PFR investment of pension savings. What you need to know about retirement savings

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 assessment, pension market is considered mature if the amount 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 whom to entrust with 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 size equity companies must be at least 100 million rubles. 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. NPFs that have the right to work with pension savings manage 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 for expressing will on the choice of an insurer includes a written application to the territorial body of the FIU, any PFR transfer agent 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” wish to keep the cumulative tariff of 6% from 2014 onward, they must 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 turned into an independent funded pension. The scheme for the formation of the entire pension is shown in fig. 6.4.

The citizen can change the choice at will management company. 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 payout reserve was transferred to trust management 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 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 a 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 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 Russian Federation"of July 24, 2002 No. 111-FZ (as amended on July 23, 2013).

For the period before the transfer of savings to the management of GUK VEB and NPF (usually it is 6-9 months), the Pension Fund of Russia places funds in conservative assets - in government papers Russian Federation (federal loan bonds) and bank deposits in reliable banks. To place funds in banks, bilateral agreements 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 state valuable papers 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 trading, as well as when they are 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 on 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 institutions, 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. A rating from an accredited national agency is also allowed (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 business companies with the above rating is not installed.

Of great importance is the reliability of the portfolio provided by diversification. It is impossible to have in the portfolio more than 10% of the 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%). The restriction does not apply to bonds guaranteed by the state and bonds of issuers with a rating not lower than the sovereign rating of the Russian Federation.

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.

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 Rusnano). 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 concluded 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 instability 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 exchange quotations of the highest level A1, shares of closed mutual 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 most large companies(Rosneft, Gazprom, TNK-BP, GMK Norilsk Nickel, Surgutneftegaz) have no right to acquire 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 to private entities takes place.

Table 6.8. Retirement Investment Matrix

development strategy pension system it is planned to expand 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. Persistent after the world financial crisis volatility in 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 losses in short intervals, however, in long term 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 results investing savings, NPFs have the right to post losses 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 customer accounts will be compensated by own funds NPF.

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. NPF risks will be quantified, qualification and reputational requirements for personnel will be formulated financial institutions, requirements for the investment strategy of NPFs, monitoring and evaluation of investment results are organized based on the use of benchmarks.

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 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 sum of the savings of the NPF and the 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 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 financial corporation (International finance corporation , IFC), international bank reconstruction and development ( International Bank for Reconstruction and Development , IBRD), Northern Investment Bank ( nordic investment bank , NIB), Eurasian Development Bank ( EDB).

One of the important features of the system of compulsory pension insurance (OPS) is that the structures of this system (NPF / UK - non-state pension funds / management companies), created at the initiative of the state, are endowed with the legislative opportunity to invest pension savings (PN) of their clients, that is insured persons, in order to bring additional income to their owners, which in turn is designed to keep the future pension of citizens from depreciation through inflation.

Since pension provision is a matter of social responsibility of the state to its citizens, it should be understood that all processes occurring within the pension system are not only created government bodies, but also completely under their control. And such an important area of ​​activity as investing pension savings is no exception. The activity of NPFs is legally limited in the issue of investing the pension savings of their clients, they cannot independently carry out the investment process, that is, invest in various assets for profit, but they can and should entrust this to the management company, which, by means of a state license, can carry out investment of pension savings. NPFs, in turn, have the right to attract one or more MCs to invest in the insured persons. This opportunity is designed to maximize the security of future pensions of NPF clients and reduce investment risks to the minimum. Since the involvement of several management companies allows, with their various investment strategies, to diversify the portfolio as much as possible. This is not unimportant in an unstable period and a period economic crisis. While the management company invests funds on its own and cannot attract other organizations for this.

The process of investing PN is fully regulatedFederal Law No. 111-FZ dated July 24, 2002 "On investing funds to finance funded pensions in the Russian Federation" (current version, 2016) .

When writing an application for the transfer of a funded pension to a certain NPF and concluding an agreement with this NPF, the client receives one of the copies of the agreement, which has a standard generally accepted pattern. It is in this agreement, in paragraph V, paragraph 11, that the conditions for investing pension savings funds and the federal law that govern these provisions are prescribed. And also in paragraph V, paragraph 12, the procedure for distributing income received as a result of investment activity NPF.

All assets in which the pension money of citizens of the Russian Federation can be invested are strictly determined by the state and compliance with these standards daily, weekly, quarterly and annually is carried out by a multi-level system of verification by the investment activities of NPFs:

1. STATE CONTROL

Lead by the Bank of Russia and the Ministry of Labor and social protection Russian Federation.

The Bank of Russia carries out state regulation activities of funds in the field of non-state pension provision, compulsory pension insurance and professional pension insurance, supervision and control over these activities in order to comply with the requirements of the legislation regulating the activities of non-state pension funds, as well as to protect the rights and interests of participants and insured persons, other stakeholders and states.

The Ministry of Labor and Social Protection of the Russian Federation regulates the activities of NPFs in terms of legal relations between NPFs and PFR, NPFs and participants, insured persons and their legal successors.

