Individual pension capital. Russians will be transferred to individual pension capital Pension system IPK
The Ministry of Finance and the Central Bank have announced a new date for the introduction individual pension capital(IPK), which will replace the funded part of the pension. During the years of discussion, not a single department has published a draft law, but in theory the main innovations should be the voluntary nature of deductions and the inability of the state to use the savings of future pensioners. At the same time, the introduction of the IPC will lead to an increase in the burden on taxpayers.
The discussion of the idea of the IPK began in 2014-2015, but never took shape in a bill. In the proposals of the Ministry of Finance for pension reform, it was assumed - IPC - already from 2017. Later, the Central Bank predicted., But the authorities did not submit the project to the State Duma.
The document by the Ministry of Finance and the Central Bank will be published within a month, the new deadlines were announced by the media, according to their data. Now the employer pays contributions to the Pension Fund in the amount of 22% of the salary. Minister of Finance Anton Siluanov said that from wages, and an additional investment resource in the economy will be replenished by 1.5% of GDP. However, this will most likely be done at the expense of an additional burden on pensioners.
The transition to the IPC does not involve replacing the 6% of the funded part, which is now invested by NPFs and VEB, with voluntary contributions from employees, but a redistribution of payments. 22% deductions will go to the distribution system and become the insurance part of the pension (now only the insurance part is formed by the "silent people" who left their money in the FIU). The employee will be offered additionally, from his salary received on hand, to deduct up to 6% to the funded part.
Previously, the authorities declared their readiness to give citizens the opportunity to refuse to "save for retirement" or to independently set the desired percentage of deductions. However, in what format the law will be presented is a big question: back in 2016, the Ministry of Finance wanted to forcibly connect all taxpayers to the IPC, if the employee does not independently set the amount of the contribution, he will automatically start saving 6% of the 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 normal rate of insurance premiums to the FIU. 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 nothing nothing but a tax on financial illiteracy. Obviously, such contributions will be paid primarily by citizens who do not know about such a reform and do not control their settlements with the state. Nevertheless, it must be admitted that the innovation will effectively increase the size of the average pension in the future " , the analyst said.
The idea of the existing funded part, which at one time was campaigned to be transferred to the NPF, is also to increase the future pension. But at the suggestion of the state, the money of Russians has been "frozen" since 2014, when deductions in the amount of 6% of the salary of Russians were directed to payments to pensioners. It was decided 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, by analogy with 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 the money of Russians that are similar to the “freezing” of the funded part of pensions, adds Nigmatullin.
"Theoretically, this is possible in terms of annual payments received, and not the amount of savings. For example, they can be forcibly directed to pay off the deficit of the PFR. It may not even require the adoption of a new law," he says.
According to market participants, the IPC will balance the pension system. According to the calculations of the Association of Non-Governmental Pension Funds (ANPF), the deficit of contributions to the insurance pension in 2017 is estimated at 34%, its reduction is possible due to an increase in the rate of insurance contributions 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 advocate tariff growth above 6%.
Conditions for the attractiveness of the IPK: ownership of the funds, succession pension funds in the event of the participant's death before the award 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 the new system will not be able to immediately cover the deficit of the PFR, says Associate Professor of the Department of Human Resource Management of the Russian University of Economics. G. V. Plekhanova Ludmila 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 the retirement age. This will rather 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, respectively, and their pension may be larger, and some will still either remain in the shadows or not really believe the new system, and receive there will be only a minimum.But the most dangerous thing in this scheme is that working citizens with low salaries will not be able to save up for a decent pension," she said.
The low level of trust in the state in the formation of pensions (here it is worth remembering not only the "freeze", but also the refusal of the second indexation in the crisis years, the halt in the growth of pensions of working pensioners) will make workers think about the advisability of voluntarily saving. The authorities are already coming up with incentives, for example, there is a decision to exempt the funded part from income tax individuals. The idea was put forward by market participants in 2017, and the regulator supported it. However, there are risks that the Russians, if possible, will go on a five-year vacation for payments or set 0% contributions are high. The ANPF notes that benefits for income tax- a significant factor only for highly paid workers, and for a significant part of the decline in real incomes will significantly exceed the effect of state support.
