Sovcombank NPF

2024: Foundation Creation

In June 2024, Sovcombank announced the creation of its own non-state pension fund (NPF). The move is part of the bank's strategy to enter the retirement business.

According to the Unified State Register of Legal Entities, the authorized capital of the fund is 150 million rubles. Marianna Pavlova, who previously headed PSK JSC (formerly the Uralsib insurance group), became the general director of the new NPF.

According to the first deputy chairman of the bank's board, Sergei Khotimsky, Sovcombank decided to create its own NPF due to the difficulty of buying existing funds. 'Unfortunately, it's hard to buy. Therefore, we will register, in the process already, we are engaged, "he said. According to him, it may take more than a year to launch the full-fledged work of the fund, and the active stage of the development of NPFs will take the second half of 2025.

source = Sovcombank

According to Frank Media, Sovcombank has long sought to enter the pension business. Several people familiar with the process of the bank's search for a potential takeover object previously told the publication that the bank was considering various options for acquiring existing NPFs. However, after the last wave of consolidation of the pension industry, which ended in 2022, there were few acquisition facilities left on the market.

The creation of its own NPF allows Sovcombank to participate in the long-term savings program, which entered into force on January 1, 2024. According to the law, for those who entered into an agreement with NPFs in the period 2024-2026. state co-financing of contributions in the amount of up to 36 thousand rubles a year is provided. Also, program participants are entitled to a tax deduction in the amount of no more than 52 thousand rubles a year when paying contributions of up to 400 thousand rubles.

According to Sergei Khotimsky, participation in this program is one of the key goals of the new NPF. At the end of March 2024, according to the Central Bank, 16 NPFs have already entered the long-term savings program, and 37 NPFs operated on the market. Sovcombank plans to join the number of these funds, which will provide its clients with access to long-term savings and additional financial advantages.^[1]

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