How the future pension is formed and calculated. Individual pension capital will become a “tax on financial illiteracy” Individual pension savings system

Since 2002, the state has attempted to reform the pension system for citizens.

The payment is divided into three components:

• basic;
• insurance;
• cumulative.

It is determined that each part is transferred to the citizen from different sources of funding. The last position is until the accumulated funds are completely spent.

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What is this?

The legislator resolved the issues regarding funded pensions by adopting Federal Law No. 400.

The concept of individual savings capital implies the possibility of compensating a retired person for the income that he could hypothetically receive by continuing to work.

Individual savings capital is voluntary contributions from citizens to increase their income after receiving a pension.

Conditions

According to the plan, after the 2002 reform, every working citizen had the opportunity to transfer up to 6% of tax contributions to a non-state pension fund.

To date, only a fifth of contribution payers have decided on non-state pension funds, and only a few have chosen management companies.

Starting from 2012, accrual of a funded pension should have started, but due to the small amounts, this procedure was not carried out.

Since 2014, the savings contribution has been completely suspended, and the funds (6%) are sent to the insurance pension account.

The government is currently on the table with a new program for managing accumulative capital, which should be fully operational in 2019.

Today there are the following conditions for accumulating an additional pension:

1. The applicant himself chooses the duration of payments (from 5 years).
2. Funds are not subject to division during divorce or withdrawal through the court by third parties.
3. Accumulated capital is inherited.
4. You can use it before you retire.

Individual pension capital concept

Due to the fact that the funded pension has not been developed in our country due to the great distrust of citizens and low incomes, an attempt has been made to change this system and transition to individual pension capital (IPC).

IPC is finance that an employee can voluntarily transfer from his earnings to a non-state pension fund of his choice. In the first year of the program there is a zero rate, which will increase by 1% annually.

The maximum is 6%, as was the case with the funded pension. However, a citizen may refuse such deductions.

Although the law states that all employees are participants in the program “by default,” the legislator has prescribed the possibility of waiving the IPC by submitting an application to the employer to waive contributions.

These funds should be placed only in non-state pension funds.

A system of tax benefits will be organized for such payers, which will expand the circle of people wishing to take advantage of the savings capital. The Pension Fund of the Russian Federation and management companies are excluded from the number of recipients of the IPC.

Where can I get it?

A pensioner is supposed to receive accumulated funds from an account in a non-state pension fund. An agreement on their transfer is drawn up.

It is possible to receive a one-time payment, split payments over a certain period, and also until death.

NPFs are often created as subsidiaries of banks, and from here the client’s funds are placed in an account with the parent bank. The minimum period for a pensioner to receive funds is 5 years.

Let's look at the NPF offers in a comparative table:

The safety of funds in the funds is ensured through their insurance to fully cover risks.

Want to know how it happens? Then you should read the article provided at the link.

If you are interested in the question - what documents are needed to apply for the insurance part of a pension for military pensioners, then we recommend going to and reading the article.

Thus, Gazfond has joined the three largest participants in the market for these services:

• "Agreement";
• "Promagrofond";
• KIT Finance.

Pension indexation

The need for indexation of pension payments is established at the legislative level. This applies to both insurance and other types of pension benefits to the population of the country.

Indexing is carried out from April 1 of each year on the basis of a resolution of the Government of the Russian Federation, as well as from January 1 on the basis of the law on the country's budget for the next year.

In 2019, the percentage of indexation of social benefits is 1.5%, and insurance benefits - 0.38% (based on the inflation index planned for the year - 5.8%).

Law

Any process affecting the population of the country is regulated by the bicameral legislative body of Russia - the Federation Council and the State Duma. Each law is approved in one chamber and only after that goes to the upper house for final approval.

Now the Government is considering another regulatory act that will determine the future of the savings system - individual savings capital. This issue will soon be submitted for adoption at the legislative level.

List of documents

To open an account with a non-state pension fund, a citizen will need an application, passport data, tax identification number and type of contact for contact (telephone number, email, residential address).

