Report: Russia mulls launching new pension savings rules 2017

MOSCOW, May 17 (PRIME) -- The Russian government may launch a new mechanism of voluntary pension savings with banks or pension funds from July 2017, Finance Minister Anton Siluanov told channel Rossiya 24 in an interview broadcast on Tuesday.

“We will prepare all necessary decisions in a really detailed way this year. I hope that this (the launch of new voluntary pension rules) will take place either in the second half of 2017, or from 2018,” Siluanov said.

Russia earlier introduced a moratorium on the transfer of insured pension savings to private pension funds. Siluanov said that this measure is needed to “rebuild the system.” The savings will be voluntary but absolutely reliable, he said.

The Finance Ministry will allow citizens to inherit pension money and to withdraw large sums at once in such cases as a need for healthcare services, Siluanov said.

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