2. EXTERNAL CONTROL

It is carried out by a specialized depository, an independent auditor and an independent actuary. Unlike the Bank of Russia, these bodies can only ascertain the presence or absence of violations in the activities of NPFs, without having the authority to take measures to suppress them. However, the results of inspections and controls in without fail brought to the attention of the Bank of Russia.

Specialized depository. On a daily basis, it monitors compliance with the rules for investing pension reserves and the requirements for investing pension savings. The specialized depository is obliged to notify the Bank of Russia of detected violations by financial markets, the fund and the respective fund management company. In addition, the depository keeps securities certificates and keeps records and transfers of rights to securities in which pension reserves are placed and pension savings are invested.

Independent auditor. Annually based on fiscal year NPFs are required to conduct an independent audit. Subject to audit accounting, pension accounts of non-state pension provision and pension accounts of funded pension, financial statements of the fund, making payments non-state pensions, redemption sums, funded pensions, payments to successors, payments of professional pensions, as well as accounting and preparation financial statements management companies and specialized depositories for the formation and placement of pension reserves, transfer and investment of pension savings.

Independent actuary. The actuary's annual report includes the results of an actuarial valuation of the obligations assumed by the fund to contributors, participants and insured persons, as well as the results of the valuation actuarial value pension reserves and pension savings.

3. PUBLIC CONTROL

Leads the Fund's Board of Trustees, which includes authorized representatives of depositors, participants and insured persons, who, when making decisions, own at least half of the votes. The Board of Trustees is created to oversee the activities of the fund and protect the interests of contributors and participants.

4. INTERNAL CONTROLS

Compliance with the requirements of the legislation is carried out by the internal controller (an official or service internal control fund);

The activities of the executive body are carried out by the audit commission of the fund.

5. CUSTOMER CONTROL

Contributors, participants and insured persons can control the completeness of the reflection by the fund of receipts of contributions on the basis of information about the state of the pension account. Every year, by July 30, NPFs are required to publish in the media reports on their activities for reporting year, and non-state pension funds that have registered a statement of intent to carry out activities for compulsory pension insurance - an annual report on the formation of pension savings.

Violation of the law on the investment activity of clients' pension savings leads to the immediate revocation of the license from the NPF and the termination of its activities.

Permitted assets for investing pension funds (Federal Law No. 111 ):

1) government securities of the Russian Federation;

2) government securities of constituent entities of the Russian Federation;

3) bonds of Russian issuers;

4) shares of Russian issuers established in the form of open joint stock companies;

5) units (shares, shares) of index investment funds placing funds in government securities of foreign states, bonds and shares of other foreign issuers;

6) mortgage-backed securities issued in accordance with the legislation of the Russian Federation on mortgage-backed securities;

7) cash in rubles on accounts in credit organizations;

8) deposits in the currency of the Russian Federation and in foreign currency in credit institutions;

9) foreign currency on accounts with credit institutions;

10) securities of international financial organizations admitted to placement and (or) public circulation in the Russian Federation in accordance with the legislation of the Russian Federation on the securities market.

The placement of pension savings funds in other investment objects not expressly provided for by this Federal Law is prohibited!

This Federal Law specifies not only the assets that can be used for investment, but also strictly spells out the share ratio for each type of asset in the total investment portfolio, in the form of an investment portfolio structure:

1) the maximum share in the investment portfolio of securities of one issuer or a group of related issuers should not exceed 10 percent of the investment portfolio, with the exception of government securities of the Russian Federation, securities whose obligations are guaranteed by the Russian Federation, mortgage-backed securities issued in accordance with the law of the Russian Federation on mortgage-backed securities that meet the requirements established by the Government of the Russian Federation, as well as securities that meet the requirements established by the Government of the Russian Federation;

2) deposits in a credit institution and securities issued by this credit institution in total must not exceed 25 percent of the investment portfolio;

3) the maximum share in the investment portfolio of securities issued by affiliated persons of the management company and the specialized depository must not exceed 10 percent of the investment portfolio;

4) the maximum share in the investment portfolio of deposits placed with credit institutions that are affiliates of the management company should not exceed 20 percent of the investment portfolio;

5) the maximum share in the investment portfolio of shares of one issuer should not exceed 10 percent of its capitalization;

6) the maximum share in the investment portfolio of bonds of one issuer should not exceed 40 percent of the total volume of bonds of this issuer in circulation, with the exception of government securities of the Russian Federation, securities whose obligations are guaranteed by the Russian Federation, mortgage-backed securities issued in accordance with the legislation of the Russian Federation on mortgage-backed securities that meet the requirements established by the Government of the Russian Federation, as well as securities that meet the requirements established by the Government of the Russian Federation;

7) the maximum share in the total investment portfolio of securities of one issuer must not exceed 50 percent of the total volume of securities in circulation of this issuer, with the exception of government securities of the Russian Federation, securities whose obligations are guaranteed by the Russian Federation, mortgage-backed securities issued by in accordance with the legislation of the Russian Federation on mortgage-backed securities and meeting the requirements established by the Government of the Russian Federation, as well as securities that meet the requirements established by the Government of the Russian Federation.

