Non-governmental pension funds FAQ

The section Non-governmental Pension Fund Activity will be launched in the megaregulator’s online reception and will be accessible by the link FAQ. The decision has been taken following the surge in inquiries from citizens with regard to NPFs and main provisions of the rights assurance system of the insured persons.

One of the main questions is where to find a register of licensed NPFs and their main business indicators. In addition, people will get to know the procedure for disclosure of information by non-governmental pension funds, pension contributions insurance system and state guarantees for pension payments, and which funds are members of the pension payment assurance system.

Sometimes citizens transferred their funded pension to the non-governmental pension fund whose licence had been revoked. What will happen with their pension in this case? How to switch funds if the fund’s licence has been revoked or an activity ban is imposed against it? The Bank of Russia gives explicit answers to these and other questions. In particular, the citizen will find out that in case the licence of the non-governmental pension fund was revoked and the pensioner died, his legal successors would be able to turn to the Pension Fund of the Russian Federation within six-month period and the payment can be reclaimed by court.

One of the widespread questions is whether pension savings can be used to redeem loans, pay for education, or spent for other daily needs. The regulator explains that these funds can be withdrawn only in case of disability and loss of breadwinner. If the insured person dies before the retirement, his pension savings can be paid to the successors.