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MINISTRY
OF FINANCE
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SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom - Happiness
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No.
86/2017/TT-BTC
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Hanoi , August 15, 2017
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CIRCULAR
PROVIDING GUIDELINES FOR CERTAIN ARTICLES OF THE
GOVERNMENT’S DECREE NO. 88/2016/ND-CP DATED JULY 01, 2016 ON VOLUNTARY
SUPPLEMENTAL RETIREMENT PROGRAM
Pursuant to the Government’s
Decree No. 87/2017/ND-CP dated July 26, 2017 on functions, duties, powers and
organizational structure of the Ministry of Finance;
Pursuant to the Government’s Decree
No. 88/2016/ND-CP dated July 01, 2016 on voluntary supplemental retirement
program;
At the request of the Director
of Department of Finance and banking,
The Minister of Finance
promulgates the Circular on providing guidelines for certain articles of the
Government’s Decree No. 88/2016/ND-CP dated July 01, 2016 on voluntary
supplemental retirement program.
Article 1.
Scope
This Circular provides guidelines
for investment, accounting, determination of net assets and reporting by
enterprises managing retirement funds and supervisory banks as prescribed in
the Government’s Decree No. 88/2016/ND-CP dated July 01, 2016 on voluntary
supplemental retirement program (hereinafter referred to as “the Decree No.
88/2016/ND-CP”)
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1. Enterprises
managing voluntary supplemental retirement funds (hereinafter referred to as
“managing enterprise”).
2. Supervisory
banks and depository institutions.
3. Providers
of services related to generation, operation, management and supervision of
voluntary supplemental retirement funds.
Article 3.
Retirement fund’s investment activities
1. Investment
using retirement funds shall be made in accordance with regulations in Article
20 of the Decree No. 88/2016/ND-CP on the basis of compliance with regulations
of law and taking responsibility for investment activities, ensure safety and
efficiency and comply with investment targets and policies prescribed in the
charter of the retirement fund (hereinafter referred to as “fund charter”).
2. Apart from
the Article 20 of the Decree No. 88/2016/ND-CP, a retirement fund is allowed to
invest up to 20% of its total asset value in certificates of a securities
investment fund.
3. In case of
investment in certificates of securities investment funds managed by managing
enterprises, the managing enterprises shall collect fees for fund management
only once.
4. According
to the situation of financial market and investment by retirement funds, the
Ministry of Finance may adjust the investment portfolio and limits prescribed
in Clause 2 of this Article.
Article 4.
Accounting of retirement funds
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Article 5.
Valuation of net asset value (NAV) of retirement funds
1. Monthly, a
managing enterprise shall make a valuation of the retirement fund’s NAV and
determine monthly balance of an individual retirement account in accordance
with regulations in Point c Clause 1 Article 21 and Point c Clause 1 Article 22
of the Decree No. 88/2016/ND-CP.
2. Managing
enterprises shall issue regulations on valuation of NAV and determination of
balances of individual retirement accounts. The abovementioned regulations
shall contain:
a) Principles of valuation of the
retirement fund’s NAV and balances of individual retirement accounts;
b) Procedures for using methods for
making valuation of each investment asset of the retirement fund;
c) Cases in which the managing
enterprise shall pay compensations to participants in the retirement fund
(hereinafter referred to as “fund participants”) in accordance with regulations
in Point b Clause 1 Article 23 of the Decree No. 88/2016/ND-CP.
3. The
regulations on valuation of a retirement fund’s NAV and determination of
balances of individual retirement accounts shall be specified in the fund
charter in accordance with regulations in Point m Article 14 of the Decree No.
88/2016/ND-CP. The regulations shall be published on the managing
enterprise’s website and sent to a supervisory bank for inspection and
supervision in accordance with regulations in Point c Clause 1 Article 16 of
the Decree No. 88/2016/ND-CP.
4. Market
value of a retirement fund’s assets shall be determined according to the
methods prescribed in Article 19 of the Circular No. 183/2011/TT-BTC and it’s
amending documents (if any).
