On corporatisation of non-governmental pension funds
On 30 April 2014, the Bank of Russia took a decision to agree on reorganisation through the establishment of a non-profit pension fund with simultaneous transformation of the non-governmental pension fund GAZFOND and non-profit organisation Non-Governmental Pension Fund BLAGOSOSTOYANIE into a joint-stock pension fund.
NSPF GAZFOND and NC NSPF Blagosostoyanie reorganization paved the way for the establishment of two new joint-stock pension funds – open joint-stock company Non-governmental Pension Fund GAZFOND Pension Savings and open joint- stock company Non-Governmental Pension Fund BLAGOSOSTOYANIE CPI.
Simultaneously with the decision to agree upon reorganisation of NPF GAZFOND and NC NSPF BLAGOSOSTOYANIE, the Bank of Russia took some decisions on state registration of those joint-stock pension funds that emerged in the wake of reorganisation, on state registration of the issues of shares of aforementioned funds, on granting licences to each of them to carry out pension provision and pension insurance activities.
According to legislation, the NPF’s that perform their activities as the obligatory pension insurance (OPI) carrier are subject to transformation into non-governmental pension funds of a joint-stock format by 1 January 2016 or liquidation. The non-governmental pension funds that do not function as OPI carriers are subject to do so by 1 January 2019.
In accordance with legislation, the Bank of Russia shall agree on running reorganization of the fund (funds), state registration of the issue of the shares of the fund as well as granting licences or their renewals to the fund to go ahead with pension provision and pension insurance operations.
As of 28 April 2014, the Bank of Russia received 17 requests seeking agreement on reorganization of non-profit non-governmental pension funds. Three funds decided to go into reorganization through the establishment of a non-profit fund with simultaneous transformation into the joint-stock pension fund, while the remaining 14 entities said ‘yes’ to transformation into joint stock pension funds.
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05.05.2014 00.00.00