Choice in investing pension contributions must remain after 2014 - Putin
MOSCOW. Jan 31 (Interfax) - Russian citizens must have a choice in investment of their 4% pension contributions after 2014, while the security of contributions must be ensured, President Vladimir Putin said at an expanded government meeting on Thursday.
"I think we not only can but also should (give the choice to the citizens) on at least three conditions. We must guarantee that these funds do not disappear, are not wasted and are not stolen," Putin said.
Citizens have the right to choose where to invest 4% contributions - either in the pay-as-you-go pension system or in the pension's funded component, he said.
Economic bloc ministers and the presidential administration think that the choice should remain after January 1, 2014, Putin stressed.
Pension savings of state reserve funds, economic entities and individuals must grow to foster development of insurance companies, appearance of available resources and efficient use of individual pension savings, he said.
"First of all, I mean pension accruals, worthy retirement incomes of our citizens," Putin said.
Pension savings are one of the most efficiently used sources of "long-term money" in developed states, he said.
