One millionth person signs VTB Non-State Pension Fund contract
Yekaterinburg's Pyotr Lukin signed the necessary documents to transfer the funded part of his pension to the fund at his local VTB24 branch.
In 2012, 457,000 Russians signed up for the fund, marking a 17 percent increase over 2011.
"The fund has seen rapid growth and this trend is likely to continue into 2013," VTB Pension Fund Executive Director Larisa Gorchakovskaya said. "It began after the funded component of labour pensions was reduced from six percent to two percent for those who are not clients of non-state pension funds nor have submitted an application to choose one of the investment portfolios offered. The fund's improved performance is also evidenced by the high level of customer service, a developed regional network of branches and partner funds meeting the same high service standards."
As of Dec. 31, the fund had invested a total of approximately $14.95 million and held assets amounting to approximately $1.2 billion.
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