SberNPF Launches Long-Term Savings Program with State Support and Pension Transfers
SberNPF has registered its framework for a long-term savings initiative with the Bank of Russia, becoming the first operator of the newly introduced Long-Term Savings Program (LSP). This development was confirmed by the Central Bank’s press service, which outlined the program’s regulatory steps and operational goals.
The program began its operational phase in Russia at the start of 2024. Its design aims to provide Russian citizens with opportunities to generate supplementary income in the future and to establish a robust personal financial safety net for private life contingencies. The LSP is presented as a vehicle for financial resilience, offering participants a structured path to accumulate capital over time.
A distinctive feature of the LSP is the government’s co-financing mechanism. Eligible participants can receive up to 36,000 rubles annually for three consecutive years after making the first installment. This state support is intended to boost initial contributions and sustain ongoing savings, helping savers reach their long-term goals more effectively.
There is also a provision allowing savers to transfer funds from the compulsory pension insurance system into the LSP. All invested funds, including any income generated from investments, are insured by the state up to 2.8 million rubles. The program is expected to include tax deductions for contributions, which would further enhance the overall attractiveness of participating in the LSP and encourage more uniform engagement with long-term saving strategies.
Funds accumulated under the LSP can be accessed later as part of a regular monthly payout schedule after the 15th year of the contract. Alternatively, distributions can be made when the saver reaches the ages of 55 for women and 60 for men, aligning with common retirement planning milestones and providing flexibility for individual retirement timing.
In the months surrounding the program’s debut, government support and social aid saw rises in February, signaling a broader policy emphasis on strengthening retirement security and encouraging longer-term personal savings. The LSP is positioned within this broader framework as a practical option for households seeking additional financial stability amid changing economic conditions.
Overall, the LSP represents a strategic blend of private savings with public backing. It is designed to offer predictable growth potential, state guarantees on principal and earnings, and tax-advantaged contributions, all while respecting the regulatory framework established by the Bank of Russia. As the program matures, it is expected to attract a wider segment of savers who are looking for disciplined, long-horizon saving solutions aligned with demographic retirement trends and pension system reforms.