What is a funded pension freeze? Freeze of the funded pension And what are the forecasts

Today the Deputy Prime Minister Olga Golodets stated that the funded part. The funded part of the pension will be frozen for the fourth consecutive year (2014-2017). Clerk.Ru decided to figure out what this means for citizens in practice.

What are the insurance and funded parts of a pension?

In the USSR, the pension consisted of only one part. The future pensioner could not dispose of it in any way. In 2002, as a result of the pension reform, it was decided to divide the pension into two parts - insurance and funded.

In the original version of the law, there were three age groups, two of which were supposed to form the funded part. Men born in 1952 and older and women born in 1956 and older fell into the group for which the funded part was no longer due (it simply would not have had time to form). In 2004, the pension reform was slightly reformed and there were two age groups - those who form the funded part and those who do not (persons born in 1966 and older). The contribution rates for the insurance part of the pension have changed and now may vary depending on the benefits, the rate for the funded part has not changed for many years and is 6% for all insurers.

The insurance part, according to the logic of the pension reform, was supposed to fully cover payments to current pensioners, while the funded part should go to the future pension of the citizen making contributions. The accumulative part could be put under the management of some non-state pension fund and, in theory, get a higher yield than in the state-owned Vnesheconombank, which manages the pensions of "silent people".

Well, great. Can I manage my pension money myself?

Yes, they could until 2015. But in 2015, the balance of the Pension Fund, already in deficit, finally ceased to be reduced. Against this background, savings on the funded part of the pension gives the budget an additional 342 billion rubles in 2016. The “freeze”, presented in 2013 as a one-time measure, was decided to be used as a full-fledged tool for reducing the budget deficit.

For ordinary citizens, a three-year freeze on their funded part means that the 6% that the employer deducts from each employee’s salary in the Pension Fund does not actually exist in the form of money - everything goes to the country’s current expenses. The incoming money supply is promised to be taken into account in the form of points, but no one will say what this point will cost when reaching retirement age.

6% is how much?

With a salary of 30,000 rubles, this is 64,800 for 3 years. Moreover, if we add a 3% VEB yield, we get the amount of 67,917 rubles.

Where will the money go?

And what are the predictions?

The situation is unlikely to improve. Taking into account the current economic situation, against the background of the refusal to index pensions for working pensioners and 4% indexation for the rest, we can expect not only a continuation of the freezing of pension savings, but also

It is clear that in the current situation, whatever one may say, we cannot talk about a sufficiently well-to-do old age. Therefore, it will be useful to think about the future yourself. This is especially true for those who are just starting their career path.

... Well, hang in there, all the best and good mood

We suggest not to get upset. Relax somehow. For example, future retirees can start learning French with this clip

Recently, the question has become relevant. Within the framework of the article, the answer to it will be analyzed, and a forecast will also be made of what to expect in the near future.

general information

In the Russian Federation, the pension system is based on two main components: insurance and funded parts. We inherited the first one from the time of the Soviet Union. The second component has been put into operation since 2002, when the pension reform was launched. What prompted such a strategy?

In the Soviet Union, there was a relatively low life expectancy (compared to today). At the same time, there were quite a lot of children in the families, which is why the number of the working generation exceeded the number of pensioners. With current trends, this no longer brings the past effect. Therefore, it was decided to do the following: working citizens pay contributions to the pension fund. All money goes to pay pensioners.

Given that the aging process continues and the number of employees is decreasing, there are not enough funds to make payments. Partially, this problem was solved thanks to budget transfers, but in the face of falling profitability of export items, there is not enough money.

What was decided to do?

The idea was to gradually move to a funded system. In such cases, payments for old age will not depend on the state, but on the employee. And who is entitled to the funded part of the pension? Anyone who has a desire to issue it and was born after 1967. But as soon as the funded part (both already held and future) became a solid amount, the government succumbed to the temptation to use these funds to solve existing problems.

