First Deputy Chairman of the Central Bank Sergey Shvetsov said that the CBR expects that owners of private pension funds in light of another freeze of pension savings verified their business model, and the market will begin consolidation.
NEW YORK, 7 Oct. The Bank of Russia expects that owners of non-state pension funds (NPF) in light of another freeze of pension savings verified their business model, and the market will begin consolidation, told journalists the first Deputy Chairman of the Central Bank Sergey Shvetsov in the framework of the new York conference of the Moscow exchange.
“The NPF managers should consider whether they will continue this business or to undergo consolidation and to integrate themselves NPF in order to stay in the zone of profitability”, — said Shvetsov.
According to him, the business model of the NPF should be the owners verified as significant investments in shares pension funds and infrastructure were designed to increase savings and the savings from economies of scale subsequent income.
“I have my doubts that pension funds can provide a return on shares, which are owned by their shareholders,” he added.
Earlier, the head of the Russian Pension Fund Anton Drozdov has informed that the government Commission on budget projections decided to freeze pension savings in 2016. The Deputy Prime Minister Olga Golodets said that all the insurance contributions of Russians will be taken into account in the amount of their future pension, in spite of such freezing.
The government of the Russian Federation for the years 2014-2015 enacted a moratorium on formation of accumulative part of pensions, 6 per cent from the salaries of the citizens that must act on the storage part, went into the control part. In the spring of 2015, Prime Minister Dmitry Medvedev announced the decision to maintain the pension and not to extend the freeze. However, later the government in connection with falling of incomes of the budget have resumed discussions about a similar freeze.