Most low-income Russians simply do not have the opportunity to put aside a significant part of their salary for retirement in the long term, says deputy director of the Institute for Social Analysis and Forecasting of the RANEPA Yuri Gorlin. Now about 70% of Russians receive wages below the average, he notes.
“If a person has a family and children with a salary of 40,000 rubles, then the per capita income of the household is lower and there are more imperative expenses. Confirmation of this is the relatively small savings of Russians. tens and not even hundreds of thousands of rubles.The second point that is questionable is the infrastructure of the NPFs.In previous years, the funds have not shown themselves as an institution capable of providing a return that is at least commensurate with inflation.For a number of reasons profitability of NPF was one and a half times lower than inflation. If the IPC is introduced by force, 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 incentives, according to him, will increase the profitability of NPFs by a few tenths of a percent, but the subjects that are personal income tax administrators will receive the shortfall in income. In addition, high-income Russians will again receive income tax benefits - it is they who may be interested in the IPC - this will make the flat tax scale actually regressive.
Since for many workers the need to deduct additional contributions may cause protest, the IPC system is likely to become mandatory, says Lyudmila Ivanova-Shvets: “Most likely, leverage can be transferred to employers, that is, provide for a scheme in which it would be beneficial for the employer, that his workers be included in this system.
She adds that one explanatory work among the population on the formation of pensions is not enough, the stability of the pension system is needed, which cannot be said about it at present.
"Over the past 13 years, there have been so many reforms of the pension system that citizens have ceased to trust the state, but due to high inflation and low incomes, they are unable and see no reason to engage in pension savings on their own. The state should act as a guarantor of stability," the expert notes.
Experts associate the two main risks hindering the implementation of the individual pension capital program in Russia with questions of auto-registration in the IPC system and with the pension administrator.
Timing for the implementation of the IPK system
The Central Bank does not rule out that the introduction of a new pension system in Russia will be postponed. Previously, it was assumed that the concept of individual pension capital (IPC) would work in Russia from January 2019, and possibly even from the end of 2018, but now these terms are under threat. According to the Deputy Chairman of the Central Bank Vladimir Chistyukhin, the system has not yet been adopted by the government and not submitted to the State Duma, while in order to meet the stated deadlines, this should take place in the autumn session.
“The Central Bank essentially wants to move from the mandatory system of individual insurance, in which the employer now deducts 6% of the unified social tax, to a system where the payer will be the employee. At the same time, the regulator is well aware of the current state of the labor market and salaries, which, most likely, will not allow the majority of citizens to participate in the IPC system, since they are not ready to reduce their current income.
Another point is related to the high volatility of the market. She makes it difficult to show financial results investments in the accumulation of pensions not only on the horizon of 30-40 years, but even after 10 years. All this reduces the motivation of citizens to participate in the IPC program. Assessing and understanding these risks, the Central Bank and the Ministry of Finance are aware of the difficulty of attracting citizens to such a system, therefore, they propose the introduction of an auto-subscription, when the employer decides for you to pay deductions from wages to the IPC from 1% to 6% for increasing periods or not. This approach is a violation of the basic principles civil law", - explains FBA "Economy Today" Vice-Rector of the Academy of Labor and Social Relations Alexander Safonov.
The Ministry of Labor also opposes the initiative of the Ministry of Finance and the Central Bank on auto-subscription. According to the head of department Maxim Topilin, participation in the IPC system must be either a conscious decision of each employee, or the subject of a voluntary agreement between the employee and the employer. Among the scenarios under consideration is a scenario with positive incentives for employers in the form of tax breaks, and with negative ones in the form of penalties for failure to provide information.
