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Corporate retirement program

Corporate retirement program was established in 1994 and is one of the most important aspects of the Companys social policy.


First corporate pension plans were assigned in 1997.


Following a contest Russias Enterprise of Highest Social Performance which was held in 2001, LUKOILs corporate retirement program was declared number one in Russia by the Government of the Russian Federation.

Before 2003 corporate pensions had been financed solely by the employer.


Beginning in 2004, the corporate pension system was augmented with a pension plan based on the principle of both the employee and employer contributing to the occupational pension fund.


Thus, the former pension program based on the principle of sole financing by the employer was set at the December 2003 level. To be eligible for the pension under the above plan, the employee must be employed with the LUKOIL Group Organizations throughout the entire period from 2003 up until his/her retirement.


The following core principles underlie the new shared financing pension plan:

1)      The employee shall sign an individual Pension Agreement with the non-state pension fund (hereinafter, the Fund) and start paying pension taxes thereunder.

2)      The Company shall establish additional pension capital in the registered account of the employee in the Fund by the time he/she reaches the retirement age that would be equivalent to the sum paid by the employee during the whole employment period with the Company, provided that he/she retires from a LUKOIL Group Organization.

3)      The amount of the pension contributions paid by the employee shall not be limited.

4)      The shared contribution made by the employer shall cover the employees pension contribution within his/her remuneration percentage set by the Companys Management Committee (currently 4%).

5)      The occupational pension accrued by the employer shall be paid for life after the employee has retired from the LUKOIL Group Organization.

6)      After the employees retirement, the private pension savings of the employee can be used both for immediate payments and monthly lifetime pension payments.


The pension savings made by the employee shall be increased during the saving period by means of the investment income, inherited and considered employees property.


Judging by last years results, 40,265 of the Companys employees participated in the corporate shared financing pension plan. The sum of their individual pension contributions exceeded RUR 398 million. The average pension contribution paid by the plan participant has reached approximately RUR 10 thousand per year.


 

Share contribution retirement plan:

 





To estimate the size of future corporate pension in the share corporate retirement program, one may use the table below, which displays proportional increase of the pension amount in relation to the amount of contribution.

Amount of Life Shared Non-state Pension
(employees monthly contribution is equal to RUR 1,000)

Contribution period, (number of years)

5

10

15

20

25

Amount of pension for men (RUR), including from the funds of

1216

2450

4197

6349

9045

the Company

545

990

1536

2081

2626

Personal

61

1460

2661

4268

6419

Amount of pension for women (RUR),including from the funds of

888

1787

3056

4618

6572

the Company

405

736

1140

1545

1950

Personal

483

1051

1916

3073

4622


Those employees with individual non-state pension agreements who contribute into non-state pension fund may apply to local tax authorities for social tax deduction, equaling their payments. T
he deduction can be provided by an employer upon application of an employee.



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