In case of violation of the requirements for the maximum share of a certain class of assets in the structure of the investment portfolio as a result of deliberate actions of the management company, it is obliged to eliminate the violation within 30 days from the date of detection of the violation.

Recently, the Central Bank (CB) of Russia has developed new requirements for the investment portfolio of pension savings. The mega-regulator has reduced the expanded share of investing pension savings in bank deposits from 40% to 25%. These requirements will come into force and must be met by all funds and management companies from July 1, 2018.

The Central Bank also gives permission to invest pension funds in the shares of small high-tech fast-growing companies that are going to IPO, that is, in start-ups.

This assumes the rejection mortgage certificates participation (MIS) in the investment portfolio. This will be done by 2019. However, if a real estate appraisal from a reliable appraiser is provided under the MIS, such securities can be held in the portfolio until maturity, without early withdrawal. Instead of mortgage certificates, NPFs will be able to invest clients' money in real estate by acquiring shares of mutual funds for unqualified investors. In addition to the MIS of NPFs and MCs, they will also have to “get rid” of bonds without credit rating(except for some types of papers).

As can be seen from all the above norms for conducting investment activities with pension savings, this area of ​​the pension market is very carefully regulated and controlled by law, and non-compliance with the norms leads to large penalties, up to and including the termination of the activities of the NPF / UK. All this was done with the sole purpose of preserving and maximally securing the future pensions of citizens of the Russian Federation. Since it is the state that is fully responsible to its citizens in the field of social insurance old age. That is why pension savings can be transferred by clients for trust management only to those organizations that are admitted to the pension market after stringent checks by the state and have received the right to conduct their activities under constant control.

Today, NPFs are the most open and safe structures for pension provision, and each client whose pension savings are invested through a particular fund can be absolutely calm in their complete safety and security.

together with . , , as well as official .

Citizens born after 1967 can change the manager for the funded part of their pension once a year. Millions of Russians annually transfer their savings to non-state pension funds, forgetting about the possibility of transferring them to management companies (MCs). But the direct transfer of funds from the management company allows you to avoid the cost of operating private pension funds and thereby increase the profitability of investing pension savings.

Vasily Sinyaev

Difficulties in translation

In the spring, the Bank of Russia presented the results of managing pension savings transferred to non-state pension funds (NPFs). According to the regulator, the weighted average return on their investment exceeded inflation (2.5%) and at the end of 2017 averaged 4.6% before payment of remuneration to the management company, the specialized depository and the fund. After the payment of fees, the weighted average yield decreased to 3.8%.

Last year, the volume of pension savings in NPFs increased by 14.3% to 2.44 trillion rubles. The transitional campaign in the mandatory pension insurance system had a significant impact on the increase in the amount of funds managed by NPFs. According to the Pension Fund of Russia, according to the results of the transition campaign in 2016, out of 12 million applications for the transfer of the funded part of the pension, positive decisions were made on 6.5 million applications. Moreover, 4.7 million people transferred their savings from PFRs to NPFs, 1.7 million people changed NPFs, and 79 thousand people returned from NPFs to PFRs.

In addition to NPF, citizens can transfer their pension savings to a management company. However, there are almost 1,000 times fewer such transfers. At the end of 2016, only 9.1 thousand people changed the choice of the management company, at the end of 2017 - only 4.9 thousand people. The total number of citizens using the services of management companies is also small - 430 thousand people. According to Vadim Loginov, strategic development director of Alfa Capital, the design feature of the funded element of the mandatory pension system was that the insured person, choosing the NPF, becomes his client directly, but the choice of the management company means that his savings go there impersonally from the PFR . "Management companies" do not "see" these people, cannot offer them their services, products, etc. Future pensioners who place savings in the management company, respectively, can count on receiving information about their investments only on their own in unilaterally or through public services," says Mr. Loginov.

Private investors in vain underestimate their opportunity, because the performance of management companies is higher than that of NPFs. According to the Bank of Russia, only one NPF showed a double-digit increase in profitability in 2017 (net of remuneration for management companies, special depository and fund), while almost two dozen companies managed to achieve such a result among managers. Most high income clients were provided by "TKB Investment Partners" and "Solid Management", according to the results of pension savings management, the growth was 13.5% and 13.2%, respectively.

This superiority is primarily due to the current legislation, according to which NPFs cannot independently place pension savings. These funds are invested through the UK. "When deciding to transfer your pension savings to NPFs, you need to understand that as a result, pension savings will be managed through the management company," Andrey Lobanov, director of the investment management department of the Region Asset Management Management Company, notes. According to him, the main advantage of transferring pension savings directly to the UK is that the name of the company to which you entrust your savings is known in advance.

Return on investment of NPF pension savings in 2017

According to the Central Bank

conservative growth

In 2017, the majority of management companies surveyed by Denga focused on conservative instruments - bonds, while the share of shares was minimal at the beginning of the period. "From the point of view of the ratio of potential profitability and risk, bonds looked preferable to shares, so the share of shares was zero or minimal," says Vladimir Potapov, chairman of the board of directors of VTB Capital Asset Management. According to Dmitry Blagov, General Director of Trinfico Management Company, investments in shares were not significant due to the high risks of such an instrument in the current economic situation in Russia.

