Financial crunch puts the brakes on the development of the pension reform in Russia. Non-state pension funds also suffered from the crunch. The companies lost up to 40% of their income last year because of the stock market downfall.
The heads of leading non-state pension funds proposed to amend the law, they suggested in case of a bank bankruptcy pension savings should be treated along with individuals? deposits, i.e. first of all. Specialists consider this measure will indemnify pension fund clients? savings.
They mention the global financial crisis resulted in some enterprises? announcement of their bonds default what is rather distressing. Payment on obligatory retirement insurance and non-state retirement benefits coming to these organizations is also decreasing.
To mention, any Russian can choose how to operate the pension funded part. At the moment pension funded part of 85% working Russians? is operated by state organization. Vneshekonombank manages their savings. So according to the data on January 1, 2008 Vneshekonombank was operating 360 mld roubles of pension savings. The sum is large, but the income comprised only 5,98% what is less than inflation rate.
Pension funds are looking forward to new economic motives for non-state retirement benefits development which are considered to create favourable conditions stimulating employers, employees and all working people to pay fees for pension savings. Particularly, exclusion of non-state pension fund fees from taxable base, full profit tax abolishment, property taxation (property bought on pension savings income).
Non-state pension funds being an integral part of pension system are to comply with their level of tasks. Seeing that they must make the funds more reliable. Their work is long-run, average duration of a pension agreement is 40-50 years. There will occur many crunches during this period, so the pension system must be prepared for them now.
Artyem Krasnov
sections: Economics |
Russian News
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