The Federal Law provides for creating a Pension and Social Insurance Fund of the Russian Federation.
The Fund shall be created by reorganising the Pension Fund of the Russian Federation and merging it with the Social Insurance Fund of the Russian Federation.
The Federal Law defines the Fund’s legal status, the procedure for its creation, reorganisation and liquidation, its functions and powers, as well as its administrative bodies and their scope of duties.
The purpose of the Fund is to ensure provision by the state of pensions, mandatory pension insurance and mandatory social insurance in case of temporary disability and in connection with motherhood, mandatory social insurance against occupational accidents and diseases, social security, to provide to eligible groups of social protection (support), as well as to implement other state functions and powers assigned to the fund under Russian law.
The Fund is created under the Government of the Russian Federation and incorporated as a state extrabudgetary fund.