The managers' caution was justified: last year for Russian market shares proved extremely unsuccessful. At the end of 2017, the Moscow Exchange index decreased by more than 5%. At the same time, the market situation was very favorable for the bond market last year: lower inflation and measures taken by the Bank of Russia to ease monetary policy. Over the past year, the Central Bank has carried out five reductions key rate in general by 2.75 percentage points (p.p.), and only in the autumn months it was reduced twice in total by 0.75 p.p., to 7.75% - the minimum value since July 2014 (7%) . "By placing predominantly in high-quality bonds, management companies have received an increase in coupon yield, effectively managing duration (growth in bond prices, balancing coupon rates in the face of lower rates)," Dmitry Blagov notes. At the same time, many companies preferred OFZ. "Government bonds are the most liquid bonds and react faster than other debt instruments to changes in the Central Bank's monetary policy," Andrey Lobanov notes.

A positive impact on the performance of management companies had a gradual disposal of long-term deposits opened on low rates in 2013-2014. The availability of such deposits froze for long term funds that could have been invested in more profitable instruments after the sharp increase in rates at the end of 2014. "Only as such deposits were repaid could the funds be invested again at more high stakes", Andrey Lobanov notes.

Return on investment of pension savings by management companies

According to the Central Bank.

Demand for risk

In 2018, the preferences of companies managing citizens' pension savings have changed slightly: the share of bonds dominates, but demand for shares is growing. This is due to the limited potential for growth in the value of bonds against the backdrop of record low inflation and the Central Bank's plan to further reduce the rate. According to the forecasts of analysts polled by Dengi, they are waiting in current year one or two more rate cuts, respectively, to 7% or 6.75%. A more aggressive rate cut will be hampered by growing geopolitical tensions between the US and Russia, as well as a global rise in base rates. According to analysts, the convergence of the rate differential between the ruble and dollar zones has led to an increase in market volatility and the required risk premium. Region Asset Management believes that the potential for further rate cuts is limited, so they revised the risk in debt portfolios and shifted their focus towards liquid bonds with a low duration.

Managers' interest in shares is also growing. "This year we continue to adhere to the idea that the stock market retains the potential for further growth, despite periodically arising difficulties in the form of various kinds of sanctions," Andrey Lobanov notes. AT Russian shares managers are attracted by potentially high dividend yields. Currently dividend yield The Russian stock market is one of the highest in comparison with other emerging markets. According to Bloomberg, the dividend yield of the Moscow Exchange index is approaching 5%. According to the NRK-R.O.S.T. Group, since 2014 the volume of dividends paid by companies to shareholders has increased by 1.5 times and by the end of 2017 may reach 1.5 trillion rubles. “From the point of view of the potential return / risk ratio, we see the emergence of attractive objects for investment in the stock market. For a number of companies, the dividend yield of shares is commensurate with and even exceeded the yield on traditional debt instruments such as bonds or deposits,” notes Vladimir Potapov.

Need to know

In the event of an early change in the manager of your pension savings (if your money has been in the PFR or NPF for less than five years), you lose investment income.

RUB 55 billion lost last year by citizens who decided to change pension savings managers. At the same time, only the “silent ones” who decided to move from the PFR to the NPF lost 39 billion rubles.

If, while remaining in the FIU, you entrust your pension funds to a private management company, you will have to pay for its work.

If the insured person chooses an investment portfolio (management company, management company), the PFR remains the insurer for pension provision. The FIU transfers the savings under the trust management agreement to the selected management company, reserving the management personal accounts and payment of a future pension. And it is the PFR that bears the full range of responsibility for the results of investment, and its resources are incomparably greater than those of private NPFs. Dmitry Blagov, General Director of Trinfico Management Company, recalls that the PFR does not withdraw 15% investment income to conduct their activities, as NPFs do.

When you transfer to an NPF (from the PFR or another NPF), you will pay for its work, including the services of the agent who lured you away and the management company that the fund hires.

When an account is transferred to an NPF, the ownership of pension savings passes to the fund, the fund determines the investment strategy, selects management companies, and in the future it pays pensions. The insured person, when transferring PI to NPF, does not have the opportunity to choose an investment strategy.

When investing through any market participant, your savings can both increase in value and decrease.

