The Finance Ministry wants to legalize for NPF pension scheme to sell products

MOSCOW, October 29. The Ministry of Finance develops the bill which will introduce a standard approved by the international practice, pension schemes or pension products. About it reported on air of TV channel “Russia 24” Deputy Finance Minister Alexei Moiseev.

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According to him, all private pension funds operating on voluntary pension provision will have to sell products that will be developed fit the bill the pension schemes. Such schemes, he said, the bill will be four.

He noted that now neither the government nor the Central Bank has no powers to ensure the criteria for those schemes which offer pension funds. “Using this, many pension funds are, in fact, offer a contributory pension voluntary pension provision, and de facto “solidarity”. That is, when the pensions of current retirees are paid from the funds proceeds from current employees pension funds. So the model of the FIU in miniature”, – said Moiseev. According to him, the Ministry considers that the NPF should carry out payments at the expense of the storage part, and therefore developed the bill.

90% of private pension funds have been accredited

Speaking on the accreditation of non-state pension funds (NPF) Moiseev noted that about 90% of SPC this procedure is passed. The rest have until 2019 to reform its business.

“Those who have not received akkreditatsii, you can stay business-focused pension provision”, – said Moiseev.

In accordance with current instructions of the government, the Ministry of Finance will hold the following inspection NPF in 2019.

“So they have time to think about what they want to do. Or to reform their business so that to get through it. Or they can just be closed, after paying its liabilities, and selling off all its assets”, – concluded the Deputy Minister.