Investing in your future is the basis of motivation for an investor. Especially it concerns long term strategies associated with pension capital. The topic of non-state pension funds I've been on the blog more than once. But since I published an article about, a lot has changed in the market. The rules of the game in this sector are revised so frequently that the assessment of the future investment result requires constant updating. In today's review, based on new data, we will analyze the following questions:
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The state system of pension insurance is a problem that has not arisen today. The working-age population is declining, and the number of elderly dependents is growing. In Russia, the situation is exacerbated by distrust of state system pension provision. I admit a situation in which pension fund revenues may not be enough to pay out. A typical case: in 2017, the government chose to save about 150 billion rubles by replacing the indexation of pensions with a one-time payment of five thousand rubles. VEB's economic forecast already includes an increase in the retirement age from 2020. Judging by the deplorable state of the pension budget, this forecast is likely to come true. This decision is prompted by demographic situation with an aging population. Before analyzing the problem, let's remember what NPF is.
The non-state pension fund is entity with status non-profit organization, which is engaged in the accumulation and management of pension assets. The NPF manages the funds of depositors within the framework established by law. For money management, the NPF receives a reward in the amount of 8-15% of investment income. More than 90% of all pension savings, excluding the PFR, are accounted for by the top 15 largest NPFs.
Let me remind you that since 2002 the future pension has been divided into 2 parts: insurance and. Of the 22% of the employer's deductions from the payroll (wage fund):
By default, the funded part is sent to the Pension Fund of the Russian Federation, where it is managed by VEB Management Company (Vnesheconombank). A citizen is given the right to choose a Criminal Code within the same PFR or transfer the funded part to a non-state fund.
Until the end of 2015, each insured had to make a choice:
In 2014, a moratorium on the funded part was introduced, which will remain in effect until at least 2020. Because of this, NPFs lost a significant part of their income. According to the reporting (DIA), 34 NPFs left the market and owed 96 billion rubles to creditors and future pensioners. 30 are in the process of liquidation, of which 5 have signs of deliberate. That is, in addition to the policy of the state, the efficiency of the pension system was affected by the dishonesty of the management of some funds. At the time of writing, there are 66 operating funds with a license left on the market. This is two times less than in 2012.
Most of you have already decided on the choice of savings method. It remains for me to give a few recommendations in relation to the current state of the pension system. But first, let's compare PFR and NPF according to two main criteria:
At the end of 2016, which is considered super-profitable for the Russian stock market, the profitability of NPFs averaged about 11%. VEB's average yield on its government securities portfolio and on its extended investment portfolio was 10.53% in the same year. In H1 2017, VEB's yield dropped to 8.8% per annum. 20 out of 66 NPFs show an investment result below VEB, but on average in the industry they continue to outpace it. The gap between PFR and NPF returns is narrowing and there is no global difference in this indicator now. Due to the low in 2017-2018, both the private and state pension fund will most likely be able to get ahead of it.
From the point of view of state guarantees, the PFR looks like a less risky investment. On the other hand, since 2015 NPFs have the opportunity to join the system of guaranteeing the rights of insured persons, similar to the DIA. 38 NPFs are members of the Deposit Insurance Agency. But, in the event of bankruptcy, a private pension fund may lose its accreditation. The accumulated funds will be reimbursed through insurance payments and transferred to the FIU. At the same time, one cannot ignore the factors that undermine citizens' trust in the state:
In the case when the funded part is added to the insurance part as a result of a freeze, we are not talking about investing in principle. Savings are indexed in accordance with the inflation rate only virtually. Outwardly, this looks better than the possible losses of NPFs, especially during periods of economic recession. Opponents funded system(for example, Deputy Prime Minister Olga Golodets) talk about the risks of bankruptcy of NPFs. However, in the conditions when the government changes the principles of formation of pension savings almost every year, the risks of remaining "silent" are hardly less. What is particularly worrying is that today no one can say how much the points accumulated in the account will be worth at the time of retirement.
Another argument in favor of the NPF is the promised implementation of the idea (IPK) in 2019. Let me remind you that it provides for the transition from compulsory pension insurance (OPS) to voluntary system. Now the reform on the creation of the IPK, about which I wrote six months ago, has been postponed indefinitely. But it is likely that the growing deficit of the pension fund will force to return to this idea.
The main reason for the departure of the former "silent" in non-state pension funds - a total lack of confidence in the state pension system. Of course, the activity of agents that attract customers also plays a role. But neither persuasion nor deceit can achieve such results. In general, people do not trust private structures. But even less is relied upon by the state. What are only the freezing of the funded pension and the transfer to a point system of accounting for money in personal accounts. The rules of the game change almost every year, which creates grounds for justified fears. It is not necessary to count on the fact that the state will finally carry out the pension reform “as it should” and that you will receive decent payments by the time you enter your well-deserved rest. Salvation for most of us in one thing: wisely and effectively invest part of your current income. The sooner you start doing this, the better.