Risks of IPK implementation
“A reasonable question arises - on what basis will they make a decision for you and expose your money to financial risk. Trade union organizations have repeatedly declared the inadmissibility of such an approach, the idea of auto-subscription does not find support. In addition, employers do not really want to take on additional functions.
Another serious issue on the IPK system is related to the creation of a single operator. The Central Bank wants to create a corporation that will distribute the money accumulated in the accounts of each citizen. Now this function is performed by the pension fund, so it is not clear why people who decide to participate in the IPC should spend money on this task. And you will have to spend money, since there will obviously not be a single operator for free. There are no answers to these questions yet,” the expert continues.
But at the same time, the postponement of the adoption of the law on the introduction of the IPC does not pose any risks for the general state pension system. As Safonov summarizes, the situation is of most concern to NPFs, which should start mass payments on previous contributions from 2024, including they will have to pay investment income in the form of pensions. And the flow of income in connection with the moratorium in the pension system was interrupted, and therefore the question arises of what money to pay. The main risks lie precisely in this plane.
MOSCOW, October 2 - RIA Novosti, Maxim Rubchenko. The Russian pension system is waiting for innovations: the government has made a key decision to replace funded pensions with "individual pension capital" (IPK). What is it and how the new system will differ from the current one - in the material of RIA Novosti.
Decreased boost. What will change in the pension legislationThe retirement age for women will be 60 instead of 63. In addition, the length of service giving the right to early retirement will be reduced by three years: for women - up to 37 years, for men - up to 42 years.Cumulative does not accumulate
Now the pension provision of Russians is based on insurance premium(22 percent of salary), which consists of two parts. Most (16 percent) - insurance, coming to the Pension Fund of Russia (PFR).
Less (six percent of salary) - funded, which can be transferred to non-state pension funds (NPF) for investment in securities in order to generate additional income.
True, since 2014, the transfer of funded pensions to NPFs has been frozen, so insurance pension contributions Russians are now fully enrolled in the FIU.
The main reason for the freeze is the sanctions war launched by the West against Russia. Quotes in domestic stock market fell, and profitable investment opportunities pension savings NPFs have fallen sharply.
The government was worried that under the new conditions, private pension funds would not be able to fulfill their obligations to citizens. Therefore, we decided to transfer full responsibility for pensions to the state represented by the PFR.
However, this has led to a number of negative consequences: the burden on the pension system has increased, the inflow of money to the NPF has practically stopped, and citizens have begun to complain that the state has deprived them of the right to manage their own pension.
In order to solve all problems once and for all, the government in 2016 proposed the concept of individual pension capital (IPC).
Keyword "individual"
The point is that the insurance part of the pension remains unchanged, and the money that now falls on the funded part is entirely controlled by the citizen himself.
He may not deduct funds at all, abandoning the IPC. Or choose a comfortable contribution for yourself - up to six percent of the salary inclusive. True, the IPC is replenished from their own salary, and not at the expense of the employer.
This is the first fundamental difference from the current system, where everyone has to pay six percent.
The second important innovation is that pension savings become the property of a citizen, not the state.
This, in particular, means that upon reaching retirement age, a person decides for himself what to do with the accumulated capital: take all the money at once or receive monthly payments within a certain period.
In addition, the accumulated pension capital is inherited in the event of the death of the client before he receives his money in full.
In September, Finance Minister Anton Siluanov announced that the funds set aside under the IPC system could be used by Russians before retirement "in difficult situations", for example, when expensive treatment is needed.
Siluanov also noted that a system similar to insurance will be introduced for individual pension capital. bank deposits. So the money set aside for old age "will be safe under the protection of the state."
Without asking consent
According to the calculations of the Ministry of Finance, about half of the economically active citizens Russia. Total deductions are expected at the level of up to a trillion rubles annually.
However, according to experts, these indicators are achievable only if citizens are automatically connected to the new system. Otherwise, there will be 15-20 times fewer IPC clients than citizens who use the possibilities of the funded pension system.
