UPDATE: Cbank supports Finance MinistryТs new pension savings system
(Adds last paragraph)
SOCHI, Sep 13 (PRIME) -- RussiaТs central bank supports the idea of the Finance Ministry to introduce a new voluntary pension savings system, Chairwoman Elvira Nabiullina said on Friday during the International Banking Forum.
УYes, we support that. This system is largely aimed at improving the existing system of the guaranteed voluntary product, this is a big step forward from the drafts that we had when we discussed the individual pension capital, so I wholeheartedly support it,Ф she said.
The ministry said on September 6 that it had drafted the new system called the Guaranteed Pension Product and had sent it to the Labor and Social Protection Ministry for approval. The goal of the draft is to create a state system of guaranteeing security of voluntary pension savings and to create incentives for both independent savings by employees and for development of corporate pension programs, the ministry said then.
First Deputy Central Bank Chairman Sergei Shvetsov told reporters that the authority also plans to develop a conventional private pension system and will prepare bills on guarantying pension reservesТ funds this autumn.