Recipient requirements

Typically, savings funds are set aside for a long period. Therefore, NPFs, in order to break even their own activities, encourage citizens to have no interest in early withdrawal of invested funds.

For example, NPF Sberbank introduced the following criteria:

• in the first 24 months, 4/5 of the invested funds are available for withdrawal;
• from 24 to 60 months – the entire contribution and 50% of investment income;
• over 60 months – all income from deposits and investments.

Terms and payments

NPFs accept money from citizens until the expiration of 3 years from the date of receipt of the right to receive an insurance pension. The fund's client can withdraw invested funds only after 5 years from the start of cooperation.

In some cases, early receipt of finance is possible:

1. Loss of source of income.
2. Detection of a serious illness in a client or family members.
3. Payment of debt obligations.

According to the IPC concept, clients have the opportunity to request a period without paying contributions for up to 5 years.

Payments until the end of life are calculated based on the average survival time of men and women after retirement. It is respectively equal to 16 and 20 years according to the State Statistics Service.

Advantages and disadvantages

The concept of individual pension capital suggests that if a citizen takes care of his pension payments in advance, 25–30 years in advance, he will be able to almost double the amount of accrued funds (at 6% contributions).

Non-state pension funds allow citizens to invest funds on more attractive terms than bank deposits. All savings are insured by non-state pension funds, which means the risks of non-payment of funds are minimized.

The disadvantages of accumulative capital are that only young people can take advantage of its full benefits. This is a very distant prospect and few people now think about their income after receiving a pension.

And you can find out which ones from the article.

For people who receive wages below the national average, the amount of savings even over 10–15 years will not be significant.

Since the funded pension was less than 5% of the insurance pension, the accumulated finances were added to the insurance volume or transferred to individual pension coefficients.

Since 2014, deposits of funds into the savings system have been frozen. Individual savings capital has not yet been enshrined in law, which calls into question its introduction in January 2019.

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Individual pension capital should be earned from 2019. Many details still need to be worked out. The Ministry of Finance is now completing work on the legal registration of auto-subscription for voluntary pension savings. What does auto-subscription mean and how much will you have to pay?

"Legally difficult story"

The new system will be based on auto-subscription - the employer will by default connect the employee to the IPC. If the employee does not want to transfer contributions, he will have to write a refusal. Contributions will gradually increase (from 0% in the first year, 1% after one year, 2% after two years), eventually reaching 6%. Participation in the system will be subject to a holiday (up to five years) - during this period, contributions can be suspended.

At the end of last week, Alexey Moiseev told reporters that the Ministry of Finance and the Central Bank were completing work on the legal registration of auto subscriptions. He called it a “legally difficult story,” adding that the specific wording will be finalized. At first glance, automatic subscription to pension contributions looks like an imposed service. However, there are no violations of employee rights here, explains Sergei Vodolagin, partner at the Westside law firm. Here, a mechanism similar to dispositive norms in civil law is activated: the parties can regulate their relations as they please, but if they do not take advantage of their right, then the norm established by the state begins to operate. “Which, by the way, is usually conceived by the legislator based on how the parties themselves would define mutual rights and obligations by their agreement,” says Vodolagin. At the same time, the lawyer emphasizes that a person must be informed about the available options so that the choice he makes (including through silence) is informed.

“It will be perceived as an additional tax.”

General Director of NPF VTB Pension Fund Larisa Gorchakovskaya notes that over the past few years, citizens’ savings have been increasing only due to investment income, and not due to employer contributions. In her opinion, IPC is a good opportunity for savings to begin to form again. To encourage citizens to save, the concept provides for tax benefits: the contribution amount (up to 6%) will be able to receive a personal income tax deduction (with a 6% contribution, income tax will be charged on 94 rubles from every 100 rubles of salary). However, experts are not sure that this is enough to entice people to participate in the PCI. “All this will be perceived as an additional tax on income/wages. People will seek the “optimal” level of participation in the system to minimize financial losses from the new tax. There is no faith in the benefits of the pension component, especially against the background of the actual abolition of the funded part,” says Irina Denisova, professor at the Russian School of Economics, leading researcher at the Center for Economic and Financial Research and Development (CEFIR).

