What is the individual pension capital system? What is individual pension capital? Individual pension capital from the year

Latest news of the new pension reform in Russia. To modernize the savings system, a new individual pension capital is being introduced, which will begin to form in 2019.

New pension reform in Russia:

individual pension capital from 2019

The issue of creating an effective mechanism for independent formation pension capital our citizens has been overdue for a long time and this is connected with such modern challenges as:

limited opportunity to diversify existing sources of income for pensioners;
a decline in living standards when Russians retire;
the growing interest of citizens in managing their savings independently;
reduction of financial sources for long-term investments.

According to the new concept, savings invested in (IPC) will be formed outside the compulsory pension system (MPS). Such capital replaces the funded pension.

Upon employment, insured persons will be automatically included in the new system. If a citizen does not want to participate, he will need to submit a corresponding application.

The amount of the contribution paid may change in any direction from the initial one. By default, its value will increase over 6 years from 0% to 6%. Payment of contributions can be stopped at any time for a maximum duration of five years, as well as such “vacations” can be extended for another five years from the date of submission of a new application.

To attract citizens to the new scheme, it is provided tax incentive system for employees and their insurers.
Another fundamental innovation is the ability early withdrawal of savings, which are now the property of citizens.

Latest news of the new pension reform in Russia

The unstable situation in the economy and politics of our country is entirely reflected in the pension system of the Russian Federation. The sensitive issue regarding the retirement age has been replaced by another problem, one of the most discussed in recent times and causing conflicting opinions, namely the cumulative component, which became a reality with the adoption of the new law. “About funded pension” independent type of pension.

As you know, a moratorium on pension savings was introduced in 2014, which was supposed to be lifted this year. However, this did not happen, and the government’s response to the issue of modernizing the funded system was a proposal to introduce a new individual pension plan.

A new method of forming pension savings is planned to be introduced in the near future. The bill is currently still in the development stage, and all the principles of the new system are under discussion.

Main objections, expressed by different departments, relate to the following issues:

“voluntariness” of participation in this program;
accounting for corporate supplementary pension systems;
conditions for early payment of savings.

And yet, both of them understand the need to reform the pension system, first of all, from this position, in order to increase citizens’ confidence in the funded element and increase the flow of finance.

Individual pension concept

capital - what is it?

Developed by the Central Bank and the Ministry of Finance and proposed by them at the Moscow Financial Forum last fall, the modernization of the funded element of the pension includes several aspects.

Key Aspects:

directing the current insurance contribution of 22% of the employee’s income to payments to current pensioners in full (without allocating 6% to the funded part for persons who have chosen this pension option);
formation of a funded pension only through the payment of voluntary contributions to a non-state pension fund chosen by the citizen;
providing tax benefits for both the employee and his employer;
providing a transition period, presumably for two years, during which insured persons will be able to decide to transfer existing savings to the new system or refuse a funded pension with the opportunity to unsubscribe from the IPC;
development of basic conditions for the implementation of a new system for persons who do not want to make an independent decision on the choice of individual parameters relating to:
- the size of the additional payment rate;
- payment schemes.

The decision to form an IPK

The key point in the decision to form individual capital is automatic subscription on him. This aspect continues to be a controversial issue between supporters and opponents of this idea.

Highlights formations of the IPK are as follows:

the default down payment amount is 0%;
during the transition period, the citizen independently chooses the amount of the contribution, voluntary choice has no restrictions;
for undecided insured persons, the premium will automatically increase by 1% per year until it reaches the level of 6%;
in this case, the employee can independently stop paying contributions, expressing a desire to establish so-called “vacations” for a period of up to five years with the ability to extend them throughout his life (failure to apply for an extension of the vacation will lead to automatic calculation of contributions);
The amount of the established contribution can also be changed periodically, either up or down.

Payment of voluntary contributions

In accordance with the new concept, our citizens offer to choose the percentage of deductions into the savings system independently during the transition period.

For those undecided on size the contribution of Russians will automatically be set at a percentage equal to zero. Thus, in the first year actions of the new system to pay them you won't have to do anything.

The Central Bank considers a further annual increase in the contribution by one point to the level of 6% as minimal with the possibility of subsequent growth to 12%.

