OREANDA-NEWS. August 17, 2015. Due to the cancellation of licences of non-governmental pension funds JSC NPF Sun.Life.Pension, JSC NPF Adekta-Pension, NPO NPF Uraloboronzavodsky, JSC NPF Zashchita Budushchego, JSC NPF Solnechnoe Vremya, JSC NPF Sberegatelny Fond Solnechny Bereg, and JSC NPF Sberegatelny, the Bank of Russia will transfer pension savings of policy holders of the above-mentioned non-governmental pension funds to the Pension Fund of the Russian Federation (PFRF) until 30 October 2015.

Contracts of compulsory pension insurance with the above-mentioned NPFs are deemed terminated from the cancellation of the funds’ licences. Policy holders are moving to the PFRF that becomes their insurer.

Beneficiaries of the said funds will receive their pensions from the PFRF.

In compliance with legislation, the Bank of Russia will transfer the following funds to the PFRF for it to meet the transferred obligations of the funds:

— nominal amount of insurance premiums for funded old-age labour pension;

— premiums for co-funding of pension savings;

— funds (part of funds) of maternity (family) capital transferred to the funded labour pension;

— return on temporary investments of these funds by the Pension Fund of the Russian Federation;

— one-time payment (if this amount was set but not paid);

— payment reserve funds and pension savings of policy holders eligible for term pension payment accumulated as of the date of licence cancellation.

These amounts will be transferred for each policy holder. If a citizen applied for a transfer to another pension fund in 2013-2014, but the selected fund had not received any savings as of the licence cancellation date, the citizen is considered to be a customer of the previous fund. Accordingly, pension savings of these policy holders will also be transferred to the PFRF.

The PFRF transfers funds received from the Bank of Russia to trust management of the state management company of Vnesheconombank for placing in ‘Extended’ investment portfolio. Meanwhile, all policy holders are entitled to choose a new insurer.

Applications for transfer of pension savings to funds whose licence has been cancelled filed in 2013-2014 and approved by the PFRF will not be considered.

The Bank of Russia filed a suit in the arbitration court on the forced liquidation of funds whose licences had been cancelled. The powers of the executive bodies are suspended, provisional administration is appointed to the funds, their assets cannot be managed without the provisional administration’s consent.