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Bank of Moscow and VTB Pension Fund simplify pension transfers by adopting digital signatures

Published 03.07.2015

From July 2015, Bank of Moscow clients can transfer the funded component of their pensions to the Non-state Pension Fund VTB Pension Fund (NPF VTB Pension Fund) at all bank branches using an encrypted digital signature. This saves clients time on collecting documents and means they no longer need to take their requests to the Pension Fund of Russia (PFR). The service is now available at all Bank of Moscow branches across Russia.

Clients can now show their passports and mandatory pension insurance cards at any Bank of Moscow branch and sign a mandatory pension insurance contract and an application to transfer funds to the VTB Pension Fund using an encrypted digital signature. The application will be sent directly to the Pension Fund of Russia.

“Together with our partner, Bank of Moscow, we have improved client service standards to facilitate the transfer of funded pension components to the NPF VTB Pension Fund. Russian citizens can save time and effort on transferring this component of their pensions to a reliable fund at any local Bank of Moscow office,” VTB Pension Fund General Director Larisa Gorchakovskaya said.

“Modern technology makes quality banking services easy and accessible. We have pioneered a joint project with our partner, VTB Pension Fund, to use encrypted digital signatures to transfer the funded part of a pension to a non-government pension fund. We have improved the standards of our banking services,” said Roman Tsivinyuk, Retail Products Department Director at Bank of Moscow.

Previously, clients had to go to a VTB Pension Fund branch that accepted digital signatures to transfer the funded part of their pensions.

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