At the same time, representatives of the Central Bank emphasize that the minimum level will not be burdensome for citizens at the initial stage, and its gradual increase will allow them to more consciously decide on the savings schedule in order to experience a significant increase in their pension in the future.

It is worth noting that for citizens who independently choose the amount of contribution, it the value will not be limited.

Tax deduction and personal income tax in the new IPC system

By inviting Russians to independently save for future pension payments in the new IPC system, the government is considering introducing a number of benefits both for the workers themselves and for their employers.

Insured persons are offered two options stimulating savings in the form of tax privileges:

Tax deduction for personal income tax, the amount of which will not exceed 6%.

This tax break will also be available to third parties who pay contributions in favor of other insured persons, for example, their relatives.

Reducing the personal income tax rate to a minimum level of 10%.

This rate is supposed to be introduced for citizens paying a contribution to the IPC in the amount of 10%. However, initially the Ministry of Economic Development orders to increase the rate from the existing 13% to 15% for those who have a zero contribution. Then, an increase in the percentage of savings will lead to a proportional reduction in the personal income tax rate to the minimum level.

In turn, it is planned to provide policyholders with income tax deduction the amount of contributions transferred by the employee. This deduction is supposed to be introduced taking into account an increasing factor equal to 3% during the first six years and 6% over the subsequent period.

When will individual pension capital begin to form?

The agreement on new principles for building a funded system is currently nearing completion. After the resolution of disagreements in the discussion process between various departments, it is planned to submit a bill for approval by the end of April 2017.

In case of positive consideration and adoption of the document by the State Duma in the fall of this year individual pension capital will begin to take shape among Russians since 2019.

The most pressing issues at the stage of development of the new pension system were the discussion of such principles as:

citizen participation in a new structure for the formation of savings without prior consent;
quasi-voluntary transfer of contributions for individual pension capital.

Of course, it will be possible to test the viability of the new system only after a few years, when at least one generation will experience the results of the innovations, but for now they are perceived as an additional forced burden on the wallets of our citizens. And for a more successful implementation of the new concept, a huge amount of explanatory work among the ordinary population will be required.

Opportunity to receive pension savings early

Russians will be able to receive their pension savings in two ways:

When assigning an insurance pension, as is done now (and there is an option for later application to receive a larger amount);
Early even before retirement.

Pension payments promise to be very flexible. Their schemes will be available directly depend on the amount of accumulated funds- the more there are, the more options.

In the first case, the following options are possible:

monthly payments until the funds in the account are completely spent;
urgent payments;
payments established over a certain period of time, taking into account the level of inflation;
payment of the balance of savings in equal payments in almost any form.

When early receipt accumulated funds, the following main points should be taken into account:

the possibility of transferring them for a period of no more than five years before the date of retirement;
“under extraordinary circumstances” the amount of withdrawn funds cannot be more than 20%;
in some cases (for example, serious illness), a refund is provided in full and at any time;
funds withdrawn for purposes other than pensions are subject to personal income tax.

The difference between the IPC and the existing funded pension?

Between the existing funded pension and the new system of investing in individual pension capital exists several fundamental differences:

now savings will be formed through additional voluntary contributions from citizens themselves in addition to the mandatory 22% contribution paid by the employer for the insurance portion (previously, these funds were transferred by the policyholder in the amount of 6% of the employee’s annual wage fund and were part of the insurance premium);
accumulated funds will now be the property of citizens (in this sense, the new concept is more similar to investing in deposits);
the formation of savings only in non-state funds (this involves the creation of a central administrator who accumulates all information containing the register of employees, established tariffs and contributions).
the use of a system of tax benefits in the new system involves attracting a larger number of insured persons to this accumulation process, which should contribute to the improvement of the economy already at the present time.

Despite the undeniable advantages of investing in IPC, which seem at first glance, namely, making a profit by placing savings in various financial instruments and a significant increase in pension in the future, one cannot fail to mention two significant shortcomings:

additional costs from the budget at the initial stage of implementation of the new system;
distrust of citizens and their reluctance to increase their expenses, having already a small income.

As the developers of the new program themselves do not hide, the concept being introduced is of more interest to citizens with above-average income, since in this case the financial result from innovations will be most noticeable.

What will happen to savings after the reform?

Also, a key point under the new accumulation scheme will be the exclusion of the Pension Fund and management companies from it.

