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Russia Plans to Cut Funded Component of Pensions, Vedomosti Says

Oct. 1 (Bloomberg) -- The Russian government plans to reduce the so-called funded component of pensions to 2 percent from 6 percent to avoid a budget deficit, Vedomosti reported, citing proposals by Dmitry Medvedev’s cabinet.

The move will curb investment of long-term pension money in the Russian economy, the Moscow newspaper said.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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