In the Central Bank is thinking on the recognition of pension savings of private property

The Ministry of Finance and the Central Bank prepared the “Conception of individual pension capital”, which suggests that retirement savings will become almost full-fledged private property of citizens, writes “Kommersant”, the disposal of which was the presentation of the concept.

The publication clarifies that the materials are not marked even presumably time periods of implementation inherent in the concept of ideas, as they’re not also linking it with other components of the changes in the pension system.

According to the newspaper, preliminary version of the concept is transmitted for consideration to the government and the presidential administration. According to the proposals, the payment to the Pension Fund of Russia is at level of 22%, and the amount of “pension capital”, expected to be paid in excess of this rate is not in the FIU, and in non-state pension funds (NPF).

The Ministry of Finance and the Central Bank proposed to eliminate one of the main components of the current pension system: the property of the Pension Fund on the pension savings of citizens. Private pension accumulation of citizens, so-called “Pension capital”, it is proposed to make almost a full-fledged private property of the citizens. And not only those savings that will arise in the future, but also those that were listed by the employer for the employee in the years 2004-2016.

Payments accumulated by the authors of the concept propose to make flexible. Five years prior to retirement up to 20% savings can be obtained in case of emergencies”. All the accumulation in NPF it will be possible to withdraw and spend in the event of a serious illness. Depending on the volume of savings will be available will be several payments schemes.