Central Bank together with leading non-state pension funds (NPF) has prepared a new pension reform, “Kommersant” writes. It should stimulate Russians to actively participate in the process of accumulating the future pension.
According to the new concept, the current accumulative part of pensions should be transformed into the system of non-state pension provision (NGOs), which will complement an existing similar mechanism. Thus, the Central Bank intends to reform the current system, despite the failures of individual pension capital projects (IPC) and a guaranteed pension plan (GPP).
It is assumed that the insured Russians will have the opportunity to fully dispose of funds – according to the deputy head of the Central Bank of Viktor Chilyukhina, “feel like some kind of property.” Such an approach is offered in contrast to the current system, where the funds of the pension savings listed by employers until 2014 (when the accumulative part of pensions was frozen), the state management company VEB, or the chosen pensioner of the NPF, is disposed of.
In this case, the funds themselves insist that the rules for the new system must be standardized and established by the state represented by the Central Bank. Also, citizens are invited to provide benefits designed to stimulate them more actively participate in the formation of their own future pension. As they may be considered tax deductions, for example, in the amount of six percent of the cumulative income.
In addition, it is possible that in the new system the ability to independently replenish accounts without the participation of employers will be provided. It is noted that the main goal of the new approach is to provide regular payments to pensions. This will provide for several grounds for early payments.