Moratorium on pension savings undermines viability of Russia's pension system - IMF
MOSCOW. Oct 1 (Interfax) - Extending the moratorium on pension savings to 2015 discourages the drive to accumulate pensions and undermines the viability of the Russian pension system, Antonio Spilimbergo, head of the IMF mission in Russia, told a press conference at Interfax's head office.
"We believe that this is not wise because this undermines the viability of the pension system in the long-term," he said, commenting on the Russian government's decision to extend a moratorium on the transfer of pension contributions to nongovernmental pension funds into 2015.
Spilimbergo said that such a decision discouraged accumulating pensions.
"And here is a subtlety - transferring these funds to the budget weakens trust in the budgetary rule," he said.
"This was done, but we don't recommend repeating," Spilimbergo said.
