ING launches first foreign non-state pension fund in Russia

ING today announced the launch of the Non-State Pension Fund ING in Russia, a voluntary pension fund for corporate clients. This is the first private Non-State Pension Fund to be launched in Russia. The fund, modelled after similar ING funds in western markets, will focus on providing tailor made pension solutions for employees of international and local companies.

The Non-State Pension Fund ING will offer defined contribution schemes to corporate clients with individual employee pension accounts. This will be offered through dedicated ING pension consultants, ING Bank and third party international brokers.

Â'Â'We are very pleased to be able to offer this new product range to our clients in Russia. Given the substantial legal and tax reforms in Russia, we now see considerable demand for novel products that facilitate the relationship between employers and employees,Â'Â' says Jan Nijssen, member of the Executive Committee ING Europe and Chairman of the region Central Europe. Â'Â'Pension funds will provide structural support to the Russian economy. They will mobilise domestic savings, support the local capital market, and will make Russia a more attractive place to invest.Â'Â'

ING has received the license in May 2002. The Non-State Pension Fund ING will start its operation with immediate effect.

(source: ING Group)

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