The proposal of the Ministry of Finance and the Central Bank about the transition to the formation of individual pension capital (IPC) has faced resistance from the Pension Fund of Russia (PFR), the newspaper “Izvestia” , citing sources familiar with the discussions next, the third pension reform in 15 years.
To the FIU, according to these sources, fear that IPK will lead to additional transfers from the budget due to input breaks.
The proposed Finance and the Central Bank scheme for participating in IPK employers can be introduced incentives on insurance premiums – it turns out that the shortfall in contributions someone will need to compensate for, explained the reason for the disagreement FIU one of the sources of the newspaper.
“Probably, it will have to do from the Federal budget. Then it is unclear what is this scheme better than the existing funded pension” – suggests the source.
Another source claims that in General there are chances of tax benefits on income of individuals – in this matter the government have a mutual understanding. However, with regard to social contributions, which accounted for 30% of the wage Fund, there are differences.
The Pension Fund confirmed that they agree to provide benefits through the reduction of pension rights of citizens in the mandatory pension insurance.
The official representative of the FIU also noted that the Fund advocates the establishment of a civilized and regulated system for the formation of citizens of voluntary pension savings, ensure their safekeeping and good investments.
At the dispute of the social block of the government with the Central Bank and Finance Ministry and the administrative nuance, says a source. The FIU does not want to lose the functions of the Central administrator of the pension contributions as it affects the status and funding of the Fund.
President of the Association of pension funds (ANPF) Sergey Belyakov, for its part, believes that market participants support the introduction of ITQs, but in addition to the existing mandatory funded system.
We will remind, the Ministry of Finance and the Bank of Russia in late September, presented a model of a PKI, according to which insurance contributions are requested to leave completely in the solidarity system (this corresponds to the long-standing desire of the social block of the government), but to motivate citizens and their employers to form a pension savings voluntarily through various incentives.
Earlier, Finance Minister Anton Siluanov said that the Finance Ministry plans to launch a new accumulative pension system in 2018.
Concept – third over the past 15 years – provides that IPK will be formed in the non-state pension funds at the expense of voluntary deductions of citizens, the amount of which will not be limited. It is assumed that paid by the employee contributions will be supplemented by government through a tax deduction, and the deduction of social contribution and the funds will be received by the PKI automatically.
In the co-financing will involve employers, obtaining in this case, certain benefits. Citizens who have pension savings in the mandatory pension insurance (OPS) will be able to translate them as a contribution to the account of IPK.
For working people, not expressing in the transition period the opinion on participation in the system of individual pension capital is formed automatically, but at any time you can suspend the payment of contributions. Thus, the strategy of accumulating will be determined directly by the citizen. All funds individual pension assets will be the property of the citizen, in certain cases, they can use until retirement.