Representatives of non-state pension funds noted that they still offer their clients an almost complete analogue of the IPC - a product called "Individual Non-State Pension Provision". However, he did not gain much popularity among the Russians.
The National Financial Research Agency (NAFI) even conducted a sociological survey, finding out that about 80 percent of our citizens are "very superficially familiar" with the peculiarities of pension changes and "in general, they rely only on the state insurance pension."
Therefore, the Ministry of Finance from the very beginning meant "auto-subscription" for the IPC. However, the social bloc of the government opposed it: the Ministry of Labor stated that the issue should be resolved exclusively on a voluntary basis.
Now a compromise has been found: the term "auto-subscription" has been abandoned, but the essence has been left. The connection of citizens to the IPK will be provided by Article 158 Civil Code, establishing that "silence is recognized as an expression of the will to make a deal in cases provided for by law or by agreement of the parties."
In other words, all Russians will join the IPC system (the corresponding clause is supposed to be added to labor contracts), but then, if desired, anyone will be able to refuse the IPC, either by submitting an appropriate application or choosing a zero deduction.
Thus, the main controversial issue has been settled, and, as Anton Siluanov said earlier, the IPK system in Russia is ready to start working from 2020.
Andrey Polunin
The material is commented on:
Andrey Gudkov
The Russians will be connected to the new system of individual pension capital (IPC) automatically - without their consent. To refuse, you will have to write an application. This mechanism was chosen by the Ministry of Finance and the Central Bank. The connection of citizens will take place in accordance with Article No. 158 of the Civil Code “Form of transactions”. The third paragraph of the article states that "silence is recognized as an expression of the will to conclude a transaction in cases provided for by law or by agreement of the parties." On Monday, October 1, RBC reported.
The innovation will affect 76.7 million Russians (according to pension fund at the end of 2017), which are already in the accumulative system - both in non-state pension funds (NPFs) and in the state management company PFR Vnesheconombank. All of them are supposed to be informed about the connection to the new system. Perhaps this responsibility will be assigned to employers.
According to experts, deductions from citizens after connecting to the IPC will be made in favor of the NPF in which the future pensioner is registered. If NPF is not selected, management company remains VEB. At the same time, during the transition period, which will last five years, the citizen will have to decide on the NPF. With this approach, the Pension Fund will continue to deal with the insurance part of the pension.
Recall that the concept of the IPC was presented by the Ministry of Finance and the Central Bank in September 2016. The new model is designed to replace and modernize the frozen funded pension. The freeze was first introduced in 2014, and the draft budget of the Pension Fund for 2019-2021 provides for the freezing of the “old” funded pension for the next three years.
It must be said that automatic subscription was the main scenario for the inclusion of citizens in the new funded system from the very beginning. The developers followed the recommendations American economist Richard Thaler- Nobel Laureate 2017. He wrote: “In order to stimulate pension savings, it is better to transfer workers to such a system automatically, and those who do not agree should refuse in a pronounced way.”
It is assumed that the amount of contributions to the IPC system will increase from 0% in the first year to 6% in five years - gradually, by 1% per year. However, the employee will be able to determine the amount of the contribution himself - for example, keep it zero. In this case, the savings will be the property of the citizen, and not the state, as under the current legislation.
In August, the Ministry of Finance posted a notice on the start of the development of a draft law on the IPC. It follows from this that the launch date of the system has been postponed to January 2020. Public discussion of the bill was supposed to end on August 22, but the document was never made public. As Vedomosti reported, the public discussion of the IPC system was postponed until at least November due to the negative public reaction to the pension reform.
But there is no doubt: the IPK system will be pushed through not by washing, but by rolling. From the point of view of the Central Bank, the game is worth the candle. According to the Bank of Russia, by 2030 the IPC will attract 12 trillion. rubles, and will become one of the key projects for the development of the long money segment.
