The Russian Pension Fund authorized 345,000 payments from pension savings over the first seven months of 2019. Same as before, most of these payments (286,000 or 82.9%) were lump-sum payments to persons with pension savings under 5% of the amount of their insurance and funded pension funds.
The high percentage of lump-sum payments is explained by the fact that current retirees formed their pension savings with a brief period of 2002-2004. Such pension savings are sufficient for only a lump-sum payment.
Payments were assigned in the form of funded or demand pensions for 12,400 citizens. Those forms imply either a lifetime monthly pension (funded pension) or payments made within a period specified by the pensioner (demand pension of participants in the program of pension saving co-funding). The number of persons receiving their pension savings as a monthly pension reached 100,000, including newly assigned payments of pension savings.
Some 47,000 payments were assigned to pension saving legacies. As known, pension savings of a deceased person are assigned to legacies either by law or by will. Nearly 2 billion rubles have been paid to legacies since the beginning of the year.
Total payments of pension savings reached 7.7 billion rubles over seven months.
Please note that the retirement age increased in 2019 did not apply to the payment of pension savings. Same as before, they can be received by women older than 55 and men older than 60, in addition to early retirees. People entitled to pension savings must have the minimal length of employment and pension points, which amount to 10 years and 16.2 points this year on general terms.