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The corporate retirement program of Rosneft implemented by NPF EVOLUTION allows employees, in addition to the insurance and funded pension, to form additional non-state pensions:
- CORPORATE PENSION is a non-state pension generated at the expense of the funds of Rosneft or Subs transferred to a non-state pension fund under corporate pension agreements in the form of regular pension contributions and the income transferred by the non-state pension fund received from the placement of pension reserves.
- INDIVIDUAL PENSION is an additional non-state pension that was voluntarily formed in a non-state pension fund at the expense of the personal funds of an employee of Rosneft or a Sub and the income transferred by the non-state pension fund.
Principles of corporate pension provision
| Compensation principle | Increase the social security of employees upon retirement by compensating for part of the earnings lost after leaving the Company. |
| Joint and several obligation principle | The obligation to form a non-state pension is assumed by both the company and the employee. The size of a corporate pension depends on the worker's response obligation. |
| Single Company principle | Single terms to obtain the right to a corporate pension are applied in all Group Companies. |
The corporate pension system implemented by the Fund at the Company's enterprises is based on a scheme with lifetime pension payments.
The funds transferred by the employer to the employees’ registered pension accounts provide an opportunity for the Fund to guarantee its obligations to each individual participant in payment of a lifetime corporate pension.
Personal pension coverage (PPC)
The PPC agreement is an agreement between the Fund and the employee, according to which the employee undertakes to pay pension contributions to NPF EVOLUTION, and the Fund undertakes to pay a personal pension to this employee.
In case a PPC agreement is concluded, in accordance with the NPC Standard, one is entitled not only to receiving an additional personal pension, but also to an increase in the size of his/her corporate pension.
Non-state pension provision for veterans
To increase the level of social security for workers who retired before the creation of the unified corporate pension system, a social support project for veterans is being implemented. Every year, the number of Subs participating in this project is growing.
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The Company seeks to continuously improve its pension provision and increase the social security of Rosneft employees after retirement.
More information about the Fund is available on the EVOLUTION website at http://www.evonpf.ru