No. 111-FZ "About investment of means for financing of funded pension in the Russian Federation" (The Russian Federation Code, 2002, No. 30, Art. 3028; 2003, No. 1, Art. 13; No. 46, Art. 4431; 2004, No. 31, Art. 3217; 2005, No. 1, Art. 9; No. 19, Art. 1755; 2006, No. 6, Art. 636; 2008, No. 18, Art. 1942; No. 30, Art. 3616; 2009, No. 29, Art. 3619; No. 52, Art. 6454; 2010, No. 31, Art. 4196; 2011, No. 29, Art. 4291; No. 48, Art. 6728; No. 49, Art. 7036, Art. 7037, Art. 7040; 2012, No. 50, Art. 6965, Art. 6966; 2013, No. 30, Art. 4044, Art. 4084; No. 49, Art. 6352; No. 52, Art. 6961, Art. 6975; 2014, No. 30, Art. 4219; No. 49, Art. 6912, Art. 6919; 2015, No. 27, Art. 4001; 2016, No. 1, Art. 41, Art. 47; 2017, No. 1, Art. 52; No. 30, Art. 4456; 2018, No. 18, Art. 2557; No. 31, of the Art. 4858) this Instruction establishes procedure of payments of current value of the assets and net assets value constituting pension accruals, procedure and terms of calculation of asset cost, constituting pension reserves and aggregate value of pension reserves of non-state pension fund.

1. The non-state pension fund (further - fund) shall calculate net assets value, constituting pension accruals of fund as difference between current value of the assets constituting pension accruals of fund, and the size of all obligations which are subject to execution at the expense of the specified assets, except for agreement obligations about mandatory pension insurance (obligations to insured persons (their legal successors) and obligations created for ensuring stability of execution of the specified obligations, at the time of calculation of net assets value, constituting pension accruals of fund.

2. The managing company performing investment of means of pension accruals (further - managing company), shall calculate net assets value, constituting the pension accruals which are in trust management (further - net assets value, being in trust management) as difference between current value of the assets constituting pension accruals, being in trust management (further - asset cost, being in trust management), and the size of all obligations which are subject to execution at the expense of the specified assets, except for agreement obligations about mandatory pension insurance (obligations to insured persons (their legal successors) and obligations created for ensuring stability of execution of the specified obligations, at the time of calculation of net assets value, being in trust management.

3. The fund shall calculate aggregate value of pension reserves of fund as difference between asset cost, constituting pension reserves of fund, and the size of all obligations which are subject to execution at the expense of the specified assets, except for agreement obligations of non-state pension provision, agreement obligations of the long-term savings and obligations created for ensuring stability of execution of the specified obligations at the time of calculation of aggregate value of pension reserves.

4. The fund (managing company) shall (shall) accept the assets constituting pension accruals of fund (the assets which are in trust management), the assets constituting pension reserves of fund (further in case of joint mentioning - assets), and obligations, except for agreement obligations about mandatory pension insurance (obligations to insured persons (their legal successors), agreement obligations of non-state pension provision, agreement obligations of the long-term savings and obligations created for ensuring stability of execution of the specified obligations (further - obligations), to calculation of net assets value, making pension accruals of fund, the net assets value being in trust management and aggregate value of pension reserves of fund (further in case of joint mentioning - net assets value) in case of their recognition according to the International accounting standards enacted in the territory of the Russian Federation according to the order of the Government of the Russian Federation of February 25, 2011 No. 107 "About approval of the Regulations on recognition of International accounting standards and Explanations of International accounting standards for application in the territory of the Russian Federation" (The Russian Federation Code, 2011, No. 10, Art. 1385; 2012, No. 6, Art. 680; 2013, No. 5, Art. 407; No. 36, the Art. 4578) (further - International accounting standards).

5. The fund (managing company) shall (shall) calculate current value and asset cost (further in case of joint mentioning - asset cost) and the size of obligations according to International accounting standards with observance of requirements of this Instruction.

6. The fund (managing company) shall (shall) calculate asset cost, including based on the report of the appraiser, net of any taxes, which are paid in accordance with the legislation of the Russian Federation or foreign state in case of acquisition and realization of the specified assets.

