About what will be new pension system, said Deputy Finance Minister Alexei Moiseev at the Credit Suisse forum on Tuesday, may 18. “The new pension model was developed jointly with the Central Bank and with the active participation of the world Bank”, — said Alexei Moiseyev. It reminds of the pension model, which operates in Australia and New Zealand, he added.
“I don’t know how many are pensioners in Australia and New Zealand, but when we are going to work with the same productivity, we may be high pensions,” commented the officer his statement to journalists.
According to Moses, the people with incomes 50-100 thousand RUB will have to take care of pensions themselves. He said that, according to the world Bank, “the design of the pension system is considered the most efficient both in terms of involving people, and from the point of view of human responsibility for retirement savings”.
Moses noted that it is impossible to achieve a significant replacement rate (the share of the wage that is paid in the form of pensions for citizens who consider themselves middle class, no individual savings. “The state system may not pay the person 40% [of earnings], if he’s in for life received 100 thousand per month”, — said the Deputy Minister.
According to Moses, with the new pension system the state can provide pensions to 40% of previous income for citizens who received low incomes. “Starting with 45-50 thousand, you can save for retirement themselves,” he added.
In mid-may, Finance Minister Anton Siluanov in interview to TV channel “Russia 24” said that the new pension system can start operating in 2017. He explained that we are talking about a “new vision of the funded component of the pension system and his Agency plans to introduce a retirement mechanism “a number of innovations”, which are already used in other countries. Speech, in particular, goes about possibility of transfer of pension savings inherited, as well as the use of the funds of the so-called pension capital for payment of medical bills, and possibly Finance other urgent needs.
The Minister assured that the pension account, which is expected to open in commercial banks, would be “completely reliable means” of accumulation, as they will be guaranteed the same tools that work today for Bank accounts”.
As previously mentioned , the concept of the new pension system, which I propose to enter the Ministry of Finance and the Central Bank, it is assumed that the contributions to future pension should be deducted from the salary. And the first proposed transfer to the contributory pension 1% of salary, for the second year the fee will increase to 2%, then 3% and so on until you reach 6%. To enumerate the contributions will be the employer, keeping a percentage of the employee’s salary. So, for example, happen fees personal income tax. Citizens will be able to refuse to participate in this funded system, writing a statement. And as incentive for participation in this system will be introduced tax incentives.
The pension system in Australia and New Zealand is considered one of the most progressive and sustainable, the research company Allianze. Australian citizens can retire at age 65 in years, but access to their pension savings they can receive and earlier — at 55 years old. Old-age pension paid by the state at the expense of current tax revenues.
If a person continues to work or accumulated assets above a certain size, the state pension is reduced. Prior to retirement, employers are required to deduct a percentage of salary for the formation of pension savings. Also there are tax benefits for citizens, independently copasa to retire.
In New Zealand a certain percentage of the earnings of the citizens is deducted in the state pension funds. There is also a KiwiSaver investment Fund, contributions to which are being cofinanced by the government.