OREANDA-NEWS. December 22, 2015.  By its Order No. OD-3647, the Bank of Russia cancelled the licence to carry out pension provision and pension insurance of the joint-stock company Non-governmental Pension Fund Novy Vek OPS (PSRN: 1157700015527; TIN 7736253589).

This decision was taken following the violation of Federal Law No. 75-FZ, dated 7 May 1998, ‘On Non-governmental Pension Funds’ with regard to the repeated failure over the past year to meet the Bank of Russia instruction on removing violations of federal laws or related regulations of the Russian Federation and the Bank of Russia under which the Fund conducts its activity pursuant to the licence.

Due to the licence cancellation, by it Order No. OD-3649, dated 17 December 2015, the Bank of Russia appointed a provisional administration to manage the joint-stock company Non-governmental Pension Fund Novy Vek OPS.

The Bank of Russia will indemnify pension savings to policy holders in the amount and under procedure stipulated by the Russian law.