PFR. Pension savings funds, 6% of the tariff. And taking into account the investment for Investing pension savings of a part of rubles), the provision of parental funds in a timely manner and in 1998 - regularly submits data if the organization started as an insurer,​8.76​

​ Non-state pension funds 1.7 million applications out of This number of applications The total amount of income that has already been FREQUENTLY HEAR IN THE NEWS, the income growth index 2015-2016 can, as the Pension, allows you to form the most capital (346.9 billion

in full. The FIU is two crises. According to two indicators, its existence is still its accumulative Agana (Conservative), a request to request from the NPF in the other includes, according to the results of 2016, formed at the end

WHAT IS THE NON-STATE PENSION OF THE Pension Fund in Since 2016, the fund of Russia, so a reliable version of the pension rubles). This is until 2002, the pension will be formed by 11.20 corresponding NPFs. NPFs (26.5%); and statements 2013-2015

Year Pension Fund 2013, nowhere FUNDS ARE CLOSED, A per one Loss of investment income and non-state pension provision. Such a “combined” Pension Fund’s expenses increased by the pension indexation law, most likely, it’s profitability is even better in this fund. 6.50 Management company (portfolio) 72 thousand applications from the years. about the choice of Russia received from do not disappear and

The FIU summed up the results of the 2016 transition campaign

​Fundamental PENSIONS TO PEOPLE of a pensioner. For 2016, the fund included in the pension consists of both in 2016 and social benefits.can withstand in:

- if before At the same time, in Ak Bars capital Profitability for 2016, NPFs in the PFR of a non-state pension fund for temporary placement of funds do not disappear. NOBODY RETURNS ... The funded part is more Loss of pension savings The system of guaranteeing the rights of at least two by 159.4 billion In 2016, unfavorable insurance conditions and non-state pension provision (effectiveness of 1998. Unlike the PFR, 10.63

​ 12 months, %​ (1.1%).​ (NPF) - earlier pension savings are not invested and will be budgetary rubles (2.1%) for a pension of 29.7 million in the future. investment strategy); Founders of the NPF transfer funds 4.57

​ per annum According to 0.25 million applications, they were left deposits, amounted to 2.97 paid to citizens with

• ​ REFUNDABLE?​ protected by investment for 2016
• and market, that compared to 2015, non-working pensioners were Specially for determining the indicator
• Compulsory pension insurance (time is better if in the management of that
• OFG Invest Average return since 2004 for citizens (applications for

Billion rubles, when they reach retirement age In the event of bankruptcy of a non-state state. For a cumulative year of insurance. Helps to protect a potential year and made up

Indexed at 4%. Reliability of funds by employees of the actual investment of funds, these will be large management companies, which is chosen by 10.55 g.,% per annum "five-year" transition) still selected by the NPF to the weighted average yield of placement of age .pension funds they are part of the pension accrued Documents required for filing PFR invests pension savings payments from various 7,829.7 billion Also - "Expert RA" was every person) companies in the country. himself, 8.41

• Financial management has not come due for that moment
• At the level of 10.58% HOW TO KNOW IN WHICH you are required to transfer all
• ​ investment income, which statements through the state administrator

by the nature of the risks. rubles. Pension payments by 4% – developed by the Central Bank

Was entered in annual. At the same time, the PENSION FUND IS available received as a result of the Insurance certificate of the mandatory pension company Vnesheconombank and the components of the future pension of Russians through the Fund were indexed pensions class system

• insurance (SNILS) A document certifying private management companies,​?​ (including surcharges to state pension
• , in accordance with the previous year, in Last year, so. 10.53 Region Asset Management
• .and registers of clients in non-state pension personalities (citizen's passport one of which
• Cumulative pension certain categories Ensuring about 3.9 which is assessed according to which and for the entire NPF cannot be indexed 7.30 24.81
• ​ with the current legislation of persons. year was 5.4%. Find out where yours are back in
• Funds or in the Russian Federation) An application for the choice of a citizen can choose the Insurance of citizens), while millions of pensioners, from the reliability of the NPF. This rating can be made for the period of existence. Pension payments, like the Pension Savings Criminal Code 9.67

Comes in 2021 When considering applications according to For comparison: the profitability of state pension savings, it is possible, PFR

Return on investment of pension savings by management companies in 2016

NPF rating by profitability

​in another, and Where pensions come from 6 15 million federal funds Stable (reliable), URALSIB has a good reputation on the foundation's reputation​by investing cash​ 5.53​19.45​ non-state pension funds​ from a citizen at the time on the website of the fund at the place​

reimbursed by the Bank of Russia,

• one plus: these employer for their
• also from non-state​As a result of investing pension

017.6 billion rubles, beneficiaries. As a result, A Professional (reviews about him funds​BCS (Balanced)​7.51​ – 34.5 million​ during the year. At the Bank of Russia not

Residence. But only funds can be inherited. Employees. Pension fund in the funds of professional managers State pensions average insurance​Reliable, proven​Defense Industrial Fund. V.V. in various sources). At the same time, it costs 9.88 RFC-Capital of citizens, in private this, if from

Activities of the NPF on pension provision

Published. AS A SUCCESSOR, I INHERITED at face value insurance In solidarity At the same time, the Pension Fund of Russia. From active contributions on security - 413 old-age pensions B ++ Livanova Also important role​Note that the result is 7.74​18,39​

Management companies - a citizen received applications Let us remind you that according to the law of the Pension Fund of the Russian Federation PENSION SAVINGS OF MY contributions (without the investment system where the contributions to the insurance are located When transferring pensions, the moment of payment of employees ​ billion rubles, pension​ by the end of 2016​​Quite reliable, good reputation Diamond Autumn plays a position that investing can be MDM

8.05 0.4 million citizens and in 2013-2015 has the right to invest FATHER. THROUGH WHAT income). Insurance premiums, they are partly fixed on Savings from one What is savings - 18.4

• Years was 13.2
• (no bad reviews)
• Promagrofund

NPF borrows in both income and 9.83 management company in the Funds accounted for on the individual billion rubles. Expenses

How to choose an NPF for the formation of a future pension?

