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- Financial five-year plan: The Ministry of Finance will increase the minimum period for withdrawal of funds under the long-term savings program
Financial five-year plan: The Ministry of Finance will increase the minimum period for withdrawal of funds under the long-term savings program
Russian pensioners are increasingly using a long-term savings program as an alternative to short-term deposits. Citizens withdraw funds from their personal income tax accounts after receiving co-financing from the state. In the third quarter of last year, they received almost 18 billion rubles in this way. Against the background of this situation, the Ministry of Finance intends to increase the minimum retention period of funds after receiving state support in the account to five years. Experts are convinced that this approach is not a tightening. This is an adjustment of the program, which will bring it in line with the original goals. Whether the PDS will remain profitable after changing the terms of withdrawal of savings is in the Izvestia article.
Legal conflict
Currently, contracts under the long-term savings program are concluded for 15 years. However, the terms of the PDS provide alternative rules for pensioners — they can withdraw funds at any time without losing accruals. At the same time, state support is received the next year after contributions are paid, which allows citizens of retirement age to withdraw the funds received without waiting for the expiration of the full term of the program.
The Ministry of Finance intends to fight this approach. The ministry, as stated by its deputy head Ivan Chebeskov, plans to increase the withdrawal period for the co-financing of the PDS to five years from the date of entry into the program. He believes that this will not worsen conditions for citizens, but will allow participants to use it in a targeted manner.
Chebeskov stressed that the money accrued by the state as part of the co-financing should be an incentive for the formation of long-term savings, which follows from the very name of the program. However, now in some cases this is not the case.
"Unfortunately, a certain legal conflict arose that allowed certain categories of citizens to withdraw funds that the state intended to invest for a long time, after one year. Our initiative is to remove this legal conflict," the Deputy Finance minister explained.
The editorial board of Izvestia sent a request to the Ministry of Finance of the Russian Federation. No response has been received at the time of publication.
A rational approach
The fact that in the third quarter of 2025, 88% of the total amount of all disbursed funds was withdrawn immediately after accrual showed that some participants use the long-term savings program as a short-term tool, says Lazar Badalov, associate professor at the Faculty of Economics of RUDN University. This situation, however, reflects not so much the existing loophole in the conditions of PDS, as the features of behavioral economics, says investment adviser to the registry of the Central Bank, founder of the online investment university "Financology" Julia Kuznetsova. For older citizens, who have an objectively limited financial planning horizon, a withdrawal strategy after receiving financing looks rational, she argues.
First of all, the age factor has an impact on making such a decision. Saving up for 10-15 years on the horizon looks less meaningful for a person over the age of 65 than earning additional income in the near future, the expert explains.
The implementation of the "here and now" strategy can be classified as rational behavior of the older generation, based on the need to maximize profits at the moment while minimizing risks, says Mikhail Khachaturian, Associate Professor of the Department of Strategic and Innovative Development at the Financial University.
"The key factor here is the current relatively tough economic conditions, characterized by high inflation and continued monetary policy rigidity, which encourage the population to choose short—term financial instruments," he points out.
It is important to note that the high key interest rate makes short-term deposits and bonds quite attractive options, however, in conditions where it is possible to obtain comparable returns without freezing funds for years, the preference for liquidity becomes natural, Kuznetsova believes.
— As a result, the effect of a deposit with a state bonus appeared within the framework of the PDS. The participant of the program did not violate the law and did not circumvent the requirements — he acted strictly within the stipulated conditions. However, the plan of the program assumed the formation of long—term savings and long-term money for the economy, rather than the short-term use of budget co-financing," the Izvestia interlocutor draws attention.
The lack of restrictions was the reason why a significant number of citizens used the PDS as a tool for short-term government support, Khachaturian confirms.
— Moreover, due to this absence, the withdrawal of funds from the accounts of the PDS cannot be considered a violation. But it obviously contradicts the logic of long—term savings, which were originally included in the program," he explains.
Kuznetsova is convinced that such behavior cannot be called abuse. Retirees used the program's design as part of how it was designed.
— Citizens who remember defaults, monetary reforms and other economic crises psychologically perceive long-term investments as risky. Therefore, it is not worth accusing people of abusing the program," emphasizes Lazar Badalov.
Achieving a goal
Nevertheless, the main goal of the long—term savings program is the formation of savings and the creation of an investment resource for the economy, the expert recalls. Therefore, at the current stage, the PDS requires adjustments to eliminate the shortcomings. And the decision of the Ministry of Finance to increase the deadline for withdrawal of funds to five years is not a tightening, but an adjustment of the mechanism.
— Upcoming changes enhance the long-term nature of the program, rather than limiting the rights of participants. Its terms need to be brought in line with the idea of long—term investment and savings formation," says Badalov.
An increase in the minimum shelf life of funds does not negate the advantages of CDS and incentive tools, Mikhail Khachaturian draws attention. This approach will only strengthen the emphasis on long-term investments in the program.
— A period of five years is the minimum investment horizon at which the possibility of maximizing interest income will be fully revealed, — the economist emphasizes.
Thanks to this, public funds and depositors' money will work longer and more efficiently, shaping the sustainability of the country's economic development and the potential financial well-being of citizens, he is confident.
— The changes will reduce the risk of funds instantly going into current consumption, and therefore stimulating inflation. This will contribute to the growth of confidence in the PDS and ensure the predictability of the investment component for the economy, — says the interlocutor of Izvestia.
At the same time, the planned innovation may reduce interest in the short-term use of PDS, since the strategy for exiting the program after receiving a bonus in such conditions will become less attractive, admits Yulia Kuznetsova. But for the influx of truly long-term investments, it is necessary not only the emergence of restrictions, but also the stability of the macroeconomic environment, the predictability of inflation and confidence in the immutability of the rules of the game, explains the investment adviser.
— If participants are afraid of depreciation or changes in parameters, even a five-year period will not be a sufficient incentive for long-term accumulation. But if the conditions are perceived as stable and economically reasonable, the program will be able to fulfill its original function," the expert concludes.
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