The Saeima has adopted and the President promulgated the following laws: For private pension funds chapter I. General provisions article 1. Law explanations of terms are used in the following terms: 1) employer: a person or entity with which the individual associate or professional work;
2) individual membership agreement: the contract concluded between a natural person and a private pension fund for the participation of individuals in a specific pension plan;
3) collective membership agreement: the contract concluded between the employer and the private pension fund for this employer employee participation in certain pension plan;
4) funds Manager, a company that manages private pension fund;
5) features: the bank that the holder is a private pension fund holders;
6) Pension Fund Board — private pension fund management institution, who runs a private pension fund according to the requirements of the law, the private pension fund Statute and the licensed pension plans and is responsible for this action;
7) pension plan: a pension plan Committee of the intervening employee and employer jointly created private pension plan audit institution in this statutory control functions;
8) pension plan participants — natural persons that do the same and for which the employer made contributions to private pension fund (natural person shall own or for which the employer made contributions to private pension fund) and who is entitled to receive retirement benefits under the pension plan;
9) institutions for occupational retirement provision: the funds in a certain period of time in accordance with this law have accumulated in the retirement plan participants;
10) retirement age — pension plan member's age, which is the law of this member in accordance with the procedure laid down in this Act to receive the Pension Fund accumulated retirement benefits;
11) related companies — two or more undertakings (companies), if they meet one of the law "on enterprise income tax" of those affiliates.
2. article. The purpose of the law this law determines the private pension funds, their operating foundations, pension plan member admission procedures, retirement plan participants ' rights and obligations, funds management, the competence, as well as national control over these activities.
3. article. The concept of the private pension fund (1) the private pension fund (Pension Fund) is the enterprise register of the Republic of Latvia registered nonprofit finance and credit Corporation under this Act and pension plans to accumulate and invest the pension plan members the same and for the voluntary cash contributions made to ensure following participants age retirement benefits.
(2) the Pension Fund is a public joint stock company.
(3) a pension fund can only make this statutory business.
(4) the pension fund surplus of income over expenditure may not be removed, or to pay dividends to shareholders, and it fully charged to pension plan members ' individual accounts in accordance with the requirements of the law.
4. article. Pension Fund (1) the Pension Fund may be closed or open.
(2) for a closed pension fund can have one or more pension plans. A closed pension fund retirement plan participants can be only persons entering membership of the pension plan, the Pension Fund is one of the founders (shareholders) or more of the founders (shareholders).
(3) the open pension fund is the pension fund whose founders (shareholders) have this law, article 6 referred to in the second subparagraph of legal persons.
(4) the open pension fund can have one or more pension plans. The participants in these pension plans on a contract basis can be any natural person directly or through his employer in accordance with the procedure laid down in this Act.
5. article. The name of the Fund to the Pension Fund's name must contain the words "pension fund", with an indication of whether it is closed or open pension fund. Only those pension funds established in this law, shall have the right to use these words in your title.
Chapter II. Pension Fund article 6 of the Treaty. The Pension Fund's founders (shareholders) (1) of the Pension Fund's founders (shareholders) can be any natural and legal persons who comply with the law "on joint stock companies".
(2) On an open pension fund founders (shareholders) can only be: 1) bank, if the Bank of Latvia in accordance with the procedure laid down is allowed to accept deposits of natural persons;
2) Republic of Latvia registered life insurance company.
(3) After the establishment of the pension fund stock disposal permitted only by State insurance supervision inspection (hereinafter Inspectorate) prior written consent.
(4) If, after an open pension fund registration and start-up fund shareholders, the banks are deprived of the right to accept deposits of natural persons or shareholders — life insurance companies are deprived of the right to carry out this type of insurance business, the shares of an enforceable law "About joint stock companies", in relation to the emission of shares closed go to another person's property. If none of the open pension fund shareholders no longer corresponds to the second part of this article the requirements must suspend Inspections at public pension funds operating licence and a deadline should be laid down by which shareholders must forfeit their shares of the entities that meet the second part of this article an open pension fund shareholders, or the Pension Fund must make moves to the reorganization on the pension fund or by joining another open pension fund or other measures for the Pension Fund for the continuation of the operation.
