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19.03.2024

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[
OKOZ:
1.
06.00.00.00 Legislation on social security and social insurance. Social protection / 06.06.00.00 Pensions / 06.06.17.00 Establishing disability]
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1.
Socio-cultural issues / Social insurance, social security and social protection] Send a proposal for the document Listen to audio Get a reference from the document element Send a proposal for the document Listen to audio Get a reference from the document element Law of the Republic of Uzbekistan Send a proposal for the document Listen to audio Get a reference from the document element ON THE ACCUMULATIVE PENSION PROVISION OF CITIZENS Send a proposal for the document Listen to audio Get a reference from the document element Send a proposal for the document Listen to audio Get a reference from the document element
I. General Provisions
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Article 1. Purpose of this Law
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OKOZ:
1.
06.00.00.00 Legislation on social security and social insurance. Social protection / 06.06.00.00 Pensions / 06.06.01.00 General provisions;
2.
06.00.00.00 Legislation on social security and social insurance. Social protection / 06.06.00.00 Pensions / 06.06.12.00 Accumulative pension provision (see also 06.03.05.00)]
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The purpose of this Law is to regulate relations in the field of accumulative pension provision of citizens.
See previous edition.
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Article 2. Legislation on accumulative pension provision of citizens
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Legislation on accumulative pension provision of citizens consists of this Law and other legislative acts.
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If an international treaty of the Republic of Uzbekistan establishes rules other than those provided for in the legislation on accumulative pension provision of citizens of the Republic of Uzbekistan, the rules of the international treaty shall be applied. (
Article 2
in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation Information, April 21, 2021, No. 03/21/683/0375) Send a proposal for the document Listen to audio Get a reference from the document element
Article 3. Basic Concepts
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OKOZ:
1.
06.00.00.00 Legislation on social security and social insurance. Social protection / 06.03.00.00 Financing of social security and social insurance / 06.03.05.00 Accumulative pension account number (see also 06.06.12.00);
2.
06.00.00.00 Legislation on social security and social insurance. Social protection / 06.06.00.00 Pensions / 06.06.12.00 Accumulative pension provision (see also 06.03.05.00)]
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The following basic concepts are used in this Law:
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Get a reference from the document element accumulative voluntary pension contributions — monetary funds deposited on a voluntary basis into a personal accumulative pension account; Send a proposal for the document Listen to audio Get a reference from the document element accumulative mandatory pension contributions — monetary funds deposited on a mandatory basis into a personal accumulative pension account; Send a proposal for the document Listen to audio Get a reference from the document element contributor (person making contributions) — a natural person or a legal entity employer making contributions for the benefit of the recipient of accumulative pension payments (hereinafter referred to as the employer in the text); [ SPiT:
1.
Pension provision / Accumulative pension provision] Send a proposal for the document Listen to audio Get a reference from the document element accumulative pension provision — providing citizens with monetary funds in addition to the state pension from the funds in their personal accumulative pension accounts; Send a proposal for the document Listen to audio Get a reference from the document element personal accumulative pension account — a registered personal account of a citizen at the Halk Bank, into which accumulative pension contributions from contributors and interest accrued on the funds in the personal accumulative pension account are credited and accounted for. Send a proposal for the document Listen to audio Get a reference from the document element
Article 4. Right to receive accumulative pension provision
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OKOZ:
1.
01.00.00.00 Constitutional system / 01.05.00.00 Population / 01.05.05.00 Foreign citizens and stateless persons;
2.
01.00.00.00 Constitutional system / 01.06.00.00 Rights, freedoms and duties of a person and citizen / 01.06.04.00 Basic (Constitutional) socio-economic rights and freedoms / 01.06.04.03 Right to receive social security in old age, loss of working capacity, as well as loss of a breadwinner;
3.
03.00.00.00 Civil legislation / 03.02.00.00 Citizens (natural persons) / 03.02.01.00 General provisions]
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Citizens of the Republic of Uzbekistan, as well as foreign citizens and stateless persons permanently residing in the territory of the Republic of Uzbekistan, have the right to receive accumulative pension provision. Send a proposal for the document Listen to audio Get a reference from the document element
