The NSSMC has banned two non-state pension funds from concluding new pension contracts

At its meeting held on May 20, 2021, the NSSMC  by its Resolutions banned the conclusion of new pension contracts with participants in the accumulative pension system, such as:

• open non-state pension fund “NIKA”
• open non-state pension fund “PENSION CARE”.

Resolutions of the NSSMC were made in order to protect the property rights and legitimate interests of participants of non-state pension provision. As gross violations of the Law of Ukraine “On Non-State Pension Provision” were revealed in the activity of the funds. In particular, violations relate to the conditions for the replacement of the person engaged in asset management activities of pension funds.

“For the first time in the history of the regulator, Resolutions have been made to ban the conclusion of pension contracts by pension funds. Our actions, first of all, are aimed at protecting the rights of participants in these funds. The NSSMC approaches this issue comprehensively, requests for information on offenses have already been sent. Also, the regulator takes a number of other measures within the norms of the current legislation,” – Yuriy Boyko, the Commissioner, said.