According to Nikolai Sidorov, it is not enough to attract people to the system - they must want to participate in it and save. Additional incentives are needed, because today for many, participation in the IPC will be a matter of giving up not luxury, but the most necessary. Indeed, 6% of salary is a significant figure for many Russians. According to Rosstat, the average monthly salary in the country is now 36.7 thousand rubles. Sociological surveys show that many simply have nothing to save: according to the FOM, 39% of respondents have begun to save more on groceries in the last six months, and another 24% are saving on clothes and shoes.

“It is difficult to talk about what has not yet been accepted. The fact that the connection will be automatic is a small trick - a certain number of people will remain in the system due to laziness (since you have to write a refusal yourself) or inattention, says Sergei Pyatenko, general director of the FBK Economic and Legal School. “However, there are two obstacles to the popularity of individual pension capital. First, Russians are not yet inclined to think about their future pension. The Western model “go to work - start saving for retirement” does not work for us. Moreover, not only those who are 20 years old, but also those who are 40 years old do not think about retirement. This is a fundamental obstacle.”

Another barrier, according to Pyatenko, is the lack of faith that the state will not make further pension changes. “Even those who think about the IPC will do simple arithmetic to calculate: “how much will I get if I contribute such and such an amount to the IPC, and how much if I put the same amount on a deposit in Sberbank.” Despite the fact that the Russian banking system has changed greatly over the past 20 years, there have been no global shocks, and deposits in Sberbank still “do not spoil,” says the expert. For IPC to become popular, it must be significantly more profitable than a deposit.

The National Association of Non-State Pension Funds (NAPF) believes that tax incentives for the successful implementation of IPC are not enough. The association will offer the state to co-finance the system - for example, according to the scheme of 3% state share for 6% citizen contributions and 2% for 4%, respectively. “Under various plausible and not-so-plausible pretexts, real money was taken away from 36 million people who made a conscious choice in favor of the funded part, without their consent, and replaced with conventional units - pension points. People will understand the state better if real money is returned as an incentive to save and they see it in their accounts. They will understand that this money can be inherited, unlike pension points,” said NAPF President Konstantin Ugryumov.

“We need 35-40 years without shocks and reform itch”

Also, according to Sergei Shvetsov, management companies may be excluded from the IPC concept. The savings of those citizens who directly chose a private management company rather than a non-state pension fund will be transferred to non-state pension funds. Today, 500 thousand people have made this choice (their savings amount to 40 billion rubles, and the volume of savings in non-state pension funds exceeds 2 trillion rubles).

“The pension system, especially the multi-level one, is a very complex mechanism that is difficult and expensive to administer. Therefore, the state’s desire to make the new voluntary component as simple as possible is understandable,” notes Vadim Loginov, director of strategic development at Alfa Capital Management Company. But, according to him, other factors also need to be taken into account: it would be quite possible to give people not two, but three choices: points, NPF or management company. “Management companies are no less ready than non-state pension funds to accept voluntary pension savings. These funds still have to tighten up their risk control mechanisms and investment components,” Loginov is sure. “With an effective centralized accounting system and guarantee system, it is quite possible to consider the issue of maintaining the participation of the management company.” According to Loginov, international examples of the development of voluntary components show that, along with collective forms in pension funds, individual pension accounts are also successfully developing.

The details of the IPC will still be worked out. However, the most important thing, according to experts, is the emergence of legal guarantees for citizens. Including the fact that their pension savings will be transferred to the IPC without any freezes, and the possibility of any withdrawal of this money for budgetary purposes will be forever excluded, emphasizes Konstantin Ugryumov. According to him, for the pension system to work, at least one generation must see its results. And this is 35-40 years without shocks and the “reform itch.” “We need to create a system in which those who like to rebuild everything will not have such a legal opportunity in the foreseeable future,” he concludes.

In connection with the so-called “freeze of pension savings” adopted by the Government since 2014, the Central Bank and the Ministry of Finance have been developing a replacement for several years - individual pension capital (IPC). Another working name for the new system is a guaranteed pension product. The IPC concept provides for the employee to deduct voluntary contributions from his salary to form his future pension. It is planned that the monthly contribution for the formation of the IPC will be set by the employee himself (the contribution rate is proposed in the amount of 0% to 6% of salary).

