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- There was a postponement: the authorities want to transfer all frozen pension savings to the PDS
There was a postponement: the authorities want to transfer all frozen pension savings to the PDS
The authorities are considering the option of automatically transferring pension savings from the Social Fund to the long-term savings program, Izvestia found out. We are talking about funds that have been "frozen" since 2014 and are managed by VEB.Russia has almost 3 trillion rubles in the accounts of about 37 million "silencers" (those who did not choose NPFs). The goals are to attract citizens to long—term savings, increase the volume of "long-term money" in the economy and enable people to form additional savings with co-financing from the state. Whether the PDS will be able to activate the "silent ones" and whether there are risks to citizens' savings is in the Izvestia article.
Freezing of funded pensions: what happens to citizens' money
In addition to the usual insurance pension, some Russians have a funded one. It was formed before 2014: out of 22% of the employer's contributions to the Social Fund, 6% went to a person's personal account. Unlike an insurance pension, which counts in points, this is real money.
Subsequently, due to the increase in life expectancy in the Russian Federation, there were not enough funds in the Pension Fund (the current Social Fund). Therefore, a moratorium, or freeze, of the funded part was introduced: since then, the entire amount of pension contributions has been spent on the formation of an insurance pension.
But the money already accumulated has not disappeared: it has remained in accounts in the Social Fund or in non-state pension funds (NPFs) and will be available when women reach 55 and men reach 60, that is, earlier than the usual retirement age (60 and 65 years, respectively). Funds continue to be invested: they are invested in stocks, bonds and other instruments, and income is credited to personal accounts every five years (fixing), so the amounts on them grow.
A significant part of the remaining savings in the Social Fund (and by the end of 2025 it is almost 3 trillion rubles) is managed by VEB.RF. This structure manages the funds of about 37 million people who did not choose NPFs (the so-called silent ones) or returned the funds to the Social Fund.
The authorities are currently discussing the transfer of the Molchuns' funds to the long-term savings program, Anatoly Aksakov, head of the State Duma Committee on the Financial Market, told Izvestia, the information was confirmed by sources in the pension market.
According to the MP, the goal of the initiative is to more actively involve citizens in long—term savings. In addition, according to him, the program is useful for the Russian economy.: NPFs have more flexibility for investments, including in infrastructure and government projects. This creates "long-term money" that supports business development, financing large-scale initiatives, and generally stimulates economic growth.
The transfer of pension savings to personal income tax makes money management more flexible for citizens, explained Natalia Milchakova, a leading analyst at Freedom Finance Global. In particular, funds can be received after 15 years of participation in the program, you can choose the payment period yourself, and in emergency cases, you can use the money ahead of schedule. In addition, not only the contributions themselves are insured in the PDS, but also the investment income.
Such a system is also beneficial for the state: it helps to develop the financial market and reduces the future burden on the budget due to the fact that citizens are more actively forming their own savings, she added.
The PDS is a voluntary savings mechanism launched in 2024 through NPFs. Participants make contributions, receive co-financing from the state and tax deductions, and can also transfer previously formed retirement savings. The state adds up to 36 thousand rubles a year (up to 360 thousand over ten years), and the tax deduction can reach 52-88 thousand rubles annually.
Izvestia sent inquiries to the Ministry of Finance, the Social Fund, the National Association of NPFs and the largest foundations.
How will pension savings be transferred to the PDS
The transfer mechanism has not yet been determined, Anatoly Aksakov said. Among other things, an option is being discussed with the participation of a separate fund through which accounts in the PDS will be opened. According to the source, NPF Blagosostoyanie is being considered, with Russian Railways, Gazprombank and VEB.RF among its shareholders.
The logic of the changes is that VEB manages the funds of tens of millions of citizens, but cannot work directly with them within the framework of the PDS: according to the law, only NPFs act as the operator of the program. Therefore, the creation of VEB's own pension scheme is being discussed, either on the basis of existing assets or through a separate fund.
The head of the Web.Igor Shuvalov of the Russian Federation reported back in 2024 that the state corporation intends to create its own NPF, which will be supervised by the Bank of Russia. This should simplify the transfer of such funds to the new model and integrate them into the long-term savings system.
