Russian Pension Fund
Russia is so rich, that the Pension Fund can easily find unattended money.
The money came into the fund to form to the investment part of the state pension of the Russians from 2002 to 2013. According to the newspaper, the question remains about how to distribute the above-mentioned amount.
“About 11 billion rubles received by the Pension Fund of Russia to form the investment part of the state pension of the citizens in 2002-2013 cannot be allocated to their respective personal accounts” – the newspaper said.
The National Association of Private Pension Funds offered to conduct a public audit of the PFR in order to find the unaccounted payments in the insurance part.
In Russia, current pensions are paid out using pension contributions of currently employed, and those people in turn will receive pensions from contributions of the future generations (the distribution system). Those who wish may also allocate part of their pension contributions to create an investment pension – it is not spent on current payments, but it is invested, and should create personal income. Then, the accumulated funds and created due to their investment income can be received in the form of a pension. Of the total pension contribution of 22%, 6% of salaries went towards the mandatory investment pension. However, in 2014 the government introduced a moratorium on investment contributions – all 22% were allocated to the distribution system. In early August, the government decided to extend the moratorium to 2015 on the investment part of pensions.