7. article. Pension Fund (1) the pension fund founders developed and approved (adopted) the statutes of the Fund, in addition to the law "On joint stock companies" and "for nonprofit organizations" to these messages, you must also specify: 1) to the Pension Fund;
2) General arrangements for pension plans you can join and withdraw from them retirement plan participants;
3) pension plan Committee and operational procedures;
4) retirement plan participant individual account records in General;
5) pension funds cover the costs and income of the use;
6) other provisions necessary for the operation of the Pension Fund.
(2) where a change in the pension fund the information contained in the statutes, the statutes shall be amended, where after the reconciliation should be Inspections in the enterprise register of the Republic of Latvia. The amendment is effective from the moment they registered in the enterprise register of the Republic of Latvia, if these amendments are consistent Inspections. Any change in the composition of the members concerning the Pension Fund Board, if any, and the Board members and candidates, Managing Director of members, other persons with signature rights, sworn auditors and the Audit Commission, if established, shall be valid if they have been previously coordinated Inspection.
(3) any pension fund, amendments to the Statute must not impair the pension plan member or third party status retroactively and shall not limit its right to actually get to the articles of Association.
8. article. Pension Fund registration and licensing (1) pension fund law "to be registered As limited liability companies" and "for nonprofit organizations", as well as in accordance with the procedure laid down in this Act.
(2) the Pension Fund requires a special permit (license), which is issued by the Inspectorate. The Pension Fund is entitled to enter only after such a special permit (license) the receipt and submission enterprise register of the Republic of Latvia. Special permit (license) to the Pension Fund's operation is issued in accordance with this law, the law "on the State insurance supervision inspection", Cabinet of Ministers regulations and inspections of approved licensing procedures.
(3) the special authorization (license) for inspection must be submitted no later than 60 days from the date when the pension fund registered in the enterprise register of the Republic of Latvia. To the pension fund would receive a special permission (licence), it must follow and adhere to the following requirements: 1) the Pension Fund must be established and registered in accordance with the law and the law "On joint stock companies" and "for nonprofit organizations";
2) pension fund shareholders may not be the social tax and corporate income tax debt;
3) must be developed and submitted to inspection licensing pension plan (the plan);
4) according to the requirements of this law shall be concluded agreements with management and holder of pension fund management and keeping;
5) Pension Fund staff must comply with this law, article 14, second and third part.
(4) the Inspectorate shall examine the application for the Pension Fund of the special permission (license), and shall decide not later than 90 days from the submission of the necessary documents.

(5) the Inspectorate shall refuse to grant pension fund special permission (license), but if a special permit (license) already issued, suspended its activities, in cases where the Pension Fund is not adhered to and complied with the requirements of this law and the inspection of certain pension funds operating regulations. Stopping the special permission (license), the pension fund Inspection to prevent irregularities and their prevention.
(6) Of this law, article 7, second paragraph and article 23 non-compliance Inspection the pension fund management body expressed alarm. If, after notice of such violation is not corrected or if the pension fund rules, systematically violating the Inspectorate has the right to the Pension Fund to impose fines of up to two hundred minimum wages, or to revoke the special permission (license).
Chapter III. Pension plan and membership in article 9. Pension plan (1) the pension plan is a codified set of rules under which the Pension Fund pension accumulation occurs, the accumulated investment and cost. Pension plans in the Pension Fund, but the licence inspection. Retirement plan licensing procedures determined by the Inspectorate. After receiving a licence any amendments to the relevant pension plan may be made only with the written consent of the Inspectorate.
(2) any cash payment, accumulation, investing the pension fund or the cost of pension provision, as well as the activities of the Pension Fund and public preaching services (ads) in any form may take place only in accordance with the Inspection of licensed pension plan (the plan).