5. If a
managing enterprise make a wrong valuation of the retirement fund’s NAV or
wrongly determine balances of individual retirement accounts and cause actual
damage to fund participants, it shall pay compensations to the fund
participants in accordance with regulations in Article 23 of the Decree No.
88/2016/ND-CP. The rate of mistake subject to compensations shall be
specified in regulations on valuation of a retirement fund’s NAV and
determination of balances of individual retirement accounts prescribed in
Clause 2 of this Article and equal at least 0.75% of the retirement fund's NAV
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7. Within 3
working days from the date of valuation, the retirement fund's NAV shall be
published on websites of its managing enterprise and the retirement agent.
Article 6.
Reporting by managing enterprises
1. Apart from
the financial statements prescribed in Point c Clause 1 Article 32 of the
Decree No. 88/2016/ND-CP, a managing enterprise shall submit reports on fund
management activities and reports on risk management and internal control
systems. To be specific:
a) Reports on management of the
voluntary supplemental retirement fund using the specimen prescribed in
Appendix1 of this Circular which shall be made annually and submitted within 3
months from the end of year.
b) Reports on assets of the
voluntary supplemental retirement funds using the specimen prescribed in
Appendix 2 of this Circular which shall be made quarterly and submitted within
20 days from the end of the latest quarter;
c) Reports on the voluntary
supplemental retirement’s investment activities using the specimen prescribed
in Appendix 3 of this Circular which shall be made quarterly and
submitted within 20 days from the end of the latest quarter;
d) Reports on risk management and
internal control system using the specimen prescribed in Appendix 4 of this
Circular which shall be made annually and submitted within 3 months from the
end of year.
2. The reports
mentioned in Clause 1 of this Article shall be submitted to the Ministry of
Finance and Ministry of Labor, War Invalids and Social Affairs in accordance
with regulations in Article 32 of the Decree No. 88/2016/ND-CP.
Article 7.
Reporting by supervisory banks
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2. Place of
receipt and period of submission of the reports mentioned in Clause 1 of this
Article shall comply with Article 33 of the Decree No. 88/2016/ND-CP.
Article 8.
Implementation
1. This
Circular comes into force from October 01, 2017.
2. Chief of
Office of the Ministry of Finance, Director of Department of Finance and
banking and heads of relevant affiliated entities of the Ministry of Finance,
managing enterprises, supervisory banks and relevant organizations and
individuals shall take responsibility for implementing this Circular.
P.P.
MINISTER
DEPUTY MINISTER
Tran Van Hieu
APPENDIX 1
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REPORT ON MANAGEMENT OF VOLUNTARY SUPPLEMENTAL
RETIREMENT FUND
To:
- Ministry
of Finance;
- Ministry of Labor, War Invalids and Social Affairs;
- Name of the
managing enterprise:
- Address:
- The
certificate of eligibility for operation No. ………….issued by………..on………
- The
reporting period (year):
- Names and
addresses of organizations providing services for the managing enterprise (fund
accounting, management of individual retirement accounts) (if any);
- A list of
retirement agents
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No.
Criteria
Unit
Value
Change
in comparison with the previous reporting period
I
Quantity of voluntary
supplemental retirement funds that are being managed by the enterprise
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II
Total NAV of voluntary
supplemental retirement funds that are being managed by the enterprise
In which:
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1
Total value of contributions
to voluntary supplemental retirement funds in the reporting period.
2
Total value of payments using
voluntary supplemental retirement funds in the reporting period.
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3
Total value of investments at
the end of reporting period
2. Reports
on each voluntary supplemental retirement fund
(Specify each voluntary
supplemental retirement fund that is being managed by the enterprise)
- Name of the
voluntary supplemental retirement fund;
- The fund
charter No……dated…….. amended by the document No. ….dated…. (if any). The fund
charter shall specify investment policies implemented by the voluntary
supplemental retirement fund, proportion of investments in each asset
prescribed in Clause 3 Article 20 of the Decree No. 88/2016/ND-CP.
