Politics · Russia · 47 mins ago
Russia proposes automatically moving old pension savings into a new program
Russia’s Finance Ministry has proposed automatically moving old pension savings into a new program called the Long-Term Savings Program.
The change would cover nearly 71 million people, including those whose savings are managed by the state and clients of private pension funds.
These savings came from employer contributions before the system was frozen in 2014, and about 6.6 trillion rubles remain in accounts.
The money would not disappear, but it would be moved into a different savings system that has operated since 2024 and offers state support and investment returns.
Under current rules, participants can generally access payments after 15 years, or from age 55 for women and 60 for men, with early access allowed in some cases.
The withdrawal rules for transferred savings still need clarification, and people cannot currently withdraw the full amount like a bank deposit.
The proposed transfer is due to start on April 1, 2027, but the bill must still be considered by the government and State Duma, so current rules remain in place for now.
Russia’s Finance Ministry proposes automatically transferring old pension savings into the long-term savings program.
The proposal could affect almost 71 million people and involves 6.6 trillion rubles.
It covers 36.5 million people whose savings are managed by the state and 34.4 million clients of non-state pension funds.
The transfer is planned to begin on April 1, 2027, but the proposal still needs government and State Duma review.
The ministry says the program would give people more ways to manage their savings, but the rules for accessing transferred funds remain to be clarified.
- Who
- Russia’s Finance Ministry proposed the change. It could affect almost 71 million people with old pension savings.
- What
- Automatically transfer old pension savings into the long-term savings program.
- When
- The proposal was reported on November 2, 2026. Transfers are planned to begin on April 1, 2027.
- Where
- Russia.
- Why
- The ministry says the new program would give people more ways to manage their savings. The idea was also proposed as a way to bring more money into long-term investment.
This story does not have two clearly opposing sides.
Russia froze the old pension savings system, and no new contributions went into it.
The long-term savings program began operating.
State Duma deputy Anatoly Aksakov proposed automatically moving old pension savings into the program.
The Finance Ministry’s proposal was reported.
The planned start date for transfers.
- Potentially affected
- Almost 71 million people
- State-managed savings group
- 36.5 million people
- Non-state pension fund clients
- 34.4 million people
- Total savings involved
- 6.6 trillion rubles
- Planned transfer start
- April 1, 2027
4 sources
Russia’s Finance Ministry proposes automatically transferring pension savings into long-term savings program
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