And now we come to the part that most people are interested in. We will now understand what it means to "freeze" the funded part of the pension. It was first announced in 2013. Then the growth of the Russian economy began to slow down. The ruble has entered the stage of devaluation. The decision on what needs to be transferred to state jurisdiction helped the government find an additional 243 billion rubles in 2014, albeit at that price.

Continued use of such a mechanism

In the fall of 2014, they decided to extend the moratorium on freezing pension savings for 2015 as well. This maneuver made it possible to receive 307.4 billion rubles. Thus, the beginning was laid of withdrawing, in the truest sense of the word, the money that had been set aside for the future. Why exactly this wording, we will now understand.

The funded part of the pension in the NPF and in the State Pension Fund is used to cover current expenses at the expense of payments in the future. Of course, compensation is provided for on paper, but how it will be implemented is a big question. One can cite the words of Nikolai Platoshkin, a professor at the Moscow University for the Humanities, that the pension reform has failed. Something similar could be observed before, when the responsibility for the future of people was literally shifted to them.

Why did it happen so?

So, now we know what it means to “freeze” the funded part of the pension. Let's look at the reasons for this situation. If we quote the words of the same Platoshkin, then he believes that the root of this situation lies in the following:

Employers didn't pay
The state, instead of tightening the requirements for the responsibility of business to reduce the planned and real budget, decided to confiscate the savings from people.

Moreover, Platoshkin believes that raising the retirement age is only a matter of time. After all, the problems remain unresolved, while the country constantly faces new challenges.

Is it all that bad?

Let's look at everything critically. At one time, the Deputy Prime Minister said that due to the introduction of a moratorium on the formation of savings, none of the citizens of the Russian Federation would suffer. All the funds that are now taken by the state are credited to the accounts of people, on the basis of which the pension capital will be formed. The only difference is that it will be carried out through the insurance system. She is echoed by the head of the FIU. But here are a few things that are disturbing:

Initially, the freeze was planned exclusively for 2014.
In reality, it has now been extended until 2019.
A funded pension is essentially an investment capital. And its withdrawal does not contribute to the acceleration of economic growth.

This, however, could be understood by reading the macroeconomic forecast scenarios provided by the Ministry of Economic Development.

Which is better: specifics and features

The insurance part is growing solely due to indexation, which is carried out by the government. Savings increases due to investment income. It is now problematic to say exactly which option will allow you to get more profit in 30-40 years. But the funded part has serious advantages.

To begin with, it should be noted that it can be inherited. In addition, a lump-sum payment from the funded part of the pension may be requested. True, there must be good reasons for this. A lump sum payment from the funded part of the pension may be issued upon the death of the person for whom it was collected, or in the event of a serious illness. But for this it will be necessary to run around with papers, it is possible that according to the courts. Also, if you have two points of support, then this reduces the likelihood of a negative situation, and when it occurs, you can minimize losses.

Conclusion

So we figured out what it means to “freeze” the funded part of the pension. Finally, I would like to give a little advice. You should not focus solely on an organization such as a pension fund. The funded part of the pension is, in fact, a very specific investment portfolio. You can send this money to the concentration of a separate package of securities that is not controlled (in that sense of the word) by the state. And you can do it differently - invest all available funds in children. After all, properly educated children are also a kind of investment, which, moreover, will be more reliable than state support.

You should also not forget that now (so far) there are various programs such as maternity capital. And while there is an opportunity - it must be used. After all, no one can take care of us better than ourselves. It is necessary to remember this truly golden rule. And the pension that is awarded by the state ... Well, if it is, then it can be considered a good addition in old age, which will make the last years on this earth more or less pleasant.

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What does “freezing funded pension” mean in simple terms?

Based on the difficult economic situation in the context of the budget deficit, the Government of the Russian Federation introduced a temporary restriction on. This forced measure is intended, in the opinion of the Government, to stabilize the budget of the Pension Fund. Now part of the contributions that were previously directed to the accounts of non-state pension funds (NPFs) and management companies (MCs) involved in the formation of funded pensions, directed exclusively to the insurance pension.

As Russian government officials explain, "freezing" funded pensions in no case is not a withdrawal, as is often said in non-professional circles.