Article 5. State guarantees for accumulative pension provision
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OKOZ:
1.
01.00.00.00 Constitutional system / 01.06.00.00 Rights, freedoms and duties of a person and citizen / 01.06.05.00 Guarantee and protection of rights and freedoms. Ombudsman]
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The State guarantees the preservation and payment of funds accumulated in personal accumulative pension accounts of citizens participating in the accumulative pension system. Send a proposal for the document Listen to audio Get a reference from the document element
II. Organization of the Accumulative Pension System
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Article 6. Participation in the accumulative pension system
See previous edition.
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[
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05.00.00.00 Legislation on labor and employment of the population / 05.02.00.00 Labor / 05.02.07.00 Labor contract (contract)]
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Participation of employers, as well as citizens carrying out labor activities on the basis of a labor contract, in the accumulative pension system is mandatory, unless otherwise provided by legislation. (
Part one of Article 6
in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation Information, April 21, 2021, No. 03/21/683/0375) [ OKOZ:
1.
09.00.00.00 Entrepreneurship and economic activity / 09.01.00.00 Legislation on entrepreneurship / 09.01.03.00 Individual entrepreneurship;
2.
09.00.00.00 Entrepreneurship and economic activity / 09.14.00.00 Agriculture / 09.14.07.00 Farming households (personal auxiliary households)]
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Individual entrepreneurs, members of farming households not organized as a legal entity, as well as other citizens, participate in the accumulative pension system on a voluntary basis. LexUZ commentary For additional information, see: Article 3 of the Law of the Republic of Uzbekistan No. URQ-680 "On Farming Households" dated April 1, 2021. Send a proposal for the document Listen to audio Get a reference from the document element
Article 7. Registration of citizens in the accumulative pension system
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Registration of citizens who have reached the age of 16 in the accumulative pension system is carried out simultaneously with the issuance of identification ID cards to them. Send a proposal for the document Listen to audio Get a reference from the document element Registration of citizens not registered in the accumulative pension system by June 1, 2021, is carried out by the branch of the Halk Bank at their place of residence using the individual identification number of the natural person. (Paragraphs one, two and three of Article 7 were replaced by paragraphs one and two on the basis of the Law of the Republic of Uzbekistan No. URQ-905 dated February 7, 2024 — National Database of Legislation Information, February 7, 2024, No. 03/24/905/0106) Send a proposal for the document Listen to audio Get a reference from the document element Registration in the accumulative pension system includes:
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Get a reference from the document element opening personal accumulative pension accounts; Send a proposal for the document Listen to audio Get a reference from the document element issuing an accumulative pension booklet. Send a proposal for the document Listen to audio Get a reference from the document element The Halk Bank maintains personal accounts of citizens in the accumulative pension system in the manner established by the Cabinet of Ministers of the Republic of Uzbekistan. LexUZ commentary For detailed information, see the "Regulation on the Procedure for Personal Registration of Citizens in the Accumulative Pension System by the Halk Bank" approved by Resolution No. 595 of the Cabinet of Ministers of the Republic of Uzbekistan dated December 21, 2004. Send a proposal for the document Listen to audio Get a reference from the document element Information related to the maintenance of personal accounts of citizens in the accumulative pension system and personal accumulative pension accounts is formed and stored in the single electronic database of the Halk Bank. [ OKOZ:
1.
06.00.00.00 Legislation on social security and social insurance. Social protection / 06.03.00.00 Financing of social security and social insurance / 06.03.05.00 Accumulative pension account number (see also 06.06.12.00)]
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Article 8. Opening of personal accumulative pension accounts
See previous edition.
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[
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1.
06.00.00.00 Legislation on social security and social insurance. Social protection / 06.03.00.00 Financing of social security and social insurance / 06.03.05.00 Accumulative pension account number (see also 06.06.12.00)]
