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The non-profit organization Non-state Pension Fund Blagosostoyanie (NPF Blagosostoyanie) operates in the pension services market. The exclusive activity of the fund is non-state pension provision for fund participants.
NPF Blagosostoyanie is one of the largest funds working on non-state pension provision (NGO). As of July 1, 2018, its assets amounted to 390 billion rubles, and according to this indicator, the fund ranked fourth among Russian NPFs. The number of Welfare participants at this time exceeds 1.3 million people, second only to Sberbank NPF. The largest contributor to the fund is Russian Railways, which forms a corporate program for its employees in it. In the first half of 2018, Russian Railways contributions amounted to 11.6 billion rubles, or 88% of the total amount of contributions received during this period.
The regional network of the fund includes 72 structural units (data as of July 2018).
History
2019: Exit from Maxima Telecom
On October 16, 2019, TAdviser became known that the management company (UK) of NPF Blagosostoyanie left the operator of Wi-Fi networks in the Moscow and St. Petersburg metro Maxima Telecom. Read more here.
2018
Transfer to Gazprombank's control
One of the largest non-state pension funds (NPF) Blagosostoyanie comes under the control of Gazprombank (GPB). On August 24, 2018, a meeting of the board of NPF Blagosostoyanie was held, at which it was decided to introduce two banks into the founders of the fund - GPB and RSHB. According to two sources of Kommersant familiar with the decisions of the council, after the corporatization of the fund, the share of GPB in its capital will be 50% plus 2 shares, RSHB - 25% minus 1 share. The share of the current largest founder of the fund - JSC Russian Railways - after corporatization will be reduced to 25% minus 1 share. According to another interlocutor of Kommersant, the decision to corporatize the fund will be made at the next meeting of the Welfare Council.
At this time, the fund exists in the form of an NGO and by the end of 2018, according to the requirements of the law, it must undergo corporatization.
Kommersant sources claimed that Russian Railways had problems with the corporatization of corporate NPFs. The share of the monopoly in the total contribution of the fund exceeds 50%. After the corporatization, Russian Railways would have to reflect the financial indicators of the fund in its consolidated statements (see Kommersant on May 30). The large obligations of Welfare (328.4 billion rubles) would then fall on Russian Railways, which would lead to an increase in the cost of borrowing from the monopoly, which promised to maintain the ratio of net debt to EBITDA at no more than 2.5. According to the IFRS statements of Russian Railways, at the beginning of the year the company's net debt amounted to 975.8 billion rubles, and its ratio to EBITDA was 2.
Due to its share, Russian Railways will retain its influence on the fund, which forms the corporate monopoly program. For NPFs, it will provide a stable client base. For GPB, interest is not obvious, because the obligations of NPFs will be consolidated on it, which may negatively affect its balance sheet, believes Pavel Mitrofanov, managing director of Expert RA agency. Most likely, he notes, the bank will act as the holder of a controlling stake in NPF Blagosostoyanie in someone's interests.
Consideration of the sale of a controlling stake in the fund
According to Reuters, the fund's council may consider the possible sale of a control share of 51 to 75% in NPFs at a meeting until the end of July 2018. The buyer is allegedly the pension fund of employees of the Gazfond monopoly, controlled by the families of bankers from Rossiya Bank - Yuri Shamalov and Yuri Kovalchuk.
From January 1, 2019, in accordance with the law, the corporatization of NPFs carrying out non-state pension provision should be completed. Otherwise, such funds are subject to liquidation. These rules also apply to the Blagosostoyanie fund, which owns such distressed assets as the leasing company TransFin-M and Absolut-Bank, which spoil its balance sheet. And this makes Russian Railways rush.
Telegram channel @ bankomafia writes that the idea in the deal between Russian Railways and Gazprom is to combine NPF Gazfond with Welfare, and then two subsidiary banks - Absolut and Gazprombank. In fact, both funds have one problem - ownership of a controlling stake in a credit institution.
Telegram channel @ Thoughts-NeThought believes that at one time, in a similar way, the state-owned company Rosneft saved the ICD from collapse, while the rest of the "Moscow banking ring" drowned. In fact, this means that Gazprom is no less interested in the deal than the railway monopoly.
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