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

On 17 July 2014, the Bank of Russia took a decision to approve the reorganisation of Non-State Pension Fund Raiffeisen through conversion into a closed joint-stock company Non-State Pension Fund Raiffeisen and Non-State Pension Fund Ural Siberian Pension Fund through conversion into a closed joint-stock company Non-State Pension Fund URALSIB and to simultaneously take the decisions stipulated by the legislation of the Russian Federation with regard to the specified funds.

In compliance with Parts 2 and 3 of Article 11 of Federal Law No. 410-FZ, dated 28 December 2013, ‘On Amending the Federal Law ‘On Non-Governmental Pension Funds’ and Individual Legislative Acts of the Russian Federation’ NPFs in the form of non-profit organisations acting as insurers in obligatory pension insurance (OPI) are subject to conversion into non-governmental pension funds in the form of a joint-stock company or to liquidation by 1 January 2016. Non-governmental pension funds in the form of non-profit organisations not acting as insurers in the OPI are obliged to undergo this procedure by 1 January 2019.

In compliance with the legislation, the Bank of Russia simultaneously takes a decision to approve the reorganisation of the fund, the state registration of the established fund, the state registration of the issue of shares of the established fund and the issuance or reissuance of licence to carry out pension provision and pension insurance.

As of 17 July 2014, the Bank of Russia considered 38 applications for reorganisation of NPFs, the Bank of Russia approved the reorganisation of 23 non-profit pension funds.

In compliance with the legislation, applications of individuals insured under the OPI to transfer from the Pension Fund of the Russian Federation to a non-governmental pension fund and applications to switch between the NPFs are subject to execution by the Pension Fund of the Russian Federation in 2015, 2016 and 2017 only in case the NPF indicated in the application of the insured person is included in the register of the insured person right guarantee system.

The Bank of Russia has received for consideration requests to join the guarantee system from three non-governmental pension funds previously transformed into joint-stock companies with the total OPI market share of 24.78%.

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