of December 2, 2004 No. 702-II
About accumulative provision of pensions of citizens
The purpose of this Law is regulation of the relations in the field of accumulative provision of pensions of citizens.
The legislation on accumulative provision of pensions of citizens consists of this Law and other acts of the legislation.
If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about accumulative provision of pensions of citizens then are applied rules of the international treaty.
In this Law the following basic concepts are applied:
voluntary accumulative pension contributions - the money deposited on the individual accumulation retirement account on voluntary basis;
compulsory accumulative pension contributions - the money deposited on the individual accumulation retirement account without fail;
the investor of accumulative pension contributions (investor) the legal entity - the employer (further - the employer) or the physical person performing fees for benefit of the receiver of accumulative retirement benefits;
accumulative provision of pensions - providing citizens with additional money to national pension from means of individual accumulation retirement accounts;
the individual accumulation retirement account - the personalized account of the citizen in People's Bank on which the accumulative pension contributions of investors and percent added at the expense of the individual accumulation retirement account arrive and are considered.
Citizens of the Republic of Uzbekistan, and also the foreign citizens and persons without citizenship who are constantly living in the territory of the Republic of Uzbekistan have the right to accumulative provision of pensions.
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