The authorities have defined the concept of the new pension system

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The government has prepared a final draft of the pension reform, which aims to modernize frozen since 2014 retirement savings

Moscow-Live.ru / Alex Polyakov

The Ministry of Finance and the Central Bank are working on a new model of the pension system in 2016

Moscow-Live.ru / Akishin Vyacheslav

The main purpose of the renamed project remains the same — to provide citizens with an opportunity at the expense of personal contributions from salaries in private pension funds (NPF) to save for future retirement

Moscow-Live.ru / Akishin Vyacheslav

The main purpose of the renamed project remains the same — to provide citizens with an opportunity at the expense of personal contributions from salaries in private pension funds (NPF) to save for future retirement

Moscow-Live.ru / Akishin Vyacheslav

The government has prepared a final draft of the pension reform, which aims to modernize frozen 2014, retirement savings, told RBC two sources close to the developers of the document. It is posted for public comment in the near future.

The Ministry of Finance and the Central Bank are working on a new model of the pension system in 2016. The initial project — the system of individual pension capital (PKI), which suggests that the Russians «will automatically sign the» deductions of contributions from salaries for future pension, was not supported by the President. It was written under completely voluntary participation of citizens in the system of savings. Revised draft new pension model, in fact, designed to replace the collapsed system, changed the name to «guaranteed pension product.»

The main purpose of the renamed project remains the same — to provide citizens with an opportunity at the expense of personal contributions from salaries in private pension funds (NPF) to save for future retirement. The amount of deductions can be absolutely any, the participant of the new pension system will be able to install it yourself. It can also an unlimited number of times to suspend the payment of contributions, but not more than five years in total.

The main contentious issue, hamper the launch of a new pension system was a mechanism for connecting citizens to the new pension system. The Ministry of Finance and the Central Bank has proposed a mechanism of autopages or auto-enrollment, suggesting that the Russians begin to automatically deduct dues from the salaries to the pension Fund. Legally the mechanism of inclusion in the system would be based on article 158 of the civil code, according to which the silence admits expression of the will. However, this connection is called the fundamental objections of the social block of the government, the President also ordered to make the pension system fully voluntary.

In order to become a member of GPP and start to deduct contributions from the salary for future retirement, every citizen will be able to submit a statement about the desire to connect to the system via the portal of state services or to provide written consent to participate in the system to the employer, who will submit the application to the pension operator of GPP for their employees.

The application must contain the name, social security number, the selected citizen of the NPF and the desired size of the contribution. The pension agreement for participation in the GSP will be considered concluded only after the citizen has actually started to make payments. With the date of payment of the first installment and before the expiry of six months introduces a cooling-off period: the citizen may withdraw from participation in the GPP and take all the already mentioned money.

Another interesting element of the GPP will be SMS notification of all transfers to a pension account, as is now happening in the Commission of the transaction on a plastic card. Retirement account, according to the interlocutor of the Agency, should be for a man as tangible, so it is assumed that the same SMS notification will be and when they are transferred to the pension account. Moreover, the report will be information not only about the fee, but the amounts accumulated in the account.

The project is now GPP assumes the payment of accumulated funds in the pension system will be implemented within 15 years after retirement age. However, this point remains debatable. Among options under consideration is to pay pensions during the period equal to the period of survival, which annually calculates the Ministry of labor for payment of pension. Thus, if a citizen pay contributions for 30 years, he can begin to receive payments of GPP, without waiting for retirement age. Pension payments on the GPP annually will be subject to indexation by the inflation rate for the previous year.

The pension operator of GPP will become the Central securities Depository — national settlement Depository, he will administer the contributions of citizens and maintain a register of members of GPP. In addition, he is the source of the «Golden record» that will be used in the event of any dispute between SPC and the employee or the employer. The employer in the PPG system, according to the developers, will withhold and transfer pension contributions at the direction of the citizen.

Citizens will be able to transfer all of their accumulation in system of obligatory pension insurance (OPS) in GPP. The developers of the project suggest that the majority of citizens want to exercise this right, but it will not in any way prescribed by law.

Pension contributions of citizens according to the system of GPP will be exempt from personal income tax only to the extent of 6%. For employers provide stimulating incentives for co-financing of employee contributions for future retirement in the new system in the form of a multiplying factor on the income tax. The size of the coefficient in the first six years from the date of connection of the employee to the deduction of the contribution is equal to 0.03, and in subsequent years — 0,06. The Ministry of Finance estimates, the shortfall in budget revenues from the tax benefits provided for by the GPP, will not exceed 10 billion rubles annually.

System of GPP suggests the possibility of early repayment in the event of a difficult situation: the disease, which is the government socially important. In addition, all accumulated but unspent funds in a GPP will be subject to inheritance. The means of GPP are inherited on General grounds, except in cases of death of the participant after the appointment of a lifelong non-state pensions.

NPF is obliged not less than once every five years to reflect, that is, to fix the amount of funds accumulated pension reserves to pension account of the participant GPP. The amount of each commit should be not less than the previous. NPF at the expense of own means compensates the amount of loss from the placement of pension reserves on the record date. Thus, the participant GPP guaranteed break-even savings.

Pension funds participants, GPP will apply a system of guaranteeing rights of insured persons in the OPS, that is, the state is obliged to insure savings in the new pension system. If, as a result of the insolvency of the NPF revoked license, guarantee Agency for Deposit insurance will cover the entire amount received from citizen contributions during participation in the GPP system.

According to TASS, the GPP will begin its work presumably in 2021: first there will be a public discussion, after which the bill will be introduced in the state Duma.The Bank of Russia and the Ministry of Finance hope that the citizens will use the new system, but do not expect a large influx of citizens. Tolerance of life insurers and asset managers to the new system had not yet been discussed.

The government and the Central Bank will not «advertise» a new product, I think that should do it for yourself NPF, however, not exclude that in the framework of measures for increasing financial literacy will talk about this way of accumulation of pension.

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