Back in May 2018, at the international economic forum in St. Petersburg SPIEF-2018, First Deputy Prime Minister and Minister of Finance of Russia Anton Siluanov announced that the Government does not plan to unfreeze pension savings and return to the mandatory savings system will not, and a voluntary system will develop:

“We are talking about voluntary individual pension capital.<…>Such an institution should be aimed at additionally increasing pension provision, on the one hand, and on the other hand, it is a resource for development.”

Anton Siluanov, head of the Ministry of Finance and First Deputy Prime Minister (05.24.2018, SPIEF)

This actually means that the unfreezing of the funded pension, which is formed from contributions to compulsory pension insurance, will not happen. The introduction of the IPC will completely abolish the mandatory savings system, and will also allow us to attract additional funds into the economy, which can be used to implement long-term investment projects.

Individual pension capital - what is it?

The current legislation establishes that the employer pays for employees, which are sent to their pension, social and health insurance. Art. 425 of the Tax Code of the Russian Federation provides for a contribution rate for compulsory pension insurance (OPI) in the amount of 22% of wages, of which:

• 6% is the solidarity tariff (used for the formation of pensions, the amount of which in 2019 is 5334.19 rubles);
• 16% - individual tariff taken into account by the Pension Fund of Russia on an individual personal account () taking into account the pension rights being formed:
  • entirely 16% only for the formation of an employee;
  • in the proportion of 10% for insurance and 6% for pensions.

The IPC concept, which was jointly developed by the Ministry of Finance and the Central Bank of the Russian Federation, assumes that current insurance rates will remain at the level of 22%, but pension savings from them will no longer be formed(like this ). Instead, to form additional pension savings, the employee is asked to contribute to part of the salary (from 0% to 6%).

What does the individual pension capital system provide?

The IPC concept in its preliminary version provides independent choice by the employee interest rate from his salary, which he is ready to use to form his voluntary pension savings. If he does not make such a choice, then in the first year this rate will be set at 0%, after which it will increase annually by 1 percentage point. (that is, next year it will be 1%, the next year - 2%, and so on until it reaches 6%).

During the transition period (as long as it is supposed to be two years), the citizen will be able to refuse to participate in the program altogether, as well as return fees already paid. It is also assumed that at any time it will be possible to suspend the payment of contributions for a period of up to 5 years (if desired, this period can be constantly extended) and change the interest rate on your contributions.

The concept of pension capital, according to preliminary data, may provide for the possibility withdraw accumulated funds ahead of schedule- the possibility of receiving 20% ​​of funds five years before retirement, as well as 100% at any time when certain circumstances arise (for example, in case of health problems with a citizen or his relatives), is being discussed.

Unresolved and controversial issues in the IPC concept

There were some open questions on which the ministries did not reach a consensus:

System for connecting citizens to the IPC project. There is still no clear decision on what principle will be used to connect Russians to the system: by auto-subscription or by written application from the employee. This issue directly affects the number of program participants.

The optimal option for the state, of course, would be to choose the auto-subscription option, but it has a number of significant disadvantages:

• For many Russians, 6% of their salary is a fairly significant amount that they will not be able to pay in the form of additional contributions.
• Many citizens may perceive such deductions as a new tax.
• Many people do not trust such projects because Over the past 15 years, the pension system has been reformed for the third time, and a funded pension system similar in principle, which was adopted in 2002, barely worked for 10 years and was frozen by the Government due to the budget deficit in the context of the economic crisis.
1. Redistribution of already accumulated funds. Since the IPC project will completely abolish the existing savings system, it will be necessary to decide what to do with existing pension savings. The following option is being considered:
   • If the savings were in, then they will automatically be transferred to the IPC system.
   • If the funds were in the Pension Fund, they will be transferred to pension points and used to form the insurance part of the pension.
     

     In this option, it is proposed to provide for a transition period (2 years), during which a citizen will be able to transfer his funds, thus confirming his participation in the voluntary pension savings program (VPS).

