Reform of pension, previously proposed by the Bank of Russia and the Ministry of Finance will not effectively work in the Russian reality, said Deputy Prime Minister Olga Golodets.
“That has now been introduced as an initiative — the so-called new corporate funded pension — is a complete replacement of the funded pension, which today is called, not” — she said at the “government hour” in the Federation Council (quoted by “Interfax”). Golodets recalled that in 2015 and in the beginning of the year in the storage system was further lost 74,5 billion rubles. “Our financial system is not ready to work with money, money of citizens”, — said Deputy Prime Minister.
Golodets said that he supports “only solidarity principle”, which allows you to pay the collected funds to the citizens directly, without losses, without intermediaries, without the odd to different organizations, schema, and so forth,” and added that it supervised the social block of the government will defend this position in the discussions.
According to Golodets, today it is the most effective scheme. “I understand that colleagues are now start again in his speeches, to insist on the introduction of a funded system. And here we must very clearly outline all of your priorities,” she said.
The new reform
The Central Bank and the Finance Ministry for the first time presented a detailed version of reforming the Russian pension system on September 23 at a Moscow financial forum. Then the head of the Central Bank Elvira Nabiullina said that the government will not be able to provide a decent pension are now working people in the long term without pension savings. Finance Minister Anton Siluanov, in turn, said that 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.
New concept of employers will cease to pay compulsory insurance contributions to the funded part of the pension (now it is 6% of payroll, the rest is contributed to the pension Fund). Instead, Russians will be able to save for retirement on their own, directing a portion of their earnings in the selected NPF (if you wish to defer will be more than 6% of earnings). In return, they promised to provide tax benefits and right to withdraw part of the accumulated money for their own needs.
In the case of the new reform of the citizen during the two-year transitional period may apply on the transfer of accumulations in the Fund. If it will remain “silent”, his retirement savings, which now controls the State management company (GUK) — VEB will go to the insurance part, which forms the FIU, and transformirovalsya in points. As noted by Deputy Finance Minister Alexei Moiseyev on the forum, this issue will be discussed.
The potential consequences
The reforms have already met criticism from the participants of the pension market. The head of the National Association of pension funds Konstantin Ugryumov said that the transfer of money “undecideds” pension points “a very harsh measure”. “It’s absolutely meaningless from the point of view of the economy as it is now these funds are placed in government bonds. It turns out, the state simply delays the onset of disasters in the future, increasing social obligations. Obviously, this is due to the hysteria about the budget deficit,” he said. Ugryumov does not exclude that the information that the accumulation of “undecideds” will be converted into pension points may cause a new wave of Exodus of citizens in NPF. “It is unclear where in this case the budget deficit would take money the state”, asked he.
According to the head major pension funds, who talked on condition of anonymity, the government fail to choose a time for the next pension reform, because “the people now have no money to save for their retirement, as only citizens will hear about the transfer of savings in points, even after two or three years nobody is going to pay for retirement from the salary, and confidence in the pension system will be undermined”.
Criticized the reform project and former Finance Minister Alexei Kudrin. According to him, the rejection of the current pension system — a strategic miscalculation. “Why do we have to do this? Because not enough money for current pensions,” he said. According to him, the current system has helped create an entire industry of private pension funds, but with the transition to a new part of the citizens will come out of it”.