Pension Fund of the Russian Federation (PFR) is the largest and most efficient system of social services in Russia. As a result of enormous daily work the Fund ensures timely payment of pensions for every citizen of Russia in full accordance with his pension rights.
The PFR was formed on 22 December, 1990 by decision of the Supreme Soviet of the RSFSR № 442-1 "On organization of the Pension Fund of the RSFSR" for government control of pension provision finances, which were necessary as a separate non-budgetary fund. With the creation of the Pension Fund a fundamentally new mechanism of financing and payment of pensions and benefits has appeared in Russia. Funding for the payment of pensions began to be formed at the expense of required premium of employers and citizens.
The structure of the Pension Fund includes 8 Offices in federal districts, 81 Branches of RF Pension Fund in constituent entities of the Russian Federation, as well as the Branch in Baikonur (Kazakhstan), and nearly 2,500 regional offices in all regions of the country. The system employs more than 133 000 specialists.