2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
The modern pension system in Russia includes a certain type of savings, which are formed from the employer's transfers. Let's try to figure out what the insurance and funded part of the pension consists of.
What is included in future provision
The insurance and funded part of the pension is 22% of the salary of each employee. The funds are used to form a future pension, which includes insurance and funded components. Insurance is 16%, and accumulative - 6%. The state spends the insurance part on payment to current pensioners and takes it into account in the form of pension obligations for payment to future pensioners. The insurance and funded part of the pension consists of all receipts transferred by the employer to the employee's special account. The account number is indicated on the SNILS card. The state allows increasing savings by choosing management funds and companies.
The main components of a pension
Let's look at the differences between insurance and funded pensions.
Insurance:
- Makes up16%.
- Directly depends on the length of service and salary level.
- Calculated by the Pension Fund using a special formula (quotient from the division of pension capital at the time of retirement and the number of months of future transfers; the minimum established by the state - the base part) is added to the result.
- Man cannot manage money.
- Payment occurs monthly upon reaching the age specified by law (55 years for the female part of the population and 60 years for the male).
Cumulative:
- Amounts to 6%.
- Depends on salary level and monthly contributions.
- A person can manage it - transfer it to any non-governmental pension fund or entrust it to the management company, thereby further increasing the size of their pension.
How to save and increase savings
The insurance and funded part of the pension are formed throughout the entire length of service of a person. Insurance savings are guaranteed payments of funds by the state depending on the length of service, and the funded component includes 6% of the employer's transfers to the pension fund from January 1, 2012.
Now any working person can choose the following options for disposing of the funded provision:
- Leave it in the State Pension Fund, entrusting the preservation of the management company.
- Prefer anya responsible company, where the funded part of the security will be kept in the state fund, and the funds will be managed by a non-state pension fund that has an agreement with the state fund.
- Management of accumulative savings is carried out under the full control of non-state pension funds, into which funds are transferred.
The funded and insurance part of the pension are mandatory components of the future pension. Anyone can take care of mandatory collateral by choosing the option of managing accumulated reserves that suits them.
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