Transfers from the budget to the Pension Fund of Russia (PFR) in 2017 will be 977,1 billion rubles taking into account the decision to extend for three years the moratorium on contributions in a funded system. About it as transfers TASS, said the project “Basic directions of budgetary policy for 2017 and the planning period of 2018 and 2019″.

Transfer of mandatory pension insurance is established taking into account the decision on the extension of the 2017-2019 moratorium on contributions to the funded component of the mandatory pension insurance system, according to the draft. The moratorium on pension contributions the government prolongs the fourth consecutive year.

The revenues of the budget of the Pension Fund will grow in nominal terms at 663,1 billion in 2017 compared to 2016 and will be 8181,6 billion.

The flow of insurance payments on obligatory pension insurance in the years 2017-2019 determined based on the rate of the insurance premium in the amount of 22% and the rate of 10% of the amounts paid in excess of the limit value base for calculating insurance premiums.

Pensioners will continue to Peter out

The cumulative component of the pension system of the Russian Federation frozen 2014. The insurance contributions of employers for citizens who made a choice in favor of the formation of funded pension, fully go to the distribution part of the pension system.

In 2016, the result of freezing the Federal budget saved 342 billion. In 2017, the savings will grow to 412 billion rubles, in 2018 – to 471 billion.

Freezing cumulative part of the pension means that the portion of the pension contributions of Russians, which should go in the storage part, instead, goes to pay current retirees. This allows us to cover the Pension Fund deficit and reduce transfers from the budget.

In September 2013, with the preparation of the state budget it was announced that in 2014, the transfer of funds to the funded part of pensions will be frozen and all the money will go to the insurance part of the Pension Fund of the Russian Federation. Subsequently “freezing” of pension has been extended for 2015 and 2016.

Every year, the authorities claimed that the cumulative part of the pension shall be withdrawn temporarily, however, the money all the time went to plugging holes in the budget.

Amid the freeze of pension savings due to the removal of that budget gets hundreds of billions of rubles, in Russia they are discussing the next reform of the pension system.

Its basic idea is that the cumulative part of the pension will continue to emerge, but only on a voluntary basis, due to new contributions of the citizens themselves.

The fee will be the same 6%, but it will be paid in excess of 22% will be added to the mandatory social insurance. Thus in the system of voluntary contributions by default, will include all working Russians, but they will have the opportunity to opt-out of these payments under a five-year moratorium.

“In the first year of deductions from salary of the employee equal to 0% in the second year, 1% in the third – 2%, and so on up to 6%”, – said Deputy Finance Minister Alexei Moiseev in Moscow financial forum in late September. Such savings will be introduced income tax credit, and the Central Bank will guarantee their safety.

This will be the third plan for the creation of accumulation pension insurance system over the past 15 years.

It is also assumed that the retirement age will be raised to 65 years for both men and women. The increase will be in increments of 6-12 months. The issue of denial of payment of all pensions or its fixed part pensioners who are officially employed.

Freezing of the cumulative part of pensions will be extended for another three years 07.10.2016

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