Depending on where the accumulated funds of citizens are currently located, after the reform they will most likely be converted according to one of the following scenarios:

or will automatically transfer to individual capital if at the moment they are already managed by one of the non-state pension funds;
or will be transferred by the citizen independently to a non-state fund, if the Pension Fund of Russia (VEB or private management companies) is now in charge of the funds;
or leave this amount unchanged and wait for the payment of the funded pension under the conditions currently in force;
or will be transferred to insurance pension points if the insured person refuses to participate in the new system and there is a written application.

Particular attention should be paid to the last option, since introduction will occur in the new program default, But participation in it is a matter exclusively voluntary. In connection with this principle of operation of the new system, citizens are urged to take a meaningful approach to the decision to become its participant and do not forget to express their opinion in writing if they do not want to invest money in the IPC.

Although this issue still causes conflicting opinions on the part of different government blocs.

Video: Individual pension capital

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As is known, it was introduced in 2014, which was supposed to be removed this year. However, this did not happen, and the government’s response to the issue of modernizing the funded system was a proposal to introduce a new individual pension plan.

Main objections, expressed by different departments, relate to the following issues:

“voluntariness” of participation in this program;
accounting for corporate supplementary pension systems;
conditions for early payment of savings.

And yet, both of them understand the need, first of all, from this position, in order to increase citizens’ confidence in the savings element and increase the flow of finance.

The concept of individual pension capital - what is it?

Key Aspects:

directing the employee's income to pay current pensioners in full (without allocating 6% to the funded part for persons who have chosen this pension option);
only through the payment of voluntary contributions to the NPF chosen by the citizen;
providing tax benefits for both the employee and his employer;
providing a transition period, presumably for two years, during which insured persons will be able to decide to transfer existing savings to the new system or refuse a funded pension with the opportunity to unsubscribe from the IPC;
development of basic conditions for the implementation of a new system for persons who do not want to make an independent decision on the choice of individual parameters relating to:
- the size of the additional payment rate;
- payment schemes.

The decision to form an IPK

The key point in the decision on the formation of individual capital is automatic subscription on him. This aspect continues to be a controversial issue between supporters and opponents of this idea.

Highlights formations of the IPK are as follows:

the default down payment amount is 0%;
during the transition period, the citizen independently chooses the amount of the contribution, voluntary choice has no restrictions;
for those who have not decided, the contribution will automatically increase by 1% per year until it reaches the level of 6%;
in this case, the employee can independently stop paying contributions, expressing a desire to establish so-called “vacations” for a period of up to five years with the ability to extend them throughout his life (failure to apply for an extension of the vacation will lead to automatic calculation of contributions);
The amount of the established contribution can also be changed periodically, either up or down.

Payment of voluntary contributions

In accordance with the new concept, our citizens offer to choose the percentage of deductions into the savings system independently during the transition period.

The Central Bank considers a further annual increase in the contribution by one point to the level of 6% as minimal with the possibility of subsequent growth to 12%.

It is worth noting that for citizens who independently choose the amount of contribution, it the value will not be limited.

Tax deduction and personal income tax in the new IPC system

Insured persons are offered two options stimulating savings in the form of tax privileges:

Tax deduction for personal income tax, the amount of which will not exceed 6%.
This tax break will also be available to third parties who pay contributions in favor of other insured persons, for example, their relatives.
Reducing the personal income tax rate to a minimum level of 10%.
This rate is supposed to be introduced for citizens paying a contribution to the IPC in the amount of 10%. However, initially the Ministry of Economic Development orders to increase the rate from the existing 13% to 15% for those who have a zero contribution. Then, an increase in the percentage of savings will lead to a proportional reduction in the personal income tax rate to the minimum level.

When will individual pension capital begin to form?

In case of positive consideration and adoption of the document by the State Duma in the fall of this year, individual pension capital will begin to form among Russians from 2020.

The most pressing issues at the stage of development of the new pension system were the discussion of such principles as:

citizen participation in a new structure for the formation of savings without prior consent;
quasi-voluntary transfer of contributions for individual pension capital.

Opportunity to receive pension savings early

Russians will be able to receive their pension savings in two ways:

Upon appointment, as is done now (and there is an option for later application to receive a larger amount);
Early even before retirement.

Pension payments promise to be very flexible. Their schemes will be available directly depend on the amount of accumulated funds- the more there are, the more options.

