LAW OF THE REPUBLIC OF MOLDOVA

of March 25, 1999 No. 329-XIV

About non-state pension funds

The Parliament adopts this organic law.

Chapter I General provisions

Article 1. Subject of this law

This law determines procedure for creation, functioning and termination of activities of non-state pension funds, implementation of the state control of their activities.

Article 2. Basic concepts

For the purpose of this law the following basic concepts are used in value:

non-state pension fund (further - fund) - the non-profit organization performing collection and accounting of the money contributions brought voluntarily by physical persons or legal entities or from their name, providing increment of these means for payment of additional pension;

the member of fund (beneficiary) - the physical person contributing or from whose name other person or the employer does contributions to fund and the having right to additional pension;

fees - the money deposited or transferred into the retirement account of the beneficiary;

the individual pension agreement - the agreement signed between any physical person and fund on joining of this person to the pension plan of fund;

the collective pension agreement - the agreement signed between the employer and fund on joining of workers to the pension plan of fund;

the pension plan - the rules developed by fund and approved by the National commission on the financial market, containing conditions of introduction, accumulation of money, investments of assets, payment procedure of additional pension, etc.;

board of fund - the supreme body of fund responsible for management of its activities and compliance to its legislation;

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