Long-Term Savings Program (LSP)

The Long-Term Savings Program (LSP) began operating in January 2024. LSP is a savings product that will allow citizens to receive additional income in the future or create a “safety cushion” for any purpose.
Participation in the program is voluntary.
The long-term savings program can be used by citizens of any age from the moment they reach adulthood. In addition, a long-term savings agreement can be concluded in favor of your child or any other person, regardless of his age.
The operators of the program, which ensure the safety and profitability of savings and make payments to these savings, are non-state pension funds.
A person can form savings independently through contributions from personal funds, as well as through previously created pension savings. It is possible to transfer your funds from a pension account to an account under a long-term savings agreement by submitting an application to a non-state pension fund. A list of NPFs that have joined the program can be found on the website of the Association of Non-State Pension Funds (http://www.napf.ru/PDS).
The Program does not provide any requirements for the amount and frequency of contributions paid under the Program. The size of both the first and subsequent contributions is determined by the citizen independently.
In addition, the employer will also be able to make contributions to the long-term savings program. Funds deposited into the account will be insured for 2.8 million rubles.
The new mechanism provides for various incentive measures for program participants, including additional co-financing from the state up to 36 thousand rubles per year. In addition, system participants will be able to apply for an annual tax deduction of up to 52 thousand rubles when paying contributions up to 400 thousand rubles per year.
The funds generated will be invested in OFZs, infrastructure bonds, corporate bonds and other reliable securities. In this case, a citizen can enter into contracts with several operators.
Savings can be used as additional income after 15 years of participation in the program or upon reaching age 55 for women and 60 for men. Funds can be withdrawn at any time, but it is possible to withdraw money ahead of schedule without loss of income in the event of special life situations – for expensive treatment or for the education of children.
Citizens’ funds under the program are inherited in full minus the funds paid (except for the case if the program participant is assigned a lifetime periodic payment).

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