The Saeima has adopted and the President promulgated the following laws: State funded pension law chapter I General provisions article 1. The purpose of the law this law determines the State funded pension scheme (occupational pension schemes) and the General principles of action, features lodging, administration, management, and payment-General provisions, as well as national control over these activities.
2. article. Occupational pension schemes (1) State funded pension is part of the national old-age pension, the accumulated pension capital funded.
(2) occupational pension scheme is the national contributions, organised the administration of funds and pension costs of measures that, without increasing the total amount of contributions to old-age pensions, giving the opportunity to acquire additional pension capital, part of the contributions to old-age pensions by investing in securities, real estate and other assets in article 12 of this law.
Chapter II participation in the funded pension scheme article 3. Persons participating in the occupational pension scheme (1) occupational pension scheme members are registered all persons who, in accordance with the law "on State social insurance" is subject to state pension insurance and which this law enters into force have not reached 30 years of age.
(2) the national pension insurance under this law, persons who at the date of entry into force of the ages of 30 to 49 years, participation in the funded pension scheme may be initiated voluntarily by submitting a corresponding application to the State social insurance agency (hereinafter the Agency).
(3) the socially insured persons registration occupational pension scheme is carried out in the Cabinet.  
4. article. Contributions to the funded pension scheme (1) contributions to the funded pension scheme is part of the contributions to the State pension insurance.
(2) the rate of contribution funded pension scheme is 10 percent of the contributions laid down by the law "on State social insurance".  
5. article. Occupational pension scheme member account (1) the Agency shall ensure that each of the funded pension scheme member accumulated pension capital-funded cash in a certain period of time under this Act has been accrued occupational pension schemes, the Member's benefit — is calculated and recorded occupational pension schemes, the Member's account.
(2) occupational pension scheme members ' accounts payable and capital calculation of the pension arrangements, as well as occupational pension scheme administration (administrative) expenses the maximum amount is determined by the Cabinet of Ministers.
 6. article. Participation in the funded pension scheme invalidity (1) If a member funded pension scheme is recognised as a 1 or 2 groups of people with disabilities and he is awarded the invalidity pension in accordance with the law "on State pensions", he retains membership of occupational pension scheme as a socially insured person according to the law "on State social insurance".
(2) the first paragraph of this article, if the law "on State pensions" established disability pension costs is interrupted and instead granted an old-age pension, occupational pension scheme established in the occupational pension act according to the capital of this law, article 7(1) of the rules.
 7. article. Occupational pensions of old-age pension in the event of a request when the occupational pension scheme member reaches the age giving entitlement to old-age pension, and the pension Agency required occupational pension schemes, the Member's account registered occupational pension Act in the capital after his check: 1) accrued pension funded capital including State pension special budget and, together with the pension capital formation down the law "on State pensions" , fully taken into account in calculating retirement pensions in accordance with that Act;
2) transferred the accumulated pension capital funded occupational pension schemes, the member designated by the insurer life insurance (lifetime retirement) policies. Such life pension insurance standard provisions issued by the Cabinet of Ministers.  
8. article. Funded pension capital costs in the event of the death of members of occupational pension schemes if the participant died before the age of retirement, for requesting all funded pension funds established to occupational pension schemes, the Member's date of death is counted in the State pension special budget and taken into account in the calculation of the survivor's pension of the deceased members of the occupational pension scheme for former dependent family members in accordance with the law "on State pensions".
Chapter III occupational pension scheme monitoring, supervision, administration and management of article 9. Occupational pension scheme monitoring (1) occupational pension scheme supervised by the Ministry of welfare.
(2) under this Act to the Ministry of Welfare has the right to: 1), to request and receive from the Agency's annual report on occupational pension schemes, activities and reports on occupational pension schemes;
2) to request and receive from insurers quarterly reports on life insurance (lifetime pensions) services (given according to this law), the number of participants and a lifelong pension.  