(3) a pension plan must specify: 1) pension fund type, name and registered office;
2) the name of the pension plan;
3) institutions and officials responsible for pension plan management and execution, their competence and responsibility;
4), the criteria and conditions that apply to membership of the pension scheme of the members and withdrawal from it;
5) features contributions and the consequences of a breach of this order;
6) retirement plan participant individual account contributions made and the accumulated retirement benefits calculation and accounting rules;
7) retirement age;
8) institutions for occupational retirement provision, the arrangements for paying the pension plan member reaches retirement age;
9) other cases in which the provision of, and the arrangements for paying in such cases;
10)-(for investment) regulations that will follow to the pension plan;
11) distribution of income;
12) Pension Fund to cover the cost of the order and the order in which the pension plan participants shall be informed of these pension fund costs;
13) other pension plan requires.
(4) social tax administration that tax debt case may require the employer to show the payment stop contributions introduced in the pension plan, while inspection and notifying the pension plan Committee.
10. article. Participation in the pension plan (1) the pension plan member can collect retirement benefits himself, only by participating in a particular pension plan.
(2) the pension plan members can participate in the pension plan both directly and through their employers.
(3) a pension plan for members participating in the pension plan directly, concluding with a public pension fund for individual participation agreement. Individual membership agreement form and the rules must be approved by the Inspection. Individual membership agreement must be recorded. On the registration of contracts and records is the responsibility of the open Pension Fund Board. Individual membership agreement is valid only if it is a registration number. The procedure of registration of contracts is determined in the pension plan.
(4) the pension plan participants to participate in the pension plan with their employer, if the employer has entered into with open or closed Pension Fund participation in the collective agreement, and the collective membership agreement with the closed pension fund may conclude only in cases where the employer is also one of that closed pension fund founders (shareholders). The employer and employee relationship resulting from the pension plan and employee participation in it, the regulation of the employment contract or a collective agreement.
11. article. Retirement plan participation agreement and minimum conditions (1) All pension plans, as well as all of the collective and individual participation agreements must include the conditions referred to in this law. Do not force the collective or individual membership agreements that worsen the situation of the members of the pension plan in relation to this Act.
(2) If the employer of its staff pension plan introduced the right to take part in this plan is the employer of all employees under the pension plan to a specific profession, seniority and job position as well as other objective criteria.
(3) the question of participation of the persons covered by the same in the second part the objective criteria listed in, are dealt with in the same way, and there should be no discrimination based on origin, property status, racial and national affiliation, gender or treatment of religion.
(4) When the pension plan member reaches retirement age, the Pension Fund accumulated retirement benefits after his act of choice in one of the following ways: 1) accrued retirement benefits are transferred to the State social insurance fund, which included the socially insured person's personal account, and with the retirement of the capital (which determines the formation law "on State pensions") is taken into account in determining the amount of the pension in accordance with the law "on State pensions";
2) accrued retirement benefits life insurance society is acquired the life insurance policy;
3) all accrued retirement benefits are paid to the Member in cash.
(5) the pension plan in the specified retirement age may not be less than 55 years, except for the special pension plans for certain professions for which the list approved by the Cabinet of Ministers.
(6) the accrued retirement benefits or costs of a transfer before retirement age allowed if: 1) pension plan participant is recognized as the first group of disabled for life;
2) that the employer made the contributions to the pension plan for the benefit of members, has been declared bankrupt and the bankruptcy procedure is launched.
(7) the pension plan member's death before pension plan retirement age laid down for entitlement to retirement benefits accrued to the Member's death, the heirs in the members Section. The heirs of their choice can be inherited retirement benefits to transfer to another pension plan or a pension fund or the receive inherited retirement benefits in cash.
(8) a member of a pension scheme in accordance with the procedure laid down in this law shall have the right to terminate the membership of a single pension plan and transfer funds to another pension plan.
12. article. The guarantee pension plan participants (1) a member of the pension scheme without any additional conditions are entitled to all his individual account accrued retirement benefits.
(2) as soon as the pension plan member contributions to the pension funds or employer shall contribute the employer's pension plan members in place, the funds immediately charged to the participant's individual account.
(3) in any case in the individual account accumulated retirement benefits may become managers of funds, funds or employer of the holder's property.
