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Putin Says Russian Plan For Pension Transfer Won’T Fleece Savers

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http://www.bloomberg.com/news/2013-10-02/putin-says-russian-plan-for-pension-transfer-won-t-fleece-savers.html

Russia’s plan to transfer 2014 pension savings to cover the pay-as-you-go funding gap isn’t an attempt scrap the funded part of the system or confiscate retirement savings, President Vladimir Putin said.

With 2.5 trillion rubles ($78 billion) in the funded pension system, “the question of their effective use still isn’t solved,” Putin said during a panel discussion at an investment forum hosted by VTB Capital in Moscow. “We’ve always worked from the assumption that these funds should work toward the development of the economy.”

The government has proposed barring non-state funds from getting new contributions in 2014 until they re-register as open joint-stock companies and are accepted into a new insurance program, while the earmarked money is channeled to distributions and the state pension fund. That will remove some 450 billion rubles from the market, Deputy Finance Minister Alexey Moiseev said in an interview yesterday.

..

The State Pension Fund currently channels 16 percent of the 22 percent it receives to pay pensions to current retirees and shifts 6 percent to asset management firms. Vnesheconombank, Russia’s state development bank known as VEB, manages about 80 percent of the funded part of the system.

The government will work to reach an agreement by year-end on ways to guarantee money invested with private pension funds, Putin said. Companies that used to oversee their own pension funds have been selling the plans to private managers, adding to risks of mismanagement, VTB Group Chief Executive Officer Andrey Kostin said today.

The maneuver may reduce the federal budget’s transfer to the Pension Fund by 244 billion rubles in 2014, an amount that will be set aside in the budget, Finance Minister Anton Siluanov told reporters yesterday.

So will mismanagement end up costing Russian workers their pensions? Do Russian workers have many options?

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http://www.bloomberg.com/news/2013-10-02/putin-says-russian-plan-for-pension-transfer-won-t-fleece-savers.html

So will mismanagement end up costing Russian workers their pensions? Do Russian workers have many options?

Contribution-based pensions - very likely yes.

State pensions - yes but less likely. The state pension will be paid (no one dares to rob Russian pensioners twice in ~20 years) but the value of state pension is not going to hold up against prices or hard currency.

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Contribution-based pensions - very likely yes.

State pensions - yes but less likely. The state pension will be paid (no one dares to rob Russian pensioners twice in ~20 years) but the value of state pension is not going to hold up against prices or hard currency.

very much depends on putings geopolitical gameplan.

as mentioned before......he might be arming syria presently,but make no mistake about it, he really couldn't give a monkey's about them.

I think he's intelligent enough to know that having a caliphate full of finger-wagging hardline clerics on his doorstep is most certainly not in russia's interests.

....and if he plays too much hardball with either EU or china he is likely to have his resources confiscated if they send too much manpower into that hornets nest..and lose them....mother russia would get utterly savaged by the more technologically advanced fourth reich, and the numerically superior chines...who NEED the energy russia has in spades.

...it would not be pretty.I think maybe only 10-15% of them would be left in any kind of condition to work...and work they will, as slaves of the EU and china.

...should they mount an attack of some sort,then they can expect absolutely no mercy.russia will get balkanised in much the same way germany was after ww2....and the chinese are far less forgiving than the yanks....it won't be rebuilt(unlike germany post ww2), it will be left in ruins and poverty...those left alive will probably be thankful to have a life of serfdom and someone who supplies a bowl of gruel a day in return for hard labour.

...he's already seen a couple of beslans....and if left unchecked the beslans will be on steroids..because you really can't reason with people who are totally convinced they have a monopoly on the truth.

putin would probably be better off in agreement with some of the western(especially anglo-saxon) countries, that the best way to deal with this nonsense is to cooperate a bit and take the fun out of fundamentalism.

expect russia to look out for russia..and perhaps some of their orthodox brethren like the baltics,greeks and cypriots.we should not be fighting the popes holy wars for him...we ain't coming back to "mother"

if he fancies himself as a new peter the great, then maybe that is a position we in the anglo-saxon countries should be reasonably supportive of.

DON'T BE STUPID VLAD.

Edited by oracle

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