10. article. (1) the Agency's jurisdiction under this Act the Agency: 1) provides occupational pension scheme member account creation and updates, registering contributions paid and accrued occupational pension funds;
2) periodically inform the occupational pension scheme members about their account status, as well as other essential changes in the occupational pension scheme after the previous notification;
3) conclude contracts with the managers of the funds for occupational pension schemes, the management of the funds and its conditions;
4) provide occupational pension scheme members ' requests for a change of management;
5) where occupational pension scheme member requesting an old-age pension, the Cabinet in accordance with the procedure laid down in this law article 7;
6) each year, the Cabinet of Ministers shall draw up a report in accordance with the procedure laid down for occupational pension scheme, which give a true and fair view of the occupational pension scheme managed by instalments and fund transfers, as well as for occupational pension scheme members ' accounts payable compliance with legislative requirements. Overview of occupational pension scheme operates in accordance with international audit standards to verify sworn auditors, approving the State Governors of the Agency;
7) provides information about the publication of the occupational pension scheme and its results.
(2) the expenditure of the Agency funded pension scheme are covered for the administration of the Cabinet.
(3) documents that provide occupational pension scheme member account creation and updates, in the store, as long as the Agency continues the person concerned participation in the funded pension scheme, and 30 years after the termination of membership.
 11. article. Occupational pension scheme funds Manager and holder (1) occupational pension scheme, contributions made to a further fruit (interest) and other assets (hereinafter the funds) management may be carried out by the Treasury or investment companies that Finance and capital market supervisory Commission (hereinafter the Commission) has issued a special permit (license) occupational pension schemes for managing funds. Licenses occupational pension schemes to manage the funds (hereinafter licence) the suspension and cancellation of service, procedures shall be determined by the Commission.
(2) an investment firm deals with occupational pension schemes by means of carrying through the holder of this law and the law "on investment firms". The investment company of the existing occupational retirement schemes, to be booked in funds held and managed separately from the investment firm, its administration of existing other investment funds and property of the holder.
(3) the holder is a legal entity that complies with the law "on investment firms ' custody criteria laid down and that the funds Manager has entered into the contract a custodian.
(4) occupational pension schemes, investment policy, asset valuation methods and procedures, reporting procedures and other management rules, as well as the consequences of non-compliance and responsibility is provided for in the contract concluded by the Agency with management. Decision on the conclusion of the contract with the management, as well as any future amendments to this Agreement shall adopt the Agency's Management Board. Decision on the conclusion of a contract with an investment company, the contract and its amendments, the Management Board of the Agency are also coordinating with the Commission. Contract content, form, and the conclusion of the procedure governed by the Cabinet of Ministers regulations.
(5) occupational pension scheme funds Manager provides rules in respect of occupational pension schemes, investment of funds, gives orders to make settlements with occupational pension scheme paid funds, in order to receive and to transfer securities and other transactions with occupational pension schemes means according to requirements of the law and the contract concluded with the Agency.

(6) every occupational pension scheme member is free to choose and Cabinet in order to change (but no more than once a year) your accumulated pension funded capital management. If occupational pension scheme member change of management has requested, the Agency is entitled, on its own initiative, decide on a change of management, with the exception of article 13 of this law provided for in the sixth.
(7) to the management in accordance with the procedure laid down by the Commission, agreed with the Agency, are to be deposited into a security, not less than 50 000 lats-that after the Court ruling to be spent for damages if the damage caused to the management or its employees committed fraud, theft or negligence.
(8) the management in accordance with the procedure laid down by the Commission, agreed with the Agency, to be there the same assets at least one percent of all occupational pension schemes, the value of assets managed by the funds Manager, and serves as an additional safeguard against potential losses if the losses suffered by the management or its employees committed fraud, theft or negligence.
 12. article. Occupational pension schemes, investment rules (1) occupational pension schemes, investment rules issued by the Commission.
(2) occupational pension schemes, investment funds, subject to the following basic principles: 1) capital preservation;
2) long-term profits that exceed the rate of inflation;
3) cost of liquidity needs.
