From October 1, 2025, Russian citizens will have the opportunity to enter into agreements with non-governmental pension funds via the Public Services Portal. This change is aimed at making the Long-term Savings Programme (LSP) more accessible to households. The State Duma has approved the necessary amendments to the law in both its second and third readings.
The amendments also introduce a cooling-off period that allows for early termination of an LSP agreement without forfeiting benefits. Under current regulations, if an LSP participant decides to withdraw from the program after making a contribution, they lose their right to government co-financing, which also affects any future agreements they might enter into. This principle applies if an individual has multiple LSP agreements and chooses to terminate at least one.
With the new rules, participants can terminate an LSP agreement where no co-financing was received while still retaining government support for other active LSP agreements. This provision is applicable if the termination occurs before April 1 of the year when co-financing funds are due.
The amendment will come into effect ten days after its official publication.