And only one question remains: should citizens contact the PKI?
An independent audit of all non-governmental funded system, without this, new legislation on the IPK cannot be adopted, - believes Doctor of Economic Sciences, independent expert in Social Policy Andrey Gudkov. - The Russian public should demand an unbiased analysis of the “achievements” of NPFs from 2002 to 2018. I would like to note that the management companies published some other reports on their activities, albeit in publications for professionals, on highly specialized websites. But NPFs at one time pushed through the wording in the law that only the client personally can find out about the results of their work. Purely individually by writing the appropriate request, and receiving an answer.
This is how the crazy picture is seen: clients of NPFs in Russia are only engaged in writing requests and personally conducting a comparative analysis. At the same time, it is illegal to summarize the responses from NPFs received by clients and publish them in the form of a summary table.
Let me make another important point. In 2003 President Vladimir Putin signed a decree "On the Public Council for Investing Pension Savings". This council met less than 10 times, and no one knows what the results of its activities are, what final document it adopted. One thing is known for certain: since 2012, the council has not been convened at all.
So, while there is no objective information on the work of NPFs, I will not take the liberty of recommending citizens to deduct contributions in the IPC system.
- Why do you insist on the audit of NPFs so much?
Because the question remains open: where did the money that the Russians transferred under the funded pension system go? Indeed, in fact, by offering to participate in the IPC, the state again wants to borrow money from citizens, promising to return them with interest. But the state has already borrowed money - in the form of a funded part of the pension. And they gave nothing away, and did not even say what interest was accrued. Until these first agreements are fulfilled, how can new ones be concluded?
In addition, it remains main question: so when will the funded part of the pension be paid? From 2022 for women and from 2027 for men, as planned before the pension reform? Or from a new retirement age, and this means that due to the fact that the system is changing, from old obligations Russian authorities get rid of?
Let me remind you that we had mandatory funded pension insurance. Now - individual pension capital. Funds are transferred from one system to another - but where are the obligations, they are saved?!
- Obviously not saved. Otherwise, why bother with reform, no?
Where is this explicitly stated? Let the authorities tell us frankly: you will receive the funded part from 2027 (women) and 2032 (men). Until then, you need to understand: the dots over the "i" are not set.
Meanwhile, a serious question: we are talking about 6% of the salary of millions of citizens. average salary in Russia - approximately 42,550 rubles per month (according to Rosstat for the first half of 2018). Multiply by 12 months - 510,600 rubles a year.
Six percent of this amount is 30,656 rubles a year. For an ordinary Russian family - a lot of money. This is a child's computer. Or a ticket to a health resort. Or a complete set of clothes for one person. Finally, sorry, feeding a family of three for a month is what that money means.
Another important point is unclear. PKI, as I have already said, is an unsuccessful attempt to copy the American system of individual corporate pension insurance, which in tax code The US is called 401K. So, in the American system, the employee has the right to withdraw the accumulated funds in case of force majeure. These include the acquisition of a single home, education fees, illness, bankruptcy.
In the case of the IPC, it is not clear whether money can be withdrawn from the system in principle. And it's no good.
- What does all this say?
One gets the impression that in the system of individual pension capital everything is done in such a way as to take money from people on the sly, without explaining anything to the depositors. It's as if you came to the bank to pay for utility bills, and they took extra money from you in the expectation that you would not pay attention to it. Agree, this is, to put it mildly, dishonest.
- What will be the consequences of trying to attach citizens to the IPC system by default?
The authorities have already strongly substituted with the pension reform. And I don't understand why she wants to be framed with funded pensions. Because a significant part of the 76.7 million Russians, I believe, is still aware that they are being scammed and actually robbed. And will respond accordingly.
I am sure that there will be an opportunity to react - for example, in the 2021 parliamentary elections. All current pension legislation was adopted by United Russia. After the adoption of the law on the IPK, the party in power, I am sure, will become a political corpse.