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Pension system reform

 
21.11.2012

According to Vedomosti, the State Duma has agreed at the first reading on the following changes to contributions to the funded part of the pension system as of 2014: i) for funds accumulated in VEB, the contribution will automatically be cut from 6% to 2%; ii) for funds transferred from VEB to a non-state pension fund or private asset management company, the default contribution will be left unchanged at 6%. Changes can be made by personal application to Russia’s Pension Fund.

These details show how the decrease in contributions to the funded part of the pension system will be implemented. At present, 75mn people contribute to the funded part of the pension system, of whom 20% have decided to transfer their funds to non-state pension funds or private asset management companies. As of the end of 1H12, the total volume of funds transferred to non-state pension funds stood at RUB 550bn (vs. RUB 1,440bn under VEB’s management).

Dmitri Fedotkin, Maxim Oreshkin, Daria Isakova
VTB Capital analyst

Tags:
pension, VEB, ruble

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