Individual Pension Plans with SberNPF: users deposit 7.5 times more, number of new IPPs up 2.5 times
SberNPF has unveiled the results of 6M21 sales of individual pension plans (IPPs). They are impressive: the number of new plans saw a 2.5-fold increase y-o-y (32 thousand) and the volume of funds people deposited into the plans jumped 7.5 times (RUB 12 bn).
Last year, IPPs were made available through the SberBank Online mobile app, while this year Pension Storefront was rolled out, showing users the size of their insurance pension as of now and suggesting they think about their future savings.
This resulted in a dramatic increase in digital sales of IPPs: in 1H21, twice as many IPP agreements (11.5 thousand) were signed on the SberNPF website and SberBank Online, and three times as many funds were attracted (RUB 545 mn) y-o-y.
We are seeing that the Pension Storefront does incentivize Russians to build up savings on their own. Over six million people have requested to know the size of their future pension, and one out of four got interested in individual pension plans. So ever more Russians are treating the pension issue consciously these days by taking out IPPs via SberBank Online or the fund’s website and enabling automatic payments to make regular contributions.
CEO, NPF of Sberbank
Five upsides of a SberNPF IPP:
- affordability (regular contributions starting from RUB 1,000; first contribution starting at RUB 2,000)
- individual schedule of contributions (pay weekly, monthly, quarterly, annually, or any time)
- early access to savings if necessary
- tax rebate of up to RUB 15,600 per year
- easy management via SberBank Online.