In the first case, the following options are possible:

monthly payments until the funds in the account are completely spent;
urgent payments;
payments established over a certain period of time, taking into account the level of inflation;
payment of the balance of savings in equal payments in almost any form.

When early receipt accumulated funds, the following main points should be taken into account:

the possibility of their transfer for a period of no more than five years earlier than the date;
“under extraordinary circumstances” the amount of withdrawn funds cannot be more than 20%;
in some cases (for example, serious illness), a refund is provided in full and at any time;
funds withdrawn for purposes other than pensions are subject to personal income tax.

The difference between the IPC and the existing funded pension?

Between the existing funded pension and the new system of investing funds in individual pension capital, there is several fundamental differences:

now savings will be formed through additional voluntary contributions from citizens themselves in addition to the mandatory 22% contribution paid by the employer for the insurance portion (previously, these funds were transferred by the policyholder in the amount of 6% of the employee’s annual wage fund and were part of the insurance premium);
accumulated funds will now be the property of citizens (in this sense, the new concept is more similar to investing in deposits);
the formation of savings only in (this involves the creation of a central administrator who accumulates all information containing the register of employees, established tariffs and contributions).
the use of a system of tax benefits in the new system involves attracting a larger number of insured persons to this accumulation process, which should contribute to the improvement of the economy already at the present time.

additional costs from the budget at the initial stage of implementation of the new system;
distrust of citizens and their reluctance to increase their expenses, having already a small income.

What will happen to savings after the reform?

Also, a key point according to the new accumulation scheme will be the exclusion of the Pension Fund and.

Depending on where the accumulated funds of citizens are currently located, after the reform they will most likely be converted according to one of the following scenarios:

or will automatically transfer to individual capital if at the moment they are already managed by one of the non-state pension funds;
or will be transferred by the citizen independently to a non-state fund, if the Pension Fund is now in charge of the funds (or);
or leave this amount unchanged and wait for the payment of the funded pension under the following conditions;
or will be transferred to if the insured person refuses to participate in the new system and has a written application.

Although this issue still causes conflicting opinions on the part of different government blocs.

RBC has at its disposal the latest version of the concept of individual pension capital. A number of issues that arose regarding the pension reform proposed by the authorities since 2019 have been resolved. However, the market has many new claims. Home - the bill should not work retroactively

Photo: Alexander Ryumin / TASS

Major participants in the pension market recently received the latest working version of the draft law on individual pension capital (IPC), prepared by the Ministry of Finance and the Central Bank (RBC has it). According to market participants, the very fact of the appearance of the latest version of the draft law is indicative. “This indicates that the government will not abandon the reform,” says Evgeny Yakushev, executive director of NPF Safmar.

The Ministry of Finance sent the concept of the draft federal law on IPK to the Russian government last week, a representative of the press service of the Ministry of Finance clarified to RBC.

The document - a draft federal law “On Amendments to Certain Legislative Acts of the Russian Federation” (regarding the formation of a pension plan for individual pension capital - IPC - in the non-state pension system) - raised a number of questions among pension market participants.

Until 2015, Russians had two parts of their pension: insurance - 16% and funded - 6%. Since 2015, the population has been divided into two types: “silent people” who left their funds in the Pension Fund, for whom only the insurance portion of 22% began to form, and those who made a decision about the future of their pension. For them, 16% of the employer’s contributions are allocated to the insurance part, and 6% to the savings part, which is invested by VEB or NPF.

Individual pension capital is a new part of Russians’ pensions, which will be introduced, according to the plan of the Ministry of Finance and the Central Bank, instead of the insurance part. The need for reform arose due to the freezing of savings that has been ongoing for several years. There are no significant inflows of new money into the system, and mass payments will begin in 2022. Thus, according to the Ministry of Labor, for the period from January 1, 2022 to January 1, 2031, 8.83 million people will receive a one-time payment of pension savings.

According to the idea of the Ministry of Finance and the Central Bank, the employee will save for retirement from his salary. The concept proposes mass connection of citizens to the system and an increase in deductions from salaries from 0 to 6% over a six-year period. At the same time, a citizen can refuse to participate in the IPC in the first year after the law comes into force, after which he will only have the right to set a comfortable level of contributions or write an application for a five-year “vacation”, which can be taken several times in a row. At the same time, the employer will continue to deduct 22% from the wage fund to the insurance part, unless a tax maneuver is introduced.