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When being registered in the accumulative pension system, the Halk Bank opens personal accumulative pension accounts for citizens with a permanent personal sequence number assigned for life. The assignment of a sequence number to personal accumulative pension accounts is carried out based on information from the citizen's passport or identification ID card. (Paragraph one of Article 8 in the edition of the Law of the Republic of Uzbekistan No. URQ-759 dated March 14, 2022 — National Database of Legislation Information, March 14, 2022, No. 03/22/759/0213) See previous edition. Send a proposal for the document Listen to audio Get a reference from the document element Send a proposal for the document Listen to audio Get a reference from the document element If the information regarding the citizen's place of residence or work, or passport or identification ID card changes, the sequence number of the personal accumulative pension account remains unchanged, and opening a new personal accumulative pension account is not required. (Paragraph two of Article 8 in the edition of the Law of the Republic of Uzbekistan No. URQ-759 dated March 14, 2022 — National Database of Legislation Information, March 14, 2022, No. 03/22/759/0213) Send a proposal for the document Listen to audio Get a reference from the document element
Article 9. Accumulative pension booklet
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Pension provision / Accumulative pension booklet] Send a proposal for the document Listen to audio Get a reference from the document element An accumulative pension booklet confirming the citizen's right to receive accumulative pension payments is issued by the Halk Bank to the citizen after the opening of a personal accumulative pension account. [ OKOZ:
1.
01.00.00.00 Constitutional system / 01.11.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 02.01.00.00)]
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The accumulative pension booklet indicates the date of registration, information about the citizen, including the sequence number of the personal accumulative pension account, as well as other necessary information. The procedure for issuing an accumulative pension booklet and the form of such a booklet are established by the Cabinet of Ministers of the Republic of Uzbekistan. LexUZ commentary For detailed information, see the "Regulation on the Accumulative Pension Booklet" approved by Resolution No. 595 of the Cabinet of Ministers of the Republic of Uzbekistan dated December 21, 2004. Send a proposal for the document Listen to audio Get a reference from the document element In the event that the accumulative pension booklet is lost (misplaced), a duplicate is issued with the same sequence number of the personal accumulative pension account. Send a proposal for the document Listen to audio Get a reference from the document element
Article 10. Formation of funds in personal accumulative pension accounts
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[
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05.00.00.00 Legislation on labor and employment of the population / 05.05.00.00 Labor discipline / 05.05.01.00 General provisions. Duties of employees and employers]
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The employer pays accumulative mandatory pension contributions monthly from the corresponding reduced amount of income tax calculated in accordance with the legislation for natural persons. ( Paragraph one of Article 10 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation Information, April 21, 2021, No. 03/21/683/0375) [ OKOZ:
1.
07.00.00.00 Legislation on finance and credit. Banking activity / 07.05.00.00 Republic budget / 07.05.01.00 General provisions]
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The amount of accumulative mandatory pension contributions is calculated based on the sum of wages and other income of employees, including working pensioners, and is established annually by the Cabinet of Ministers of the Republic of Uzbekistan at the time of forming the State Budget of the Republic of Uzbekistan for the next year. [ OKOZ:
1.
05.00.00.00 Legislation on labor and employment of the population / 05.02.00.00 Labor / 05.02.05.00 Collective agreement. Collective agreements]
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The employer is given the right to pay additional contributions to the personal accumulative pension accounts of its employees from its own funds. The amount of additional contributions and the deadlines for their payment are determined in the collective agreement, or if no such agreement is concluded, agreed upon by the employer with the representative body of the employees. Send a proposal for the document Listen to audio Get a reference from the document element The employer's payment of accumulative mandatory pension contributions cannot be carried out for the benefit of third parties. Send a proposal for the document Listen to audio Get a reference from the document element Citizens participating in the accumulative pension system on a mandatory basis have the right to make additional contributions to their personal accumulative pension accounts, as well as for the benefit of third parties, in amounts and at intervals they independently determine. Send a proposal for the document Listen to audio Get a reference from the document element Citizens participating in the accumulative pension system on a voluntary basis independently determine the amounts and intervals of contributions made to their personal accumulative pension accounts, including for the benefit of third parties. See previous