13. article. (1) termination of membership If the employer wishes to terminate the collective membership agreement, to transfer the pension funds of employees to another pension fund, they must submit the request to the Executive Board and the Pension Fund Office at least six months in advance.
(2) If the pension plan member wishes to terminate membership in the pension plan, to a retirement benefits transferred to another pension fund or retirement plan, they must submit the request in writing to the Governing Board of the Pension Fund (or also to the relevant pension plan Committee if the participant participates in a pension plan to a collective membership contract) for at least one calendar month in advance.
(3) whenever a request to transfer the accumulated funds to the employer who submitted this means the pension fund contributions to its employee benefit, such a transfer may take place only with the consent of the Inspection.
14. article. Pension Fund Administration (1) pension fund management, administration and activities of the institutions is governed by the law on joint stock companies ", except it the third subparagraph of article 48 of the public Council, which is not mandatory for closed pension funds.
(2) for the Pension Fund officials, auditors and Audit Commission members must be natural persons whose duties at the time of initiation is subject to prosecution or punishment for which is the intentional crime.
(3) for the Pension Fund officials, auditors and Audit Commission members can be persons: 1) have sufficient expertise for financial management;
2) is adequate for the education and professional experience;
3) has a perfect reputation in the business;
4) is not deprived of the right of establishment.
Chapter v. The pension plan Committee and article 15. The pension plan Committee

(1) where the employer has implemented its own employees pension plan, through a collective membership contract with open or closed pension funds, employers and employees participating in the pension plan, common create the pension plan Committee.
(2) the pension plan is a pension plan Committee the audit institution, which controls the management of the pension plan and execution according to collective membership agreement.
(3) each of the pension plan Committee shall control the employer's pension plan introduced in one collective membership agreement; the number of the Committee is therefore equal to the number of collective agreements of participation in the Pension Fund.
16. article. The pension plan Committee and its composition (1) the pension plan Committee shall establish a common employer and employees who participate in the pension plan for collective membership contract.
(2) the pension plan Committee shall be in full no later than three days before the employer pursuant to the collective agreement terms of membership must be made the first installment of its employees — the members of the pension scheme — good.
(3) the pension plan Committee shall be composed of an equal number of persons from the Administration and the employer from pension plan members nominated representatives. There are at least two members.
(4) the pension plan member meeting decision on his election of the representatives of the pension plan Committee is binding on the employer and pension fund.
(5) the employer shall either determine its representatives, or even may be representative.
(6) the pension plan Committee's work period is two years. Upon expiry of this period, the pension plan of the members of the Committee may be re-elected, but not more than two times in a row. If the pension plan Committee member, representative of employees, terminate the working relationship with the sponsoring employer, his participation in the pension plan Committee shall cease. If he had not been elected a Deputy, a month is degenerating into a new pension plan member who works up to his predecessors in the work period ends.
Article 17. Staff meeting, convening and agenda (1) employee — existing and potential members of the pension scheme — meeting the employer.
(2) staff meeting: 1) elect their own representatives to the pension plan Committee work;
2) discusses the pension plan to be implemented.
(3) representatives to work pension plan Committee meeting shall elect from its own decision according to the open or by secret ballot. The right to vote is only for those employees who agreed to participate in the pension plan. Decisions are taken by a simple majority. If the number of representatives raised exceeds the corresponding number of seats elected are those who received more of the vote. If the elected person refuses from representative duties, held new elections.
(4) other arrangements regarding the election of the representatives of the employees may provide for collective bargaining.
18. article. The pension plan Committee (1) the pension plan Committee meeting shall be convened as necessary but not less frequently than once a year.
(2) at the annual meeting shall be held not later than four weeks after the ordinary general meeting of shareholders of the Fund on the last year's results.
(3) the pension plan Committee shall be convened by the Chairman of the meeting or of a majority of the members of the Committee, with at least 10 days in advance. This time limit may also be disregarded if it agrees with all the members of the Committee.
(4) the pension plan Committee is entitled to make decisions if they are sitting on more than half of the members of the Committee.
(5) the Committee shall take its decisions by a simple majority. If the votes are divided into similar, the decision is not adopted.