It is expected that the new system will begin operating in 2019.

Controversial issues

First of all, the concept clarifies that the state of pension savings in the compulsory pension insurance system (MPI) for the purposes of launching the IPC system is fixed based on the results of the 2016 transition campaign. That is, the money is converted into points “retroactively”, because the law is not yet in effect. The market's provisions regulating the situation before the law came into force raised questions. “The law cannot regulate retrospective actions; it should be aimed only at the future,” says Evgeny Yakushev, executive director of NPF Safmar.

Several important details also appeared in the concept, which were not previously specified and raised questions among market participants.

One such detail is an employer benefit. The concept included a clause on stimulating participation in the IPC not only by citizens, but also by companies. The “tax benefit” for employers will look like this: employee contributions of up to 6%, which the employer will contribute to the individual industrial complex, will be deducted as part of labor costs with an increasing factor when determining the corporate income tax base. In the first six years of contributions per employee, this coefficient will be 1.03, and in subsequent periods - 1.06.

The idea of a tax break for employers in itself is positive for the market. However, the format of the proposed tax incentive is unlikely to interest employers in participating in the IPC, says Denis Rudomanenko, General Director of NPF LUKOIL-Garant. According to his calculations, for an enterprise that annually spends around 1 billion rubles on wages, the tax benefit will be only 180 thousand rubles. Such accounting will only complicate reporting and calculations for the employer, and there will be no real incentive that will force employers to persuade employees to join the IPC, says Yulia Titova, manager of the HR services department at PwC in Russia.

As for tax incentives for citizens to participate in the IPC, the Ministry of Finance and the Central Bank settled on a tax deduction of up to 6% of wages per year. The head of NAPF, Konstantin Ugryumov, believes that citizens with low incomes may not experience such a tax benefit. “Therefore, we believe that a co-financing mechanism from the state should be included,” says Ugryumov.

New questions

The concept gave rise to new questions among market participants. In particular, one of them is related to the possibility of transferring non-state pension provision (NPO) to IPC, says Nikolai Sidorov from NPF Future. The concept also states that a citizen can send to the IPC pension reserves formed in his favor under other NGO pension schemes.

“This step is applicable to personal funds, but not to company funds. Since companies usually use a co-financing program, such steps contradict the economic nature of the relationship between companies and pension funds,” says Nikolai Sidorov. “Pension reserves are contributions from the employer and individuals who have an agreement with the Pension Fund. The initiative is an intervention in these relationships,” Evgeny Yakushev agrees with him.

Photo: Stanislav Krasilnikov / TASS

Among other unclear points, the head of the NAPF, Konstantin Ugryumov, names, in particular, the question of how the problem of covering freelancers will be solved, how the scheme for citizens entering the system through an employment contract will work in detail. Representatives of large funds said that they are now preparing questions for the project in order to discuss them in detail with the Ministry of Finance.

Conflicting Predictions

The market and regulators have different forecasts for the popularity of IPC in the format in which this system is described in the concept.

If the concept is implemented in the discussed format, the number of citizens involved in the IPC system will be reduced, according to Denis Rudomanenko, by 15-20 times.

However, as Deputy Minister of Finance Alexey Moiseev says, “we now have about 55% of those who have the right to participate in the OPS system. Moreover, in recent years, funds have been actively attracting clients. Therefore, I expect that the number of participants in the IPC will be about 50% of the economically active population.” Annually, according to our estimates, revenues will range from 0.5 trillion to 1 trillion rubles. annually, when the reform is in full force, he told RBC. According to him, according to international experience, depending on the activity of marketing companies, from 30 to 60% of citizens are connected to similar pension systems.

The Central Bank and the Ministry of Finance are ready to recognize citizens’ savings as private property - pension points will become money

Details of the joint proposals of the Ministry of Finance and the Bank of Russia on the so-called “modernization of the pension system” of the Russian Federation have become known.

Its main provisions: liquidation of the current savings system, preservation of the mandatory payment rate to the Pension Fund at 22%, benefits and guarantees for additional savings payments to NPFs in the amount of 0% to 6% with a voluntary choice of rate. The main thing in the proposals is the willingness to recognize savings as the property of citizens: in special cases they are even ready to pay them in cash.

