The Ministry of labor proposes to legislate the return of the lost citizens of investment income in case of a recognition of illegal transfer of their pension savings. The total loss of the insured persons exceed 111 billion rubles, and the number of victims is estimated in hundreds of thousands. Experts, while welcoming the idea, clarify that the refund should not only lost investment income, but also interest thereon for the misuse of people’s funds.The Ministry of labor is developing amendments to the laws “On non-state pension funds” and “On investing funds for financing accumulative pensions,” which require the return of the insured persons lost investment income in the case of a court invalidated the contract on obligatory pension insurance (OPS). This follows from the notification of the preparation of the draft posted on the Federal portal of projects of normative legal acts. Anticipated date of amendments come into force early next year.From 2015, without penalty, the citizen may transfer retirement savings every five years. In the case of early transition, he is deprived of investment income accumulated since the previous change of the insurer. According to accounting chamber, as a result of the transition campaign 2015-2018 citizens lost 108,4 billion rubles of investment income (see “Kommersant” on 31 July 2019). According to the Bank of Russia, in the last campaign, the loss amounted to 3.1 billion rubles, All the money went to the reserve for OPS (ROPS, see “Kommersant” on April 6) funds, of which the citizen translated accumulation.Over the years, could suffer hundreds of thousands of citizens, last year the problem became the object of attention of law enforcement agencies (see “Kommersant” on 28 August 2019).To restore their rights and return with money to the previous insurer, the person must go through a complicated court procedure (see “Kommersant” on 3 February). “However, the regulatory legal acts in the field OPS is not installed, the possibility of a return of ROPS withheld in connection with the early transition of individuals investment income as a consequence of recognition of the Treaty of OPS invalid”,— stated in the notice of the Ministry of labor to the bill. Therefore, in the opinion of the Ministry, amendments to the legislation should oblige “insurers, which have been translated pension accumulation of citizens”, according to recognized invalid by the court in contract “to recover (from ROPS) on account of the insured person the amount” taken in the early transition of investment income. This is necessary because in some cases “the failure of the judiciary” to satisfy such demands of citizens. Indeed, in some cases, some insurers, in particular the PFR, has successfully defended in court pight not to restore to citizens their lost investment income (see “Kommersant” on December 12, 2019). This issue first drew the attention of the SRO pension — NAPF (see “Kommersant” on January 27) and ANPP. The funds in the letter of the Central Bank offered to secure the compensation for the lost citizens of investment income at the legislative level.”Logical would the recovery as the body lost investment income, so interest on it”,— believes the managing Director of “Expert RA” Pavel Mitrofanov. But, in his opinion, to compensate them should not “Fund that left the citizen and the insurer to whom the client passed as it was a beneficiary of unlawful transfer of savings”. This compensation may be tied to a specific index, such as the key rate of the Central Bank or the indexes of pension assets of Moscow exchange, said Mr. Mitrofanov. He proposes to consolidate the legislation and the penalties which the insured person could obtain cash. It emphasizes the expert, would be another barrier from the illegal transfer of pension savings.Ilya Usov
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