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Non-State Pension Funds Corporatization Draft Bill Introduced to State Duma

17.10.2013 15:56 / PRIME

The Russian Government has introduced a draft bill on corporatization of non-state pension funds, according to the Lower House database.

The bill draws a 1 January 2014 deadline on incorporation of non-state pension funds as not-for-profit organizations. The draft stipulates that by 1 July 2014, existing not-for-profit NPFs may be reorganized solely by means of merger or affiliation, and from 1 July by corporatization only.

According to the bill, all NPFs involved in compulsory pension insurance are to complete reorganization by 1 January 2016. The bill allows NPFs not involved in compulsory pension insurance to float shares by 1 January 2017.

Non-state Pension Funds industry reformProject Group №1