According to statistics, almost 65% preferred the PFR, that is, they ignored the ongoing changes. However, the situation takes a different turn, and only in 2017, 2.9 million Russians (“silent people”) transferred their savings from the state FIU to the NPF. The total amount of savings in NPFs reached 2.7 trillion rubles. Only 76.7 thousand returned in the opposite direction. The numbers seem huge, but a year earlier, 2 times more applications were submitted. The bulk of the clients were attracted by pension funds owned by state-owned banks. The leader among them by a significant margin is NPF Sberbank(52% of applications). Their private competitors, on the contrary, suffer losses. What is happening fits into the general process of market redistribution in favor of state-owned banks.
Obviously, consolidation and nationalization of the industry of pension funds will continue. This process repeats what happens in the banking system. For example, it became known that in 2018 NPF Lukoil-Garant, NPF RGS, NPF Electric Power Industry will be merged under the brand of state-owned Otkritie in 2018. The combined assets of the fund will amount to 570 billion rubles. Looking for a buyer and the largest NPF "Future".
You can find and compare data on the website of the fund itself or on a website that relies on statistics Federal Service on financial risks. Resources where you can check the ratings for reliability, profitability, the number of insured persons: http://npf.investfunds.ru/ratings/, https://raexpert.ru/ratings/npf/, http://www.pensiamarket. ru/, . On the last of these sites, it is convenient to get information about your future pension using the SNILS number.
To transfer from the PFR to the NPF, you need to conclude a trust management agreement with the NPF and submit an application to the territorial body of the PFR for the transfer to the NPF of your choice. To return to the FIU, you need to do the same, just fill out another application form and wait for the FIU to consider it. The transition to the FIU takes much longer.
Conclusion
My advice to investors: do not rely solely on the mercy of the state and the good faith of the owners of pension funds. You have many investment instruments to worry about in advance about a decent quality of life after the end of your working career. It is wrong to think that retirement is not soon and that there is still a lot of time to make a decision.
And in which fund is your funded part of the pension? How do you assess the prospects for pension reform in Russia?
All profit!
Effective from 01.07.2012 the federal law from 30.11.2011No. 360-FZ "On the procedure for financing payments from pension savings" and the Federal Law of November 30, 2011No. 359-FZ "On Amendments to Certain Legislative Acts Russian Federation in connection with the adoption of the Federal Law "On the procedure for financing payments from pension savings", which amended the Federal Law of December 17, 2001 No. 173-FZ "On labor pensions in the Russian Federation" in terms of establishing the funded part of the old-age labor pension .Pension savings are recorded in a special part of the individual personal account of the insured person and are formed from the following sources:
a) insurance contributions received to finance the funded part of the old-age labor pension, and income from their investment;
b) additional insurance premiums for the funded part of the labor pension and income from their investment;
in) employer's contributions paid in favor of the insured person and income from their investment;
G) contributions for co-financing the formation of pension savings and income from their investment;
e) funds (part of the funds) of maternity (family) capital, aimed at the formation of the funded part of the labor pension, and income from their investment.
Types of payments made at the expense of pension savings to insured persons:
▬ one-time payment of pension funds
▬ urgent pension payment;
▬ funded part of laborold age pensions.
The Pension Fund of the Russian Federation makes payments at the expense of pension savings to insured persons who, on the day of applying for the appointment of these payments, form pension savings in the Pension Fund of the Russian Federation.
The amount of payments is determined based on the amount of pension savings accounted for in the special part of the ILSPL on the day from which the corresponding type of payment is assigned.
Payment options for pension savings:
First option . A citizen whose funded part is 5 percent or less in relation to the size of his labor old-age pension will be able to receive all his pension savingsat the same time. This category primarily includes men born in 1953-1966 and women born in 1957-1966, for whom from 2002 to 2004 paid insurance premiums on the funded part of the labor pension (later these contributions were no longer taken from Russians older than 1967). The average amount of their pension savings is just over 5,000 rubles. And this amount can be received immediately.
Citizens who receive a social pension or a labor pension for disability or for the loss of a breadwinner, who have not acquired the right to an old-age labor pension due to the lack of the necessary insurance period (at least five years), but have reached the generally established retirement age, can also count on a lump sum payment (men - 60 years and women - 55 years).
