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Russia to Grab Pension Money, Temporarily
Wall Street Journal Europe ^ | 10-3-13 | Andrey Ostroukh

Posted on 10/07/2013 3:59:13 PM PDT by 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

(Excerpt) Read more at blogs.wsj.com ...


TOPICS: Business/Economy; Foreign Affairs; News/Current Events; Russia
KEYWORDS: confiscation; pensions; putin; russia
"temporarily". yeah, right
1 posted on 10/07/2013 3:59:13 PM PDT by dynachrome
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To: dynachrome

That is where it always starts, temporary.


2 posted on 10/07/2013 4:02:06 PM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults)
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To: dynachrome

This will happen here if things become dicey enough.


3 posted on 10/07/2013 4:03:50 PM PDT by 3Fingas (Sons and Daughters for Freedom and Rededicaton to the Principles of the U.S. Constitution)
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To: dynachrome

This will certainly put Putin in a new light.


4 posted on 10/07/2013 4:06:01 PM PDT by Oliviaforever
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To: dynachrome

We can thank Russia, Poland, and Cyprus for the warnings.


5 posted on 10/07/2013 4:06:10 PM PDT by Vince Ferrer
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To: 3Fingas

“This will happen here if things become dicey enough.”

Liberals don’t want private ordinary people to have money of their own. The Cloward Piven strategy was to bankrupt the middle class so they’d embrace socialism.

Having said that, all the government need do is click a mouse and it can “make” all the money it wants.


6 posted on 10/07/2013 4:06:21 PM PDT by Gen.Blather
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To: dynachrome

Yeh...temporarily...like our ss.


7 posted on 10/07/2013 4:14:46 PM PDT by Sacajaweau
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To: 3Fingas

Soon to happening to our 401Ks.


8 posted on 10/07/2013 4:15:06 PM PDT by glorgau
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To: Gen.Blather

“Liberals don’t want private ordinary people to have money of their own. The Cloward Piven strategy was to bankrupt the middle class so they’d embrace socialism.”

Well, then; this middle class American will then become a rebel, with all that is and means. Better to die on my feet than live on my knees.


9 posted on 10/07/2013 4:17:06 PM PDT by ought-six ( Multiculturalism is national suicide, and political correctness is the cyanide capsule.)
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To: 3Fingas

Obama Moving To Steal Your Pension Plan

Several years ago a radical professor met with some key members of Congress to tout her plan to have the federal government raid private pension plans, including all IRAs and 401(k)s, and fold them into the Social Security Trust Fund, or a new superfund comprised of Government Retirement Accounts (GRAs). The story, although covered, was under-reported by the mainstream media.

http://www.pakalertpress.com/2012/11/29/obama-moving-to-steal-your-pension-plan/


10 posted on 10/07/2013 4:24:21 PM PDT by ilovesarah2012
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To: 3Fingas

Obama Moving To Steal Your Pension Plan

Several years ago a radical professor met with some key members of Congress to tout her plan to have the federal government raid private pension plans, including all IRAs and 401(k)s, and fold them into the Social Security Trust Fund, or a new superfund comprised of Government Retirement Accounts (GRAs). The story, although covered, was under-reported by the mainstream media.

http://www.pakalertpress.com/2012/11/29/obama-moving-to-steal-your-pension-plan/


11 posted on 10/07/2013 4:24:21 PM PDT by ilovesarah2012
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To: ilovesarah2012

Sorry about the double post. I blame Obama.


12 posted on 10/07/2013 4:25:14 PM PDT by ilovesarah2012
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To: ilovesarah2012

Leave it to the American media focus on Putin’s confiscation of pension plans, but totally ignore Obama’s stance on confiscating pension plans.


13 posted on 10/07/2013 4:29:57 PM PDT by Oliviaforever
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To: ilovesarah2012

I have no doubt that there are contingency plans to do this.


