Russian Pension Fund head Gennady Batanov will have one more responsibility soon when private pensions funds are also channeled into the RPF.
Photo: Vasily Shaposhnikov
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State to Manage Private Pensions
The Ministry of Economic Development and Trade and the Ministry of Health and Social Development agreed on the contents of a draft law at a meeting with First Deputy Prime Minister Dmitry Medvedev last week. The law will concern the financing by the government of voluntary pension savings, and it was agreed that they funds would be managed by the Pension Fund, rather than by a private structure. The draft will be submitted to the government in the second half of the month.
Sources say that the Health Ministry was initially reluctant to place new burdens on the Pension Fund, which it oversees. The draft law, which the Finance Ministry took part in writing as well, gives citizens the opportunity to place a sum of 2000 rubles or more per year in an additional pension fund. The state will match funds up to 10,000 rubles per year between 2009 and 2018. The government will draw the money from the national prosperity fund. Withdrawal of money from the pension fund will not be allowed.
The Rus nongovernmental pension fund conducted a survey of 150,000 of its clients and found that 70 percent of them would be willing to contribute 500-600 rubles per month to the new plan. The Levada Center and the Independent Institute of Social Policy conducted a more representative survey that found that, across all social boundaries, 13 percent of the public is prepared to contribute up to 3 percent of its salary to the new pension fund.
www.kommersant.com
All the Article in Russian as of Oct. 02, 2007
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