OREANDA-NEWS. November 02, 2015.  Bank of Russia transferred 38.6 billion roubles of pension savings of policy holders of seven non-governmental pension funds (NPFs) with licences cancelled in August 2015 to the Pension Fund of the Russian Federation (PFRF).

The funds compensated by Bank of Russia form a nominal amount of insurance premiums for funded old-age labour pension. The return on investment (about 10 billion roubles) will be reimbursed to insured persons as the State Corporation Deposit Insurance Agency, the liquidator of the funds, has disposed of the NPFs’ assets. Notably, the funds will be distributed among the NPFs’ policy holders in proportion to accumulated amounts.

In August 2015 Bank of Russia cancelled licences of non-governmental pension funds JSC NPF Sun.Life.Pension, JSC NPF Solnechnoe Vremya, JSC NPF SBEREGATELNY, JSC NPF Adekta-Pension, JSC NPF Sberegatelny Fond Solnechny Bereg, JSC NPF Zashchita Budushchego, NPO NPF Uraloboronzavodsky. Upon the regulator’s application the arbitration court ruled to liquidate the funds.

A total number of the insured persons of the said funds exceeds 1.1 million persons, including citizens who applied for a transfer to another insurer and the selected NPF received the applications in 2014 with no savings transferred and received.