Second option. Retirement savings can be received in the form of an urgent pension payment. An urgent pension payment may include only payments from the funds of additional contributions to the funded part of the labor pension under the state pension co-financing program (contributions from both a citizen and the state), and funds maternity capital if the mother, the owner of the certificate for maternity capital, sent his funds to form her pension. The duration of such a pension payment is determined by the citizen himself, but it cannot be less than 10 years. That is, the entire amount accumulated by the pensioner is divided for payments for the period determined by the pensioner (but not less than 120 months). An important feature of an urgent pension payment is that if a citizen dies even after the appointment of such a payment to him, his heirs are entitled to receive the unpaid balance of the funded part of the pension. At the same time, the balance of maternity capital funds on the funded part of the pension, as well as income from their investment, will be paid only to the successors under the certificate for maternity capital - the father of the child or the child himself. Recall that earlier the heirs could receive the pension savings of the insured person only if he died before the appointment of his labor pension.
Third option. Pension savings will be received in the most familiar form - in the form of a funded part of the old-age labor pension. In 2012, it will be calculated based on an expected payout period of 18 years. That is, in order to calculate the monthly amount of payment of the funded part of the pension in 2012, it is necessary total amount pension savings of a particular pensioner (taking into account the income from their investment) divided by 216 months.
Under certain conditions, options for paying pension savings can be combined. For example, a citizen’s pension savings were formed at the expense of employer contributions under compulsory pension insurance, but at the same time the citizen was a participant in the state pension co-financing program and / or sent maternity capital funds to the funded part of the pension. In this case, the citizen has two options. The first is to receive the entire amount of pension savings in the form of a funded part of an old-age labor pension. The second - the part formed at the expense of the employer's contributions, the citizen will receive indefinitely in the form of a funded part of the old-age labor pension, and contributions from participation in the co-financing program and maternity capital, if desired, in the form of an urgent pension payment, having independently determined its term, at least 10 years.
Prepared by:
GU - Main Directorate of the PFR No. 7
in Moscow and the Moscow region
The funded part of the pension, which is credited to the personal account of each insured person, is considered the property of the Russian Federation and is stored in a non-cash form.By general rule Pension savings funds are not subject to withdrawal to the budget, cannot be the subject of pledge or other security of obligations.
The insured person himself has no right to receive the funded part of the pension in any way, except in the form of monthly pension payments or a small lump sum when applying for a pension.
However, the insured person has the right to choose where his funds from the funded part of the pension will be placed in order to “work” more efficiently through investment.
After all, pension funds invested in industry or in the financial sector can multiply over time, while pension funds that simply lie in a pension account are subject to inflation. The main income from investing the funded part of the pension is added to the investment amount and thereby increases the amount of pension funds in the insured person's personal pension account.
For reference. Based on data on profitability among private management companies based on the results of investing pension savings of citizens for the third half of 2010, such management companies as Monomakh (31.6% per annum), Centralnaya Management Company"(28.64% per annum), "Ermak" (25.78% per annum), "Financial broker "August" (25.01% per annum), etc. (npf.invcstfiinds.ru/ratings/l/).
Since 2003, the state management company has been the Bank for Development and Foreign Economic Affairs (Vnesheconombank). For maximum protection of investments in pension savings of citizens, the state limited the set of economic and financial instruments, in which Vnesheconombank can invest, so the profitability of managing pension funds is inferior to the inflation rate.
A private management company has much more opportunities for investing pension savings. For example, unlike Vnesheconombank, private management companies can invest pension money in state, sub-federal and corporate bonds, as well as in shares of Russian enterprises.
At the state level, in addition to the PFR, a number of state bodies are involved in the field of investment of pension savings:
The Pension Fund transfers the funds of pension savings to the State Management Company for investment if:
Since July 2009, the state management company has received the right to form two investment portfolios:
firstly, investment portfolio consisting of government securities of the Russian Federation, as well as bonds Russian issuers,
and secondly,"expanded" investment portfolio.
"Extended" investment portfolio formed from government securities of the Russian Federation and securities of constituent entities of the Russian Federation, bonds of Russian issuers guaranteed by Russia, mortgage-backed securities, deposits in rubles and foreign currency, international securities financial institutions.
Default(if the insured did not submit an application for choosing the first "conservative investment portfolio" before September 30, 2009) pension savings were transferred to the "extended" investment portfolio (www.pfrf.ru).
Non-state management companies(private management companies) are organizations that are professionally engaged in trust management of assets formed at the expense of pension savings in the interests of the founders of trust management.
Lead such investment activity only non-state management companies that have a license and are selected on the basis of a tender by the Ministry of Finance of the Russian Federation are eligible. According to the rules of organizing and holding the competition, these companies are subject to a number of requirements that cannot be met by “one-day” companies.
There are not so many such private management companies with which the PFR has concluded agreements on trust management of pension savings - a little more than fifty.
