NPF Renaissance Insurance began to conclude agreements within the framework of the long-term savings program

The program does not require a mandatory contribution amount and each participant can choose the amount to replenish the account. To receive co-financing from the government, it is necessary to deposit at least 2 thousand rubles per calendar year, as indicated on the NPF website.

Participants’ savings are inherited in full if the pension has not yet been allocated, or less the amounts already paid if payments have already begun. Citizens can receive a tax deduction of up to 52,000 to 60,000 rubles annually, based on contributions of up to 400,000 rubles per year.

State co-financing is granted for ten years and depends on the amount of contributions paid and the average monthly income, but does not exceed 36,000 rubles per year. Funds will be credited to the account next year after contributions have been made. For example, for contributions made in 2024, co-financing will be credited in 2025.

Renaissance Insurance’s plans to create a non-state pension fund became known in June 2024. On September 19, the Bank of Russia issued a license to the Renaissance Savings company to carry out pension provision and pension insurance activities wrote Frank Media. In five years, the company aims to attract 1 million clients and increase the volume of additional assets to 100 billion rubles.

In February, T-Bank also announced the creation of its own pension fund. The credit institution has registered four domains that mention NPF. Alfa-Bank is also developing its pension fund together with Alfastrakhovanie-life. The Sovcombank fund is also waiting to receive a license.

According to data from the Central Bank, 35 non-state pension funds operate in Russia in June. In the second quarter of 2024, the volume of funds of non-state pension funds amounted to 5.3 trillion rubles.