It is also assured that the abolition of funded pensions in connection with the introduction of a moratorium is not expected, and all pension savings of citizens after their "defrost"(which someday will happen) will definitely be returned to their accounts in the NPF. It was promised that the funds accumulated during the period of the moratorium would also be taken into account and indexed.

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Why do we need a moratorium on the formation of pension savings?

Extension of the moratorium for 2015 - 2020

Later, the ban on the transfer of insurance premiums for the formation of a funded pension was extended to 2015 in accordance with federal law No. 410-FZ of December 1, 2014. This year is notable for the fact that from January 1 it started working, in which the funded part was brought into an independent type of pension along with the insurance one.

For 2016, the restriction on the transfer of funds to a funded pension was extended by the adoption of Federal Law No. 373-FZ of December 14, 2015. This year, the decision to extend the moratorium on pension savings was taken by the Government against the backdrop of other measures aimed at saving budgetary funds. Among them are:

cancellation of indexation of pensions for working pensioners;
indexation of pensions not to the level of inflation set for 2015 (12.9%), but only by 4%.

In 2016, due to the stabilization of the economic situation and the return of the Government to three-year budget planning, the moratorium on the formation of pension savings was extended immediately for the three-year period 2017-2019. in accordance with the law of December 19, 2016 No. 447-FZ.

It is already known that the corresponding measure will be extended to 2020. Thus, at least until 2021, all funds credited to the personal accounts of citizens in will continue to be directed only for the formation of an insurance pension. Does this mean the end of the funded pension system?

Is there a future for funded pensions?

The Ministry of Finance of the Russian Federation submitted to the Government on the further reform of the pension system, including those related to the formation of funded pensions. It is proposed to form pension savings for on a conditionally voluntary basis.

That is, citizens, if they wish to receive a funded pension, will independently direct part of the funds from their salary to non-state pension funds, bypassing the Pension Fund.
At the same time, the funds will be directed exclusively to the PFR budget for the formation of an insurance pension (just as it is happening now during the years of the moratorium on the formation of pension savings from mandatory insurance contributions paid by the employer to the Pension Fund).

Based on the destructive trends in the socio-economic sphere of the Russian Federation against the backdrop of sanctions pressure from outside, the absence of positive changes in the production sector and disappointing forecasts for the future, it is obvious that the funds in savings accounts with NPFs will continue to be "freeze" until the Government finds other sources of replenishment of the state budget and reduction of its expenditures.

Will the moratorium affect future pensions?

The unconditionally introduced and twice extended moratorium cannot but affect the size.

Before the so-called "freeze" of funded pensions, the money of future pensioners could be placed through the NPF and the UK in financial markets, that is, could be invested in various economic projects.
The degree of profitability of investing financial resources depends on many factors, the defining of which is the professionalism of employees of non-state funds.

All this may also affect ordinary citizens in the form of loss of investment income by persons who have concluded contracts for accumulative pension insurance with NPFs in connection with the bankruptcy of some of them against the backdrop of the crisis.

Conclusion

When the frozen savings will be transferred to NPFs (and whether they will be transferred at all) is not yet known.

A further extension of the moratorium on the formation of funded pensions until 2020 inclusive undermines the confidence of the population in the Government of Russia and, in conditions of difficult access to external financial resources, creates difficulties in the domestic financial market (since management companies and NPFs are engaged in investment activities in the domestic market of the country).

After the “freezing” of accumulative pension programs, investment activity has significantly decreased, which will definitely lead to an increase in interest rates on loans for enterprises and the population. And this, in turn, can slow down the development of the industrial sector of the economy, which is already in a deep crisis, and lead to a further reduction in jobs and wages, and, consequently, revenues to the PFR budget.