edition. Send a proposal for the document Listen to audio Get a reference from the document element Send a proposal for the document Listen to audio Get a reference from the document element The Halk Bank accrues interest on funds in personal accumulative pension accounts at high rates against currency devaluation in the manner established by legislation. The interest rate is established by the Halk Bank in agreement with the Ministry of Finance of the Republic of Uzbekistan and the Central Bank of the Republic of Uzbekistan, taking into account the income obtained from investing the funds of the accumulative pension system. (Paragraph seven of Article 10 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation Information, April 21, 2021, No. 03/21/683/0375) LexUZ commentary See: Regulation on the Procedure for Appointment and Payment of State Pensions approved by Resolution No. 592 of the Cabinet of Ministers dated October 13, 2022. Send a proposal for the document Listen to audio Get a reference from the document element
Article 11. Formation of funds of the personal accumulative pension system
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Funds of the accumulative pension system are formed by accumulating funds in personal accumulative pension accounts at the Halk Bank. Send a proposal for the document Listen to audio Get a reference from the document element Sources of formation of funds in personal accumulative pension accounts include:
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Get a reference from the document element accumulative mandatory pension contributions; Send a proposal for the document Listen to audio Get a reference from the document element accumulative voluntary pension contributions; Send a proposal for the document Listen to audio Get a reference from the document element interest accrued on the funds in personal accumulative pension accounts; See previous edition. Send a proposal for the document Listen to audio Get a reference from the document element Send a proposal for the document Listen to audio Get a reference from the document element other funds not contrary to legislation. ( Fifth paragraph of part two of Article 11 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation Information, April 21, 2021, No. 03/21/683/0375) Send a proposal for the document Listen to audio Get a reference from the document element
Article 12. Use of funds of the accumulative pension system
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06.00.00.00 Legislation on social security and social insurance. Social protection / 06.06.00.00 Pensions / 06.06.12.00 Accumulative pension provision (see also 06.03.05.00)]
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Funds of the accumulative pension system are used to pay accumulative pension payments.
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Funds of the accumulative pension system cannot be used to fulfill obligations unrelated to the accumulative pension system. Send a proposal for the document Listen to audio Get a reference from the document element The Halk Bank maintains separate accounting for the funds of the accumulative pension system. [ OKOZ:
1.
07.00.00.00 Legislation on finance and credit. Banking activity / 07.28.00.00 Investments and attraction of foreign funds (see also 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other investment issues]
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For the purpose of increasing the funds of the accumulative pension system and protecting them from currency devaluation, such funds may be used as investment and credit resources, as well as for investing in financial instruments. [ OKOZ:
1.
02.00.00.00 Basics of state management / 02.03.00.00 Republican state management bodies and economic management bodies / 02.03.02.00 Ministries]
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The use of funds of the accumulative pension system as investment and credit resources is carried out by the Halk Bank in agreement with the Ministry of Finance of the Republic of Uzbekistan. [ OKOZ:
1.
07.00.00.00 Legislation on finance and credit. Banking activity / 07.19.00.00 Banking system / 07.19.01.00 Central Bank, its structural subdivisions and institutions]
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The procedure for investing funds of the accumulative pension system in financial instruments is established by the Ministry of Finance of the Republic of Uzbekistan and the Central Bank of the Republic of Uzbekistan. Send a proposal for the document Listen to audio Get a reference from the document element
Article 13. Control over the receipt of funds into personal accumulative pension accounts and their use
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06.00.00.00 Legislation on social security and social insurance. Social protection / 06.06.00.00 Pensions / 06.06.01.00 General provisions]
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Control over compliance with the procedure for opening and maintaining personal accumulative pension accounts, as well as the correct and full calculation and timely payment of accumulative mandatory pension contributions into personal accumulative pension accounts, is carried out in the manner established by legislation by the bodies of the Ministry of Finance of the Republic of Uzbekistan, the state tax service bodies, and the Halk Bank. ( Paragraph one of Article 13

