THE MINISTRY OF FINANCE PROPOSED TO ALLOW SELF-INVESTING PENSION SAVINGS

The Ministry of Finance of the Russian Federation has proposed to allow citizens to independently invest pension savings frozen in 2014. Today, savings are managed by the Pension Fund of Russia (PFR) and Non-State Pension Funds (NPFs).

The initiative was proposed during the strategic session on financial market development on August 30 and was included in the joint presentation of the Ministry of Finance and the Bank of Russia, presented at the meeting by Finance Minister Anton Siluanov and Chairman of the regulator Elvira Nabiullina. This is reported by «Vedomosti».

It is assumed that the savings will be transferred through "privatization". As explained in the publication, provided that certain criteria are met, Russians of their choice will be able to independently invest savings.

Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, said that today citizens' savings are in fact state-owned. He noted that it is planned to form a system when citizens will be able to choose whether to leave their money under the management of the fund – FIU or NPF – or to invest independently.