The recent news implies that the position of the Ministry of Labour is shifting favourably towards the funded part of the pension system, as previously they stated abandoning it without a transition period. At the same time, the prudent fiscal position of MinFin is strong. Abandoning the funded part of the pension system will not resolve the problem of the pension fund deficit in the long run, as the demographic trend predicts a gradual reduction in the labour force over the next few decades, we believe. Furthermore, the proposed measure contradicts the development of the Russian financial market, as there is only a slight chance that voluntary contributions will constitute enough long-term money for the financial system to function sustainably. However, this measure is still under discussion and will be concluded before 1 October.