7. According to the decision of fund (managing company) the asset cost for the purposes of this Instruction is calculated according to International accounting standards based on the report of the appraiser if such report is constituted by the appraiser to whom from self-regulatory organizations of appraisers were not applied within two last years in number of two and more times of measure of disciplinary impact, provided by the Federal Law of July 29, 1998 No. 135-FZ "About estimative activities in the Russian Federation" (The Russian Federation Code, 1998, No. 31, Art. 3813; 2002, No. 4, Art. 251; No. 12, Art. 1093; No. 46, Art. 4537; 2003, No. 2, Art. 167; No. 9, Art. 805; 2004, No. 35, Art. 3607; 2006, No. 31, Art. 3456; 2007, No. 7, Art. 834; No. 29, Art. 3482; No. 31, Art. 4016; 2008, No. 27, Art. 3126; 2009, No. 19, Art. 2281; No. 29, Art. 3582; No. 52, Art. 6419, Art. 6450; 2010, No. 30, Art. 3998; 2011, No. 1, Art. 43; No. 27, Art. 3880; No. 29, Art. 4291; No. 48, Art. 6728; No. 49, Art. 7024, Art. 7061; 2013, No. 23, Art. 2871; No. 27, Art. 3477; No. 30, Art. 4082; 2014, No. 11, Art. 1098; No. 23, Art. 2928; No. 26, Art. 3377; No. 30, Art. 4226; 2015, No. 1, Art. 52; No. 10, Art. 1418; No. 24, Art. 3372; No. 29, Art. 4342, Art. 4350; 2016, No. 1, Art. 11; No. 18, Art. 2487; No. 23, Art. 3296; No. 26, Art. 3890; No. 27, Art. 4293, Art. 4294; 2017, No. 31, Art. 4823; 2018, No. 32, the Art. 5105), and also internal documents of self-regulatory organizations of appraisers and which years of service of implementation of estimative activities constitute at least three years.

In case of calculation of asset cost based on the report of the appraiser date of value assessment shall be not earlier than six months before date as of which net assets value is calculated.

The fund (managing company) shall (shall) calculate asset cost based on the report of the appraiser, available at the time of calculation of net assets value, with date of assessment closest to settlement date of asset cost.

The fund shall open on the website of fund on the Internet in full copies of reports of the appraisers used within the last three years when calculating net assets value no later than three working days from the date of such use.

8. The fund (managing company) shall (shall) calculate net assets value in rubles with accuracy, not smaller, than to two signs after comma, using rules of mathematical rounding.

9. The fund (managing company) shall (shall) store these, confirmatory calculations of sizes perfromed according to this Instruction, at least three years from the date of the specified calculations.

10. In cases of change of data based on which net assets value was calculated net assets value is subject to recalculation. Recalculation of net assets value is not obligatory in case the variation of the asset cost (obligation) used in calculation constitutes less 0,1 of percent of correct net assets value and the variation of net assets value for this moment of calculation constitutes less 0,1 of percent of correct net assets value.

11. If the fund (managing company) creates provision under the expected credit losses on financial asset according to the International accounting standard (IFRS) 9 "Financial instruments" enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation of June 27, 2016 No. 98n "About introduction of documents of International accounting standards in action in the territory of the Russian Federation and about recognition voided some orders of the Ministry of Finance of the Russian Federation", the registered Ministry of Justice of the Russian Federation on July 15, 2016 No. 42869 (further - the order of the Ministry of Finance of the Russian Federation No. 98n), revaluation of such provision when calculating net assets value is not obligatory provided that variation of the amount of such provision used in calculation of net assets value for prior date of its calculation from the provision amount for current date of calculation of net assets value will constitute less 0,5 of percent from asset cost.

12. If the fund (managing company) when calculating asset cost (obligation size) uses the fair cost of asset (obligation size) determined on the basis of basic data of the second and third levels of hierarchy of fair value according to the International accounting standard (IFRS) 13 "Assessment of fair value" enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation of December 28, 2015 No. 217n "About introduction of International accounting standards and Explanations of International accounting standards in action in the territory of the Russian Federation and about recognition No. which voided some orders (separate provisions of orders) of the Ministry of Finance of the Russian Federation", the registered Ministry of Justice of the Russian Federation on February 2, 2016 40940, on August 1, 2016 No. 43044, with amendments, enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation No. 98n, according to the decision of fund (managing company) value of such cost for date of its last determination is used provided that change of basic data (taking into account adjustments) from the date of the last determination of fair value of asset (obligation size) does not lead to asset change in value (obligation size) more than on percent 0,5.

Value of fair value of asset (obligation size) for date of its last determination is understood as the last fair value of asset (obligation size) determined without provisions of paragraph one of this Item.

13. The managing company of Fund of pension and social insurance of the Russian Federation (further - SFR) shall calculate current value and net assets value, SFR constituting pension accruals, according to this Instruction and the internal document of the SFR managing company approved by specialized depositary (its executive body) which signed the contract with such managing company and SFR (further - the internal document of the SFR managing company).

The fund (managing company, except for the SFR managing company) shall (shall) calculate current value and net assets value, constituting pension accruals of fund (current value and net assets value, being in trust management), asset cost, constituting pension reserves of fund, and aggregate value of pension reserves of fund according to this Instruction and the internal document of fund approved by specialized depositary (its executive body) of fund (further - the internal document of fund).

