On imposing ban on non-governmental pension fund to carry out certain operations

On 17 October 2014, the Bank of Russia took a decision to impose a six-month ban on Non-Governmental Pension Fund Empire to carry out the following operations:

1) to enter into new obligatory pension insurance agreements;

2) to transfer pension savings in trust management of management companies;

3) to write off funds from the pension account, excluding write-offs aimed at payment of accumulative part of the labour pension, payments to legal successors (individuals) and transfer of funds (portion of funds) of maternity benefit due to the refusal of the insured person from the accumulative part of the labour pension or in case of the insured person’s death.

This decision is taken due to the failure to meet the Bank of Russia instruction to remove violations of the Russian legislation and becomes effective the day it is taken.

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20.10.2014 00.00.00