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Russia's VEB does not rule out retirement savings may be ‘frozen’ in 2017

August 25, 14:56 UTC+3
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MOSCOW, August 25. /TASS/. The decision to ‘freeze’ retirement savings may be extended to 2017, department director of the state-owned Vnesheconombank (VEB) Alexander Popov said on Thursday.

"I think the decision to ‘freeze;’ may be extended, as long as the situation with the budget remains challenging," Popov said.

Participants in the private pension funds (PPF) market are against potential extension of retirement savings ‘freeze," Popov said. PPF are now joint stock companies with beneficiaries and they need to show profit, he added.

Popov’s statements reflect his personal opinion and not the official position of the state corporation, VEB press service said in its turn.

VEB is acting as an investor of retirement savings of citizens that have not yet decided whether to form the investment part of the state pension in the state management company or in the PPF for more than a decade.

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