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NAPF to Become First NPF SRO

22.01.2016 12:00 / TASS

National Association of Non-state Pension Funds (NAPF) has approved the required documents for NAPF to apply for SRO status in the non-state pension market, says NAPF release.

NAPF plans to file its SRO application to the Bank of Russia and the Ministry of Justice on January 25. Official SRO status will allow NAPF to control members’ legal and internal SRO standards compliance in liaison with the Central Bank. The law requires mandatory compliance with all standards from funds. NAPF will be vested with the right to impose strict disciplinary measures on NPFs, including fines and revoking SRO membership.

“As an SRO, we plan to continue our efforts to preserve funded pensions, further improve the mandatory pension insurance system and develop the non-state pension system”, said NAPF Head Konstantin Ugryumov as quoted in the press release.

NAPF currently lists 59 non-state pension funds as members. These funds are worth over RUB 2.6 trillion, accounting for 92% of the Russian NPF market. NAPF members covered by the state guarantee system manage 90% of all pension savings.

Non-state Pension Funds industry reformProject Group №1