Extension of the term of participation in the PDS for obtaining state support

In 2025, depositors of the Long-Term Savings Program closed accounts and took $ 33 billion, of which $ 30.7 billion in the second half of the year after being credited to co-financing accounts from the state. The first enrollment of state support occurred last year in late August - early September.

The volume of one-time payments on PDS in the first half of 2026 is -12.37 billion – -6.59 in the first quarter and -5.78 in the second. Reports on the accrual of state support were received by most participants of the program in early July.

The Ministry of Finance suggested that funds from the PDS were withdrawn and cashed out, closing the account, pensioners and pre-pensioners who were originally provided for such more flexible conditions. In the spring, a bill was introduced to the State Duma, according to which it is necessary to be a participant in the program for at least five years to receive state support funds. However, in the autumn, the Ministry of Finance admitted the possibility of revising the proposed five-year term. Then Deputy Finance Minister Ivan Chebeskov told reporters that the agency will return to this issue after the elections.

In early November, the Ministry of Finance reported that a bill has been prepared, providing for the automatic transfer of a funded pension to the long-term savings program from April 1, 2027. Now citizens, whose savings will be transferred by law, will be able to invest their funds, save for retirement or other long-term goals and receive state co-financing under the program. Whether the plans of the Ministry to establish a temporary limit on receiving state support funds for pensioners and pre-retirees in this category is still unknown.

RBC Investments sent a request to the Ministry of Finance, and also interviewed participants of the pension market and experts and found out what term they consider optimal at the moment.

The program of long-term savings is a voluntary savings product for citizens with the participation of the state, launched in Russia from January 1, 2024. The state co-finances personal contributions of citizens for ten years. The amount of state support depends on the average annual income of the program participant.

The basic term of the program is designed for 15 years, but for some citizens, the right to receive regular payments (including state support) comes when the age limits are reached: 55 years for women and 60 years for men.

Is it necessary to introduce a limit on the period of participation in the PDS to receive state support: the opinion of experts

The participants of the pension market agreed that the extension of the period of participation in the program to receive co-financing funds excludes the possibility of using the PDS as a short deposit with a bonus from the state. Moreover, the participant will be able to receive his contributions and investment income on them according to the general rules of the PDS, and the restriction concerns state co-financing and income for these funds.

The five-year term will be the optimal compromise that will ensure the minimum long-term nature of investments and the targeted nature of state co-financing aimed at supporting long-term savings and forming equally long-term investments, says Professor Alexander Tsyganov, Head of the Department of Insurance and Social Economics of the Financial University under the Government of the Russian Federation.

“This should prevent the opportunistic use of the program by some pensioners who entered into a contract in order to receive co-financing and almost immediately withdraw money, reaching 100% profitability in a short period of time,” he explained.

In addition, the five-year investment horizon opens up access to long-term instruments and allows you to build a balanced strategy, added Tamara Vaganova, Director General of NPF PSB. Unlike short-term investments, this provides a predictable financial result and has a positive effect on the final profitability of customers’ savings.

Vladislav Gusev, General Director of Renaissance Accumulation, noted that the five-year period can already be considered long-term, and it does not seem so large that people completely lose interest in long-term investments and stop participating in them.

The Khanty-Mansiysk NPF noted that it is of principle that the new condition applies only to contracts concluded after the amendments enter into force. “For existing participants, the conditions under which they joined the program should be preserved,” the press service of the foundation concluded.

Setting a deadline may slow the inflow of new investors to the PDS

The survey participants suggest that the time limit may be noticeable to the market, as it affects a significant part of the current audience of the program. In the long term, PDS is likely to become more interesting for middle-aged and young people.

Thus, according to the National Association of Non-State Pension Funds (NAPF), at the end of February 2026, 11 million people were already participants in the program, among them people of pre-retirement age (women aged 50-54 years and men 55-59 years) were 14%, and pensioners - 49%.

The changes discussed will lead to a cooling of demand from pensioners, who due to age are no longer so prone to long investments, and it will be impossible to quickly double and withdraw investments, Tsygankov suggested.

For young people and middle-aged Russians, virtually nothing will change in the financial conditions of the program, but awareness and understanding of the essence of the program will increase. In the case of a competent explanation of the program and increasing confidence in the financial system as a whole and the NPF in particular, the number of new participants in the PDS will not fall, but will grow.

The press service of Khanty-Mansiysk NPF reported that for those people who are initially going to save for a long time, a five-year period is unlikely to affect the decision to join the program, so a significant change in the influx of new participants is not expected. "A certain slowdown is possible only among those who expect to receive co-financing and issue a payment in the coming years - people of pre-retirement and retirement age," the ministry said.

The NPF PSB does not predict a decrease in the inflow of depositors. On the contrary, we expect a qualitative change in the audience: the focus will shift to citizens who consciously plan their long-term savings. The program was designed for this category: PDS is a reliable tool for the formation of capital with the support of the state for the long term, Vaganova concluded.