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Economy/Business
25 October 2017, 15:30

Central Bank will protect Russians from loss of pension savings

UFA, 25 October 2017. /Bashinform News Agency, Galina Bakhshieva/. The Central Bank is going to delegate control over transitions of citizens from some non-state pension funds (NPFs) to other self-regulating organizations in order to protect Russians from the loss of savings.
As «Izvestia» notes, this measure is aimed at solving the problem of transferring citizens from one fund to another without their knowledge. If at the time of such transfer pension savings were managed by the fund for less than five years, the client loses investment income.
As a rule, NPFs clients often face such a problem, but it also affects VEB's clients managing the savings of those who stayed in the Pension Fund of Russia.
The Central Bank intends to oblige the funds to inform people about a possibility of losing the investment income. To monitor the fulfillment of this duty, audio and video recording of conversations between NPF employees and clients will be applied.
In addition, it is planned to create a register of agents that make transfers from one fund to another.
The developed document can be approved by the CB standards committee within a month.
Author:Galina Bakhshieva
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