A freezing of pension savings in Russia was labeled a mistake by the Chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov, during his speech at the Central Bank’s Financial Congress.
According to Aksakov, non-state pension funds (NPFs) had begun to form and were counting on being able to work with these funds. Substantial sums had been accumulated, but the rules of the game suddenly changed.
“We did not just rush, but made a mistake,” Aksakov noted.
He added that there is currently a discussion about returning to the pre-2014 rules.
Before 2014, the accumulative part of the pension could be transferred to NPF management. The funds of those who did not do this remained under the management of the Russian Pension Fund. However, until 2024, neither could freely manage these funds.
This year, Russians were given the opportunity to transfer the accumulative part of their pension to a new long-term savings program.
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