«We orientirueshsya developed countries»: the Ministry of Finance and the Central Bank introduced a new system of pension nakoplennoy link
On 29 October, the Ministry of Finance and the Central Bank presented a program guaranteed pension plan (GPP). Russians will be able to voluntarily connect to the new system of pension savings and to regulate the amount of deductions. Moreover, contributions will be suspended for five years. All contributions will be protected by Agency on insurance of contributions (ASV).
- Specialist of the customer service Department of the Pension Fund of Russia serves customer in the city of Tambov
- RIA Novosti
- © Alexey Sukhorukov
Tuesday, October 29, the Bank of Russia and the Ministry of Finance in the press center MIA «Russia today» presented a bill to introduce a new system of pension savings under the name «guaranteed pension plan» (AOP).
According to the idea of the authorities, Russians will be able to voluntarily pay into the retirement portion of their salary and in return receive tax incentives from the state. So, pension contributions of citizens at the GPP in the amount of not more than 6% of salary will be exempt from personal income tax.
«With the salary of 40 thousand rubles a month, the employee can deduct 2400 rubles in GPPS. With that amount, the citizen will not pay tax on income of physical persons in the amount of 312 rubles. Thus, during the year the amount that falls under the exemption from personal income tax will amount to 28.8 thousand, and the Russians will save 3744 rubles», — explained in an interview with RT, the Director of the office of sales «BCS» Vyacheslav Abramov.
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As expected, all contributions above 6% of salary can be included in already existing social tax deduction shall not exceed 120 thousand a year. About this in an interview with RT told the chief strategist of «UNIVER Capital» Dmitry Alexandrov.
In GPPS citizen will independently determine the amount of the fee and, if necessary, can change it an unlimited number of times. Moreover, the payment of pension contributions can be repeatedly suspend for a period not exceeding five years. As noted RT interviewed experts, a similar system now operates in most developed countries.
«We orientirueshsya on developed countries and there citizens have long been forming themselves his pension. Russia’s accumulative part of pension frozen in 2014, the government had to provide a solution to this problem. The new product is largely associated with the demand of the population, people want to participate in the formation of their pensions», — said Vyacheslav Abramov.
Citizen will join GPP immediately after the first payment. From that moment for six months Russians will be able to refuse to participate in the program and to obtain the return of deposited funds. Voluntary connection to the system and the possibility of an exit from it within six months, analysts believe one of the fundamental differences between GPP from previous initiatives of the government.
«The authorities have presented a GPP instead of the previously proposed system of individual pension capital (IPK), which proved unpopular among experts and Russians. The fact that the previous bill was mandatory for citizens had too little influence on their pension savings. So now the part in the co-investment program will be voluntary,» — said in an interview with RT chief strategist «UNIVER Capital» Dmitry Alexandrov.
Note that in GPPS Russians will be able to receive the accumulated retirement or upon reaching retirement age or after 30 years since the first installment. All this time the funds will be protected by a guarantee Agency on insurance of contributions (ASV).
«We want to give citizens the opportunity to have a product that will allow them to save for retirement so that it was, on the one hand, and income, on the other hand, is guaranteed, with a third party that the infrastructure was organized in such a way as to avoid any disputes between the citizens and pension funds», — quotes RIA Novosti Deputy Minister of Finance Alexei Moiseyev.
The new system also suggests the possibility of inheritance of accumulated funds. As stated during the presentation of the GPP, first Deputy Chairman of the Central Bank Sergey Shvetsov, the heirs will be able to take the accumulated funds and pay 13% of this amount or transfer money to your personal account GPP.
According to experts, the Russians will be able to connect to the GPP through the portal or submit a written agreement for participation in the system employer. While not wishing to join the PPG, the Russians will still get only the insurance pension in the system of mandatory pension insurance (OPS). We will remind, today the employer at the expense of their funds transferred to the Pension Fund of Russia (PFR) insurance premiums in the amount of 22% of the employee’s salary.
«At the current moment, the «silent ones» who choose not to, they had funded part of the pension at 6%, 22% goes to the insurance part, which is formed by the state. I think the same principle will continue in the new program,» concluded Vyacheslav Abramov.