Nabiullina: the cumulative component of the pension system must be

LIMA, October 10. CBR retains the confidence of cumulative components pensions, despite the fact that three consecutive years of pension savings of Russians are frozen by decision of the government. This was reported to journalists by the Chairman of the Bank of Russia Elvira Nabiullina.

“When adopting retirement savings element, that was over 10 years ago. During this time much water has flowed, and developing financial markets, improving the pension system, and we want to estimate our pension system from the point of view of global best practices and see what can be done, but the cumulative element, of course, must remain. Will I need to change it, it will show our investigation”, – said the head of the Central Bank.

She explained that Sustainable pension system should be a combination of the distribution system, which is the Foundation of, and the storage element that provides additional financial sustainability of the pension system. At the same time retirement savings are a source of long money.

Speaking about the study of the Bank of Russia, it noted that it has not yet been completed, “it is the work involving expertise, international expertise, in order to re-evaluate our savings system and take advantage of the moment that we can once again to re-assess and see how best to balance the pension system.” In her opinion, the improvement of the storage element may “need to do it absolutely consciously, analyzing best international practices, looking at your system what are its weaknesses, what are the pluses, what minuses. But what of the cumulative element of the pension system should be, I am convinced,” concluded she.

Earlier, first Deputy Chairman of the CBR Sergey Shvetsov announced that the Bank of Russia is preparing a new system of pension security of citizens, alternative cumulative. According to him, voluntary fully funded pillar.