Russian Ministry Proposes Automatic Transfer of Pension Savings to Long-Term Program
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The Russian Ministry of Finance has developed a bill to automatically transfer pension savings to a long-term savings program (LTS). This includes the funds of 'silent' individuals (around 36.5 million people) and clients of 24 non-state pension funds, totaling approximately 6.6 trillion rubles. The transfer is set to begin on April 1, 2027, giving citizens more opportunities to manage their funds and create additional capital. The funds will be invested in government bonds, corporate securities, and other financial instruments, with payments available 15 years after the contract is signed or at the age of 55 for women and 60 for men.
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