MOSCOW, Oct 16 (PRIME) -- Russia’s Finance Ministry hopes to present its outline of the individual pension capital bill for public discussion until the end of 2018, Deputy Minister Alexei Moiseyev told reporters on Tuesday.
“I do not know when we will finalize (the bill), but hope that until the end of the year,” he said.
The ministry is developing a concept of individual pension capital in association with the central bank. The idea is to store the savings as individual property. The capital is to be accumulated and deposited in private pension funds where the money may be transferred via employers or directly. Funds accumulated earlier as an investment part of state pension will become initial capital.
Finance Minister Anton Siluanov said that the mechanism will be launched as early as in 2020.
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