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Russian insurers will be able to participate in the long-term savings program

Not only pension funds but also other financial institutions such as insurance companies, banks and mutual investment funds (MFs) can participate in the long-term savings program.
Russian insurers will be able to participate in the long-term savings program

This was announced by Olga Shishlyannikova, director of the department of investment financial intermediaries of the Bank of Russia.

“We believe that long-term savings instruments can be offered not only by non-state pension funds (NSPFs). We have other market participants, insurance companies, the banking sector and mutual funds that are also interested and ready to offer investors the instruments aimed at long-term savings.  Our plan is to give similar tools to other market participants so that they can offer their instruments, and a person has the opportunity to decide which tool is more attractive,” said the head of the department.

Starting from 2024, the Russian citizen will have a new savings instrument - the long-term savings program (LTSP). To join the program, one needs to enter into a special agreement with a non-state pension fund (NSPF). A person will be able to save independently through his own voluntary contributions, as well as transfer their previously formed pension savings to the program. The NSPF will invest these funds on the principles of profitability and break-even results on behalf of its client, writes TASS.

The LTSP provides for state co-financing of citizens’ own contributions - up to 36 thousand rubles (180 thousand tenge at the National Bank rate) per year for three years after a person joins the program, as well as a special tax deduction - up to 52 thousand rubles (260 thousand tenge) annually upon payment of contributions up to 400 thousand rubles (2 million tenge at the National Bank rate).

Source: https://www.asn-news.ru/news/85450

Photos are from open sources.

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