What is a funded pension? How is it formed?
Since 2002 the year Russia has compulsory pension insurance, which formed the future pensions of working citizens. Basis of future pension-insurance premiums that an employer pays on a monthly basis for its employee pension fund of Russia. Insurance contributions at the rate of 16% tariff is recognized on individual personal account of the insured person, which he opens the RPF, and form the calculated pension capital, in other words, future pension. Account number-SNILS-specified on the certificate of compulsory pension insurance, the so-called "green card".
By the way, insurance premiums should not be confused with income tax. The amount of PERSONAL INCOME TAX is a withholding of salaries and insurance premiums do not affect wage levels. They are calculated as a percentage of the wage bill and paid by the employer, not the employee.
Employer premiums are distributed between the insurance and pension accumulation. These two types of pensions have different nature of origin and formation. Funds for the formation of insurance, are committed to the individual account of the citizen to the FIU in the form of pension rights. And thus received the money paid as pensions for current retirees. This system is called shared: when insurance premiums running generation go to pay current pensions.
Insurance premiums, which is formed by the funded pension, by contrast, do not go to pay current pensions. These accrued benefits are transferred to the Pension Fund of Russia, in accordance with the choice of a citizen or non-State pension funds in trust management company to invest in the financial market.
Whether citizen manage their accumulative pension?
Until the end of 2015 onwards, every citizen, born in 1967 and younger must choose your pension option: to send the full amount of premiums on insurance or pension formation on the formation of the insurance and pension accumulation. Depending on the tariff of premiums for compulsory pension insurance is as follows: when generating only 16 per cent of all pension insurance goes to the formation of the insurance, during the formation of the insurance and pension accumulation 10% form the insurance pension, and 6% goes to savings.
Taking a decision on pension option to remember that insurance pension is formed in the pension credits, whose value is set annually and increases State level not lower than the inflation rate in the previous year. Thus, it is guaranteed to grow. Yield of pension savings depends solely on the results of their investment, then there is income or loss. Funded pension is not indexed by the State, is immune from inflation.
How to make a choice?
If a citizen wishes to generate only the insurance part of the pension and never filed any statements about choosing a management company (uk) or on non-governmental Pension Fund (NPF), it need not apply. Those who at least once said about the choice of the CRIMINAL CODE, or on the transition in the APF must apply funding waiver funded pension.
For the formation of insurance and funded pension statements in the Pension Fund of Russia citizens, never have submitted statements about the choice of the CRIMINAL CODE or the transition to the APF. You do not need to apply to those who at least once filed a statement about the choice of the CRIMINAL CODE, or on SPF and it was granted.
In addition, each citizen must decide who will manage his pension savings. To do so, it must conclude a contract with SPC and to apply to the Pension Fund of Russia, then the pension funds will be transferred to the selected citizen of NPF and the insurer will be the NPF. If a citizen wants to insurer was Russia's pension fund, it must apply for the selection of the management company.
What will happen to the pension savings, if the citizen decided to abandon the formation of funded pensions?
If a citizen in 2014-2015 years declined from funded pensions, all previously generated retirement savings remain, continue to be invested by the management company or non-State Pension Fund for choosing citizen and will be paid in the form of funded pensions on reaching retirement age. Note pension savings funds are formed at the working citizens, born in 1967 and younger due to the payment of employer insurance contributions to funded pensions, public pensions program participants, those who sent the funds parent (family) capital formation of funded pensions. 1953-1966 in men and women, 1957-1966, working during the period from 2002 to 2004 year and for which the employer paid the contributions also have retirement savings.
How to find out who manages pension savings?
Clarify any insurer are retirement savings can be appealing personally to the FIU to receive individual discharge from personal account of the insured person or through the website www.gosuslugi.ru.
If a person has not filed statements in the Pension Fund on how he would order its accumulative pension funds by default retirement savings come in the extended State investment portfolio management company "Vnesheconombank".
If a citizen to pay contributions under the programme of State co-financing, who in this case manages its money?
In the case of payment of the participant of the program state co-financing contributions ranging from 2000 to 12000 rubles per year, the State will add him exactly the same amount. Additional contributions along with co-founding pertain to funded pensions, so they are subject to the same management principles. That is, if a citizen handed over their savings in any pension fund, and contributions paid under the programme co-financing will also be transferred to the NPF.
How to get pension savings funds?
Upon reaching the statutory age for receiving old-age pensions, a citizen may apply for their retirement savings. Appointment of payments is declarative in nature. A statement by a citizen must apply to the insurer, who ran his pension savings (in the RPF or NPF).
In the event of the death of a citizen to assign payments at the expense of pension assets, pension funds may be paid to his successors. First, parents, spouse, children. If there are no successors to the first stage, brothers, sisters, grandmothers, grandfathers and grandchildren. Payment of pension savings successors performs RPF or SPC-depending on where the formed pension of a deceased citizen on the date of his death. Treatment on the payment statement assigns the SAP is carried out before the expiry of 6 months from the date of death of the citizen. The missed deadline specified successor, can restore its justiciability.
In conclusion, I would like to point out that every citizen should take a responsible approach to the choice of the insurer and decide whom to entrust their retirement savings — the State, the private management companies or non-State pension funds. During the 2014-2015 years of SPC is being reorganized and a system guaranteeing security of pension savings. In the previous system, all financial risk placed on the State. In the new system to guarantee the security of retirement savings in bankruptcy NPF or its loss means retirement savings will be offset by the guarantee fund. In addition, to be able to continue to work with the tools of pension savings of citizens, should go through the procedure of incorporation, i.e. to become joint-stock companies (so far they were non-profit organizations), and receive a positive report from the Bank of Russia on the compliance of all legal requirements. If NPF does not pass the specified procedure and does not enter the system guarantee, the retirement savings of citizens who have entrusted him with their savings, will be transferred to the Pension Fund of Russia. In future, the citizen can decide to leave these funds in the State management company "Vnesheconombank" or translate to another NPF, which received permission from the Bank of Russia and entered into the guarantee system. Currently 94 nongovernmental pension funds operating on the financial market of only 29 correspond to their business requirements. Therefore the size of funded pensions that citizen would receive in retirement depends largely on whom he will entrust to manage their savings now.
In addition to say that staff of the RPF on houses do not go, do not require personal information, do not offer to sign any paper. Any work with clients is carried out only in the client service Office of the RPF. If you knocked unfamiliar citizens, seemingly employees pension fund, primarily to ask the employee to present such official identification and carefully examine it. Also strongly recommend that you carefully read the documents you are asked to sign.