The guarantee of the reliability of management companies is the insurance of their liability to the FIU and regular reporting on their activities.
The financial statements of management companies are subject to mandatory annual audit. Doing accounting, accounting of pension savings and reporting of the Pension Fund of the Russian Federation are annually checked Accounts Chamber RF.
The management company receives remuneration as a percentage of the received investment income, therefore, it is directly interested in increasing the return on investment received from its own activities.
Investment portfolio is a set of securities in which the management company invests. The structure of the investment portfolio of private management companies must meet certain requirements that ensure the minimization of risks and possible losses in case of depreciation of one type of securities at the expense of other types of securities.
For reference. For example, BCS Management Company offers two investment portfolios - "Profitable" and "Balanced" (www.bcs.ru).
The right to apply for the choice of an investment portfolio or a management company is for insured persons for whom insurance premiums are transferred to the FIU by the employer or who independently transfer such premiums for themselves, regardless of their age. Until October 1, 2008, there was an age limit for filing such an application: for women - up to the age of 50, and for men - up to the age of 55, which has now been cancelled.
It is better to make a reasonable choice in favor of a private or state management company after evaluating the amounts of savings that are determined for the previous year.
You can learn about the effectiveness of the management company from the media.
The insured person can get information about the amount on his personal account free of charge once a year at the Pension Fund office at the place of residence or work, as well as from the notice that is sent annually by the Pension Fund of the Russian Federation at the place of residence (registration) of each Russian.
Only non-working pensioners and citizens of the Russian Federation living abroad do not receive such a notice.
Over the past years, the Pension Fund of the Russian Federation has created a database of personal data on more than 100 million participants in the mandatory pension insurance system, of which in 2010 more than 80 million were sent such notifications.
The notice on the state of the special part of the individual personal account, drawn up as of a certain date, shall contain the following information:
For reference. The form of this notice was approved by the Order of the Ministry of Finance of Russia dated October 18, 2010 No. 127n “Approval of the form of a notice on the state of the special part of the individual personal account of the insured person and on the introduction of changes and invalidation of orders of the Ministry of Finance of the Russian Federation”.
Notices are sent by September 1 of each year. The reason for non-receipt of such information is most often non-residence at the registration address. If the notification letter was not received, then for clarification of the reasons, you should contact the PFR department at the place of residence. A citizen who decides to apply for the choice of an investment portfolio (management company) for the next year must send it to the FIU before December 31 of the current year.
The application is submitted to the territorial body of the Pension Fund of the Russian Federation at the place of residence.
There are several ways to apply at the applicant's choice:
When submitting an application, you must have a passport and an insurance certificate of compulsory pension insurance with you. At the place of receipt of the application, they must provide the necessary advice, a clean application form, instructions for filling it out, familiarize them with the list of management companies, as well as with the performance indicators of management companies for investing pension savings.
Finally, you can submit your application by mail. But you must first certify your signature on the application, otherwise the response will be a refusal to satisfy the application. As a general rule, to certify a signature, you need to contact a notary (Article 185 of the Civil Code of the Russian Federation). When sending an application by mail, the date of its submission will be the date on the stamp of the sender's post office.
The insured person can make his final choice once a year. When an insured person submits several applications within one year, an application with a later date of receipt by the territorial body of the PFR is accepted.
The response of the FIU does not need to wait immediately after the application is submitted. The application of the insured person on the choice of the investment portfolio (management company) is considered by the PFR until March 1 of the year following the year the insured person submitted the application, and until March 31, the Fund sends a response to the submitted application.
The best answer for the insured is, of course, yes. Then, on the basis of the received application, the Pension Fund of the Russian Federation ensures the transfer of pension savings reflected in the special part of the individual personal account of the insured person to the management company.
However, it is also possible to refuse to satisfy an application for choosing an investment portfolio (management company) in the following cases:
The application is left without consideration if it is submitted by a person who does not have the right to choose an investment portfolio (management company), i.e. not insured in the compulsory pension insurance system.
The decision to refuse to satisfy the application for the choice of an investment portfolio (management company) or to leave the said application without consideration must be motivated. As a rule, the response to the applicants is sent to the FIU by registered mail with notification.
In accordance with the current legislation of Russia, every adult working citizen monthly transfers a part personal income to your own retirement account. Technically, this responsibility rests with the employing company. In this regard, the majority of Russians do not know or do not think about the opportunities that are legally open to them. Let's figure out how to properly invest pension savings.
Pension savings are a set of funds that include the amount of all insurance premiums that are used to finance the funded part of the labor pension.
Over time, the money on the specified account of a person will become more. As a result, they will become the basis of a citizen's pension payments in the future, after he reaches the age limit or work experience established by law.
