UrBC, Yekaterinburg, October 23, 2017. The Ural Bank for Reconstruction & Development (UBRD) now offers its customers private retirement plans, the bank’s press service reports.

According to the Federal State Statistics Service, the average state pension amounted to RUR 12,391 a month on average, which is several times below the average monthly pay. There are currently a number of investment options on the market that allow for a long-term profit. A personal retirement plan is one of them. The idea is to make monthly payments that will be both protected against inflation and bring you more money thanks to your fund’s clever investment activity that will result in profits. This plan’s efficiency is estimated at 8% to 10% profit yield a year on average.

Importantly, the state supports private retirement plans through tax reliefs: you can apply for a taxable income deduction (13% of the investment amount made every year).

Under the terms of the private retirement plan, the down payment starts from RUR 30,000, and all the later payments can be made at your convenience. Once you retire, the money will be paid in equal installments every month.

‘A private retirement plan is meant to help our customers still enjoy their usual lifestyle after they stop working; this is a convenient and flexible way of saving up for retirement. This is the first step you take to ensure a good old age,’ says UBRD Liabilities Director Olga Aksenova.