2. Encouraging citizens to participate in the IPC program with the help of personal income tax. There are several opinions on this issue:
   • It is necessary to organize a deduction in the amount of contributions paid, but not more than 6% of earnings.
   • Complete abolition of personal income tax for persons with a certain income.
   • Increase income tax from 13 to 15% if a citizen does not want to pay contributions to the IPC, and reduce it to 10% if he allocates 10% of his salary to savings.
3. Creation of a single operator. Since the Pension Fund of Russia has refused to administer voluntary contributions to the IPC, the question of the organization that will perform these functions remains open. It will be necessary to create a central administrator, but the costs of maintaining it will then be borne by the participants in the IPC program themselves. Assigning operator functions to the Federal Tax Service is also being considered as a possible option.

Citizens' savings frozen in non-state pension funds (NPFs) can become the first contribution when joining the individual pension capital (IPC) system. This proposal was made to the participants of the professional community by the director of the department of strategic development of the financial market of the Central Bank, Vladimir Tamozhnikov. The very concept of the IPC will allow the population to accumulate 8 trillion rubles in 10 years if all working citizens join it, says the Central Bank presentation (available from Izvestia). For those who do not dare to save for old age, it is possible to create a near-state non-state pension fund, the Ministry of Finance noted.

By 2029, Russians will be able to accumulate 8 trillion rubles in pension funds through the system of individual pension capital, the Central Bank has calculated. But for this, 100% of working citizens must join the IPC. By that time, the NPF and the Pension Fund (PFR) will have accumulated another 3.6 trillion rubles, including currently frozen funds. The presentation of the Bank of Russia notes that the Central Bank’s calculations were made in 2018 prices (without taking into account a possible increase in the retirement age. - Izvestia).

Citizens' funds frozen in the NPF could become an initial contribution when the population switches to a new type of funded pension, noted Vladimir Tamozhnikov, director of the Central Bank Department. He addressed this proposal to participants in the pension market (an audio recording of his speech is at the disposal of Izvestia). He noted that then this money will become the property of citizens and will be inherited.

We still have a proposal that if we have already left the old system of pension savings... It has simply already been recognized as a fact that the system has been frozen for five years and, in principle, no one plans to unfreeze it. And this is the money that has accumulated in private compulsory pension insurance (compulsory pension insurance) in the accounts of citizens, so that it becomes the first contribution to the new system,” said Vladimir Tamozhnikov.

The Ministry of Finance is currently finalizing the bill on IPK: a new scheme will appear to attract the population to the concept, the press service of the ministry told Izvestia. It will make it possible to combine the inclusion of a citizen and the transfer of compulsory pension insurance (OPI) funds to the IPC, the Ministry of Finance added, indirectly confirming the words of Vladimir Tamozhnikov. For the savings of “silent people” (citizens who do not save for retirement), the idea of ​​​​creating a near-state NPF is being discussed.

The IPC concept was developed by the Ministry of Finance and the Central Bank. It was first introduced in 2016 as a replacement for funded pensions, which have been suspended since 2014. These funds are kept in a non-state pension fund or the state management company VEB. Participation in the IPC will be voluntary. Initially, the system was built on the principle of auto-subscription, but the government’s social bloc opposed this. Then the principle of auto-registration was proposed (at the request of a citizen), but market participants feared that this would not allow attracting a sufficient number of participants to the IPC. In this form, the new system will not differ much from existing corporate pensions, and the effect of its implementation will be reduced to a minimum, says Marina Rudneva, General Director of the Future Financial Group. However, the IPC will become a source of long-term money in the economy, she added.

Contributions to an individual pension account will be made by the employer. In the basic option they will grow from 0% to 6% at 1% per year. Upon application, a citizen can set the contribution rate at any level. The benefit provides for a reduction in the amount on which income tax is levied by the amount of contributions to the IPC. For example, if a person transfers 6% of a salary of 10 thousand rubles (that is, 600 rubles) to retirement, then personal income tax at a rate of 13% will be levied not on 10 thousand rubles, but on 9.4 thousand rubles. Participation in the IPC can be suspended at any time: the maximum period of vacation will be five years, they can be taken an unlimited number of times.

