OREANDA-NEWS. On August 31, 2007 "The First Ukrainian private pensions fund" completed its reorganization in accordance with the requirements of Laws of Ukraine on providing private pension, reported the press-centre of VAB Group.

"The First Ukrainian private pensions fund" completed its reorganization in accordance with the requirements of Laws of Ukraine on providing private pension.

On August, 28 the State commission on adjusting of markets of financial services of Ukraine excluded from the State register of financial institutions "The First Ukrainian private pension fund". According to the Director of the "First Ukrainian private pension fund", Sergey Romanenko, the fund fully met the engagements: accumulations of pensions, for more than 10 000 members for a sum of more than 1 120 000 UAH and was transferred in to the opened private pension fund "Europe". In addition, 62 payments of pensions for an amount of about 15 000 UAH were carried out.

"Taking into account the experience of the countries of the CIS, where the system of  pension providing is already being done for a longer time, it is possible to predict that during the next 3-5 years, with the development of the this service in Ukraine, the processes of absorbing and joining of private pension funds will become a more frequent phenomenon" the General Director of VAB Pension (which owns 70% of "The First Ukrainian private pension fund") Sergey Ermakovich pointed out.