Expenditure

NWF assets can only be spent to co-finance voluntary pension savings of Russian citizens and to balance budget of Pension Fund of the Russian Federation. Amount of Fund assets that shall be spent for mentioned purposes is determined by the federal budget law for the corresponding fiscal year and planning period.

Terms of co-financing is enacted by federal law No.56-FZ dated 30 April 2008 “Additional insurance premiums to accumulation part of retirement pension and state-financing backing of pension savings”.

[1] Budget Code of the Russian Federation, chapter 13.2, article 96.10, clause 2