The system will work by analogy with the existing bank deposit insurance systems and guaranteeing the rights of the insured in the compulsory pension insurance. In the event of a guarantee event, the law provides for the payment of funds accumulated in the pension account to NPF clients: personal contributions, employer contributions in favor of the participant, investment returns. The amount of guarantee compensation will be a maximum of 1.4 million rubles.
Clients who have already issued a non-state pension will continue to receive it in the current amount, but not exceeding two sizes of the old-age social pension (the average social pension is now 11,000 rubles). Payment reimbursement will be made by the Deposit Insurance Agency.
The activities of the NPF are regulated by the Central Bank. It also issues licenses to carry out pension provision and pension insurance activities.
There are now 40 NPF on the regulator’s register. Of these, 28 organizations participate in the system of guaranteeing the rights of insured persons: clients of such NPFs in the event of a guarantee event, including the cancellation of a license and the declaration of bankruptcy of a fund, are already protected against the loss of pension savings. Only 1.5 million Russians have savings in NPF.