HomeRetailRetail bankingOther financial servicesPrivate pension fundsThe private pension fund of Russian Federation Deposits and current accounts Loans Loan repayment Plastic cards Money transfers Other financial services Special campaigns The private pension fund of Russian Federation Pension system of the Russian Federation Why is it necessary to save money for the pension? The retirement pension which today’s retired persons are receiving is paid from the money allotted by the working citizens. At present time the demographic situation in Russia is such that the number of working people decreases, while the number of the retired is constantly growing. In the course of the time the amount of the pension savings will be gradually decreasing. The answer is to save money for the pension during the labor activity. For this purpose the state is implementing the pension reform, which allows citizens accumulating the pension savings and manage them independently. Pension saving, formed through the state pension system are divided into compulsory and complementary. Compulsory pension insurance When paying monthly salaries the employer pays over the unified social tax to the state. The bulk of these funds is used for the pension coverage. Funds arriving to the Pension Fund are divided into three components (basic, insured and funded*). The pension fund manages the basic and the insured component and uses them to pay current pensions. The third component (funded) is used to form a special, funded part of the pension of each individual employee for whom the tax is paid. These funds are accumulated on the individual pension accounts of citizens at the Pension Fund of Russia or at non-state pension funds which deal with investing the pension savings for the augmentation and the inflation protection. This system in which all the employees born in 1967 and later participate mandatorily functions since 2002 and is called the compulsory pension insurance. Complementary pension insurance Each 1,000 rubles which you voluntary save for your pension will be doubled by the state by adding the same amount from the budget. Such system has begun functioning in Russia since the turn of 2009. There are two conditions: the citizen’s contribution must be not less than 2,000 rubles a year (170 rubles a month), and the state is ready to allocate not more than 12,000 rubles a year (1,000 rubles a month) for each one. That is, if you save 1,000 rubles a month for your pension, at the beginning of the next year the state will transfer the additional 12,000 to it. As the result 24,000 rubles are added to your pension savings. You will state the amount of your contribution (a fixed amount or percentage of your salary that will be transferred to the Pension Fund by your employer each month) in the application. The program will function for 10 years since the beginning of the funds transferring by the employer. Funds of the complementary pension contributions are transferred to the same individual pension account on which the funds are accumulated through the compulsory pension insurance. To augment and to save them from the inflation the pension funds will be transferred to a non-state pension fund which will invest funds and pay the investment income for the whole amount of the contributions and for the income which was deposited earlier. Important! Transfer of the funded part of the pension to a non-state pension fund does not require any expenses from you. You only need to have the passport and the insurance certificate of the state pension insurance or just its number. This will not affect the formation of the pay-as-you-go state pension as the basic and the insured pension components will be paid by the state Pension Fund of Russia and only the funded component will be paid by the non-state pension fund chosen by you. The funded pension component may be transferred to the assignees (heirs or other people who you will think to be fit to state in the Contract). How to transfer the funded component of the retirement pension to a non-state pension fund? Transferring the funded pension component to a NPF is very easy. To do this you have to address the fund’s representatives at branches or regional representative offices of CREDIT EUROPE BANK. You need to have the passport and the insurance certificate of the state pension insurance or just its number. Our assistants will answer all your questions and fill all the necessary documents promptly. You can make a compulsory pension insurance Contract with the NPF LUKOIL-GARANT or the NPF “BLAGOSOSTOYANIE” at any branch of CREDIT EUROPE BANK. More information on the NPF LUKOIL-GARANT www.lukoil-garant.ru And on the NPF BLAGOSOSTOYANIE npfb.ru/en/index.wbp * According to the RF legislation not all the employees have the right for the funded pension component. Since January, 1 of 2005 money for the “funded” account are transferred only for employees born in 1967 and later.
