Support The Moscow Times!

Russians Lost 200 Billion Rubles From Pension Savings in 2015

Russians lost more than 200 billion rubles ($2.9 billion) from non-state pension funds last year, Deputy Prime Minister Olga Golodets said Wednesday, the Interfax news agency reported.

"Citizens of the Russian Federation lost more than 200 billion rubles [from private pension funds] last year … We do not know who will reimburse these losses," Golodets said.

According to the Rossiiskaya Gazeta newspaper, the losses were caused by ineffective use of money by non-governmental pension funds and management companies.

The pension system's major flaw is the opaque nature of private pension funds, according to Golodets, Interfax reported.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.