Deputy PM: Russians lost 200 bln rbl in private pension funds ‘15

MOSCOW, Mar 23 (PRIME) -- Russians lost more than 200 billion rubles in private pension funds in 2015, and the government has to take measures to protect its citizens, Deputy Prime Minister Olga Golodets said Wednesday at the Russian Business Week forum.

“Russian citizens lost more than 200 billion rubles in the accumulative (pension) system last year, and we still have not defined a source that will redeem the money and when the money will be redeemed,” she said, adding that citizens are guaranteed to receive only the face value of money transferred to private pension funds.

“The fact that citizens are still being misinformed by non-transparent rules and lack of direct contracts between a citizen and a non-government pension fund in the system is a huge flaw of the system…In this system we (including the Finance and the Economic Development ministries) have to make decisions to protect our citizens and develop financial instruments,” she said.

(67.7764 rubles – U.S. $1)

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