OREANDA-NEWS. By its Order No. OD-3001, dated 2 November 2015, the Bank of Russia cancelled licence to carry out pension provision and pension insurance of Trade Union Non-governmental Pension Fund Garant-Prof, non-profit social assistance organisation (PRSN: 1027739416704; TIN: 7736003814).

The grounds for such an extreme measure by the Bank of Russia were as follows:
- violation by the Fund of the Bank of Russia ban to conduct operations;
- violations of the requirements of Federal Law No. 75-FZ, dated 7 May 1998, 'On Non-governmental Pension Funds' with regard to the Fund's disposal of pension savings;
- a repeated violation over the past year of the requirements to disseminate, submit and disclose information envisaged by federal laws and legal acts of the Russian Federation issued in pursuance thereof and Bank of Russia regulations, in compliance with which the Fund is licensed to carry out activity;
- conducting activity not envisaged by Clause 1 of Article 2 of Federal Law No. 75-FZ, dated 7 May 1998, 'On Non-governmental Pension Funds'.

By Bank of Russia Order No. OD-3003, dated 2 November 2015, a provisional administration has been appointed to manage Trade Union Non-governmental Pension Fund Garant-Prof, non-profit social assistance organisation, due to the cancellation of its licence.

The Bank of Russia will compensate the insured persons for pension savings in the amount and in accordance with the procedure established by the Russian Federation legislation.