In accordance with the legislation of the Russian Federation, data cash are state property. At the same time, they do not participate in the formation of the federal or relevant regional budget.
By law, there are several different sources from which money can go into a person's retirement account. It can be replenished with:
Pension savings of a citizen are subject to mandatory accounting on a special personal account containing the entire set of receipts from the above sources.
In the recent past, the State Duma of Russia adopted a federal law, according to which any citizen is vested with the right to invest pension savings at his own discretion.
At the same time, it should be borne in mind that until a person has received his application on how to dispose of these funds, they are under the jurisdiction of Vnesheconombank. Since 2003, this company has been a state management company (GUK), which has been carrying out trust management of citizens' pension savings money.
So, today anyone can trust their own pension savings:
The final results of the ongoing investments will largely depend on the correctness of the choice made. Management companies are specialized enterprises or organizations that have special rights that allow them to carry out an exclusive type of activity and manage the pension savings of citizens.
All management companies must obtain special licenses that allow them to engage in such investment activities.
AT general view The situation regarding the choice of an organization to manage one's own pension savings can be presented in the following way: the state management company is more reliable, while private companies offer higher profitability.
At the same time, it should be taken into account that if a person has chosen the option with a private company, then the state will not be responsible for the results of its activities. Thus, the risks in this situation are borne by the citizen himself.
The main disadvantage of the GAM is the extremely low profitability of investing pension savings. It can often fall below the actual rate of inflation.
If you, after analyzing all the existing risks, decide to stay with a non-state management company, then you need to take the following steps.
There is currently a large number of non-state pension funds (NPFs), which will gladly take over the management of pension savings. An exhaustive list of NPFs is located in one of the sections of the official website of the Central Bank of the Russian Federation.
To confirm his own choice, a citizen also needs to write and submit applications in accordance with the established model.
Unfortunately, there is currently no ready solution, which would simultaneously provide citizens with the security of their pension savings and high profitability from their investment.
Investing the funded part of the future pension is an important link in the system of compulsory pension insurance. Investing savings in the stock market makes it possible to increase pension capital and improve the well-being of pensioners upon retirement. At the same time, the advantages and potential benefits of investing accumulated funds from a societal point of view should be noted. Management companies have at their disposal the most long-term resources that provide benefits over long horizons. This forms a solid financial basis national economy, sets the impetus for long-term balanced growth through the financing of modernization and infrastructure projects with the help of pension savings, as is the case in developed countries. Therefore, support of investment potential on the basis of pension resources is a priority of the state financial policy.
So far, the Russian pension system is inferior in scale developed countries. According to expert estimates, the pension market is considered mature if the volume of pension assets exceeds 20% of GDP. The assets of the largest pension systems (USA, UK) exceed the volume gross product. In Russia, they account for only 3.7% of GDP, but the dynamics of savings is active. For 2008–2012 they increased by more than 5.5 times, amounting to 2.341 trillion rubles at the beginning of 2013. against 0.39 trillion rubles. in 2008
Let us consider in more detail the mechanism for managing pension savings. Citizens who are covered by compulsory pension insurance independently choose who to entrust the management of the funded part of their future pension. The subjects of management are shown in fig. 6.6.
Rice. 6.6.
When choosing an insurer, there are two options. According to the first option, payments at the request of a pensioner are made through the Pension Fund of the Russian Federation from its payout reserve.
In this case, you can independently choose one of the management companies. This can be either a state management company (GUK) - Vnesheconombank, or a private management company (MC) that has entered into an agreement with the FIU and selected based on the results of a competition held by the Ministry of Finance. Since 2014, 34 management companies have been operating. They are required to have at least 1 billion rubles in management. assets, at the time of application, work with non-state pension funds for at least 5 years; the company's equity capital must be at least RUB 100 million. The criteria for the selection of companies and the effectiveness of their work are the benchmark return (benchmark) with the possibility of deviation from it by no more than 20%, portfolio risk and financial stability the company itself (own funds, total funds under management).
The main amount of savings in the first option is sent to the state management company (GUK - Vnesheconombank). It manages 70% of all savings.
The second option for a citizen's behavior is as follows: upon application to the FIU, you can transfer savings to a non-state pension fund, which will assign and pay pensions. In this case, an agreement on compulsory pension insurance is concluded with the NPF. Under NPF management, having the right to work with pension savings, is about 30% of all savings. NPFs work through the same private management companies that serve the PFR.
