Gref proposed a way to stimulate voluntary accumulation of pensions

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MOSCOW, 8 Nov – Stimulating the retirement savings of Russians requires significant tax incentives, and for certain categories of citizens – co-financing from the state, a reform of pension legislation is also needed so that non-state pension funds can offer their clients competitive pension and investment programs, Sberbank CEO German Gref shared his opinion in an interview.
The financial authorities have discussed several concepts of voluntary pension savings in Russia in recent years. The last option – a guaranteed pension plan – was presented by the Central Bank and the Ministry of Finance in 2019. It was planned that the new system of voluntary pension savings will provide citizens with the opportunity to independently finance their non-state pension with the support of the state. It was expected that it could start working from 2022, but so far no decision has been made.
“One way or another, this problem will have to be solved in the near future. Frozen savings in the compulsory pension insurance system – about 6 trillion rubles – will not give the desired effect in increasing the replacement rate. Therefore, we continue to support the idea of ​​transforming Russian pension savings into a standard non-state pension scheme for on a voluntary basis, “- said the head of Sberbank.
According to Gref, to stimulate long-term savings of Russians, “substantial tax incentives are needed, and for certain categories of citizens – co-financing from the state.” This is the model used in many countries with developed pension systems, he recalled.
“Finally, for the development of the pension industry, it is critical to reform the pension legislation, which contains many restrictions left over from the days when pension funds were non-profit organizations. Today it is important that non-state pension funds can offer their clients competitive pension and investment programs with interesting strategies and additional services “, – concluded the head of Sberbank.
According to the Central Bank, the value of the total portfolio of pension funds in the second quarter of 2021 increased by 1.3%, to 6.5 trillion rubles. All three segments showed similar dynamics: the volume of pension savings of NPFs increased by 1.2%, to 3 trillion rubles, pension reserves of NPFs – by 1.4%, to 1.5 trillion rubles, pension savings of the Pension Fund of the Russian Federation – by 1.3%, up to 2 trillion rubles.

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