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Shvetsov: The Pension Reform Aims to Make Retirement Comfortable

17.10.2013 12:45 / PRIME

In the process of non-state pension funds regulation, the Russian authorities should be aware of the fact that their main goal is to make retirement comfortable, said First Deputy Chairman of the Bank of Russia, Head of the Central Bank Financial Markets Service Sergey Shvetsov at the MIFC Strategic Session at RIA Novosti.

“The industry is charged with making this process less tragic, possibly even anticipated by someone who is about to retire”, said Shvetsov, adding that in contrast to developed economies, retiring Russians face both social and financial shock.

He said that pension reform needs to find the precarious balance between the intention to keep pension savings intact and the need to provide economy with long-term investment.

“On the one hand, we want to spend recourses on good deeds, and on the other hand, we want to keep them to pay decent pensions”, said Shvetsov. According to him, non-state pension funds are #1 long-term investment providers in Russia.

“Getting the pension system in tune is one of the top priorities for the Central Bank as well as Minfin”, said Shvetsov. He added that it takes a lot of resources for the ‘instrument’ to play in tune.

Non-state Pension Funds industry reformProject Group №1