An analysis of the dynamics of the structure of pension savings management entities shows the dominance of the state-owned company - VEB. However, its share for the period 2008–2012 is gradually decreasing and now stands at 70%, while the importance of NPFs and private companies has doubled over this time (Chart 6.7). I
Rice. 6.7
The service of expressing will on the choice of an insurer includes a written application to the territorial body of the PFR, any transfer agent of the PFR in in electronic format through a single portal of state and municipal services. In the absence of an expression of will, the funds of the "silent people" are sent to the GUK "Vnesheconombank". On fig. 6.8 interaction of participants of system of accumulative insurance is shown.
Rice. 6.8.
In 2013, a decision was made to eliminate the funded part of the labor pension for persons born younger than 1967 who did not declare their desire to have it. If the "silent people" want to keep from 2014 and in the future accumulative tariff at a rate of 6%, they should in 2013-2014. submit an application for the choice of a management company (including Vnesheconombank) or an NPF. If the application is not submitted by the "silent person", then insurance premiums will not be sent to finance the funded part. For citizens who have previously chosen any management companies, including GUK and NPF, the insurance funded tariff of 6% is retained.
For citizens who have previously chosen any management companies, including GUK and NPF, the insurance funded tariff of 6% is retained.
Thus, a citizen, regardless of which insurer forms his pension savings, has the opportunity since 2015 to form them through the state management company Vnesheconombank, a private management company or a non-state pension fund at a rate of 6%.
In the future, the funded part will be restructured and become an independent funded pension. The scheme for the formation of the entire pension is shown in fig. 6.4.
A citizen can change the choice of a management company at will. In 2012–2013 more than 10 million people moved to the NPF. The reason for the activation of the transition to NPFs is a higher return on investment of accumulated funds, as well as the expansion of the agency network of NPFs. As a result, the number of NPF clients reached 25 million people. It is also possible to switch to servicing from one NPF to another, but only once every 5 years. In 2012, 1.34 million clients changed from one NPF to another.
To date, pension savings amount to 2.341 trillion rubles. The mechanism for paying out accumulated funds is specified in Federal Law No. 360-FZ of November 30, 2011 "On the procedure for financing payments from pension savings", which entered into force in July 2012. In 2011, a special payment reserve of the Pension Fund of Russia. It is formed from the pension savings of insured persons who are assigned the funded part of the old-age labor pension. The payment reserve was transferred to the trust management of the State Management Company - Vnesheconombank.
Mass payments of accumulated pensions will begin in 2022–2023. The federal law provides for the right to choose the following types of payments: lump-sum, perpetual, urgent, pension payment, for example, within 10 years at the choice of a citizen. Upon the death of the insured, the pension is paid to his successors.
The first payments of the funded part of pensions began in 2012, when the first participants in the funded system retired. The beneficiaries of the payments are men who were born after 1953 and women who were born after 1957 on early retirement, for whom, from 2002 to 2004, employers paid insurance premiums at the rate of 2% of the monthly wages. In 2012, 1.6 million citizens received payments - an average of 7.4 thousand rubles.
For persons whose seniority is less than 5 years, as well as retiring men 1953–1966. births and women 1957–1966 birth, since 2004 insurance premiums have not been transferred. On average, only about 8 thousand rubles were formed on their accounts, or 35-40 rubles. monthly surcharges. In 2012, there were 4 million such citizens. They receive savings at the same time.
How are savings multiplied? Management entities develop an investment strategy that takes into account the degree of risk, profitability, and reliability of investing pension savings. In accordance with this, individual investment declarations are drawn up. At the same time, given the high degree of social significance of trusted funds, the state makes recommendations on the structure of the investment portfolio, which includes a set of desirable assets for investment. As a rule, when investing pension savings, the principle of conservatism is implemented.
Consider the main areas of investment of pension funds and profitability on them. The basic investment rules are established by federal laws "On investing funds to finance the funded part of labor pensions in the Russian Federation" dated July 24, 2002 No. 111-FZ (as amended on July 23, 2013).
For the period until the transfer of savings to the management of the GUK VEB and NPF (usually 6-9 months), the Pension Fund of Russia places funds in conservative assets - in government securities of the Russian Federation (federal loan bonds) and on bank deposits in reliable banks. To place funds in banks, bilateral agreements are concluded and auctions are held on the Moscow Exchange. Banks that receive funds on deposits must have a high investment rating (not lower than BB on the Standard & Poor's scale), a capital of at least 5 billion rubles, comply with all requirements and regulations of the Bank of Russia. Banks that meet these requirements and cooperate with PFR, now 20. These are the flagships of the domestic banking system– Sberbank, Alfa-bank, VTB, Promsvyazbank, etc.
How is the capitalization of pension savings carried out in the largest management company - GUK "Vnesheconombank"? The main principles of investing pension savings are the observance of the exclusive interests of the insured persons; reasonableness, conscientiousness and confidentiality; ensuring reliability, liquidity, profitability and diversification of investments.