14 posted on 10/07/2013 4:30:30 PM PDT by 3Fingas (Sons and Daughters for Freedom and Rededicaton to the Principles of the U.S. Constitution)
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To: ilovesarah2012

They have been floating this since 08’ Teresa Ghilarducci is her name. Google her, dang near every financial magazine with gravitas has covered this and her including “Investment News” in Oct of 08’....


15 posted on 10/07/2013 4:32:21 PM PDT by taildragger (The E-GOP won't know what hit them, The Party of Reagan is almost here, hang tight folks....)
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To: dynachrome
Obama and his henchmen have done the same thing (and they are doing it right now).

Treasury Taps Federal Retirement Coffers Again

Thrift Savings Plan used for debt ceiling relief

It won't take much for them to take from your IRA next.

I am totally serious.

16 posted on 10/07/2013 5:22:23 PM PDT by SkyPilot
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To: ought-six

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.


17 posted on 10/07/2013 5:46:48 PM PDT by warchild9
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To: dynachrome; Jonty30; 3Fingas; Oliviaforever; Vince Ferrer; Gen.Blather; Sacajaweau; glorgau; ...

This article (or actually a blog post) has a misleading title which is not supported by a following text and a text itself is misleading too.

Russia is hardly able to ‘confiscate’ any pensions because the vast majority of it held by budget itself or a state-owned banks. To make things clear, there is Federal Pension Fund managing all the pensions.

Russian pension system is too much complicated but in short since 2008 or something it is made out of two parts: “strakhovaya” =”insurance”, and “nakopitelnaya”=”saving”.

So-called “insurance” part is used FPF to pay pensions to a people who are already a pensioners and it was from commie times up to these days.

“Saving” part is a novel and it is about to offer you a kind of extras to a guaranteed minimum made out of “insurance” paid by a future generation.

It works as a kind of a bank account held by FPF, but you can opt and order FPF to transfer it into a private pension trust of your choice. A few people does because in order to encourage people keeping their money in FPF it adds up to a $500 monthly to double your said monthly investment if it is equal or lower than this sum.

Payments to FPF are mandatory there, a kind of taxes and for employees are set at a level of 16-22% for “insurance” and 6% for “saving” withheld by employer from your salary and sent to FPF.

I went through a bill this post speculating about and it has nothing to do with confiscating any savings but about to cut 6% “saving” payment for a year 2014 to 2% for people who hasn’t opted for an alternative fund to stay with a FPF and to direct the rest 4% of their payments into an “insurance” part.

I don’t know is it good or bad but it is not a confiscation and it actually encourages people to get divorced with the government system to some degree.


18 posted on 10/07/2013 6:11:27 PM PDT by cunning_fish
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To: cunning_fish

Thank you.


19 posted on 10/07/2013 6:13:47 PM PDT by ilovesarah2012
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To: Oliviaforever
This will certainly put Putin in a new light.

Only for those who were taken in by him.

20 posted on 10/07/2013 6:13:50 PM PDT by Bubba Ho-Tep ("More weight!"--Giles Corey)
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To: Oliviaforever
He is a a communist after all.

Just more patriotic and smarter than the one in DC.

21 posted on 10/07/2013 6:16:06 PM PDT by Rome2000 (THE WASHINGTONIANS AND UNIVERSAL SUFFRAGE ARE THE ENEMY -ROTATE THE CAPITAL AMONGST THE STATES)
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To: dynachrome
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.

22 posted on 10/07/2013 6:18:03 PM PDT by MaxMax (Pay Attention and you'll be pissed off too! FIRE BOEHNER, NOW!)
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To: Bubba Ho-Tep

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


23 posted on 10/07/2013 6:20:20 PM PDT by nascarnation (Frequently wrong but rarely in doubt....)
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To: warchild9
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.

some_text

24 posted on 10/07/2013 6:26:49 PM PDT by ClaytonP
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To: cunning_fish

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


25 posted on 10/07/2013 6:45:35 PM PDT by dynachrome (Vertrou in God en die Mauser)
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To: warchild9

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


26 posted on 10/09/2013 5:08:16 PM PDT by ought-six ( Multiculturalism is national suicide, and political correctness is the cyanide capsule.)
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