OREANDA-NEWS. The Bank of Russia has completed the review of applications received from non-governmental pension funds (NPF) for joining the guarantee system for insured persons’ rights. As a result, 46 NPFs tasked to manage pension savings worth more than 2 trillion rubles have acceded to the system.

These new members of the guarantee system had to prove their conformity to strict legislative requirements and to withstand the scrutiny by the Bank of Russia.

The regulator examined the following aspects of NPFs’ activity: capital and asset adequacy, investment activity arrangements, internal control and risk management systems, conflict of interest management, information disclosure, and requirements for business reputation. The focus of examination was on NPFs, and also on management companies and special depositories working with them.

As of 1 January 2014, upon the enactment of the law on guaranteed pension savings, 89 NPFs operated in that market. Non-governmental pension funds seeking to join the insured persons’ rights guarantee system could submit their applications till the end of 2015.

Pension funds shall satisfy the requirements for participants in the guarantee system on an ongoing basis. The Bank of Russia will control their compliance with the requirements.