The Ministry of Finance has adjusted the concept of individual pension capital
Photo: TASS/Yuri Smityuk
The Ministry of Finance and the Central Bank trimmed its concept of pension reform, suggesting that the accumulation will be formed out of compulsory pension system (OPS). Changes are two, basic. The first concerns the so-called “undecideds” that will automatically connect to the new system. Second, the tax benefits. The Finance Ministry decided to consider the objections of colleagues from the social block of the government, that benefits shall not be provided to employers through insurance premiums. This “news” said Deputy Finance Minister Alexei Moiseev. According to him, a new concept of tax incentives is now being calculated.
As told in the exclusive interview (read it in one of the upcoming issues) “news” Alexey Moiseev, the Ministry of Finance and the Central Bank adjusted the pension reform concept. Previously it was assumed that if the so-called “undecideds” whose savings are under the control of the Bank, not transferred funds to one of the non-state pension funds (NPF), the money will be automatically converted into points and sent to the insurance part. Now the Ministry of Finance changed the scheme taking account of the arguments of the social block of the government that such a variant of the “undecideds” can lead to a reduction in the cost of points and the imbalance of the pension system. With this in the Finance Ministry agreed.
— If we assume that most of the “undecideds” will go to the distribution system, this could lead to a reduction in the cost of points. When we realized that such a risk, we corrected the number system to avoid this scenario, — said Deputy Minister of Finance.
According to him, in order to prevent the decrease in the cost of points, it is assumed that the “undecideds”, as people whose savings are in the Fund, will be connected to the system of individual pension capital (IPK) automatically, that is by default. Only the money of the citizens, who themselves refuse to funded pension and unsubscribe from PKI, gets to the insurance part.
— We believe that they will not be too many, — said Alexey Moiseev. — Has provided the option of selecting which “undecideds” can do consciously. They can continue to save and to choose NPF and can save money in points.
However, the main claim to pension reform from the sotsbloka was just in that people will connect to the PKI by default. This, as has been said by representatives of the labour Ministry and the FIU can be considered as a violation of the rights of the insured. For the Ministry of Finance of the automatic subscription is the principle, reaffirmed Alexei Moiseev. He said that the concept is legally developed and to abandon it the Ministry of Finance will not.
But the Finance Ministry is ready to meet colleagues from sotsbloka in the matter of tax exemptions that are now provided for by savings in the contributions to the budget funds.
— At the end of the discussion we agreed that there will be benefits for employers and for the citizens that the proceeds will be equivalent to the budget, but it is another method of calculating benefits. This conceptual method is agreed upon, at this stage, the tax Department of the Ministry of Finance carries out the appropriate calculations. The benefit for employers is saved, but we abandoned the idea to do it by contributions, — said Alexey Moiseev.
Alexey Moiseev did not specify what the mechanism is now being considered, explaining that you first need to wait for the results of the calculations.
Earlier Alexey Moiseev said that the budget is ready to compensate extra-budgetary funds falling revenues and may send for this purpose about 40 billion rubles. Now he is told “Izvestia” that the relevant expenses can be higher than 20 billion rubles, because the basis of the calculations is the average salary and possibly a deviation from the original figures.
According to the adviser of the President of the National Association of pension funds (NAPF) Valery Vinogradov, if the task is to draw in the PKI system the maximum number of people, the “undecideds” can automatically connect to it. In his opinion, the calculation might work, as people who have done nothing with their savings, are unlikely to do anything afterwards.
Since it is planned that in the first year contributions is not provided, and in the second year they amount to only 1%, the citizens simply did not notice, what is connected to the new system. And then, I think, work and broad campaign to explain the benefits of PKI from the Ministry of Finance and the Central Bank, — says Valery Vinogradov.
Disagree senior researcher, Analytical center for financial research research financial Institute Tatiana Omelchuk. She believes that the calculations on the inertia of “undecideds” this time is unlikely to materialize and they will get out of the system.
— Now people will be more active, as it will face the prospect of pay contributions from their wages in quasitopological system, she said.
Tatiana Omelchuk noted that the inability to ensure smooth flow of funds “undecideds” can lead to the imbalance of the pension system, as contributions to the insurance part and accumulative initially have different goals. In the first case, the money is used for payments to current retirees, and savings mean investments in the economy.
So it is important to understand how you can provide payment after a certain time, where to invest and how to save. Funds now in the insurance part is indexed for inflation and depend on the income of the Pension Fund. The state, which will have more obligations at this point, you will need to provide cash flow for the period of payment for future retirees — said Tatiana Omelchuk. — Savings are generating the yield and form of payment. Therefore, any option offered under the retirement concept has its risks.
The official representative of the Ministry of labor told “Izvestia” that the updated version of the concept of the pension reform officially, the office had not received.
— Be ready to comment later after reading all the details — said the representative of the Ministry of labor.
HELP “IZVESTIA”: the Concept of the pension reform, which was presented at the end of September last year, involves the abolition of the funded part of mandatory pension insurance (OPS). All employers ‘ contributions at the rate of 22% was planned to send to the insurance part. All the citizens who have entrusted the accumulation NPF, will automatically connect to the new system of individual pension capital (PKI). After that, the employer will pay from their salary from 0% (in first year) to 6%. To motivate the Finance Ministry and the Central Bank have provided tax relief by reducing the taxable base, which would save on income tax. Employers, in turn, will also benefit by saving on the contributions to social funds. As for accumulations of “undecideds”, if they are not transferred their funds to the NPF, they are offered automatically translate to points.