The Board of Uralvagonzavodskiy non-state retirement fund confirmed its decision to let OAO Uralvagonzavod Scientific & Production Association leave the fund. At the moment, Uralvagonzavod owns 50% of the fund’s shares and is one of its co-founders, Kommersant reports.

Uralvagonzavod’s Deputy General Director for Personnel Svetlana Ivanilova told the newspaper that the decision was made within the framework of an earlier agreement which allowed a number of Uralvagonzavod workers to have their retirement savings transferred to Blagosostoyaniye non-state retirement fund. Ivanilova explained that about 5,000 people had already switched from Uralvagonzavodskiy non-state retirement fund to Blagosostoyaniye. Now Uralvagonzavodskiy originally handled the savings of 26,500 people.

At first, Uralvagonzavodskiy non-state retirement fund was supposed to have merged with Blagosostoyaniye; however, the fund’s other co-founder ZAO Iset Fund decided that Uralvagonzavodskiy should operate as an independent brand with a new name of Uraloboronzavodskiy.