Russia to Grab Pension Money, Temporarily

Wall Street Journal Europe ^ | 10-3-13 | Andrey Ostroukh

[dynachrome]

Russia’s government is temporarily seizing $7.6 billion in savings from non-state pension funds while it carries out inspections, a move critics say looks like a “confiscation” aimed at plugging a hole in next year’s state budget.

Prime Minister Dmitry Medvedev told ministers Thursday that the government needs to check that the money Russians channel to private pension funds is safe. To do this, it will seize 244 billion rubles ($7.6 billion) from non-state pension funds and put them into the state pension fund.

Pension funds hold more than $100 billion in assets. Nearly half of that is mandatory savings managed by state-run bank VEB. Non-state pension funds and funds affiliated with state-controlled companies hold the rest.

Government officials say they’ll just hold the money on the state pension fund’s books for a year while the checks are carried out. But analysts say they suspect the government will be tempted to use the money to plug shortfalls in the pension system, instead of channeling funds from the state budget, as it has previously

[Rome2000]

He is a a communist after all.

Just more patriotic and smarter than the one in DC.

[MaxMax]

Thursday that the government needs to check that the money Russians
channel to private pension funds is safe

We'll take your money, it's in your best interest because you're to stupid.
Um, it's their money and if they want to be stupid with it, then so be it.

[nascarnation]

I’m still writing in Putin if it’s Hillary vs NJFatboy in Nov 2016.

[ClaytonP]

Bud, you’re one middle class American who’ll wet his pants when those quiet young men from the IRS come knocking at your door.

We can come to their door too.

[dynachrome]

Thanks for taking the time to find out the facts. Sounds rather complicated.

[ought-six]

I don’t think so. You obviously will; but I won’t.