Relevant initiatives will be quite soon brought down to interested offices for evaluation.
Pension accumulations will grow far quicker than the domestic securities market within the few years to come. That is why Russia may encounter a shortage of instruments to invest pension money, warned the minister.
He expects the issue to become especially acute in 2008-so the decisions he mentioned ought to come up before that year.
The new instruments may prove far more lucrative than government securities, Kudrin added.
The government-held Vnesheconombank, or VEB, presently has the management of 97 per cent of all pension accumulations, and can invest them nowhere but in ruble government securities, Eurobonds and government-guaranteed mortgage securities-which reflects conservatism of the VEB block.
Today's Cabinet session approved guidelines for crediting strategies within the next three years. The document mentions a Finance Ministry proposal to extend the list of assets for investment in pension accumulations not only by the Russian stock but the overseas as well.
