Russia may consider imputed pension system next year

LONDON, Dec 9 (PRIME) -- Russia’s Finance Ministry is discussing an imputed pension system because the accumulative part of pension savings is very likely to be frozen again in 2016, Deputy Minister Alexei Moiseyev told reporters late on Tuesday.

“We will face serious problems of organizing the pension system in the next several years. We must come up with a new solution,” he said, adding that an imputed pension system similar to systems in Australia, New Zealand and other countries is discussed.

“The pension insurance is done by citizens on their own, but in such a way that their pension savings are credited on default, and they may of course reject it, but on default (the sum) is credited.”

The most difficult issue for the ministry and the central bank is finding the source of financing the savings. “Of course, we have no budget co-financing resource, we cannot put an additional burden on companies by increasing taxation of their payrolls,” he said.

A new model will be discussed in the government next year.

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