The accumulative part of labor pension, changes and innovations

The accumulative part of the labor pension is accumulated and formed at the expense of deductions of taxpayers' funds into the pension fund. There they are put on separate accounts, each of which is personal. The funds can be kept both in state and in those funds that are non-state.

The funds not only have the right to invest funds in various programs, but they must also do this so that the funds are not depreciated due to inflation and bring in revenues. Revenues should also be accounted for on personal accounts. Each funded part of labor pension has a separate nominal account.

Changes in the law on pension insurance

It was supposed, according to the original version of the 2002 law, that the accumulation of labor pension will be made for those citizens who must retire in 2016 (men) and in 2011 (women). In 2005, the law changed, and since 2005 the accumulative part of the labor pension will now only be for those who were lucky to be born in 1967, as well as those who were born later.

Those accumulations that occurred from 2002 to 2005 will also be placed in pension funds, which the owners of formed personal accounts themselves will choose. To put it another way, if your birth was for the period until 1967, you will no longer be able to make accruals that make up the accumulation for a pension, it will consist of the basic and insurance part. But the money that was generated on the nominal account from 2002 to 2005 will work together with all other accumulation accounts and then will be taken into account when retiring (that is, added to the calculation and paid).

How is the sum for accumulating part of the pension

It directly depends on such a component as wages. The amount of the accumulative part for the year (the amount that is transferred to the pension fund as a tax) and a fixed percentage of a specific indicator of the amount of wages is set in the Law. They determine its size in monetary terms.

If your earnings are less than two hundred and eighty thousand rubles a year, then in 2005-2007 your pension savings will amount to 4% of this amount. Starting from 2008, with the same income, 6% per year will be deducted to create a funded part of the labor pension.

The salary in the range of 280 to 600 thousand rubles brings to the nominal savings account 11,200 thousand rubles. And 1.6% of the amount exceeding two hundred and eighty thousand - 2005-2007. Since 2008, 16,800 and 2.4% respectively.

If your salary is above 600 thousand rubles a year, the amount of charges is fixed: in 2005 to 2007 - 16320 per year and from 2008 - 24480 per year to a savings account.

How the funded part of the pension is paid

Payment of the funded part of the labor pension is lump-sumed at the same time to citizens with a social pension, as well as to those who have a disability or receive a pension due to the loss of the bread-winner. Such payments are limited by the percentage of the accrued pension and the size of the payment. This ratio should not be more than 5%. It will be possible to receive urgent payment of pension savings from July this year (2012), in accordance with the Law adopted in 2011.

Otherwise, in addition to the above norm of the law, urgent payments will not be lump-sum. Receiving an urgent payment is provided for ten years in equal shares. In other words, everything accumulated by a citizen and taken into account on his individual account will be divided by 10 years and paid out as part of the accrued pension.

Urgent payments include the amount of maternity capital, if they are directed to the formation of a mother's pension. It will also set the duration of payments for at least ten years. In the event that there is a sudden death of the recipient of an urgent payment, it can be inherited by legal successors, that is, a spouse or children.

The law provides for the adjustment of the funded part of the pension, as well as the amount of urgent payments, by the amount of income generated from the income of investment funds.