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New pension system will work since 2014

November 14, 2012, 14:50 UTC+3

Citizens will be able to choose between the saving and distributing systems

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NOVO-OGARYOVO, November 14 (Itar-Tass) — A new pension system will work since 2014, President Putin declared at a conference on Wednesday which was devoted to the pension reform. Citizens will be able to choose between the saving and distributing systems, the president promised.

"I think a bill on the pension reform suggested by the lawmakers can be accepted, but its enactment should be postponed until January 1, 2014," Putin said. By that time the government should draw a legislative basis and adopt a new formula of calculating pension rights, the president said.

In the course of the discussion it was obvious that the enactment of a bill which develops the saving system was connected with the adoption of a new formula of calculating pension rights, but, regrettably, the formula is not ready yet," Putin admitted. Nonetheless, the federal budget and the budgets of social welfare funds until 2014 have already been formed and balanced, Putin said.

"Since 2014 citizens will be able to decide themselves how their pensions will be formed. I believe it would be correct to let them decide themselves- those who want to stay on in the saving system may do so,” Putin said.

Finance Minister Anton Siluanov explained that at present all the citizens are included in the saving system, while since the beginning of 2014 amendments will be adopted to enable citizens to make their own choice within four percent( of insurance contributions)."Throughout 2013 we should make proposals on the pension formula so that every citizen should understand where a better and a more reliable system is and where the interest rates are higher," the finance minister added.


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