The IPC system is designed to replace funded pensions, but de facto voluntary pension provision will be replaced, believes Evgeniy Yakushev, executive director of NPF Safmar. Because of this, significant risks arise for large companies implementing corporate pension programs, he added.

Currently in Russia there is an insurance pension system, which is based on the principle of solidarity between generations. In other words, working citizens pay for the pension of the previous generation in the hope that subsequent generations will finance their pension. However, in the face of demographic changes, this is a risky approach.

On June 14, the government presented a draft amendment to the pension system, according to which the retirement age for women will be raised from 55 to 63 years, and for men from 60 to 65 years. The increase is expected for six months per year starting in 2019. This should increase the number of workers, and therefore the volume of pension contributions. In the post-Soviet space, the retirement age has already been raised by all countries except Russia and Uzbekistan. The first reading of the government bill will be considered in the State Duma today.

However, it is too early to talk about how the IPC concept will fit into the government’s proposed version of changing the pension system, he believes. O. General Director of NPF Sberbank Alexander Prokopenkov. It is not yet known whether the new law will provide for the possibility of retirement earlier than the officially established age, he explained.

Discussion of the idea of ​​the IPC began back in 2014-2015, but was never formalized into a bill. The proposals of the Ministry of Finance for pension reform assumed - IPC - already in 2017. Later, the Central Bank predicted ., but the authorities never submitted the project to the State Duma.

The document will be published by the Ministry of Finance and the Central Bank within a month, the new deadlines were announced by the media, according to their information. Currently, the employer pays contributions to the Pension Fund in the amount of 22% of the salary. Minister of Finance Anton Siluanov stated that from wages, additional investment resources in the economy will be replenished by 1.5% of GDP. However, this will most likely be done at the expense of additional burden on pensioners.

The transition to the IPC does not involve replacing the 6% funded part, which is currently invested by NPFs and VEB, with voluntary contributions from employees, but a redistribution of payments. 22% contributions will be sent to the distribution system and will become the insurance part of the pension (currently only the insurance part is formed by the “silent ones” who left their money in the Pension Fund). The employee will be offered to additionally contribute up to 6% from his salary received to the funded part.

Previously, the authorities announced their readiness to provide citizens with the opportunity to refuse to “save for retirement” or independently set the desired percentage of contributions. However, in what format the law will be presented is a big question: back in 2016, the Ministry of Finance wanted to force all taxpayers to join the IPC; if the employee did not independently set the amount of the contribution, he would automatically start saving 6% of his salary.

In the current version, the IPC will become an additional burden on taxpayers, says Otkritie Broker analyst Timur Nigmatullin.

“Contributions will actually be paid in addition to the regular rate of insurance contributions to the Pension Fund. They will be made by the employee himself, the contribution will increase from 0 to 6% by 1 percentage point per year, but can be canceled at the request of the employee. As a result, the IPC is neither "This is nothing more than a tax on financial illiteracy. Obviously, such contributions will be paid primarily by citizens who are not aware of such a reform and do not control their payments to the state. Nevertheless, it must be admitted that the innovation will effectively increase the size of the average pension in the future." , - said the analyst.

The idea of ​​the existing funded part, which at one time was agitated to be transferred to a non-state pension fund, is also to increase future pensions. But at the behest of the state, Russians’ money has been “frozen” since 2014, when deductions in the amount of 6% of Russians’ salaries were allocated to payments to pensioners. A decision was made to extend the measure until 2020, which in a three-year period will bring

The money transferred under the IPC will be the property of the citizen himself, similar to a bank deposit. But in the absence of a project, it is difficult to say whether the state, after the transition to the IPC, will be able to make decisions regarding Russians’ money similar to “freezing” the funded part of pensions, adds Nigmatullin.

“Theoretically, this is possible in terms of annually received payments, and not the amount of savings. For example, they can be forced to pay off the Pension Fund deficit. This may not even require the adoption of a new law,” he says.