Following these principles, VEB forms four types of investment portfolios. AT investment portfolio of government securities according to the investment declaration, government securities of the Russian Federation (including those in foreign currency), funds in rubles and foreign currency on bank accounts, bonds of Russian issuers guaranteed by the state are included. Securities can be included in the portfolio only if they are traded on organized auctions, as well as during their initial placement.
At the same time, the government sets maximum quotas for the types of possible investments of pension funds. The maximum share of government securities in foreign currency in the total portfolio and bank accounts is set at 80%, government-guaranteed bonds - 15%. The maximum share of government securities in rubles is not established. With a closed subscription, VEB can buy them in the amount of 100% of the issue. The share of the portfolio of government securities is small - only 0.5%.
Extended investment portfolio according to the investment declaration, it includes, in addition to positions from the base portfolio, also mortgage-backed securities, deposits in rubles and foreign currency in banks, securities of international financial organizations, bonds of Russian issuers in rubles and foreign currency. The share of this portfolio absolutely prevails and makes up 99.5% of the entire VEB portfolio.
Mortgage-backed securities and bonds of Russian issuers must have a long-term credit rating from at least one of the international rating agencies "Fitch Rating" ( Fitch Ratings ), Standard & Poor's ( Standard & Poor's ) at the level of "BB +" and "Moody's Investor Service" ( Moody's Investors Service) at the "Bal" level. Allowed and rating from accredited national agency(National rating agency, "Rus-Rating" agency, "Expert RA" agency, "Analysis, Consulting and Marketing" agency),
The value of government securities of the Russian Federation in rubles and foreign currency and government-guaranteed bonds should not exceed 50% of the portfolio. The maximum share of government securities in foreign currency in the expanded portfolio is 80%, government securities of constituent entities of the Russian Federation - 10%, state-guaranteed bonds - 40%, mortgage-backed securities and securities of international financial organizations - 20%. The maximum share on government securities in rubles, government-guaranteed bonds, and bonds of business entities with the above rating is not set.
Of great importance is the reliability of the portfolio provided by diversification. It is impossible to have in the portfolio more than 10% of bonds of one issuer, if these are subjects of the Russian Federation and economic companies with an investment rating. If the bonds are guaranteed by the state or the issuer has a rating not lower than the sovereign rating of the Russian Federation, there is no such restriction.
It is not allowed to own bonds of constituent entities of the Russian Federation, business entities with an investment rating and bonds of international financial organizations in the amount of more than 40% of their issue (the previous norm was 20%). There is no such restriction for government-guaranteed bonds.
The presence of bonds of one issue in the portfolio is also limited: they should not exceed 60% of the bonds of this issue in circulation (previously, the norm was 30%). State-guaranteed bonds and bonds of issuers with a rating not lower than the sovereign rating of the Russian Federation are not subject to the restriction.
In order to reduce risks, the share of issuers and banks affiliated with GUK VEB is also limited: no more than 10% of the portfolio can be held in securities, and 20% of the portfolio can be placed on deposits.
VEB also has relatively small investment portfolios of the payout reserve and term pension payments. Investment declarations for them are similar to the investment portfolio declaration.
The federal law "On investing funds to finance the funded part of labor pensions in the Russian Federation" (Article 26, π. 1, subparagraph 4). The conservatism of investment declarations is explained by the high riskiness of investing in shares, which contradicts the fundamental principle of investing pension savings - their safety.
Based on the requirements and limitations of the declaration, VEB invests in government securities (25% of the portfolio), corporate bonds (20% of the portfolio) and bank deposits (15% of all funds). Particular attention is paid to investments in bonds of infrastructure companies and enterprises of the military-industrial complex (RZD, Transneft, FGC UES, AHML, Oboronprom and Rosnano). VEB can purchase them without declaration restrictions, which allows these companies to actively develop their business, which is socially significant for the country's economy.
Private management companies (UK), those who have entered into an agreement with the Pension Fund of the Russian Federation have an investment declaration that is somewhat different from the declaration of the GUK VEB. In general, their portfolio is more liberal and risky. This is due to the commercial status of private MCs, their operation in a competitive environment, and the voluntary nature of their relationship with clients, which implies a willingness to take on more risk. The younger a person is, the less conservative their portfolio of retirement savings can be. Therefore, the MC portfolio includes, in addition to traditional assets, investments in risky assets - shares. The state establishes, as for the SMC, the maximum quotas for investing in different types assets. Private management companies have the right to invest in shares up to 65% of pension savings, up to 70% of pension reserves and up to 10% of funds under mortgage program "military mortgage". The recommendations of the Ministry of Finance to management companies contain guidelines for a conservative and moderately conservative portfolio. The difference is that a moderately conservative portfolio involves investing up to 40% of funds in shares, and a conservative one only 20%.