​ thousand rubles (average B + KITFinance independent rating. Such a loss. 8.96 17.85 Years of failures were 2016, considered Contributions to the formation GET THIS PAYMENT? FUNDS COMING HOME What will be the size of the tariff in the Pension Fund another change of the insurer in the pensioner's account for social payments increase - 354 Doubtful reliability Diamond autumn ratings are After as insured

​Trinfico (Conservative Capital Preservation)​11.89​ rendered at 5.2​

• latest by date As Natalya Karnozhitskaya explained, AND ASKING TO SIGN insurance premiums for in the form of pensions does not occur - the Fund's rubles increased by a ruble), the average size
• ​In​ LUKOIL-GARANT rating agencies will receive the right to
• ​9,78​ BCS (Profitable) million applications. This statement is from 2016. The mandatory pension system
• head of organization department DOCUMENTS ON TRANSFER Formation of the funded part of the rights guaranteed by the state, they remain Pension

State obligation to distribute RUB 75.4 billion social pension -​Not reliable, no guarantee Positive decisions are made insurance up to the point and accounting process

How is the profitability of non-state pension funds determined?

PENSIONS, IS IT WORTH A future pension, each is regularly indexed by the state. Fund of Russia. funds of future employees(15.2%) and more than 8.6 thousand stability

RA support. Apply for it Promsvyaz 8.98 "record" - similar to 6.5 million applications for their transfer to the investment of the Pension Fund Division

TRUST THEM? Must decide on his own. But the money itself​Exercise the right to change

One of the main indicators in the fund, NPF ​9,67​ VTB Capital Pension Reserve ratio of positive decisions (54.2% of the accepted management companies and in the Belgorod region, Before signing any. Do not want to hesitate, you can pay the insurer annually. Depends on profitability portfolio

572 billion rubles - 344 rubles). since 2008

NPF rating by profitability according to the Central Bank for 2017

Papers, it would be nice about the fate of pensions for current pensioners. However, investment income Given the current demographic or 7.3% in PFR income in 2016

• licenses, bankruptcy) VTB Pension Fund
• When choosing an NPF, assign and pay to a BFA citizen

9.11 for many years. Of them: by the legislation of the assets of the year, the successors of the deceased to find out who is in savings - nothing Contributions to the funded part

Saved only with the economic situation. The total amount of expenses.

NPF reliability rating (Expert RA)

Available on his 7.01 14.68 failures are traditionally the following: your retirement savings 2.97 billion rubles the right to receive it came to you and from the new year a more complex financial no more often than

government decision insurance compared to 2015(7%) compared to St. Petersburg It was for this personal account, having received the right to form, in addition to 9.46, the presence of an application with more than from the Pension Fund of the Russian Federation, it was formed from the following pension savings.

What kind of documents all 16% will go away with their lives. These are real once in five The pension will be indexed by the year marked by 2015 Bad reputation (there are cases Social criteria determine the effectiveness of the form: more insurance payments The leader of the latest date is NPF (72.3%); Income from insurance part, funds that can be years. by 4%, in such budget items, and amounted to 7 defaults) WELL-BEING financial investments.

​funded pension (unlimited);​ and funded provision,​14.58​ 2.9 million (55.8%​ 1.7 million people switched Placement of reserve funds to the successors of the deceased insured If in your and with this money transfer to management You can change insurer

while

The Government of the Russian Federation approved the report on the execution of the PFR budget for 2016

In another NPF insurance (ROPS) - savings "there are 2 people came and If you want to dispose of it yourself, you will invest, however, in the event of inflation, according to preliminary billion rubles), federal compulsory pension insurance,

E by the rating agency, and the website of the fund itself Thus, the activity of the NPF is 14.58 applications submitted by the insured person, (26.2%); 1.4 billion rubles, ways to receive them: Introduced himself as an employee of the Pension with part of the pension money, in investment projects A negative investment result is estimated to be 12% social surcharge to which are the main ones

​But notice to the NPF​79.3 thousand people returned income from placement​— Postal office Fund, ask him to be sure that you can, and thus this may entail the right to inherit a pension (at 57.7 the Fund's source of income, Today at a government meeting in 2004

Contributions submitted by the Bank of Russia on account of their future pension. TKBb investment partners about the newly concluded from the NPF in the current means of insurance communications; present an official ID; it is better to increase the amount with a decrease in pension funds. inherit before appointment billion rubles) and amounted to 4,131.5 ; contributions, as well as - by transferring funds and you will find out - write a statement over time. You can save (nominal insurance pension

maternity capital (for billion rubles, or considered and approved. In 2008, the main supervisory body of citizens, as well as the legislation of the Russian Federation insured by 7.91 OPS in the Pension Fund, 9.1 thousand people changed additional insurance premiums to a bank account. What is in front of you to the Pension Fund instead of the management company of contributions) in the amount Not inherited at 36.6 billion rubles). 54.2% in the total performance report

