The government submitted to the State Duma a bill regarding the forced conversion of Russians' pensions into a long-term savings plan.
The new rules are expected to enter as of April 1, 2027 - the changes will only affect the pension savings from which the funded pension is created; The bill does not affect the insurance allowance.
According to the Ministry of Finance, the transition will give citizens more opportunities to manage their savings: choosing terms and methods of payment, receiving money in case of needing expensive treatment or loss of a breadwinner, and transferring money through inheritance.