State Commission for Regulation of Financial Services offers a Cabinet of Ministers to approve the concept development of the pension system, with the introduction of second-tier pension system, which enables citizens to personalize retirement accounts, in 2014-2017, respectively.
This is stated in the report of the commission.
draft concept of reforming the pension system, developed by the Financial Services Commission, provides for the introduction of second-tier pension system in 2 stages.
The first, in 2010-2013 the project concept envisages a series of measures, preparing the pension system to introduce a new level, in particular, the legalization of wages, increased demands on companies for asset management, safeguarding of pension contributions, the market development of private pension funds.
In the second phase (2014-2017 years), the Commission proposes to complete the implementation of measures to prepare for the introduction of mandatory funded pension system and begin its phased implementation.
second tier pension- funded system of compulsory national insurance, based on the principles of savings insured persons in cumulative fund, which will be invested in special rules for investdohoda in the interests of the insured and used for the implementation of pension payments, as well as inherited.
As earlier reported, in May 2009 Financial Services Commission head Viktor Suslov noted the improbability of the introduction of second-tier pension system until 2011.
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