Technically, the transfer should not cause serious difficulties, since the funds are already structured. This will make the process as painless as possible for citizens — without the need for their active participation and reissue of documents, says Ekaterina Kosareva, managing partner of the VMT Consult agency.
Currently, the procedure for transferring pension savings from the SFR to a long-term savings program remains difficult. To transfer to the PDS, you need to select an NPF, conclude an agreement with it and submit an application through Gosuslugi, the Social Fund or the NPF itself. The procedure may be delayed because it is not a simple transfer of funds: a change of insurer is required.
It is important to take into account that when transferring funds between funds, the loss of investment income is possible if the application is submitted not in the year of fixation. You can find out the year of the nearest fixation in the NPF or SFR, where the savings are formed. In the accelerated version (with the possible loss of part of the profitability), the money will be received by March 31 next year. The standard transition takes up to five years, but allows you to save the entire accumulated investment result.
Why transfer pension savings to a personal income tax and how to do it
According to the source of Izvestia, the initiative is perceived ambiguously in the market. Initially, the accumulation mechanism was based on a voluntary basis: a person could decide for himself whether to participate or not. Now, in fact, a forced transfer of funds is being discussed, which may alienate, the interlocutor believes. Besides, it looks redundant, especially considering that interest in the program is already high and continues to grow. As of January 2026, 10 million contracts were signed, and a total of 717 billion rubles were attracted to the PDS.
The transfer of funds from the compulsory pension insurance (OPS) system to the PDS requires detailed regulatory work. We are talking about the transfer of money from a state-owned model to a non-state one, where joint-stock funds operate with commissions and payment for the services of management companies, explained the professor of the Department of State and Municipal Finance of the Russian University of Economics. Plekhanova Julia Finogenova. According to her, the fact that the "silent ones" have not yet chosen NPFs can be explained not only by passivity, but also by great confidence in the state management of funds.
However, a market source noted that the idea is associated with potential risks of abuse, such as early withdrawal attempts or fraudulent schemes. Therefore, regulators are strengthening their control over such operations.
At the same time, some experts support the idea. Transferring savings to personal income tax is a way to finally "unfreeze" funds, the need for this has been overdue for a long time, Natalia Milchakova believes. However, due to the conditions of the program, it is not suitable for everyone.: you can withdraw money only after 15 years. Therefore, participation is less profitable for pre-retirees than for younger citizens. It is optimal to transfer money to men under 49 and women under 44, the expert believes.
The PDS as a whole provides more flexibility, said Viktor Lyashok, a leading researcher at the INSAP Center of the Presidential Academy. Unlike the old system, you can choose the payment format here — in a lump sum or in installments, as well as the deadline for receiving funds. In addition, money can be used ahead of schedule in special situations, for example, in case of serious illness. At the same time, the program allows for additional savings and provides for co-financing from the state.
The initiative looks like a logical step that removes the long-standing uncertainty surrounding the frozen funds, added Ekaterina Kosareva from VMT Consult. According to her, the PDS expands the rights of citizens: savings can be used for major life goals — housing, education or medical treatment. This makes the system focused on real needs.
Profitability in VEB and PDS
Profitability of pension savings managed by VEB.The Russian Federation exceeded inflation: in 2025, it amounted to 18.06% for the expanded portfolio and 16.6% for the conservative one with 5.6% inflation, the state corporation told the editorial board. Such results are secured by investments in government bonds and corporate securities.
At the same time, VEB notes that future profitability cannot be predicted — it depends on the situation on the markets. The state corporation does not comment on the prospects of the PDS and recommends contacting the Ministry of Finance.
The profitability of funds transfers may decrease: much will depend on the situation in the financial markets and the investment policy of the funds themselves, said Natalia Milchakova from Freedom Finance Global. It is possible that in the future, investment opportunities will expand, for example, by investing in digital financial assets of reliable issuers, and in the long term, even in cryptocurrencies. This will potentially increase profitability, but at the same time increase the risks.
However, the profitability of NPFs in terms of PDS reached about 19%, while half of the funds showed results in the range of 18-20% per annum, added Yulia Finogenova from PRUE. However, funds charge fees of about 0.6% for administration and additional remuneration for asset management. Over a longer horizon, VEB's results look more modest: over the past three years, the return on pension savings there has been about 11%.
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