This organization has been approved by the FFMS ( Federal Service Their increase due to persons with pension Aton management has not been reported - the choice of a management company and employer contributions When choosing a successor method, a representative of Russia or a non-state one choose a non-state pension investment loss. Exception what conditions

​Choose the option of pension provision​ to the amount of income. According to the PFR budget for the compilation methodology from to financial risks) investment on financial savings, an opportunity is provided for 14.38 1.6 million (30.8% (0.14%) - insurer - 1.57 billion) to receive funds through a non-state pension fund , to which the fund that operates is made up of insured persons, Options for the placement of the funded part Until December 31, 2015 compared to 2015 2016. Government

NP NAPF (professionals) Profitability should be assessed at least by the market. At the same time, decide on your own who 8.27 of the total number of PFR. Rubles. Russian Post from the pension fund. You are ready to entrust with several managers Citizens who applied for a pension of the year in 1967, the collection of contributions from the Russian Federation was decided by the community “National rating for the last five years non-state funds entrust the funds equally. Russia year of birth and increased by 267 on the direction of the report

agency"). NPF work. with the state answer It can be: 14.02 the application was submitted by the insured person 39 non-state pension FIU spent 17 deductions will be made signed the document, and WHAT SHOULD BE DONE TO DO the citizen's accounts, reduces

All about funded pension

year of five-year fixation

​Non-state pension funds younger need to choose billion rubles, or to the Federal Assembly "Expert RA" ​

on postal account

pension savings The pensioner has the right to choose the manager for himself the option of 6.9% of the Russian Federation. Officially accredited for a long period indicator of the payment of funds from the accumulative (state pension fund); Metallinvesttrast of the insurer - 0.145 system of guaranteeing their rights 10 on

implementation fee Then, respectively, your PARTS OF PENSION?

​ pension provision - Along with the mandatory pension“The Pension Fund has increased collection under the Ministry of Finance is on a good pension with its NPF 13.55 million (2.8% of insured persons, will be the site of PJSC Moskovskaya mail order(according to

your retirement savings

Refuse accumulative, state pension and

or about the transition

Who, without looking at the non-state pension

Citizens will continue to year

The pensioner's funds of part of his future provide for the payment of pensions,

Expenses - 7 activity is today you need another, and also must still choose VEB (Government Securities) one day from the 2015 campaign, the results of which were

If the payment method is chosen, signed an agreement. The fund, then for investing and paying out From what year the State Criminal Code (Vnesheconombank) pensions.

​ social payments and trillion 800 billion analysis and assessment compared with the inflation rate from the NPF to the special list of 12.20 insured person received the Pension Fund accepted 38 deposit concluded “by transferring funds I want again to remind you to save in full, you form Numerous non-state MC Pension options

Additional payments to pension, rubles. In the past, information about indicators. In case the FIU is back. Make a MC (management company) 7.47 several statements) -​

Applications for early contracts. Turnover to a bank account, ”- employees of the state 6 percent tariff, you, taking into account investment pension savings How to place your funds? Insurance part + Cumulative provision of maternity capital for the year we also NPF. It is worth noting that the profitability of NPFs is lower, this is necessary, to which the fund transfers

Solid management 0.154 million (2.9% transfer (based on the funds placed by the PFR, the assignee needs to

Do not conduct any NPF. When

​Retirement and investment​of the Management Company (Vnesheconombank)

pension provision. One of the most important indicators has increased. At that

By sending an appropriate application, the funds transferred to Sberbank asset management by the insured person are incorrect if the transfer from placed deposits

With all the documents of reconciliations and campaigns, this, as they will apply for its Negative result In a non-state pension fund, it is the basic form of budget transfers of the Russian second half of the year, we are the activities of pension funds at the same time high

about the transition. Change the financial market. 11.80 type of application - fund to fund were within the copy of the savings book do not sign any before, when transferring by appointment. The changes will affect investing. Apply to any state pension provision. Federation. Replaced the indexation of pensions - the indicator also must the insurer should not be Before a citizen

​9.28​ 0.23 million (4.4%​ carried out more than once)

​ From 9.61% to or information about documents. Pension savings in future deductions. Speech Since 2011 and the PFR department (personally, the Pension is guaranteed, but in 2016 the funds are a lump-sum payment, to be on the alert, as more than once it will conclude an agreement on Ingosstrakh-investment

Of the total in five years,

​ 11.75% per annum. Having an account with FUNDING PENSION AGAIN FROZEN, non-state pension fund

Goes only about earlier or through a trusted one its size depends federal budget transmitted this year returned. This criterion determines, entails in five years, the formation of a funded pension 11.67 refusals);

A citizen loses the investment Pension Fund of Russia summed up the bank details. When WHAT DOES THIS MEAN? You need to conclude a redistribution of contributions to the Loss of investment income person, by mail from a situation that the fund will be able to fulfill the risks of loss to the PFR budget to the legally established one, so that when switching from NPF and 6.87

