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RF government to consider pension system development issues

October 03, 2013, 5:51 UTC+3

The press service of the Cabinet of Ministers reported that the meeting agenda includes 14 items

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MOSCOW, October 3 (Itar-Tass) - A number of important issues related to the work of Russia’s state and non-state pension funds will be in the focus of a government meeting, which will be held under the chairmanship of Prime Minister Dmitry Medvedev on Thursday.

The press service of the Cabinet of Ministers reported that the meeting agenda includes 14 items, four of which are directly related to the present and future retirees.

Thus, the Cabinet will consider a bill to extend until December 31, 2015 the right of insured persons to choose their pension fund scheme, directing 0 percent or 6 percent of the individual insurance rate for the financing of the funded component of retirement pension. By this bill it is also planned to direct the 2014 contributions to compulsory pension insurance to the distribution component of the pension system in the full volume.

In addition, the ministers will consider returning to the legal acts the previously existing provisions restricting the change of the insurer in the compulsory pension insurance five years before retirement age. The document also provides for the transfer from the annual selection of the insurer or investment portfolio of a management company to the choice to be made once every five years.

Another item on the government’s meeting on Thursday will be guaranteeing the preservation of pension assets in the compulsory pension insurance system. Thus, the ministers will consider several variants of draft federal laws aimed at protecting the rights and legitimate interests of pensioners. “The adoption of the draft laws will also improve the quality of regulation of activities of non-state pension funds and to ensure financial stability of the funded component of the pension system,” the Cabinet noted.

The government will separately discuss amendments to the law on non-state pension funds, where, in particular, it is proposed to establish requirements to the formation, registration and fulfilment of obligations of such funds before the investors, participants and insured persons, to ensure control over the investment and biometric risks, raise the requirements to the monetary value of property to secure the fund’s statutory activity.

In addition, the Cabinet will discuss additional measures to support small and medium-sized businesses in Russia and the draft federal target programme “Development of a unified state system of registration of rights and cadastral registration of immovable property in 2014-2019.”

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