Long-term Savings Programme to become even more accessible
From 1 October 2025, Russians will be able to use the Public Services Portal to enter into an agreement with a non-governmental pension fund and become a participant in the Long-term Savings Programme (LSP). Thus, the LSP will become more accessible to households. The relevant amendments to the law have been approved by the State Duma in the second and third readings.
They also introduce a cooling-off period allowing early termination of an LSP agreement without losing the benefits. Currently, if an LSP participant makes a contribution but later decides to withdraw from the LSP, the person loses the right to government co-financing, including in case of entering into such agreements in the future. The same principle applies if a person has several LSP agreements and decides to terminate at least one of them.
The new rules allow an LSP participant to terminate the LSP agreement under which the person did not receive co-financing while retaining the right to the government support under the other LSP agreements. This is applicable provided that the agreement is terminated before 1 April of the year when the co-financing funds are to be credited.
This amendment will become effective 10 days after the relevant law is officially published.