Savings under Russia’s long-term savings programme are not automatically included in estates, requiring careful legal claims after death, with strict deadlines for beneficiaries to act.
Savings held under Russia’s long-term savings programme are not folded into an estate automatically, meaning a notary will not treat them in the same way as an apartment or a standard bank deposit. According to Natalya Kamenskaya, director for government relations and legal support at SberNPF, the money must be claimed through the procedure set out in the contract or by the people entitled under the law rather than being divided up as part of the ordinary inheritance process.
The Bank of Russia says participation in the programme is voluntary and is arranged through a contract with a non-state pension fund, with savers also able to transfer pension savings into the scheme. The programme offers state co-financing, tax deductions and state insurance for contributions up to 2.8 million rubles, and the regulator says the accumulated funds can usually be accessed after 15 years or when the participant reaches the relevant age threshold.
In the event of a participant’s death, the right to claim the money can fall first to any designated beneficiaries named in the contract or in a separate declaration. If there are no such named beneficiaries, first-order legal heirs , children, a spouse and parents , may apply, followed by second-order heirs such as siblings, grandparents and grandchildren, according to the rules set out by the National Non-State Pension Fund and the relevant pension legislation. Named beneficiaries take priority over family heirs.
Kamenskaya warned that the crucial issue is timing. An application for payment must be lodged within six months of the date of death; if that deadline is missed, the applicant has to seek a court order to restore it. The pension fund is not required to search for heirs itself, so anyone who believes they are entitled to the money must come forward and submit the necessary papers.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