Freezing pension savings - what is it and why? In connection with the crisis, which arose under the influence of a number of reasons, both external and internal, it was decided to freeze the funded pension for 2014, 2015, and now for 2016. What are the consequences of the current frosts, what can be expected in the future? for an ordinary citizen of the Russian Federation?

pension reform

We should take a short digression and say that we have been going on for a long time. Its main goal is to reduce the burden on the state budget. Previously, its implementation consisted in the fact that in various ways the amount of money that should be paid was reduced. Now there is a full-scale preparation to increase the retirement age for both men and women. Not such a fun event, this freezing of pension savings. What could this mean for the future? In addition to the current crisis situation, it was decided that 6%, which should have gone from the salary of each person to the funded pension in 2014-2016 (and maybe for several more years or even decades), will go to government spending.

Funded pensions

What exactly are funded pensions, from which the state takes money from us? is a monthly cash payment that is made to compensate insured persons for an insured event, that is, the onset of old age, when most people experience a sharp drop in productivity. This means that there is no way to earn, as before, by one's own labor to ensure a decent standard of living.

insurance pensions

Are you interested in the possibility of circumventing the situation that has developed? Well, then you should seriously consider the insurance pension option. This option provides for the payment of a monthly amount that will be used for subsequent pension payments, that is, it will serve as compensation for lost income received during employment. But it can also be paid in case of disability or if disabled family members have lost their breadwinner. The peculiarity is that payments are made in a certain amount, which directly depends on the type of insurance pension chosen earlier. It should also be added that the amount of payments is indexed by the state every year, so you do not have to worry about the safety of your savings. Bye.

What is meant by pension freeze?

Let's take a closer look at what a pension freeze is. Part of the wages of each working person goes by default into pensions, from which the person will receive security in the future. And this money will go not to pensions, but to the country's current expenses - such a decision to freeze pension savings was made by the government of the Russian Federation. But if the money is taken away, it means that they are needed for something. That's what the freezing of pension savings means for pensioners. Question - for what? Which institutions of the state will be financed by all the funds accumulated by the population for at least 3 years?

Where will the money go

All contributions that have been taken and will be taken by the state will go to the maintenance of normal life. The salaries of teachers, doctors, officials, employees of the Ministry of Emergency Situations and the army will be paid from this money. Thus, government programs will be financed, including reforms. In most cases, funding will be provided in full, and, if necessary, additional funds will be taken from, for example, the National Welfare Fund. But so far, thanks to decisions such as freezing pension savings, there is no need for this.

Government comments

As you can hear from the head of government and the Ministry of Economic Development, 2016 will be the last year of freezing pension savings. But if you take an interest in the publications of 2014 and early 2015, you can read the same about 2015. After all, if in the same 2014 few people had any idea what the freezing of pension savings meant for pensioners, now this issue is of interest to an ever wider segment of the population because of the threat of literally losing their pensions. In this case, one can make an assumption that the freezing of pension savings will be carried out further - until the moment when the budget of the Russian Federation is filled in other ways.

But, alas, given the slowness of the pace at which the implementation of plans for the creation of production and the introduction of scientific developments is put into action, the creation of new sources of money for the budget is very doubtful in the short term. The current economic situation does not inspire optimism.

Experience of other states

In this situation, the experience of other states may be useful. It should be noted that the entry of the economy into regression or stagnation is not a problem of Russia alone. For a full analysis of the situation, one should also take into account the important fact that other countries have a completely different system of pension accruals. So, when compared with the US pension system, it should be said that there is no usual state funded pension here, and all Americans have to take care of their maintenance in the days when old age comes, with their own hands. For most Americans, the solution lies in paying regular contributions to private pension funds. But, given the realities of our state, the likelihood of creating reliable and "long-lived" ones is rather doubtful in our country.

On the other hand, the solution of the problem from the European Union may be interesting: an increase in tax pressure on the most solvent citizens. In most countries, millionaires and billionaires give away more than half of their net income, and in some countries this figure is over 75%. It can be considered a curiosity that, under certain conditions, the tax rate can exceed 100%. Given the number of millionaires and billionaires in the Russian Federation, as well as various large enterprises, this option can be considered very promising. And if it had begun to be implemented several years ago, perhaps most citizens simply would not have learned what the freezing of pension savings means on their own, and would not have thought about what consequences this step could have for the life of pensioners in the Russian Federation.