Auction held to deposit pension savings into banks

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06 march 2019

Applications for placing pension savings into bank deposits have been processed at the St. Petersburg Currency Exchange. The application of one credit institution for 15.4 billion rubles, i.e. the entire auctioned amount, was accepted. Pension savings were placed into bank deposits for a period of 109 days at an annual rate of 7.87%.

By law, mandatory and voluntary insurance contributions for funded pensions must be invested before transferred to management companies and private pension funds. Mandatory pension insurance reserves of the Russian Pension Funds must be invested, as well.

Depositing auctions are held in compliance with a resolution of the Russian government and directives of the Russian Finance Ministry, which regulate the procedure and criteria of choosing eligible banks for an auction. Please visit the special section of the Pension Fund’s website for detailed information about placing of pension savings into bank deposits.