On August 19, 2014, the Bank of Russia took a decision to agree on the reorganization of ten non-governmental pension funds.
Resulting the reorganization through conversion the following joint-stock pension funds were established: closed joint-stock company Non-Governmental Pension Fund First National Pension Fund, open joint-stock company AKVILON Interregional Non-State Pension Fund, open joint-stock company Non-State Pension Fund Blagodenstvie, closed joint-stock company Non-Government Pension Fund Magnit, open joint-stock company Non-Governmental Pension Fund Socialnoe Razvitie, closed joint-stock company Non-Governmental Pension Fund Socium, open joint-stock company Khanty-Mansiysk Non-State Pension Fund and open joint-stock company Non-State Pension Fund Arel.
Republican Non-State Pension Fund Social Protection is reorganized through separation of a non-profit pension fund with its simultaneous conversion into the open joint-stock company Non-Governmental Pension Fund Siberian Capital.
Non-Governmental Pension Fund Stayer is reorganized through merger with Non-State Pension Fund Blagovest.
In compliance with the legislation non-governmental pension funds acting as an insurer in obligatory pension insurance (OPI) are subject to conversion into joint-stock non-governmental pension funds or liquidation until January 1, 2016. Non-governmental pension funds not acting as an insurer in OPI must undergo this procedure until January 1, 2019.
As of August 19, 2014, 45 non-profit pension funds took a decision on the reorganization and established joint-stock pension funds, 44 funds submitted requests to agree on the reorganization and the Bank of Russia took a decision to approve the reorganization of 40 funds.
In compliance with the legislation applications of the OPI insured persons to transfer from the Pension Fund of the Russian Federation to a non-governmental pension fund and applications to switch between non-governmental pension funds are subject to execution in 2015, 2016 and 2017 by the Pension Fund of the Russian Federation only in case the non-governmental pension fund indicated in the application of the insured person is included in the register of participants of insured person right assurance system.
As of 19 August 2014, the Bank of Russia received for consideration applications to enter the assurance system from 18 non-governmental pension funds previously converted into joint-stock companies with the total amount of pension savings amounting to 814.7 billion rubles or 74.85% of the pension insurance market.
Due to the effectiveness of Federal Law No 99-FZ, dated May 5, 2014, 'On Amending Chapter 4 of Part 1 of the Civil Code of the Russian Federation and on Recognizing Certain Provisions of Legislative Acts of the Russian Federation Invalid', starting September 1, 2014, joint-stock pension funds established through reorganization can be incorporated as joint-stock companies without indication of its form (open or closed).