The Federation Council approved the law on extension of the moratorium on the transfer of pension savings to private pension funds in 2015 adopted by the Duma, as the PRIME agency reports.

      The money which will be transferred to the budget of the Pension Fund of Russia from the federal budget will make up an amount 307.4 billion roubles smaller than it was expected.  The explanatory note to the document states that “the extension of the moratorium will not infringe on the pension rights of the insured persons”. It is assumed that the pensions will be indexed in accordance with applicable law.

      The law also specifies the terms of choice of pension options by the citizens. Thus, the applications regarding the choice of the investment portfolio of the management company, the transition from the Pension Fund of the Russian Federation to NPF and vice versa, as well as from one NPF to another, accepted in 2013-2014 are to be reviewed by the Pension Fund of the Russian Federation before May 1, 2015.