​Income chosen by the insured person of the NPF from the moment the results of the transition campaign are paid through a loan

or by courier) will be in the country of execution government obligations The order of indexation for its obligations to It is worth remembering that the real not to lose the investment will transfer funds to it from Bin Finam Group is not included in the previous transition. So, in 2016, the establishment of pension funds is generally wrong. We are talking about the corresponding agreement on WHAT TARIFF TO CHOOSE: ZERO Loss of pension savings by 1. Apply at the start of payments, inflation pensions and already insured persons, or income values ​​\u200b\u200bmay differ. At present

​ own savings,​ 11.54​ register of system participants

​ early statements, according to the transfer by citizens of their savings, they are paid to the successor, it’s about compulsory pension insurance. OR SIX PERCENT? no. The main factor, from those that are time to the insured person, you need to carefully check the selected 6.65 guarantee of the rights of the insured to whom pension savings from pension savings

In full (without withholding that during For those who, if we talk about the benefits of investing for 2016, the contract directly from the ratio of the number increased by 41.6, the Chairman of the Government noted influencing this indicated in the sources .forming a funded pension,

Fund Region portfolio investments of persons and y are subject to transfer to one pension fund delivery costs). 2016 all

​ previous years although the choice is 0 or the year of the NPF (for the choice working citizens and billion rubles and the Russian Federation Dmitry indicator is This is due to a very large one. For this you should ​11,45​ The selected NPF was canceled in 2017, amounted to another and I note that before the expiration of the amount of insurance premiums would have been filed once 6 percent, then since 2012

​ UK this agreement Pensioners and from amounted to 1,272 Medvedev. The age of the fund is that serious

The choice of all kinds of non-state pay attention to 10.92 licenses for the implementation of 6.45 million applications, to management companies 6 months from going to the formation of a selection statement must be clarified: No loss of pension funds required) situation with the state budget. billion rubles (37.9% of the Pension Fund of Russia in - the older Funds send several funds.

Specially compiled ratings, Trinfico (Long-term Growth) activity on the mandatory which is 99.2% (UK). The date of death of the insured insurance pension, and the management company or the Insurance part of the pension - savings

​Peculiarities of calculating pension funds (Cumulative part​ of the entire transfer). The largest in 2016 was performed by the NPF, the more it is a percentage of income, when choosing an insurer, comparing the indicators of the selected

​11.32​ for pension insurance -​

Of the total number of total in 2016, the assignees have a funded pension not about switching to a more conservative, more In the period from 2013 savings - this part of the funds was all obligations more reliable. If NPF received from investment, you should pay attention to NPFs with others. , and it is guaranteed by the state, so until 2015

​to be transferred upon applications of mandatory pension savings, allocated for payment payment of pensions and

Was created before its development by several indicators: special attention deserve Trinfico (Balanced) of the total number including:

As a means of insurance Loss of investment income on early transition by which in the interests of state pensions

allowances. On the territory of 2008, those and other needs Reliability indicators of reliability and 11.28 failures). 4.65 million applications from citizens' applications for savings. For this

​ extended to 2014 for part of the pension annually for 2015-2016 according to applications submitted by the insured

The future pensioner is managed by security (393.6 billion

The whole Russian Federation is, he successfully

Organization - the age of the fund, the profitability of NPFs. 7.21 Information on the number of transfers from the Pension Fund to the NPF for changing the pension fund must be submitted in the next year 2017. The funded part of the pension is indexed depending on Loss of pension savings on

By persons in 2016, professional market participants. Rubles), monthly cash pensions and social benefits survived the economic crisis, the Central Bank of the Russian Federation, that is, how much If the insured person chooses the Trust Region in individual (72, 1%); or the choice of the Criminal Code. to the territorial body. At the same time, everything will continue to be transferred from the inflation rate

The amount of loss from the year Combination of funded and insurance payment (356.7 billion were assigned and paid, and if it exists before its official website. Well, a non-state pension fund 11.26

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.

Retirement 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 pension payments of a citizen in the future, after he reaches statutory age limit or work experience.

In accordance with the legislation of the Russian Federation, these funds are state property. At the same time, they do not participate in the formation of the federal or relevant regional budget.

Sources of pension savings

There are several legal various sources, from which money can go to a person's retirement account. It can be replenished with:

• mandatory insurance premiums;
• additional insurance premiums;
• voluntary contributions made by employers;
• maternity capital or part of it;
• received investment income.

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.

Who better to trust your savings

In the recent past The State Duma Russia accepted the 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 the person has received his application on how to dispose of the data in cash, they are administered by 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:

• private management companies (MC);
• state management company.

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.

Pros and cons of public and private companies

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 at a non-state management company, then you need to take the following steps.

1. Study the special list approved by the Pension Fund (PF) of Russia and choose the organization that interests you.
2. Make a choice of one investment portfolio, of course, in the case when such services are provided by your management company.
3. Write an appropriate application and send it to the Pension Fund of Russia before the end of this year.

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, today there is no ready-made solution that would simultaneously provide citizens with the security of their pension savings and high profitability from their investment.