Russians have been named another way to save for retirement

From next year to Russia A program of long-term savings for citizens begins to operate through agreements with non-state pension funds (NPFs) – by choosing this type of investment, Russians can save for retirement, recalls Fatima Nogailieva, assistant at the Department of Labor and Social Law at St. Petersburg State University. She’s talking about this told in a conversation with Prime.

As part of the program, citizens who entered into contracts between 2024 and 2026 can receive support from the state for three years. The authorities undertake to co-finance citizens’ contributions; the maximum amount they can add per year is 36 thousand rubles. For contributions amounting to at least two thousand rubles per year, for each ruble the state will add one ruble for income up to 80 thousand rubles per month, 0.5 ruble for income from 80 thousand to 150 thousand rubles, 0.25 ruble for income over 150 thousand rubles

The peculiarity of the mechanism is that participants receive the right to periodic payments only after 15 years or upon reaching the age of 60 years for men or 55 years for women. The payments themselves can be either lifelong or fixed-term, with a term of at least ten years. If the amount of lifelong periodic payments, if assigned, is less than 10 percent of the pensioner’s subsistence level, the citizen will be entitled to a one-time payment in the amount of the balance in the long-term savings account, the expert noted.

Law on Voluntary Long-Term Savings enters effective January 1, 2024.

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