In Russia in 2018 will earn a new system of pension savings

In Russia in 2018 will earn a new system of pension savings

Moscow. September 23. The resumption of pension savings in the current format is not provided, but in 2018 will have a new model of formation of voluntary savings, said Finance Minister Anton Siluanov in Moscow financial forum.

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“We do not envisage a resumption of the old system, the savings of citizens, which was three years ago. In this and the next year we together with the Central Bank will consider and discuss the new voluntary system of savings for citizens. We must create all necessary conditions for those workers who want to have a decent pension, could have the tools to invest while they are working and have income,” – said Siluanov.

He noted that the state should create such conditions for the investment of available funds in the savings element, which would be more interesting to people than real estate investments and even Bank deposits.

“We are talking about what is created and offered our citizens a cumulative element that would be guaranteed to have a clear understanding about inheritance. We must create an environment where these funds could be spent during the savings – in fact it is the retirement capital that can be used if necessary during the period of its accumulation,” – said Siluanov.

“I think this year and next year we will find the optimal variant of development of the funded system and hope that in 2018 we can start to work and bring income to those who participate in it. We believe that the creation of conditions for decent pensions of citizens is the case of citizens, but the state should offer a well-functioning, reliable and guaranteed system”, – said the Minister of Finance.

The cumulative element

Speaking at the same Moscow financial forum, Deputy economic development Minister Oleg Fomichev said that the Ministry advocates the gradual thawing of the cumulative part of the pension system and considers it appropriate in 2017, defrosted 1%.

“Given the evolving situation, we believe that at the moment the only option that, on the one hand, allows the conditions of hard budget constraints to keep the pension and gives the opportunity for its development in the future in a year or two, given the return level of 6%,” – said the Deputy Minister. He added that this idea of economic development was announced in a letter to the Ministry of Finance in August, but no answer was received.

“If we are to fully freeze pension savings or even more and turn it into the insurance part, the fear that citizens have incentives to enter in the new system, especially voluntary, will be even less”, – he commented on a question about new proposals, the Central Bank and Ministry of Finance to implement a new model that would provide the default input and output statement.

In turn, the head of the Central Bank Elvira Nabiullina said that the government will not be able to provide a decent pension currently working people in the long term without pension savings.

“If you look at social problems, to the problem of pension provision is not short term, but long term, no storage element in the context of the current demographics we will not be able to provide a decent level of pensions now working people”, – said Nabiullina. She recalled that the Central Bank spent clearing the market of private pension funds and introduced a real system of guaranteeing savings.

“The system Npfov ready to work with voluntary savings and to protect the rights of citizens”, – said Nabiullina.