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, Insurance Leader, PwC Russia

Tel: +7 (495) 967 6034

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