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-Name of the
supervisory bank;
No.
Criteria
Unit
Value
Change
in comparison with the previous reporting period
I
Total quantity of fund
participants (I= 1+2)
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1
Quantity of individuals directly
participating the fund
2
Quantity of employees
participating in the fund through their employers.
(Specify according to each
enterprise)
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II
The fund’s NAV
In which:
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1
Total value of contributions
to voluntary supplemental retirement funds in the reporting period.
2
Total value of payments using
voluntary supplemental retirement funds in the reporting period.
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3
Total NAV of the voluntary
supplemental retirement fund
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APPENDIX 2
(issued
together with the Circular No. 86/2017/TT-BTC of the Ministry of Finance dated
August 15, 2017 on providing guidelines for certain articles of the
Government’s Decree No. 88/2016/ND-CP dated July 01, 2016 on voluntary
supplemental retirement program)
REPORT ON ASSETS OF VOLUNTARY SUPPLEMENTAL RETIREMENT
FUND
(Applicable
to each voluntary supplemental retirement fund)
To:
- Ministry
of Finance;
- Ministry of Labor, War Invalids and Social Affairs;
- Name of the
managing enterprise:
- Address:
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- Report in
the [ ] quarter, [year]
- Name of the
voluntary supplemental retirement fund;
- The fund
charter No……dated…….. amended by the document No. ….dated…. (if any). The fund
charter shall specify investment policies implemented by the voluntary
supplemental retirement fund and proportion of investments in each asset
prescribed in Clause 3 Article 20 of the Decree No. 88/2016/ND-CP.
Unit:
VND
No.
Assets
In
the reporting period
In
the previous reporting period
%
in comparison with the same period last year
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Cash and cash equivalents
Cash
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Deposits at banks
Other cash equivalents
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Government bonds
3
Government-guaranteed bonds
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Local government bonds
5
Certificates of securities
investment funds
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Accounts receivable
Received interest and dividends
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Other accounts receivable
Allowance for bad debts
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Total assets
[place
and time]
LEGAL REPRESENTATIVE
(Signature, full name and seal)
APPENDIX 3
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REPORT ON VOLUNTARY SUPPLEMENTAL RETIREMENT FUND’S
INVESTMENT ACTIVITIES
(Applicable
to each voluntary supplemental retirement fund)
To:
- Ministry
of Finance;
- Ministry of Labor, War Invalids and Social Affairs;
- Name of the
managing enterprise:
- Address:
- The
certificate of eligibility for operation No. ………….issued by………..on………
- Report in
the [ ] quarter, [year]
- Name of the
voluntary supplemental retirement fund;
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Unit:
VND VND
REPORT ON INVESTMENT PORTFOLIO
BY THE VOLUNTARY SUPPLEMENTAL RETIREMENT
No.
Type
of asset (specify)
Quantity
Market
price or reasonable value on the date of report
Total
value
The
asset value divided by the total value (%)
I
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1
Cash
2
Deposits at banks
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Total
II
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III
Government-guaranteed bonds
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IV
Local government bonds
V
Certificates of securities
investment funds
1
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2
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Total
VI
Accounts receivable
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1
Received interest and dividends
2
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3
Allowance for bad debts
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Total
VII
Total value of the investment
portfolio
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II. PERFORMANCE REPORT
No.
Criteria
In
the reporting period
In
the previous reporting period
Accumulated
year-to-date
I
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1
Received interest and dividends
2
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II
Expenditures
1
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2
Depository fees payable to
depository institutions
3
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4
Expenditures on fund accounting,
management of individual retirement account services and other expenditures
that shall be paid to relevant service providers by the managing enterprises;
5
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6
Expenditures related to
conductions of transactions in the fund's assets.
