On Tuesday, October 29, the Bank of Russia and the Ministry of Finance at the press center of the MIA “Russia Today” introduced a draft law on the introduction of a new pension savings system called the “Guaranteed Pension Plan” (GPP).
According to the idea of the authorities, the Russians will be able to voluntarily retire part of their salary and receive tax benefits from the state in return. So, pension contributions of citizens under the state pension policy in the amount of not more than 6% of the salary will be exempt from personal income tax.
“With a salary of 40 thousand rubles per month, an employee can pay 2400 rubles to the State Registration Number. From this amount, a citizen will not pay personal income tax in the amount of 312 rubles. Thus, for the year the amount that falls under the exemption from personal income tax will be 28.8 thousand, and the Russian will save 3,744 rubles, ”Vyacheslav Abramov, director of the BCS Broker sales office, explained in an interview with RT.
As expected, all deductions above 6% of the salary can be included in the existing social tax deduction, which should not exceed 120 thousand per year. This was in an interview with RT the chief strategist of "UNIV Capital" Dmitry Alexandrov.
Within the framework of the state registration procedure, a citizen will independently determine the amount of the contribution and, if necessary, will be able to change it an unlimited number of times. Moreover, the payment of pension contributions can be repeatedly suspended for a period not exceeding five years. According to experts interviewed by RT, a similar system today operates in most developed countries.
“We focus on developed countries, and there, citizens have long been forming their own pension for a long time. In Russia, the funded part of the pension has been frozen since 2014; accordingly, the government had to provide a solution to this problem. The appearance of a new product is also largely connected with the demand from the population, people want to participate in the formation of their pension themselves, ”says Vyacheslav Abramov.
A citizen will join the GPP immediately after the first installment. From this moment on, for six months, a Russian can refuse to participate in the program and receive back the funds paid. Voluntary connection to the system and the possibility of exiting it within six months, analysts consider one of the fundamental differences between the GPP and previous initiatives of the country's leadership.
“The authorities presented the GSP instead of the previously proposed system of individual pension capital (IPC), which turned out to be unpopular among experts and Russians. The fact is that the previous bill was mandatory for citizens who had too little influence on their own pension savings. Therefore, now participation in the co-financing program will be voluntary, ”Dmitry Alexandrov, chief strategist at UNIVER Capital, said in an interview with RT.
It should be noted that in the framework of the GSP, Russians will be able to receive an accumulated pension either upon reaching retirement age, or 30 years after the first installment. All this time, the funds will be protected by the Deposit Insurance Agency (DIA) guarantee.
“We want to give citizens the opportunity to have a product that will allow them to save for retirement in such a way that it is profitable, on the one hand, and guaranteed, on the other hand, and that the infrastructure is organized in such a way that there are no disputes between citizens and pension funds, ”RIA Novosti quoted Aleksey Moiseev as saying.
The new system also provides for the possibility of inheriting accumulated funds. As the first deputy chairman of the Central Bank Sergey Shvetsov stated during the presentation of the State Securities Committee, heirs will be able to immediately collect the accumulated funds and pay 13% of this amount or transfer money to their personal account.
According to experts, Russians will be able to independently connect to the GPP through the portal of public services or submit a written agreement to participate in the system to the employer. At the same time, Russians who do not want to join the GPP will continue to receive only an insurance pension under the mandatory pension insurance (OPS) system. Recall that today the employer, at his own expense, transfers insurance contributions to the Pension Fund of Russia (PFR) in the amount of 22% of the employee’s salary.
“At the moment, the“ silent people ”who did not choose to have a funded part of their pension in the amount of 6%, all 22% go to the insurance part, which is formed by the state. I think the same principle will remain in the new program, ”concluded Vyacheslav Abramov.