Non-government pension funds practice

 

 

A group of PwC experts providing services to Russian non-government pension funds (NGPFs) comprises expertise from the PwC international network. We assist in ensuring efficient operation in the current business environment and provide a wide range of services.

 

Our services

Audit services

  • Diagnosing existing management accounting systems
  • Developing detailed solutions for optimising accounting systems
  • Providing methodological support and control over changes made to accounting systems
  • Benchmarking
  • Holding training sessions for client employees on applying IFRS
  • Assisting in preparing IFRS financial statements
  • Developing efficient solutions for complex auditing issues
  • Optimising business processes and document flow to ensure the timely submission of accounting data
  • Conducting audits
  • Automating the preparation of IFRS financial statements (Caseware)

Actuarial Services

  • Modelling future cash flows
  • Estimating obligations under Mandatory Pension Insurance and Non-Government Pension Security programmes.
  • Developing tariffs
  • Testing profits
  • Reviewing the adequacy of generated obligations           
  • Estimating embedded financial instruments and guarantees
  • Modelling for ALM purposes

Analyse mortality and longevity rates

  • Advising the collection and processing of statistics
  • Analysing trends in line with statistics from pension funds and external data
  • Compiling mortality tables

Educational services

  • Providing valuation and accounting methodology
  • Trainings on actuary models and their implementation
  • Designing pension schemes based on cash flow forecasts
  • Accounting and reporting in NGPFs in accordance with new regulations from the Bank of Russia (chart of accounts for NGPFs; industry accounting and statutory accounting (financial) statements standards in NGPFs; other industrial accounting standards)
  • Application of IFRS in preparing statutory accounting (financial) statements for NGPFs  

Prepare calculations for mergers and acquisitions

  • Calculating cash flows, assumptions and provisions used
  • Estimating embedded value of business

Accounting and reporting methodology services

  • Developing internal regulations: accounting policies, working chart of analytical accounts, business entity’s standards, internal forms of management reporting and statutory (accounting) financial statements
  • Developing regulations for accounting and preparing financial statements
  • Providing methodological support for complex issues related to accounting, asset and liability evaluation, and disclosures
  • Reviewing compliance of the fund’s internal regulations with the regulations of the Bank of Russia. Analysing internal regulations for their consistency with IFRS principles
  • Preparing recommendations related to adjusting the preparation of financial statements 
  • Drafting recommendations for process optimisation and speeding up processes for the preparation of financial statements 

IT consulting services

  • Diagnosing IT systems
  • Developing the terms of reference (functional and technical requirements) to improve information systems
  • Automating the process of preparing financial statements and other mandatory reporting forms

Data migration services

  • Assessing the quality of existing data (completeness, consistency, etc.)
  • Assisting in writing the terms of reference for the integrator. Developing models of correlations between data-model elements for the transition from the old to the new chart of accounts.
  • Testing migration results and data-transfer completeness

Assistance with NGPF’s transition to the new chart of accounts and industry-specific accounting standards

  • Developing methodological basis for transfer to a new accounting system
  • Reviewing compliance of the delivered functionality with business requirements and terms of reference, including compliance of the implemented entry-generation logics with the accounting policy and IAS
  • Assessing the adequacy of controls performed on data consistency in the source system and the new system
  • Reviewing the performance of the implemented solution
  • Evaluating the performance of the project office

Ongoing tax support for the Fund’s operation and tax advice

Legal consulting services

Contact us

Maria Bogomolova
Partner, Assurance and Consulting Services Leader to the Insurance Sector in Russia, PwC Russia
Tel: +7 (495) 967 6034
Email

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