The pension reform carried by the authorities has always looked suspicious to pensioners. An elderly woman holds a crossed portrait of Vladimir Putin. The inscription reads: "I don't believe!"
Photo: Dmitry Dukhanin
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Putin Agreed to Invest Pensions in Infrastructure
Vladimir Putin backed up in general yesterday the idea of investing pension savings kept with Development Bank (VEB) in the infrastructural projects. Nowadays, Development Bank manages over 350 billion rubles of roughly 40 million individuals that haven’t transferred their money to the private funds and asset management companies. The methods to be used by the government to ensure the yield of injecting that money in constructing the roads, buildings and other projects are yet unclear to the experts.
At the yesterday’s meeting on transport development, Prime Minister Vladimir Putin first agreed to the proposal of Development Bank CEO Vladimir Dmitriev on funneling the pension savings into infrastructural projects. “We have 350 billion rubles under management. That is a long resource and if the decision on releasing infrastructural bonds, securing them by the state guarantee is agreed on and made, a portion of pension saving resource could be used for investing in this instrument,” Dmitriev said.
“It can be done, of course, as this instrument is applied in all developed economies. The only requirement is the absolute guarantee of investments and of revenues,” Putin responded.
Transport Minister Igor Levitin was more specific. He suggested using only the pension money to be called for after 2020. It will be the money of all pensioners but for the military and some other groups of early pensioners. The first ordinary women-pensioners with accumulated pensions will retire only in 2022.
It won’t be the amount of 350 billion rubles. According to the strategy of Development Bank, some 885 billion rubles will be accumulated at the pension accounts by 2012. Although Development Bank is losing its share on the market of pension insurance, it is expected to generate more than 500 billion rubles by 2012.
www.kommersant.com
All the Article in Russian as of May 21, 2008
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