Law of the Republic of Uzbekistan No. УРҚ-683 dated April 21, 2021

(in the edition of the National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, No. 03/21/683/0375)

LexUZ Commentary

See: Paragraph 197 of the Regulation on the Procedure for Appointment and Payment of State Pensions, approved by Resolution No. 592 of the Cabinet of Ministers of the Republic of Uzbekistan dated October 13, 2022.

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Control over the targeted use of funds from personal accumulative pension accounts and the correct calculation of interest is exercised by the Ministry of Finance of the Republic of Uzbekistan, as well as by a special department established by the Halk Bank for this purpose.

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Article 14. Exemption of Accumulative Pension System Funds from Taxation

[OKOZ:

1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.09.00.00 Tax Legislation / 07.09.05.00 Exemptions and preferences on taxes and fees;
2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.13.00.00 Tax Documentation]

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Taxes and other mandatory payments are not levied on accumulative mandatory pension contributions, interest accrued on funds in personal accumulative pension accounts, other income received by citizens and the Halk Bank from the use of such funds, accumulative pension payments, as well as from the turnover of funds of the accumulative pension system.

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Article 15. Submission of Information on Accumulative Pension Contributions

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The employer must submit to the Halk Bank branch at its location a copy of the payment document confirming the entry of accumulative pension contributions, as well as a registry of employees indicating the account number, surname, salary amount calculated for each employee, other income, and the amount of accumulative pension contributions, on a monthly basis.

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The Halk Bank transfers funds to personal accumulative pension accounts based on the payment document and registry specified in the first part of this article.

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III. Procedure for Receiving Accumulative Pension Payments

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Article 16. Right to Receive Accumulative Pension Payments

[See previous edition].

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[OKOZ:

1. 06.00.00.00 Legislation on Social Security and Social Insurance. Social Protection / 06.06.00.00 Pensions / 06.06.01.00 General Rules]

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Citizens participating in the accumulative pension system have the right to receive accumulative pension payments as recipients upon the emergence of the right to receive a state pension in accordance with legislation.

(Text of Article 16
Law of the Republic of Uzbekistan No. УРҚ-683 dated April 21, 2021 — National Database of Legislative Acts, 21.04.2021, No. 03/21/683/0375) LexUZ Commentary

For detailed information, see the Law of the Republic of Uzbekistan "On State Pension Provision of Citizens".

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Article 17. Right to Receive Accumulative Pension Payments in Certain Cases

[See previous edition].

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[OKOZ:

1. 03.00.00.00 Civil Legislation / 03.16.00.00 Inheritance Law / 03.16.01.00 General Rules]

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In the event of the death of a citizen, the funds accumulated in the personal accumulative pension account pass to inheritance in the manner prescribed by legislation and are paid to the heir in a lump sum.

(First part of Article 17
Law of the Republic of Uzbekistan No. УРҚ-683 dated April 21, 2021 — National Database of Legislative Acts, 21.04.2021, No. 03/21/683/0375)

See: Part V of the Civil Code of the Republic of Uzbekistan.

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If a citizen leaves the territory of the Republic of Uzbekistan to permanently reside abroad, the funds accumulated in the personal accumulative pension account are paid in a lump sum.

[See previous edition].

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Article 18. Grounds for Receiving Accumulative Pension Payments

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Information submitted electronically through the information system of the Extra-budgetary Pension Fund under the Ministry of Economy and Finance of the Republic of Uzbekistan regarding the emergence of a citizen's right to receive a state pension serves as the basis for receiving accumulative pension payments.

(Article 18 in the edition of Law of the Republic of Uzbekistan No. УРҚ-922 dated March 18, 2024 — National Database of Legislative Acts, 19.03.2024, No. 03/24/922/0224)

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Article 19. Right to Choose When Receiving Accumulative Pension Payments

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Recipients have the right to choose, within a period determined independently by themselves, to receive accumulative pension payments on a monthly basis or to receive accumulative pension payments in a lump sum.

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Article 20. Payment of Accumulative Pension Payments

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Accumulative pension payments are paid by the Halk Bank branch at the place of residence of the recipient of such payments, based on information submitted electronically through the information system of the Extra-budgetary Pension Fund under the Ministry of Economy and Finance of the Republic of Uzbekistan regarding the emergence of the citizen's right to receive a state pension.

(First part of Article 20 Law of the Republic of Uzbekistan No. УРҚ-922 dated March 18, 2024 — National Database of Legislative Acts, 19.03.2024, No. 03/24/922/0224)

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Accumulative pension payments are paid starting from the month following the month in which the application for their receipt was submitted, but not earlier than after the recipient acquires the right to receive a state pension.