(6) the Committee meeting chaired by the President, but his absence after the pension plan Committee decision — another Member of the Committee.
(7) any pension plan Committee meeting is being recorded. The pension plan Committee reports to be submitted to the Executive Board of the Pension Fund and the employer concerned.
(8) the pension plan Committee shall elect from among its members a Chairman and, if necessary, other officials with signature rights.
(9) the Chairman and any other pension plan Committee officer may be both an employer and an employee representative.
(10) the details of the pension plan Committee, the person with signature rights and of any subsequent changes to the Pension Fund to be submitted to the Management Board and the Office.
(11) the pension plan Committee is obliged to inform the Pension Fund's Board of any employer or employee contributions made, if this contribution is overdue by more than 10 days.
19. article. The pension plan Committee's jurisdiction (1) the pension plan Committee shall perform the following functions: 1) provide the Governing Board of the Pension Fund of the pension scheme for the sale of necessary information (withdrawal, change the first name or last name, etc.);
2) controls whether a timely and correctly according to the collective agreement terms of participation are made in employer and employee contributions, and whether they are immediately transferred to the Pension Fund;
3) prepare proposals for the Pension Fund Governing Board and employer pension plan amendment;
4) provide retirement plan participants and employers for the timely, adequate and complete information on the Pension Fund's annual accounts and Auditor's report, funds investment (investment) and the income from these investments, administrative costs, as well as other costs incurred by the pension plan and pension fund;
5) regularly prepare and provide retirement plan participants information about the pension plan;
6) recommendations, to avoid possible investment losses.
(2) the pension plan Committee within their competence, are entitled to request and receive from the employer and Pension Fund Executive Board documents on the pension plan and collective membership agreement execution.
(3) the pension plan Committee shall have the right to notify the Inspectorate of violations by the Committee within their competence are determined, but authorities are obliged, no later than 10 days to check this information and to report the results of the Inspection Committee of the pension plan and pension fund management board.
Chapter VI. Pension fund management and keeping the article 20. The Pension Fund of funds Manager (1) Pension Fund accumulated pension capital funds and other asset management, including new investment and income received from them, must only be performed by the company — which the bank is a Bank license and market the Securities Commission issued a license for securities market starpniekdarbīb and the Bank of Latvia by attracting deposits of natural persons, as well as insurance joint stock company, which has a national insurance supervisory inspection issued license life insurance operations or brokerage or investment firm, which has a market of Securities Commission issued a license for securities market starpniekdarbīb. Each is free to choose the Pension Fund pension fund managers in accordance with the provisions of this law.
(2) funds and other asset management rules are laid down in the Treaty that the Pension Fund's Board negotiated with management. Decision on the conclusion of the agreement adopted by the Management Board of the Pension Fund. The contract and any subsequent amendments in the register for inspection.
(3) a pension fund of funds Manager supports the pension plan approved investment strategy and the implementation of the rules on pension fund investment, make settlements with the Fund in lieu of cash, receives and transfers securities and carrying out other transactions with the Fund assets under law and inspections to licensed pension plans.
(4) the closed pension funds management and pension fund founder (shareholder) may not be connected undertakings (companies).
(5) for the Inspection of the management order, which is matched by the Bank of Latvia, is to be deposited into a security, not less than 50 000 lats, which is consumed by the judgment of the Court of Justice for damages the Pension Fund and retirement plan participants, if the damage suffered by the employee or management fraud, theft or negligence.
(6) for the Inspection of the management order must always be there the same assets that do not belong to the Pension Fund, and the equivalent of at least one percent of the amount of any pension fund, the value of assets managed by the funds Manager. The active part that the fifth subparagraph of this article exceeds the amount specified, the Manager must hold government securities, which are listed on a stock exchange established in Latvia in the official lists, and serve as an additional safeguard against potential losses if the losses suffered by the employee or management fraud, theft or negligence.
(7) the funds Manager is responsible for ensuring that business with the Pension Fund accumulated retirement capital to meet the requirements of the law and inspection licensed pension plan rules.
