Possible term for transition to a new funded pension system has been announced
According to information on the federal portal of draft regulatory legal acts, amendments to the legislation on non-state pension provision, which will allow citizens to finance their pension through personal contributions, will come into force in January 2021.
It is noted that public discussions of the project will begin on September 17 and will last until September 30.
Earlier, the Ministry of Finance talked about the development of a bill on a new system of voluntary savings. The working title of the document is “On the Guaranteed Pension Product”. The department noted that this system involves voluntary accession of citizens and tax preferences for participants.
It is also specified that it will be possible to add to the new system the savings available to citizens in the mandatory pension insurance system.
Russian Minister of Finance Anton Siluanov said that the new scheme of pension savings developed by the Ministry of Finance is voluntary and does not involve participation in “auto-subscription”.
The head of the Central Bank of Russia Elvira Nabiullina noted that she supports the new system of voluntary pension savings proposed by the Ministry of Finance.