According to market participants, the IPC will help balance the pension system. According to calculations by the Association of Non-State Pension Funds (ANPF), the deficit in insurance pension contributions in 2017 is estimated at 34%, and its reduction is possible due to an increase in the insurance premium rate from the current 22% to at least 34%. If the president's order to increase wages is fulfilled, an even higher tariff will be required. The introduction of the IPC will solve the problem only in the case of maximum coverage of the population, but not less than 25% of employees with a taxable income of at least 50 thousand rubles, the alliance notes. They are in favor of increasing the tariff above 6%.

Conditions for the attractiveness of the IPC: ownership of funds, succession of pension funds in the event of the death of a participant before the assignment of his pension and the pension itself, early receipt of funds in case of serious illness, injury or destruction of property, guaranteed investment income, the possibility of suspending participation in the program.

The transition to a new system will not be able to immediately cover the Pension Fund deficit, says Associate Professor of the Department of Human Resource Management of the Russian Economic University. G. V. Plekhanova Lyudmila Ivanova-Shvets, it will exist for quite some time.

“The transition to the IPC will lead to the fact that the state will pay only the mandatory part, and this will not happen immediately, but as those who have switched to such a system reach retirement age. This will most likely lead to greater differentiation of pension payments, since citizens will react very differently to the transition to the IPC - some will try to earn more or their income will allow them to save more, accordingly, their pension may be larger, and some will still either remain in the shadows or will not really believe the new system and receive "There will be only the minimum. But the most dangerous thing about this scheme is that working citizens with low wages will not be able to save up for a decent pension," she said.

The low level of trust in the state in the matter of pension formation (here it is worth remembering not only the “freeze”, but also the refusal of the second indexation in crisis years, stopping the growth of pensions of working pensioners) will force workers to think about the advisability of voluntarily saving. The authorities are already coming up with incentives; for example, there is a solution to exempt the funded portion from personal income tax. The idea was put forward by market participants in 2017, and the regulator supported it. However, there are risks that Russians, if possible, will go on a five-year holiday to make payments or set 0% contributions. The ANPF notes that income tax benefits are a significant factor only for highly paid workers, and for a significant part, the decrease in real income will significantly exceed the effect of state support.

The majority of Russians with low incomes simply do not have the opportunity to save a significant portion of their salaries for retirement in the long term, says Deputy Director of the Institute of Social Analysis and Forecasting of RANEPA Yuri Gorlin. Now about 70% of Russians receive wages below average, he notes.

“If, with a salary of 40 thousand rubles, a person has a family and children, then the household’s per capita income is lower and there are more imperative expenses. This is confirmed by the relatively small savings of Russians. At the same time, for a funded pension to be significant, we must talk about the accumulation of not tens and not even hundreds of thousands of rubles. The second point that raises doubt is the infrastructure of non-state pension funds. In previous years, funds have not shown themselves to be an institution capable of providing a return at least commensurate with inflation. For a number of reasons, the profitability of non-state pension funds was one and a half times lower than inflation If the IPC is introduced forcibly, people will be forced to pay contributions, but this will reduce their already falling incomes and will negatively affect the economy, as effective demand will decrease,” he said.

Tax breaks, according to him, will increase the profitability of non-state pension funds by several tenths of a percent, but the lost income will be received by entities that are personal income tax administrators. In addition, income tax benefits will again go to Russians with high incomes - they are the ones who may be interested in IPC - this will make the flat tax scale actually regressive.

Since for many workers the need to make additional contributions may cause a protest, the IPC system will most likely become compulsory, says Lyudmila Ivanova-Shvets: “Most likely, the levers of pressure can be transferred to employers, that is, provide for a scheme in which it would be beneficial for the employer so that its employees are included in this system."

She adds that outreach to the population on the issue of pensions is not enough; stability of the pension system is needed, which cannot be said about it at present.

“Over the past 13 years, so many reforms of the pension system have taken place that citizens have ceased to trust the state, but due to high inflation and low incomes, they have no opportunity and see no point in taking care of pension savings on their own. The state must act as a guarantor of stability,” the expert notes.