21. article. Pension Fund holder

(1) the holder of the funds in accordance with the Pension Fund's Board concluded the Treaty provisions adopted pension contributions accounts, receive and handle securities and deposit certificates, as well as other original documents relating to money and other property, which represents the assets of the pension accruals, payments on money lending or debiting of the pension capital for holding funds in bank accounts, created the Executive orders relating to pension funds and securities transfers.
(2) a pension fund can be kept only in bank-credit, which governed the law of credit institutions which have received the permission of the Bank of Latvia to attract deposits of natural persons.
(3) the Management Board of the Pension Fund shall take a decision on the conclusion of the agreement with the Pension Fund of the holders of pension fund money, securities and other property for safe storage. The contract and any subsequent amendments in the register for inspection.
(4) the closed pension funds and holders of pension funds Foundation founder (shareholder) may not be connected undertakings (companies).
(5) the holder of the funds carry out settlements of funds and securities transfers, receives, which relate to asset management transactions.
(6) the holder of the funds followed, or the funds Manager follow this law and other legislative requirements relating to pension fund investments and inspections of licensed pension plan, as well as investment (investment).
22. article. Individual accounts (1) the Management Board of the Pension Fund provides each Member of the pension scheme accumulated retirement benefits calculation and records regardless of whether the participant participates in a pension plan to a collective or individual membership agreement. The following calculation and accounting rules should be laid down in each particular pension plan.
(2) the individual accounts are recorded in all pension contributions that are made by the person concerned or carried out on its behalf, as well as all earnings from the investments that are calculated pension plan participants of the total income of pension funds under the pension plan.
(3) If the pension plan member terminates membership in the pension plan, his accumulated amount withdrawal date is calculated taking into account split and not split the pension fund surplus of income over the expenditures according to the terms of the pension plan and fully credited to the person's individual account.
(4) the pension fund auditor every year gives an opinion on whether individual accounts are sorted in accordance with this law and other legislation, the Statute of the Pension Fund, the pension plan and the provisions of the Treaty.
(5) Accrued retirement benefits in the calculation of the General arrangements laid down by the Cabinet of Ministers.
23. article. Pension capital (1) capital investment of the pension funds under the pension plan in order to maintain and increase funds for retirement plan participants.
(2) the pension plan investments following the applicable minimum investment rules: 1) investment securities of one issuer may not exceed 5 percent of the total value of the assets of the Pension Fund and 25 percent of the total assets of the issuer of securities, except for State and local government securities, in which the investment is not restricted. Investment levels in the only publicly traded skipped and existing securities, which are listed on a stock exchange established in Latvia in the official lists;
2) investment in one immovable property shall not exceed 5 per cent of the value of the assets of the Pension Fund, but the total pension fund investments in immovable property may not exceed 25 percent of the total value of the assets of the Pension Fund;
3) investments abroad (securities, real estate, etc.) must not exceed 5 percent of the total value of the assets of the Pension Fund;
4) unacceptable pension fund allocations of loans (credits);
5) unacceptable pension fund-company (the company), which is the same pension fund founder (shareholder), funds Manager, the holder of the funds or related enterprise (company), with the exception of the investment company (companies) securities, which are listed on a stock exchange established in Latvia in the official lists.
(3) the Inspectorate may also specify other restrictions on pension plan investments.
(4) the Management Board of the pension fund duty is to prepare the written information about the pension plan short-and long-term investment policy. This information should be freely available to the pension fund shareholders and retirement plan participants, it must also submit to Inspections.
24. article. Report retirement plan participants (1) Pension Fund Board at least once a year, inform in writing to each Member of the pension scheme for his personal account.
(2) this report display the total accumulated amount of funds, employers ' and employees ' contributions during the reporting period, the pension fund expenses and revenue split and not split the pension fund surplus of revenue over expenditure.
(3) the Pension Fund's Board must notify the pension plan participants of any changes relating to the Auditor, the management or the appointment of holders of the funds, as well as to provide other relevant information about the Pension Fund's activities since the previous reporting.
Chapter VII. Other provisions article 25. Bookkeeping, accounting and pension funds check (1) turn the pension funds and accounting records in accordance with the requirements of the law, the Ministry of Finance and inspection instructions and within the limits of its competence.
