OREANDA-NEWS. March 05, 2013. The number of mandatory pension insurance contracts signed by VTB Non-State Pension Fund has reached one million.

The one millionth client is Pyotr Lukin from Yekaterinburg, who signed the necessary documents to transfer the funded part of his pension to the Fund at his local VTB24 branch.

The Fund had a good year in 2012 in terms of the number of new contracts: 457,000 Russians signed up last year, 17% more than in 2011.

“The fund has seen rapid growth and this trend is likely to continue into 2013,” VTB Pension Fund Executive Director Larisa Gorchakovskaya said. “It began after the funded component of labour pensions was reduced from 6% to 2% for those who are not clients of non-state pension funds nor have submitted an application to choose one of the investment portfolios offered. The fund’s improved performance is also evidenced by the high level of customer service, a developed regional network of branches and partner funds meeting the same high service standards.”