A New Pension Reform is Coming to Russia
OREANDA-NEWS. The Bank of Russia, together with the participants of the pension market, were able to reach agreements on the transformation of pension savings into a system of non-state pension provision. Writes Russian media «Kommersant».
The new system should complement the existing one, while citizen's funds will belong to themselves, and not to the state. According to top managers of non-state pension funds, the main points of the new system were adopted last autumn at a meeting with the chairman of the Central Bank Elvira Nabiullina. The next stage is the preparation of a presentation of the new concept to Finance Minister Anton Siluanov.
A distinctive feature of the new system will be the possibility of early payments. In addition, it will be possible to replenish accounts and increase them, experts say. As a result, a new pension system should be formed, consisting of three components: a standard pension scheme, individual pension plans and corporate pension programs.