Applications for placing pension savings into bank deposits have been processed at the Moscow Exchange. The application of one credit institution for 500 million rubles, i.e. the entire auctioned amount, was accepted. Pension savings were placed into bank deposits for a period of 45 days at an annual rate of 7.7%. The volume of applications more than twice exceeded the auctioned sum.
By law, mandatory and voluntary insurance contributions for funded pensions must be invested before transferred to management companies and private pension funds. Mandatory pension insurance reserves of the Russian Pension Funds must be invested, as well.
Depositing auctions are held in compliance with a resolution of the Russian government and directives of the Russian Finance Ministry, which regulate the procedure and criteria of choosing eligible banks for an auction. Please visit the special section of the Pension Fund’s website for detailed information about placing of pension savings into bank deposits.