A draft law on insurance coverage of pension savings for 2.8 million rubles was submitted to the State Duma.

A group of deputies headed by Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, submitted a billsuggesting an increase in the insurance coverage of pension savings by a factor of two – up to 2.8 million rubles.

The explanatory note to the document provides data, according to which in 2022, 39 private pension funds were included in the non-state pension provision system. The total number of their participants is more than 6.2 million people. The authors of the draft law believe that the horizon for investing pension funds implies a long-term nature, and therefore it is necessary to “at least” increase the amount of insurance coverage.

The note says that this decision will attract new customers, increase the level of pension provision of citizens and confidence in the pension system.

Insurance compensation for deposits involves the payment of all deposits in the bank to the depositor upon the occurrence of an insured event. Insurance coverage for deposits of citizens in banks is set at the level of 1.4 million rubles.

Vladimir Putin announced the initiative itself on February 21 during his address to the Federal Assembly. He stated the need to guarantee the safety of citizens’ investments in voluntary pension savings. In this regard, he proposed to increase them to 2.8 million rubles – twice as much as for bank deposits.

Lusine Balasyan