On May 31, 2004, the board of directors of AO MOSENERGO approved the management’s decision to transfer one more founding contribution worth 3 m rubles to the Non-government Pension Fund (NPF) Mosenergo. The total contribution of the foundation was increased in order to participate in the Russian pension reform through this pension fund.

Under the federal law on non-government pension funds, NPF Mosenergo may take part in the pension reform if the total founding contribution is worth no less than 3 m rubles (from 2005 – no less than 30 m rubles). Therefore, in order to preserve the fund and develop it later, AO MOSENERGO plans to contribute 30 m rubles by 2005.

NPF Mosenergo is a corporate non-government pension welfare fund. It was set up on October 20, 1993 in accordance with the presidential decree on pension funds. The main goals of this fund are to enhance the social protection of pensioners who are former AO MOSENERGO’s employees (they would receive pensions from the fund). Another purpose of the fund is accumulating pension savings, investing them and earning the return, and paying the investment return to insured pensioners along with fixed pensions. As of today, the fund pays pensions to almost 9,000 pensioners who receive monthly additions to state pensions.

Currently, NPF specialists developed new rules for the pension fund, and in the near future they will file an application for a status of a non-government pension provider and mandatory pension insurance.

After the restructuring of AO MOSENERGO, each enterprise will sign with NPF Mosenergo an agreement on provision of non-government pensions and independently establish the size of non-government pensions for its pensioners.