Translation. Region: Russian Federation –
Source: Central Bank of Russia
An important disclaimer is at the bottom of this article.
Forced liquidation occurs when a non-state pension fund's license is revoked for violations of the law or when the NPF's shareholders have failed to resolve to liquidate the fund, but the fund's license has already been revoked following the NPF's application to renounce the license. If the NPF is unable to satisfy creditors' claims, the arbitration court declares the NPF bankrupt and initiates bankruptcy proceedings against it.
In the event of liquidation (bankruptcy) of the NPF, participants are reimbursed for the guaranteed compensation (see section "Guaranteeing the rights of participants (insured persons)".
Claims of participants (insured persons) exceeding the amounts of guaranteed compensation are satisfied within the framework of liquidation (bankruptcy proceedings).
When liquidating a non-state pension fund, the claims of participants (insured persons) under the compulsory pension insurance (OPS), non-state pension insurance (NPO) and pension savings plans (PDS) are repaid from pension reserve funds, which are not included in the bankruptcy estate.
The NPF is transferred to the Financial Markets Service within three months from the date of the decision to declare the NPF bankrupt or liquidate it.
Obligations under NPO and PDS agreements are repaid by paying participants or transferring to another fund redemption amounts, which are included in the register of creditors' claims and repaid within 9 months from the date of the court decision on bankruptcy or liquidation.
Payment of the surrender value or its transfer to the relevant NPF is made based on the participant's application. The application must be submitted to the DIA in person, through a representative by courier, or by registered mail with a return receipt requested no later than six months from the date of the arbitration court's decision to declare the NPF bankrupt or liquidate it.
Claims to be satisfied from pension reserve funds are satisfied in the following order:
1st priority — claims of the State Deposit Insurance Agency acquired as a result of payment or transfer to another NPF of guaranteed compensation; 2nd priority — claims for payment of the surrender value of NPF participants, in respect of whom the fund has become obligated to pay a lifetime non-state pension, or claims for making payments under a long-term savings agreement; 3rd priority — claims for payment of the surrender value of NPF participants, in respect of whom the fund has become obligated to pay a non-state pension for a period specified in a pension agreement, or claims for making fixed-term periodic payments; 4th priority — claims of depositors, participants and legal successors of NPF participants — individuals; 5th priority — claims of NPF depositors — legal entities; 6th priority — claims of other creditors to be satisfied from pension reserves in accordance with the Federal Law "On Non-State Pension Funds".
If the creditor fails to provide the information necessary for settlement, the State Security Service (DIA) will transfer the funds owed to them to a separate account opened with the Bank of Russia. The creditor has the right to receive these funds within three years from the date of completion of bankruptcy proceedings against the NPF. If the creditor misses this deadline, the funds will be transferred to the pension reserve guarantee fund, and the NPF's obligations to them will be terminated.
Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.