[See previous edition].

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Recipients of such payments may receive funds from their personal accumulative pension accounts through trusted persons based on documents issued in accordance with legislation.

(Third part of Article 20
Law of the Republic of Uzbekistan No. УРҚ-683 dated April 21, 2021 — National Database of Legislative Acts, 21.04.2021, No. 03/21/683/0375) LexUZ Commentary

For detailed information, see Articles 134-137 of the Civil Code of the Republic of Uzbekistan.

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Article 21. Rights and Obligations of the Recipient of Accumulative Pension Payments

[OKOZ:

1. 01.00.00.00 Constitutional Order / 01.06.00.00 Rights, Freedoms and Duties of Man and Citizen / 01.06.02.00 Basic (Constitutional) Personal Rights and Freedoms / 01.06.02.07 Right to familiarize oneself with documents, decisions and other materials concerning one's rights and interests;
2. 03.00.00.00 Civil Legislation / 03.16.00.00 Inheritance Law / 03.16.02.00 Inheritance by Will;
3. 06.00.00.00 Legislation on Social Security and Social Insurance. Social Protection / 06.06.00.00 Pensions / 06.06.01.00 General Rules]

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The recipient of accumulative pension payments has the following rights:

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• to receive payments from the personal accumulative pension account in the prescribed manner;

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• to receive information about the status of the savings in the personal accumulative pension account, as well as about the interest accrued on the funds in the personal accumulative pension account;

[See previous edition].

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• to bequeath the savings in the personal accumulative pension account by will in accordance with legislation.

(Fourth bullet point of the first part of Article 21 Law of the Republic of Uzbekistan No. УРҚ-683 dated April 21, 2021 — National Database of Legislative Acts, 21.04.2021, No. 03/21/683/0375)

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The recipient of accumulative pension payments must notify the Halk Bank branch of any changes affecting the performance of the Halk Bank's obligations to this payer.

[See previous edition].

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In accordance with legislation, the recipient of accumulative pension payments may have other rights and other obligations may be imposed on them.

(Third part of Article 21
Law of the Republic of Uzbekistan No. УРҚ-683 dated April 21, 2021 — National Database of Legislative Acts, 21.04.2021, No. 03/21/683/0375)

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Article 22. Obligations of Contributors of Accumulative Pension Contributions

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Contributors of accumulative pension contributions must submit to the Halk Bank branch the information necessary for registration in the accumulative pension system and must notify them of all changes related to the personal data of citizens (conclusion or termination of an employment contract, changes in information regarding the passport or identification ID-card, and other information necessary for maintaining personal accumulative pension accounts).

(First part of Article 22 Law of the Republic of Uzbekistan No. УРҚ-759 dated March 14, 2022 — National Database of Legislative Acts, 14.03.2022, No. 03/22/759/0213)

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Employers must timely make contributions to personal accumulative pension accounts and provide citizens, upon their request, with information about the accumulative pension contributions calculated and made.

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Article 23. Rights and Obligations of the Halk Bank

[OKOZ:

1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.21.00 Other Issues of Banking Activity]

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The Halk Bank:

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• has the right to receive information necessary for opening and maintaining personal accumulative pension accounts from contributors of accumulative pension contributions;

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• has the right to receive a margin from the income obtained from investing the funds of the accumulative pension system. The amount of the margin is determined by the Ministry of Finance of the Republic of Uzbekistan.

[OKOZ:

1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.02.00 Procedure for Opening and Maintaining Bank Accounts]

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The Halk Bank:

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• opens and maintains personal accumulative pension accounts in the manner prescribed by legislation;

(Second bullet point of the second part of Article 23 Law of the Republic of Uzbekistan No. УРҚ-683 dated April 21, 2021 — National Database of Legislative Acts, 21.04.2021, No. 03/21/683/0375) LexUZ Commentary

For detailed information, see the "Regulation on the Procedure for Opening and Maintaining Personal Accumulative Pension Accounts of Citizens in the Halk Bank and Making Mandatory and Voluntary Contributions to Them", approved by Resolution No. 595 of the Cabinet of Ministers of the Republic of Uzbekistan dated December 21, 2004.