(2) the Pension Fund annual report form is determined by the Cabinet of Ministers. Annual report of the Auditor, certified checks and 10 days before the approval of the general meeting of shareholders of the Pension Fund, but not later than the year following the reporting year April 1 this year to submit the inspection report. Before initiation of the annual report of the auditor nomination matched sworn with the inspection.
(3) the Inspectorate has the right to check the operation of the Pension Fund and to request information and documents about its activities. The Pension Fund is obliged to provide for the inspection of all requested information, and to produce any documents, and it may refuse to do so, citing commercial confidentiality.
(4) the inspection, on the basis of the reports submitted and the checks carried out, evaluate the solvency of the Pension Fund, the stability of the financial situation and, if necessary, give instructions with regard to improving the situation. Pension fund these instructions to be executed on time.
(5) the Sworn auditor is obliged to inform in writing to the Pension Fund for the deficiencies identified in a check and a copy of your message to send to authorities.
(6) a systematic accounting and accounting compliance inspection has the right to suspend or cancel the licence of the Pension Fund.
26. article. Management, or of the holder of the funds of the employer's insolvency (1) if the Pension Fund Manager or the holder of the funds has been declared bankrupt and initiates bankruptcy proceedings or if the Manager or the holder of the funds withdrawn from the relevant licence, with the Pension Fund of the decision of the Board of directors appointed a new manager or the funds of funds and assets of the Fund holders are transferable to the new management, or the holder of the funds.
(2) If an employer who made contributions, has been declared bankrupt and the bankruptcy is initiated by the employee pension plan and the collective membership agreement terminates, unless the new employer does not take over all previous employers ' rights and obligations. Pension plan members can continue this retirement plan with the new employer.
(3) If an employer who made contributions, has been declared bankrupt and the bankruptcy procedure is launched, a participant may terminate participation in the pension plan and require accumulated transfer of funds to another pension plan or to apply for the money accrued retirement benefits. Transfer or retirement benefits to be paid in this case, the value calculated in accordance with article 22 of this law the third part.
27. article. Pension Fund reorganization or liquidation (1) pension fund reorganization or liquidation takes place in law "On joint stock companies" and "for nonprofit organizations" and this law.
(2) the general meeting of shareholders shall not adopt a decision on the termination of the liquidation of the Pension Fund, while not completely fulfilled obligations to the pension plan participants.
(3) the enterprise register of the Republic of Latvia, the decision about reorganization of the pension fund or the opening of winding-up proceedings and the appointment of a liquidator can not be registered without the permission of the inspection. Inspection determines whether a pension fund may be to reorganize or liquidate.
(4) the Pension Fund in the event of liquidation of pension plan members are entitled to all the accrued retirement benefits means their individual accounts.
(5) in the assets of the Pension Fund accumulated pension capital in accordance with the inspection instructions either in another pension fund.
28. article. Pension fund supervision (1) pension funds, their performance monitored in the licence and the licence retirement plans inspection.

(2) the inspection function and competence determined by this law and the law on the State insurance supervision inspection ".
29. article. Tax policies concerning pension funds (1) the State shall determine in respect of pension funds, their performance, as well as investment income and contributions to pension funds, special arrangements for payment of taxes and individual income taxes and corporate income tax relief.
(2) tax relief and the special payment arrangements apply to those licensed pension funds pension plans which are licensed in accordance with the requirements of the law, and pension plan members who participate in the licensed pension plans.
Transitional provisions 1 to 1 July 1998, the pension fund management can perform only: 1) bank, which is the license issued by the Bank and the securities market Commission issued a license for securities market starpniekdarbīb and the Bank of Latvia by attracting deposits of natural persons;
2) life insurance corporations, which have national insurance supervisory inspection issued license life insurance operations.
2. Investment firms to manage pension funds only after the law on investment companies acceptance and entry into force.
The law shall enter into force on 1 January 1998.
The Parliament adopted the law of 5 June 1997.
The President of the Parliament instead of the President a. perfected 1997 in Riga on June 20.