Most citizens opt to transfer their pension savings to Pension Fund

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24 july 2020

Territorial bodies of the Russian Pension Fund received 35,200 applications for transferring pension savings in the first half of 2020.

The number of applications reduced 2.3 times since last year.

Most applications sought the return of savings from private pension funds to the PFR – 24,500 (69.5%), while most citizens chose to change their private pension fund last year.

In the first half of this year, slightly more than 7,000 persons expressed the wish to move their savings from one private pension fund to another (20.5%), while 3,000 (9.2%) decided to move their pension savings from the PFR to private pension funds. About 300 persons (0.8%) kept their savings in the PFR but changed the management company.

Please note that as a result of pension saving transfers of last year the share of premature transfers reduced from 95.8% to 60.5%, and losses incurred as a result of premature transfers declined compared to previous years. The reason is the new rules of transferring pension savings to another fund, which took effect in the beginning of 2018, as well as the energetic campaign aimed to inform citizens about possible losses in the event of pension savings transfer.

It is possible to file an application for transferring pension savings to another fund or management company till December 1 via the Public Services Portal, and the application can be withdrawn throughout December.