The internal document of fund and the internal document of the SFR managing company (further in case of joint mentioning - the internal document) shall conform to requirements of the legislation of the Russian Federation on non-state pension provision, forming of long-term savings and on mandatory pension insurance, including to requirements of this Instruction.

The specialized depositary approves the internal document (the changes made to it) only on condition of its compliance to requirements of the legislation of the Russian Federation on non-state pension provision, forming of long-term savings and about mandatory pension insurance, including to requirements of this Instruction.

14. Modification of the internal document by fund or SFR managing company (except for case, the stipulated in Item 19.1 presents of the Instruction, cases of lack of possibility of calculation of net assets value, and also cases of discrepancy of the internal document to requirements of this Instruction) during the period from decision date about reorganization or liquidation of fund (managing company) and before date of completion of the specified reorganization or liquidation is not allowed.

15. The internal document (the changes made to it) is submitted (are represented) by fund and the SFR managing company in notifying procedure to the Bank of Russia in electronic form by placement in personal account, the reference to which is posted on the official site of the Bank of Russia on the Internet, according to the order of interaction determined by the Bank of Russia based on parts one and the eighth article 76.9 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" within two working days from the date of its approval and approval of specialized depositary. The explanation of the reasons of their introduction is attached to the changes made to the internal document.

16. The fund (managing company) shall (shall) perfrom calculation of net assets value according to the internal document opened by fund and the SFR managing company on the websites on the Internet along with the direction in the Bank of Russia.

The fund (SFR managing company) shall (shall) open the changes made to the internal document, and also the internal document with all the changes made to it on the website on the Internet no later than five working days before start date of application of the internal document with the made changes.

The internal document existing within three last calendar years, and all changes made to the internal document in three last calendar years shall be available on the websites of fund and SFR managing company on the Internet.

17. The internal document shall contain:

recognition criteria (derecognitions) of assets (obligations) taken into consideration of net assets value;

methods of calculation of asset cost and sizes of obligations, including the description of data sources for calculation of asset cost (size of obligations), procedure for their choice, procedure for converting of sizes of the costs expressed in currency in rubles, procedure for recognition of the markets of assets and liabilities active, criteria of the choice of methods and models of value assessment depending on asset types and obligations, criteria of asset impairment (obligations), procedure for determination and adjustment of cash flows, procedure of payments of discount rates, and also the list of the assets which are subject to assessment by the appraiser and frequency of carrying out such assessment;

time as of which net assets value is calculated;

frequency (dates) of cost determination of net assets;

procedure for settlement of disagreements between fund or SFR, managing company and specialized depositary when calculating net assets value;

other information on the basis of which calculation of net assets value is perfromed.

The internal document (the changes made to it) shall (shall) contain also date (procedure for its determination) began its applications which cannot be established before date of their obtaining by the Bank of Russia.

18. The fund (managing company) shall (shall) calculate net assets value as of every day (each working day, every day in which transactions with the assets constituting pension accruals or pension reserves were made if such day is not worker, and also other date of cost determination of net assets provided by the internal document) no later than the working day following date as of which calculation of net assets value is perfromed.

19. Methods of cost determination of the assets which are at the same time part of pension accruals and pension reserves of fund shall not differ.

The internal document of fund shall provide the methods of cost determination of assets and size of obligations corresponding to the methods of their determination provided by accounting policy of fund for the purposes of conducting financial accounting and creation of accounting (financial) records.

19.1. According to the decision of fund (SFR managing company) made till September 30, 2020, the securities (separate issues of securities) constituting assets and estimated at fair value according to International Financial Reporting Standards and the internal document till December 31, 2020 are estimated with observance of the following requirements:

the securities acquired in structure of assets till March 1, 2020 are estimated at fair value, developed for March 1, 2020;

the debt securities acquired in structure of assets during the period from March 1, 2020 to September 30, 2020 are estimated at fair value, developed for date of acquisition.

Acceptance by fund of this decision item specified in paragraph one is allowed provided that accounting policy of fund for the purposes of conducting financial accounting and creation of accounting (financial) records provides the methods of cost determination of assets specified in paragraphs second and third this Item.

In case of acceptance by fund (SFR managing company) of this decision item specified in paragraph one it is subject to reflection in the internal document and is not subject to cancellation (change) till December 31, 2020.

20. This Instruction becomes effective after 10 days after day of its official publication.

21. Funds and managing companies shall bring the internal documents containing procedure for cost determination of net assets into compliance with requirements of this Instruction no later than January 1, 2019.

22. From the date of entry into force of this Instruction to declare invalid the Instruction of the Bank of Russia of October 11, 2017 No. 4579-U "About procedure of payments of the current market value and net assets value, being in trust management according to the trust management agreement of means of pension accruals, procedure and terms of calculation of market value of assets in which means of pension reserves, and aggregate market value of pension reserves of non-state pension fund are placed", registered by the Ministry of Justice of the Russian Federation on December 22, 2017 No. 49399.

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