The actual structure is more conservative compared to the recommendations of the Ministry of Finance: no more than 10% of all funds are invested in shares (for comparison: in 34 OECD countries in 2011 the volume of investments in shares was 24%). Low investment in stocks Russian funds due to the instability of the stock market. Government securities and bank deposits dominate the portfolio. Thus, the share of deposits reaches 40%, corporate bonds - 34%.
The structure of the investment portfolio of management companies non-state pension funds is formed similarly to the structure of the GUK VEB portfolio. The same maximum quotas of the Government of the Russian Federation apply to them. At the same time, NPFs are allowed to purchase shares of companies included in the list of stock quotes. top level A1, shares of closed shares investment funds. According to the new rules, management companies and NPFs can invest in shares during the initial placement not only on the organized market, but also on the over-the-counter market. This significantly expands the scale of investment, since no more than 3% of the total volume is placed on the exchange. However, the shares of the largest companies (Rosneft, Gazprom, TNK-BP, MMC Norilsk Nickel, Surgutneftegaz) are not yet entitled to be acquired by NPFs. The actual structure of the NPF pension savings portfolio is as follows: about 10% is invested in government securities, 46% - in bank deposits and accounts, 40% - in corporate securities.
The matrix of possible directions of investment by the main subjects of pension savings management is given in Table. 6.8. One can clearly see the increase in risks and the diversification of pension savings as the transition from state actors to private.
Table 6.8. Retirement Investment Matrix
The strategy for the development of the pension system provides for expanding the range of investment instruments to include Russian depositary receipts, shares of strategically important companies, municipal and project bonds. It is also possible to use futures and options contracts.
The financial results of pension savings management are reflected in the profitability of pension savings. The volatility that has persisted since the global financial crisis financial markets determines the conservatism of portfolios and low profitability not only in Russia, but throughout the world.
The average return on investing VEB's pension savings since 2004 has been 6.94% per annum, which does not cover the average inflation rate (10.1% over these years). For the entire period of work with the Pension Fund of the Russian Federation and non-state pension funds, 51 private management companies, which formed 57 investment portfolios, received an average yield of 7.2%. This is slightly higher than VEB's yield. Management companies with a riskier portfolio may experience short-term losses, but in the long run their returns are higher than those of a state-owned company with conservative portfolios.
In 2012, the leaders of NPFs in terms of the profitability of pension savings showed a yield of 27 to 41%. If there is a negative financial result of investing savings, NPFs have the right to post the loss on customer accounts. But in accordance with the Law "On Non-Governmental Pension Funds", they must ensure the safety of pension savings with an acceptable return on their investment. Therefore, by the time the pension is awarded, possible losses on the accounts of clients will be compensated at the expense of the NPF's own funds.
In NPFs, management companies and specialized depositories working with pension savings, it is planned to gradually, until 2017, introduce risk-based supervision, similar to banking, with the appropriate powers given to the Bank of Russia. The risks of NPFs will be quantified, qualification and reputational requirements for the personnel of financial institutions, requirements for the investment strategy of NPFs will be formulated, monitoring and evaluation of investment results based on the use of benchmarks will be organized.
In accordance with the strategy for the development of the pension system, in order to increase transparency, the responsibility of funds for the safety of funds and equalize the reliability of investing in various financial institutions, in December 2013, the Federal Law on the Creation of Pension Funds individual reserve funds, as well as national guarantee reserve fund by the type of insurance of deposits of citizens in banks.
The admission of funds to the two-tier system of guaranteeing pension savings from January 1, 2014 is carried out by the Bank of Russia. Conclude new contracts on a mandatory basis pension insurance only funds participating in the guarantee system will be able to do so. The calculation base for paying contributions to both funds is the amount of savings of NPF and PFR, the specific rates are set by the Bank of Russia. The functions of the operator of the Pension Savings Guarantee Fund are assigned to the State Corporation "Deposit Insurance Agency" (DIA).
Also relevant are the constant expansion of the list of instruments for investing pension savings and the expansion of the composition of financial institutions working with pension savings, by including insurance companies Development Bank , ADB), Development Bank of the Council of Europe ( Council of Europe Development Bank , SEV), European Bank for Reconstruction and Development ( European , EBRD), European investment bank (European investment bank, EIB), Inter-American Development Bank ( Inter-American Development Bank , IADB), International Finance Corporation ( International finance corporation , IFC), International Bank for Reconstruction and Development ( International Bank for Reconstruction and Development , IBRD), Northern Investment Bank ( nordic investment bank , NIB), Eurasian Development Bank ( EDB).
