Association of private pension funds in Russia (UNPF) proposed the Pension Fund of Russia (PFR) to transfer on the blockchain system of individual pension capital (PKI). In the direction to the Agency letter experts ANPP explained that due to the reliability and transparency of accounts with blockchain technology, in their opinion, it will be possible to avoid the risks of loss of funds when customers receive incomplete information when switching from one private Foundation to another. The innovation is expected to reduce operating expenses.

According to “Izvestia” with reference to the Central Bank of the Russian Federation, in 2017, owing to the early transition from PFR in NPF 2.85 million Russians lost 33.9 billion, and was replaced by one private Foundation to another of 1.96 million people.

We will remind that the bill on the PKI will be considered in the state Duma of the Russian Federation until the end of this year. Developed concept assumes that the funded pension will come 1 to 6% of the salary of the citizen, which will be considered his property with the right of succession. In late August of this year it became known that the PFR is going to introduce “smart” labor contracts signed with an electronic signature and tracking technology contracts of employment of Russians by using blockchain technology.