OREANDA-NEWS. August 06, 2015. By its Order No. OD-1922, the Bank of Russia cancelled licence to carry out pension provision and pension insurance of the joint-stock company Non-Governmental Pension Fund Sun. Life. Pension. (hereinafter, the Fund) (PSRN 1157700000468, TIN 7703043360) from 3 August 2015.

The reasons to take this decision were as follows:

violation of requirements stipulated by Federal Law No. 75-FZ, dated 7 May 1998, ‘On Non-Governmental Pension Funds’ with respect to failure by the Fund to discharge duty to transfer pension savings to another insurer within the time and in the manner, specified in Subclause d of Clause 7 of Article 6 of Federal Law No. 351-FZ, dated 4 December 2013, ‘On Amending Certain Laws of the Russian Federation on Compulsory Pension Insurance Regarding the Right of Choice by Insured Persons of a Pension Provision Option’;

repeated failure to comply with the Bank of Russia’s instructions to remedy the violations, including deposited pension savings with credit institutions, inconsistent with the requirements of the legislation.

Due to cancelling of the licence, by its Order No. OD-1923, dated 3 August 2015, the Bank of Russia appointed a provisional administration to manage the joint-stock company Non-Governmental Pension Fund Sun. Life. Pension.

The Bank of Russia shall reimburse the pension savings to the insured persons in the amount and in the manner stipulated by the laws of the Russian Federation.