(3) the Manager of funds designated for investments to ensure the highest possible profit, investment security, and comply with the investment restrictions laid down in the rules of the Commission relating to: 1) investments in companies associated with this management;
2) investments or loans to one company or group of companies;
3 in one indivisible) investments in real estate;
4) investment transactions outside of Latvia.
13. article. Occupational pension scheme trustees of funds supervision (1) occupational pension schemes of management oversight of operations carried out by the Commission.
(2) the Commission has the duty to: 1) monitoring that the occupational pension scheme fund managers comply with the legal requirements and occupational pension schemes, investment compliance of occupational pension schemes, investment rules;
2) issue an occupational pension schemes for licensing management and other managers of funds and means the holders of binding rules.
(3) the Commission of all decisions of the licensing management issues reported to the Agency.
(4) the Commission and its authorized sworn auditors have the right to occupational pension schemes and funds management activities of holders of checks and request documents and information about their activities and occupational pension scheme management. Such checks and funds management is the responsibility of the holder to provide all necessary information and produce any documents.
(5) the Commission shall, on the basis of the reports submitted and the checks carried out, evaluate the management and financial condition of the holder of the funds of stability and solvency and, if necessary, give instructions on improving the situation with regard to occupational pension scheme assets, as well as the instruction execution time.
(6) if the Commission decides on the management of licence granted to the cancellation or suspension, it shall immediately inform the Agency. The Agency shall have the right to give this feature Manager binding instructions for the occupational pension scheme managed by the management of the transfer of the other Manager. The Agency shall publish a notice of the change of management in a newspaper "journal".
  14. article. Review of the occupational pension scheme managed by the funds and their audit (1) occupational pension scheme funds Manager in accordance with the procedure laid down by the Commission prepares a report which gives a true and fair view of the occupational pension management, accounting and contributions made to the investment. Report in accordance with international audit standards to verify sworn auditor. Sworn auditor is approved according to the law "on investment firms ' and in accordance with the procedure laid down by the Commission.
(2) sworn auditor is obliged to inform in writing the management deficiencies identified on examination and your message transcripts be sent to the Commission and to the Agency. If the financial management situation calls for rapid action, sworn auditor is obliged immediately to inform the Commission and the Agency.
Chapter IV final provisions article 15. Dispute procedure (1) the decisions adopted in the funded pension scheme in the course of the disposal of natural and legal persons may appeal to the Court of law.
(2) disputes that arise in connection with the employer's contributions are not carried out, as well as claims against the funds of the Agency managers and holders of funds for compensation are pending in the court order, but the employer, managers of funds or funds in case of insolvency of the holder, respectively the law "on insolvency of undertakings and companies" or law of credit institutions.
Transitional provisions 1. Until 1 January 2003 the occupational pension scheme funds Manager is the only State in which occupational pension schemes, funds shall be managed in accordance with the provisions of the Cabinet of Ministers. The Treasury funded pension scheme funds may invest in Latvian state securities and term bank. To the public which do not apply the rules of law on occupational pension schemes management licensing, as well as article 11 of the seventh and eighth.
2. This law, article 4, second paragraph, the rate comes into effect on January 1, 2010.
3. this law, article 4, second paragraph, the rates laid down for the entry into force of the rate is: 1) by July 1, 2001, of not less than 2 percent of the contributions to the object that is required by law;
2) with 1 January 2007 no less than 4 percent of the contributions to the object that is required by law;
3) January 1, 2008, no less than 8 percent of the contributions to the object that is required by law;
4) by January 1, 2009, no less than 9 percent of the contributions laid down by law.
4. the financial and capital market Commission, the establishment of monitoring: a) this law, the provisions referred to in article 12 of the occupational pension scheme investment issued by the Cabinet of Ministers;
(b)) this law 11, 13 and 14 of the Commission referred to in article does the securities market Commission.
The law shall enter into force on 1 July 2001.
The Parliament adopted the law on 17 February 2000.
 
State v. President Vaira Vīķe-Freiberga in Riga on 8 March 2000, the