Expert predicted growth of long-term savings program participants in Russia

Russia has predicted an increase in the number of participants in the long-term savings program (LSP). Galina Morozova, an expert of the non-state pension fund (NPF) "Budushchee" told "Izvestia" on November 20 following the adoption by the Federation Council of the bill on postponing the deadline for applying for the transfer of pension savings to NPF as a lump-sum contribution under the LSP.

"If earlier a citizen could apply for the transfer of pension savings funds to the NPF as a lump-sum contribution under a long-term savings agreement no later than December 1, 2024, and refuse the transfer no later than December 31, now this deadline may be shifted by another month. Thus, it will be possible to apply for the transfer of funds to the NPF until December 31, and to refuse the transfer - until January 31, 2025", - she explained.

According to her, this measure will help to stimulate those who are still considering both participation in the program and the transfer of "frozen" pension savings.

"Meanwhile, these savings can become a significant contribution to the program and replenished both through personal contributions of the participant and state co-financing," - said Morozova.

The speaker added that traditionally the end of the year is a month of summarizing results, including financial ones. She expects that at the end of the year the participants of the program will be very active, including in order to obtain maximum co-financing from the state.

Earlier, November 7, it was reported that mostly Russian families keep savings on deposits in banks with state participation (47.4%) and in cash (33.3%). This is stated in a study by the Higher School of Economics. Also Russians keep money in cash currency (4.6%), precious metals and products from them (3.3%), stocks, bonds and other securities (2.7%), cryptocurrency (2.2%).