Siluanov expects that the mechanism will work with PKI 2020

© RIA Novosti / Evgeny to Betemporary in fotomancer of Finance of the Russian Federation Anton Siluanov during a conversation with the mayor of Moscow Sergei Sobyanin during the Moscow financial forum in 2018. September 7, 2018Siluanov expects that the mechanism will work with PKI 2020© RIA Novosti / Evgeny to Betemporary the image Bank

First Deputy Prime Minister — Finance Minister Anton Siluanov expects that the mechanism of individual pension assets will earn in 2020.

«The state pension will rise, but the retirement will still lose income, of course. So, to this loss was minimally visible to the citizen, we must provide the opportunity to when a man works, he might be able to save money for a time when he will retire. The money must be saved, 100% secured, it has not turned that the pension Fund will be closed and the system is similar to the Deposit insurance system… and the state guarantees», — said Siluanov, speaking at Msfinforma.

«This money will work as a citizen, and on the economy. That is, we kill two birds with one stone. We believe that we still need to discuss the details of this system in the government, and I believe that somewhere in 2020 we will be able to launch the action of this mechanism of individual pension capital,» he said.

According to Siluanov, the public discussion of the mechanism of IPK will be delivered in the fall. «We will discuss in the government in order to then bring it to a wide-ranging discussion. We literally fall in the current year will submit it for discussion and will hold a panel discussion,» — said the first Vice Prime Minister — Minister of Finance.

The Ministry of Finance develops the concept of PKI in conjunction with the Central Bank. According to their idea, the key difference between the new mechanism will be that funds will be the property of the citizens. It is assumed that the formed and stored IPK will be in private pension funds, where citizens will be able to channel funds through employers or independently. Start-up capital can be the funds accumulated earlier in the framework of contributions to the funded part of pensions under the old mechanism.

First Deputy Chairman of Bank of Russia Sergey Shvetsov in June said that IPK will involve three types of pension payments – urgent (for a period of 10 years with indexation and the possibility of inheritance unencumbered balance), perpetual (lifetime pension without inheritance) and hybrid (staggered payments with the annual calculation of pension benefits, each time for a period of 20 years).

RIA Novosti media group «Russia today» is the General information Agency of the third Moscow financial forum.