MOSCOW, December 31. /Corr. Rita Shpylivs’ka/. Non-state pension funds (NPF) in 2015 have begun to play a significant role in the financial market of the country. According to the CBR, this year the pension savings under management of the funds were directed to the development of the real sector of the Russian economy and revived domestic debt market: investment in corporate bonds and equities almost doubled. In addition, in Russia a system of guaranteeing rights of insured persons, which included pension funds, which account for 95% of all pension savings.
According to experts interviewed, the next year will be the year of cost reduction and consolidation of the market of pension funds, whose members retain a moderate optimism in the face of crisis.
The right investment
The Bank of Russia in one of his recent reviews stated that the NPF in 2015, demonstrated the growing interest in investment in securities of companies and organizations and real sector of economy. Among the companies in the paper which are investing the NPF – RusHydro, Nuclear power complex, “rosseti”, “RPC United wagon company”, “Transneft”, “Magnet”, “Rostelecom”, “Magistral of two capitals”, Bashneft, Novolipetsk steel.
According to the Chairman of the Board of Directors of the European pension Fund Evgeny Yakushev, pension funds and management companies for the first time this year held a number of organized ministries meetings with “blue chips” of the Russian market.
Deputy Finance Minister Alexei Moiseyev: cumulative pension was, is and will be
“This indicates a high interest in order to invest pension savings in Russian companies”, – said Yakushev.
Overall, according to the regulator, after transferring from FIU 616 billion (pension accumulation, received in the Fund for the first time since 2013), the total volume of the pension savings Fund on October 1, 2015 $ 675 1 billion. Investments in corporate bonds increased during the 2nd and 3rd quarters 248 billion to 665 billion rubles. Almost twice increased investments in shares, amounting to 196 billion rubles.
Thus, although the volume of investments in deposits increased by 74 billion rubles, their share in the investment portfolio of pension savings of NPFs decreased by 4% points to 23%.
Investments in funds of banking assets, according to the Central Bank, moved into second place in the portfolio of pension savings.
In the future, the Bank of Russia promised to continue to drive the phased restrictions on investing in Bank deposits with banks and associated tools for the NPF (as of 1 January 2016, introduces a limitation in the amount of 40% – approx.ed.), and in the future to begin to limit NPF investments in government securities, because, according to first Deputy Chairman of the Central Bank Sergey Shvetsov, “the mission of NPF is to lend to the economy, not the budget deficit”.
In addition, the Central Bank plans to encourage the placement of pension savings funds in securities for a long period, as well as changes in the structure of the remuneration funds and the introduction of liability for the quality of investments of citizens ‘ pension funds.
Funds to guarantee
One of the key events of 2015 in the pension market was the creation of the system of guaranteeing rights of insured persons. the Regulator has carried out significant testing in all of the NPF, leaving only those funds that were able to build the business according to the rules established by the Bank of Russia.
The new mechanism managed to pass the first serious test: in August the Bank of Russia deprived of licenses of seven private pension funds associated with businessman Anatoly crank (SPF “the Sun. Life. Pension”, “Solar time”, “Savings”, “adekta – Pension”, “Savings Fund Sunny beach”, “Protecting the future” and “Uraloboronnedra”). The total amount of pension accumulation of these funds exceeded 50 billion roubles.
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In October, the Bank of Russia has listed to the pension Fund about 40 billion rubles of pension savings of the insured in these funds.
Market participants and officials have repeatedly stated that the NPF market in Russia has become much more transparent both for the state and for citizens.
According to Deputy Finance Minister Alexei Moiseyev, from the point of view of regulation of pension funds significant progress has been made, and the system became more transparent, allowing to introduce a state guarantee.
“The story of the bankruptcy of a number of funds showed that, despite this situation, the state created a system of preservation of pension savings of Russian citizens. NPF are transparent and clear to the state and people”, – noted in turn Yakushev.
Today in the state register of participants of system of guaranteeing rights of insured persons included 33 pension funds, which account for 95% of all pension savings.
In mid-December, President Vladimir Putin signed a law on freezing the funded part of pensions in 2016. This will be the third year of the moratorium on transfer of pension accumulation of citizens in NPF. The Bank of Russia sees no risks to the renewal of the moratorium in 2017 and in subsequent years.
However, next year the Russian NPF, despite the extension of the “freezing” of pension, the Finance Ministry estimates, will receive about 271 billion.
The largest market participants remain optimistic and intend to continue to operate in the market without a significant change in strategy.
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Mikhail Shishkhanov, the head of BIN group, which includes several major pension funds – noted that for private funds “freeze” means just an increase of a long investment payback, and have NPF funds under management, and they earn.
According to the Central Bank, for the first 9 months of this year, positive returns from investment of pension accumulation received 76 of the 78 pension funds, pension reserves of NPF 93 101. The yield above inflation on pension savings won 45 of the 78 pension funds, pension reserves – 48 of 101 funds.
Consolidation and optimization
Experts expect that next year there will be further consolidation of market NPF. “To reduce costs and due to the competitive funds will grow in size. We assume that the Bank of Russia will continue the process of reforming the industry. Policy will continue tightening of the rules of investment of pension savings, the regulator will pay a special attention to building a system of risk management in the NPF”, – says the head of European pension Fund Evgeny Yakushev.
The Bank of Russia and the Ministry of Finance on the outcome of the conference on market development SPC also announced the main vectors of development of the industry next year, including funds promise to increase the role of fiduciary liability (liability based on trust – approx.ed.) NPF Fund managers for investment decisions and expansion of investment instruments, as well as support the introduction of fixed remuneration to increase the investment horizon.