Within the framework of the concept, which, according to Kommersant, was submitted in a preliminary version for discussion to the government and the presidential administration, the Ministry of Finance and the Central Bank actually present their point of view on a possible pension reform. Although in the presentation available to Kommersant there is neither an estimated time period for the implementation of the idea, nor a link between it and other components of changes in the pension system (changes in the retirement age, reform of early pensions), apparently it is assumed by the departments of Anton Siluanov and Elvira Nabiullina. a larger process.

The idea of “individual pension capital” is a veiled elimination of the funded part of compulsory pension insurance in its current form. The payment to the Russian Pension Fund, according to the concept, remains unchanged (currently 22%). Although this is not specified in the document of the Central Bank and the Ministry of Finance, the entire payment rate will be received by the Pension Fund, which will form an insurance pension on its basis according to the current “point” principles. All amounts of “pension capital” are expected to be paid in excess of the rate of 22% - and not to the Pension Fund of the Russian Federation, but to non-state pension funds (NPFs): the funded part of pensions will thus be taken out of the control of the Pension Fund of the Russian Federation.

At the same time, as the Ministry of Finance and the Central Bank assume, the most politically significant injustice inherent in the 2003 pension reform scheme will be eliminated, namely, the ownership of the Pension Fund of the Pension Funds of citizens. “Pension capital” - private pension savings of citizens, not only those that will arise in the future, but also those that were transferred by the employer for the employee in 2004-2016 - is proposed to be made almost full-fledged private property of citizens. During a two-year transition period (presumably 2019-2020), those NPF clients who formed the accumulative part of their pension under compulsory pension insurance in the funds can either convert savings into additional points in the state insurance part of the pension system, or receive them as a first contribution to a new account in pension fund. Within the same two years, the funds of the “silent people” will by default be converted into pension points, and from that moment their participation in the savings system will cease.

Related materials: Central Bank, Ministry of Finance, Ministry of Labor and IPK

For those who assume that they will still make pension savings, the state offers the following scheme. New funds paid into savings in NPFs are exempt from personal income tax (NDFL). The state is ready to co-finance the payment for part of the tax and allows a slight reduction in the payment to the Pension Fund. In this case, the rate of the additional payment for savings is set by the payer independently: in the range from 0% to 6%, all benefits and guarantees are valid, everything paid over 6% is not exempt from personal income tax, does not change the payment amounts to the Pension Fund and is not subject to state guarantees. According to calculations by the Central Bank and the Ministry of Finance, at an additional payment rate of 6% from a salary of 100 rubles. the payer will receive 81.78 rubles. (now - 87 rubles), pay personal income tax of 12.22 rubles. (now - 13 rubles), transfer 20.68 rubles to the Pension Fund. (now - 22 rubles) and make savings in the Pension Fund for 7.32 rubles. Of these, 6 rubles are the payment of the employee himself, 0.78 rubles are a personal income tax benefit and 1.32 rubles are a reduction in the contribution to the Pension Fund of the Russian Federation with a corresponding reduction in the accrual of pension points.

According to the proposal of the Ministry of Finance and the Central Bank, payments to both NPFs and the Pension Fund must be made by the employer, which will increase the load on its accounting department; payments to a specific NPF will be made directly. New savings will not be completely voluntary. All new employees will by default “subscribe” to participate in the funded system - with a rate of 0% in the first year, 1% in the second, 2% in the third, increasing to 6% in the sixth year.

You can, in fact, refuse to pay an additional contribution and reduce the payment to 0% at any time, as well as fix the rate at any level in the range from 0% to 6% on an ongoing basis. So far, the Central Bank and the Ministry of Finance do not have a common opinion on what to do with “refuseniks”: according to one of the proposals, at the ages of 35 and 45 years old there should be an automatic “oversubscription” of savings (and after that they will have to refuse again), according to another - a payment rate of 0% can be fixed only for five years (“vacations”), after which it will begin to rise again. The Central Bank and the Ministry of Finance also propose to leave some restrictions on the transition between NPFs and create the institution of a Central Administrator - he is expected to coordinate transitions and inform NPFs about individual rates. It does not follow from the documents of the Central Bank and the Ministry of Finance that they see the Pension Fund of Russia as the Central Administrator.

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