Russia’s Finance Ministry proposes automatically moving pension savings into long-term savings program

Russia’s Finance Ministry has prepared a bill that would automatically transfer the funded portion of pensions into the long-term savings program (PDS), the business outlet RBC reported. The transfer would begin on April 1, 2027.

According to RBC’s sources, the government commission on legislative activity may review the document as early as this week, and it is expected to be sent to the State Duma, Russia’s lower house of parliament, in early November 2026.

What would be moved

The measure covers the pension savings of so-called “silent” citizens, as well as money held by clients of non-state pension funds (NPFs). “Silent” citizens are people who never applied to move their pension savings to non-state pension funds or private management companies.

In all, 6.6 trillion rubles are expected to go into the program. Of that, 2.98 trillion rubles belong to “silent” citizens and are managed by the state-owned management company VEB, while 3.6 trillion rubles are held by 24 non-state pension funds.

The Finance Ministry says the step equalizes the rights and opportunities to build long-term savings for clients of the Social Fund of Russia and clients of non-state pension funds alike. It argues this gives citizens more options for managing the money and creates conditions for building additional capital.

An “authorized fund” with mandatory state participation would be set up to manage the money of “silent” citizens. RBC’s sources say it may include NPF Blagosostoyaniye and NPF VTB Pension Fund.

Background

Since 2014, Russia has frozen contributions to the funded part of pensions. Before then, that part was built from contributions equal to 6% of earnings for people born in 1967 or later, which could stay with the Social Fund or go to a non-state pension fund. Another 16% of earnings went to the insurance portion. Since 2014, the earlier funded contributions have been directed to the insurance portion to pay current retirees.

The daily Kommersant notes that State Duma deputies already discussed automatic transfer of the funded part into the PDS in June 2025. The discussion was started by Anatoly Aksakov, head of the Duma’s financial market committee, who said the move would help develop private long-term investment in Russia.