The primary objective of the Pension Calculator is to explain the procedure of the formation of your pension rights and the calculation of the insurance pension and to demonstrate the influence of the following factors on the size of your insurance pension:
How many pension points
can you gain in 2016?
Enter your monthly wage before deduction of your personal income tax:
The result of calculation
- the size of your wage;
- the size of your income as self-employed citizen;
- your pension plan in the mandatory pension insurance system;
- years of employment (insurance record);
- military service by conscription, maternity leave and other socially significant periods of your life;
- pension claim filed after the standard retirement age.
Please be advised that the results of calculation of your insurance pension should not be viewed as the real size of your future pension and are only supposed to give you an idea of it. For simplicity, all calculations are made in the constant conditions of 2016. The calculations are based on the premise that your entire pension rights were formed in 2016 and you were ‘assigned’ an insurance pension in 2016 in accordance with the life plan indicated by you and on the condition that you were ‘paid’ the wage indicated by you throughout the period of your employment.
The actual size of the insurance pension is calculated by the Pension Fund of Russia upon the filing of the pension claim and with due account of every formed pension right and benefit envisaged by pension laws as of the pension assignment day. For example, persons with 1st group disabilities, citizens older than 80, and citizens who worked or lived in the Extreme North and similar territories will be assigned higher insurance pensions due to the larger amount of the fixed payment or the application of ‘northern’ coefficients.
Self-employed citizens (sole proprietors, farm heads and workers, lawyers, bankruptcy commissioners, private notaries and other persons with private practice who are not sole proprietors) will have their future pension rights calculated not by their wage but by the amount of the fixed payment and 1% of the sum exceeding 300 000 rubles, which they annually pay as their mandatory pension contribution.
The Pension Calculator does not apply to military servicemen and law enforcement officers who have no insurance record of employees in positions unrelated to military service.
The result of calculation
The insurance old-age pension is calculated by the following formula: the sum of your pension points is multiplied by the value of one pension point in the year of insurance pension assignment plus the sum of the fixed payment.
The calculation of the conventional size of an insurance pension is based on the following indices in effect in 2016:
- The fixed payment — 4,558 rubles 93 kopecks;
- The value of one pension point — 74.27 rubles;
- The maximal wage before deduction of personal income tax liable to insurance contributions — 66,334 rubles per month.