OREANDA-NEWS. By its Order No. OD-3715, dated 24 December 2015, the Bank of Russia cancelled the licence to carry out pension provision and pension insurance of the Republican Non-governmental Pension Fund Social Protection (PSRN: 1020300966620; TIN 0323079897).

This extreme measure was taken following the violation of Federal Law No. 75-FZ, dated 7 May 1998, 'On Non-governmental Pension Funds' with regard to repeated violations over the past year of requirements to information distribution, provision or disclosure stipulated by federal laws and related regulations of the Russian Federation and the Bank of Russia, in compliance with which the fund carried out its activity under the licence.

Due to the licence cancellation, by it Order No. OD-3716, dated 24 December 2015, the Bank of Russia appointed a provisional administration to manage the Republican Non-governmental Pension Fund Social Protection.

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