OREANDA-NEWS. By its Order No. OD-2998, dated 2 November 2015, Bank of Russia cancelled licence to carry out pension provision and pension insurance of the joint-stock company Non-governmental Pension Fund Blagovest (PSRN: 1157700004351; TIN: 7708252897).

The reasons to take the extreme measure were as follows:
- violations of requirements of Federal Law No. 75-FZ, dated 7 May 1998, 'On Non-governmental Pension Funds' with regard to the Fund's management of pension savings;
- repeated violation within a year of requirements to information distribution, provision or disclosure, stipulated by federal laws and related regulations of the Russian Federation;
- repeated non-compliance within a year with Bank of Russia instructions to remedy violations of requirements of the federal laws or related regulations of the Russian Federation and Bank of Russia regulations governing licensed activities of the Fund.

Due to the cancellation of the licence, by its Order No. OD-3000, dated 2 November 2015, Bank of Russia appointed a provisional administration to manage the joint-stock company Non-governmental Pension Fund Blagovest.

Bank of Russia will indemnify the policy holders their pension savings in the amount and under procedure stipulated by the legislation of the Russian Federation.