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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.

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