FX.co ★ Pension deductions need strict bank control

RUB 500 billion of pension assets could be consigned under control of Vnesheconombank (Bank for Development and Foreign Economic Affairs). Russia’s Finance Minister Anton Siluanov told that new pension assets of non-state pension funds would be be deposited exactly at this bank. The senior official means those deductions that non-state pension funds will have accumulated for the period from 2014 until 2015. According to the agreement, these accumulated resources are supposed to pass under control of the state-run company which is a part of the bank. In the meantime, economists are expected to fulfill the assessment of the actual financial status of the non-governmental pension funds; on the ground of the assessment data, they will draw up a plan of implementing the insurance contribution scheme. After these activities are completed, the means will be refunded with a markup. “If the non-governmental pension funds go through the audit procedure in advance, the accumulated means will be refunded earlier accordingly. Vnesheconombank will give back the pension savings in the term from six months to a year. The money will be refunded offsetting the inflation; thus, it will take into account the inflation rate plus 1%, not less,” Anton Siluanov commented on the situation. Nowadays, absolutely all non-governmental pension funds have been filed as non-profit institutions without any insurance; besides, they do not follow the uniform rules that guarantee assets safety. According to the latest requirements, such pension funds are supposed to go through the procedure of the corporate reconstruction into joint-stock companies with transparent structure and particular proprietors.