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Russia: Government is working out refusal from mandatory funded pension

Voluntary-funded pension can be implemented in future.

14.Aug.14 9:40 AM
By Mihail Prygunov


Russia: Government is working out refusal from mandatory funded pension
Russian government is working out possible refusal from mandatory funded pension and implementing of voluntary-funded pension system for all residents of Russian Federation. This information was provided by ITAR TASS with reference to their own source in government.

This source said that government has already approved prolongation of moratorium on funded pension up to 2015. At the same time possibility of voluntary-funded pensions has also been discussed in spite of recommendation from representatives of financial block to leave mandatory funded system. On the other hand it is still unknown when the government is going to refuse from existing system once and for all. At the same time a special committee of experts will be created in the nearest future. They will deal with this question.

In case this system will be eventually approved, it will mean for all residents of Russian federation that employer will still transfer necessary funds to the pension fund. However this will be made on voluntary basics. In other words employee can sign an agreement and get necessary funds on his own banking account.

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