Innovation in the pension system: in 2015
In 2015 series of events and changes will happen in the Russian pension system that will affect on all participants of the system of mandatory pension insurance: current and future pensioners, as well as Russian employers.
New method for the formation of pension rights of citizens and the calculation of pensions in mandatory pension insurance system, so-called "the new pension formula" is activated on January 1, 2015. The labor pension is transformed into two types of pensions: insurance pension and funded pension.
For the calculation of pension under the new rules the concept of "individual pension coefficient" (the pension point) is introduced. The pension point evaluates each year of the citizen’s labor activity. To be eligible for appointment of insurance old-age pension, you must have 30 or more pension points. But this rule will be operational from 2025 in full, so it will be enough to have 6.6 points in 2015.
Requirements for a minimum employment period to be eligible for an old-age pension are also changed. It will rise from the existing 5 up to 15 years. However, transitional period is designated as in the case of the pension points: in 2015 required minimum employment period accounts 6 years and it will gradually increase every year by 1 year during 10 years.
It is worth noting that according to the new pension formula in addition to employment period, socially significant periods of human life will be awarded by points, such as military service, child rearing leave, disabled child rearing leave, citizen over 80 years old care leave etc.
5.5 million Russian families have received the maternity capital certificate
The number of Russian families that have received a certificate for maternity (family) capital in PFR is 5.5 million today.
The most popular way to spend the maternity capital in Russia is still housing improvement: about 2,7 million families have transferred their funds to that purposes. Of these, with the help of the maternity capital 1,75 million families partially or fully paid off the housing loans worth 638 billion rubles. Another 905 thousand families improve their housing conditions by spending maternity capital in the amount of 300 billion rubles for direct purchase, construction or reconstruction of housing without the involvement of credit.
In addition to improving living conditions, maternity capital can be directed to pay for education or content of any of the children in the educational institution and to augment of the future pension of the certificate owner. Thus, the PFR has already received 146 thousand applications for children’s education worth 7.4 billion rubles and 2.4 thousand applications for funds to be transferred to the accumulated part of mother’s pension worth 476 million rubles.
As for the timing of the program of state support for families with children, the Pension Fund reminds of necessity to child who gives the right to the certificate was born or adopted before 31 December 2016 in order to be eligible for maternity capital in accordance with applicable law. In this case, the certificate and direction of its funds not limited in time.