On the conversion of non-governmental pension funds into joint-stock companies

On 20 May 2014, the Bank of Russia made a decision to approve reorganisation by converting a non-governmental pension fund with regard to a non-profit organisation Private Pension Fund Nasledie, Non-state Pension Fund of the Electric Power Industry (a non-profit organisation), Private Pension Fund Promagrofund, Non-state Pension Fund StalFond, Non-state Pension Fund Telecom-Soyuz, and also a decision to approve reorganisation by detaching a non-profit pension fund and its simultaneous transforming into a joint-stock pension fund with regard to Non-state Pension Fund LUKOIL-GARANT.

As a result of the reorganisation, six joint-stock pension funds have been established, namely, Closed Joint-Stock Company Private Pension Fund Nasledie, Open Joint-Stock Company Non-state Pension Fund of the Electric Power Industry, Closed Joint-Stock Company Private Pension Fund Promagrofund, Open Joint-Stock Company Non-state Pension Fund StalFond, Open Joint-Stock Company Non-state Pension Fund Telecom-Soyuz and Open Joint-Stock Company Non-state Pension Fund LUKOIL-GARANT.

Simultaneously with making the decision on approving the reorganisation of a non-profit organisation Private Pension Fund Nasledie, Non-state Pension Fund of the Electric Power Industry (a non-profit organisation), Private Pension Fund Promagrofund, Non-state Pension Fund StalFond, Non-state Pension Fund Telecom-Soyuz and Non-state Pension Fund LUKOIL-GARANT, the Bank of Russia made a decision on the state registration of the joint-stock pension funds established due to the mentioned reorganisation, on the state registration of the stocks of shares issued by the said funds, and also on the re-registration of the pension support license and pension insurance license for the joint-stock pension funds formed as a result of the reorganisation, and on granting the pension provision and pension insurance license to Open JSC Non-state Pension Fund LUKOIL-GARANT established as a result of the detachment.

According to law, non-governmental pension funds (NPFs) operating as insurance agents in the compulsory pension insurance system shall be either reorganised into non-governmental pension funds in the form of joint-stock companies, or be liquidated by 1 January 2016. Non-governmental pension funds not engaged in the compulsory pension insurance system shall comply with the above requirement by 1 January 2019.

According to law, the Bank of Russia approves the reorganisation of a fund (funds), state registration of funds, state registration of the issued stocks of shares by the funds, and also the granting or re-registration pension provision licenses and pension insurance licenses for the funds.

By 20 May 2014, the Bank of Russia has received 20 applications from non-governmental pension funds for the approval of the reorganisation thereof. Four of the funds decided to make reorganisation by the detachment of a non-profit fund with simultaneous conversion into a joint-stock pension fund, whereas 16 funds decided to make reorganisation by converting to joint-stock pension funds.

As of 20 May 2014, the Bank of Russia decided to approve the reorganisation of eight non-governmental pension funds, three of which are being reorganised by the detachment of a non-profit fund with simultaneous conversion into a joint-stock pension fund, while five of which are being reorganized by converting into joint-stock funds.

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21.05.2014 00.00.00