7
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III
Net income received from
investment activities (I-II)
IV
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1
Actual gain/loss arising from
investment activities
2
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V
Changes in the fund’s NAV due to
investment activities in the reporting period
VI
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VI
Changes in the fund’s NAV in the
reporting period
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1
Changes in the fund’s NAV due to
investment activities in the reporting period
2
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3
Changes in the fund’s NAV due to
payments to fund participants in the reporting period
VIII
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[place
and time]
LEGAL REPRESENTATIVE
(Signature, full name and seal)
APPENDIX 4
(issued
together with the Circular No. 86/2017/TT-BTC of the Ministry of Finance dated
August 15, 2017 on providing guidelines for certain articles of the
Government’s Decree No. 88/2016/ND-CP dated July 01, 2016 on voluntary
supplemental retirement program)
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To:
- Ministry
of Finance;
- Ministry of Labor, War Invalids and Social Affairs;
- Name of the
managing enterprise:
- Address:
- The
certificate of eligibility for operation No. ………….issued by………..on………
- Reporting
period (year):
- Names and
addresses of organizations providing relevant services for the managing
enterprise (fund accounting, management of individual retirement accounts) (if
any).
1. General
situation of the managing enterprise
- The
enterprise is reissued with the certificate of eligibility for operation No.
…………. on………
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- Cases of
complaint, denunciation and disputes related to management of retirement fund
in this year (if any);
- Cases of
payment of compensations to fund participants;
- Records or
reports on inspection and supervision carried out by regulatory authorities in
this year.
2. Situation
of each voluntary supplemental retirement fund
- Change of
the depository institution;
- Change of
the supervisory bank;
- Changes in
the fund charter which specifies changes in investment policies implemented by
the voluntary supplemental retirement fund.
3. Report
on implementation of the internal control system in management of retirement
fund
- Make
assessments of implementation and application of the internal control system by
the managing enterprise in management of the retirement fund.
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[place
and time]
LEGAL REPRESENTATIVE
(Signature, full name and seal)
APPENDIX 5
(issued
together with the Circular No. 86/2017/TT-BTC of the Ministry of Finance dated
August 15, 2017 on providing guidelines for certain articles of the
Government’s Decree No. 88/2016/ND-CP dated July 01, 2016 on voluntary
supplemental retirement program)
REPORT ON RESULTS OF INSPECTION AND SUPERVISON BY
SUPERVISORY BANK RELATED TO MANAGEMENT OF RETIREMENT FUND BY MANAGING ENTERPRISE
To:
- Ministry
of Finance;
- Ministry of Labor, War Invalids and Social Affairs;
- Name of the
supervisory bank;
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- Name of the
managing enterprise under supervision:
- Address:
- The
certificate of eligibility for management of retirement fund No. ………….issued
on………
- Names and
addresses of organizations providing relevant services for the managing
enterprise (fund accounting, management of individual retirement accounts) (if
any)
- Reporting
period (year):
1. Fulfillment
of responsibilities of the managing enterprise
- Make
assessment of fulfillment of the responsibilities prescribed in the Decree No.
88/2016/ND-CP regarding managing enterprises and the fulfillment of
responsibilities prescribed in the Decree No. 88/2016/ND-CP, fund charter,
contracts for participating in the fund and contracts for providing relevant
services regarding providers of relevant services.
- Specify
cases of payment of compensations to fund participants (if any);
- Specify
separate accounting and management of assets contributed by participants and
the managing enterprise's assets.
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- Make
assessments of compliance with investment policies prescribed in the fund
charter, exercise of rights and fulfillment of responsibilities by relevant
parties of transactions related to the retirement fund and individual
retirement accounts.
3. Management
of individual retirement accounts
- Make
assessments of distribution of investment income and determination of balances
of individual retirement accounts
4. Implementation
of the internal control system in management of retirement fund
- Make
assessments of implementation of the internal control system in management of
retirement fund
- Make
assessments of procedures and methods for valuation of the fund's NAV;
- Make
assessments of distribution of investment income and determination of balances
of individual retirement accounts.
- Specify
risks (if any)
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[place
and time]
LEGAL REPRESENTATIVE OF SUPERVISORY BANK
(Signature, full name and seal)
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