As stated in the explanatory note to the draft law, the duration of the expected period of payment of pension are determined on the basis of statistics on life expectancy of men and women aged 60 and 55 years respectively. Designed by a special technique, from 1 January 2021, the expected period of payment of pension will amount to 264 months. This is 6 months longer than was set for 2020.

As recalled by the Pension Fund of Russia, pension savings can be obtained in a lump sum, fixed-term pension payments or in the form of pension, payable for life. In the latter case, to calculate the monthly payment the total amount of pension savings of a person is divided into the period of calculation of pension, which changes annually. For 2020 it was set to 258 months.

For payment of pension funds must submit a relevant application to where they were formed either in the PFR or NPF (if the pension savings transferred to the management of non-state pension Fund).

the Size of the pension may be adjusted annually, taking into account of the contributions received. Adjustments shall be made from 1 August to pizzaville order. So, from August 1 this year, the size of pension of Russians will increase by 9.13%. Pensions will rise by 80 thousand Russians, the recalculation will be automatic. The average size of the pension today is about a thousand rubles. The same amount every month people forming the contributory pension, get as an additive to pension insurance.

Also to the pension Fund are reminded that from 2019, despite changes in the pension legislation concerning the age of retirement, citizens who have shaped pension funds, can apply for their payment, as before, with 55 and 60 years (women and men, respectively). To pension funds it is possible when reaching a specified age and when the conditions for appointment of insurance old-age pension (the required length and the number of pension coefficients).