Today, the market offers a variety of instruments for long-term savings, depending on the purpose. But next year, a completely new financial product with unique advantages will be launched, available to any citizen, regardless of age or income level. Details are in our material.
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In January 2024, a long-term savings program (LTS) will launch in Russia. With it you can generate capital for important financial purposes.
The program has many features. For example, state co-financing, with which you can receive up to 36,000 rubles per year. To do this, you just need to enter into an agreement with Sberbank NPF and make contributions of 2,000 rubles per year.
The amount of state support depends on the official monthly income
• If you earn up to 80,000 rubles, co-financing will be “one-for-one”, that is, for 2,000 rubles of your contributions they will add another 2,000 rubles.
• With an income of 80,000 to 150,000 rubles, state support will be “one-for-two”: for 2,000 rubles in contributions, 1,000 rubles will be added.
• And if your earnings are above 150,000 rubles, co-financing will be “one-for-four”. The state will add 1,000 rubles for every 4,000 rubles.
Important note: co-financing will be accrued at the end of the next year. For example, if you make contributions in 2024, you will receive support from the state depending on their size and income level in 2025.
One of the main features of the program is the ability to replenish it with money from the pension savings that you formed from 2002 to 2013 as part of the compulsory pension insurance system
Another benefit of PDS is the tax refund.
PDS operators are non-state pension funds (NPFs). Therefore, those who already have an agreement with a non-state pension fund will be able to use pension savings in PDS the fastest. The rest will have to first open an account in a non-state pension fund and transfer funded pension funds to it, and only then send these funds to the PDS.
“At this stage, it is important to understand the conditions for transferring pension savings so as not to lose part of the investment income in the current fund. To do this, you can arrange an urgent transfer. Unfortunately, you should not take the definition of “term” in its usual meaning – the money will be transferred to the fund of your choice only after five years. And only then they can be transferred to the PDS,” says Alla Palshina, executive director of SberNPF.
“But the legislation allows you to transfer pension savings faster – through an early transfer. In this case, the money will go to the new fund the next year. But with an early transfer, you may lose part of the accumulated investment income, but you save time. Here everyone must decide for themselves what is more important,” adds Alla Palshina.
The process only seems very confusing, but in reality everything is not that complicated. First you need to find out where your pension savings are, and then decide what to do with them.
You can find out in which fund the money is stored on the SFR website, State Services or Sberbank Online in the “Pensions” section
“Perhaps now is the most appropriate time to transfer funded pension funds to a non-state pension fund. And additional benefits will come from government co-financing and tax deductions. According to our estimates, up to 15 million people can join the program by 2030,” comments Alla Palshina.
It is planned to connect the program from January 2024 in the Sberbank Online mobile application or by contacting any Sber branch, as well as on the SberNPF website. Now you can leave your contacts and we will inform you about the start of the program!
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PJSC Sberbank, General license of the Bank of Russia for banking operations No. 1481 dated 08/11/2015 18+
Financial services are provided by Sberbank PJSC, services for organizing the management of long-term savings funds are provided by the Joint Stock Company “Non-State Pension Fund of Sberbank”. (115162, Moscow, Shabolovka St., 31 G. INN 7725352740 OGRN 1147799009160 License No. 41/2 dated June 16, 2009, issued by the Federal Service for Financial Markets).
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