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to Get Pension Accrual Notices
June 27, 2003
Beginning July 1 2003, pension reform will be felt by virtually every
person, Russian Prime Minister Mikhail Kasyanov told reporters Friday
while visiting the Pension Fund's information centre which processes and
sends out information on individual pension accounts.
All Russian residents will be updated on their pension accruals, i.e. the
sums their employers have paid to the Pension Fund, elaborated the
Under the effective law, Russians have to decide where to invest their
pension accruals for 2002 till October 15. Lists of the companies authorized
to invest pension funds will be sent out in advance.
Further on Russians will have to take such decisions annually. Those who
will fail to choose the company on their own will have to rely on the
government's choice. These people's money will not be lost, assured the
premier. The government will ensure revenues not less than revenues from
investing in private companies.
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