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• takes into account contributions being made to personal accumulative pension accounts and accrued interest on a per-person basis;

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• ensures the timely and full transfer of accumulative pension contributions and interest accrued on funds in personal accumulative pension accounts;

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• ensures the timely and correct determination of the amount of accumulative pension payments, as well as their full delivery to the recipients of such payments;

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• ensures the preservation, increase, and protection against inflation of funds in personal accumulative pension accounts by placing the funds of the accumulative pension system in financial instruments and using such funds as investment and credit resources;

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• informs citizens annually about the status of personal accumulative pension accounts, as well as upon their request;

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• ensures the storage of documents and entries related to personal accumulative pension accounts.

[See previous edition].

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In accordance with legislation, the Halk Bank may have other rights and other obligations may be imposed on it.

(Third part of Article 23
Law of the Republic of Uzbekistan No. УРҚ-683 dated April 21, 2021 — National Database of Legislative Acts, 21.04.2021, No. 03/21/683/0375)

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IV. Final Provisions

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Article 24. Termination of Payment of Accumulative Pension Payments

[OKOZ:

1. 06.00.00.00 Legislation on Social Security and Social Insurance. Social Protection / 06.06.00.00 Pensions / 06.06.12.00 Accumulative Pension Provision (also see 06.03.05.00);
2. 06.00.00.00 Legislation on Social Security and Social Insurance. Social Protection / 06.06.00.00 Pensions / 06.06.16.00 Appointment and Payment of Pensions]

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Payment of accumulative pension payments is terminated in the following cases:

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• when the funds accumulated in the personal accumulative pension account are completely exhausted;

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• when the recipient of such payments formally renounces, in a notarized manner, the receipt of payments for the purpose of transferring the total amount accumulated in the personal accumulative pension account to inheritance;

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• upon loss of the right to receive a state pension.

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Article 25. Withholding or Suspension of Accumulative Pension Payments

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[OKOZ:

1. 17.00.00.00 Fair Justice / 17.05.00.00 Civil Procedural Legislation / 17.05.07.00 Enforcement of Decisions of Courts and Other Bodies]

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Withholding or suspension of accumulative pension payments may be carried out based on court decisions and other legally enforceable documents of other bodies.

(Text of Article 25
Law of the Republic of Uzbekistan No. УРҚ-683 dated April 21, 2021 — National Database of Legislative Acts, 21.04.2021, No. 03/21/683/0375) LexUZ Commentary

For detailed information, see the Law "On Enforcement of Court Decisions and Other Documents of Bodies of the Republic of Uzbekistan".

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Article 26. Resolution of Disputes

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Disputes in the field of accumulative pension provision of citizens are resolved in the manner prescribed by legislation.

(Text of Article 26
Law of the Republic of Uzbekistan No. УРҚ-683 dated April 21, 2021 — National Database of Legislative Acts, 21.04.2021, No. 03/21/683/0375)

[See previous edition].

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Article 27. Liability for Violation of Legislation on Accumulative Pension Provision of Citizens

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Persons guilty of violating the legislation on accumulative pension provision of citizens are liable in the prescribed manner.

(Article 27
Law of the Republic of Uzbekistan No. УРҚ-683 dated April 21, 2021 — National Database of Legislative Acts, 21.04.2021, No. 03/21/683/0375) LexUZ Commentary

See: Article 179.2 of the Code of Administrative Liability of the Republic of Uzbekistan.

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President of the Republic of Uzbekistan I. KARIMOV

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Tashkent city,

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December 2, 2004,

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No. 702-II

(Collection of Legislation of the Republic of Uzbekistan, 2004, No. 51, Article 512; 2010, Nos. 35-36, Article 300; 2015, No. 33, Article 439; National Database of Legislative Acts, 21.04.2021, No. 03/21/683/0375, 14.03.2022, No. 03/22/759/0213; 07.02.2024, No. 03/24/905/0106; 19.03.2024, No. 03/24/922/0224)