The yield of the enlarged portfolio of pension accruals, which accounted for 1.99 trillion, by the end of 2015 amounted to 13,15% per annum. The yield of the portfolio of government bonds (22,7 billion roubles) amounted to 15,31%. Gosupravdelami managed to outperform inflation for the year was 12.9% per annum.
The default VEB manages the pension savings of those citizens who have not chosen a private management company or pension Fund (so-called “undecideds”). According to the FIU on July 1, 2015, VEB has formed its funded pension of about 52 million people.
According to the law, in 2016 the contributions of the “undecideds” will no longer go to the funded part of the pension; 22% of salary will be fully spent on insurance part of the pension. Want to continue to deduct contributions to the funded part of pension, has to be until the end of 2015 to transfer their savings into private pension funds or to leave their funds in the PFR, but to write a statement about their desire to continue to accumulate.
The result of VEB for the 2014 year was much worse: 2,68% per annum on enhanced portfolio and -2,05% per annum on a portfolio of government securities. Inflation for 2014 amounted to 11.4% per annum.
The cumulative yield for the last three years reached USD 7.43% per annum on enhanced portfolio and 6,48% per annum on a portfolio of government securities.
According to the Director of Department of trust management VEB Alexander Popov, the main income in 2015 was obtained at the expense of corporate bonds and bonds of the Ministry of Finance that are tied to inflation. “The share of bonds linked to inflation, is about 20% of the portfolio,” he said. VEB is also in portfolios there are bonds of “mail of Russia”, Russian Railways, FGC UES.
VEB has reported that the total income from investing pension savings under its management, in 2015 amounted to 237,3 billion rubles only in October—December 2015 investing pension savings brought 70.6 bn. “the Absolute size of income from the investment of the extended portfolio was a record for the 11 years of managing pension savings”, — said Popov (quoted by “Interfax”).
For 2016 VEB “cautious investment strategy,” said Popov. “The strategy will depend on the amount of funds that you will need to transfer to FIU, and then in private funds”, — said Popov, adding that it reserved 400 billion rubles.
Alexander Popov said that the strategy of VEB is also affected by the government’s decision to extend the moratorium on formation of pension savings. “If the moratorium will be in 2016, this will allow us to buy longer-term paper. Otherwise we are going to focus on shorter-term investments to provide liquidity of the assets,” he explained.
According to Popov, in a similar situation and are SPC. “Given the fact that more than 50% of applications in 2015 was filed about switching to another private Foundation, NPF also forced to keep savings in short the tools. This, of course, prevent them from being long — term investors,” he said.
Popov recalled that last year VEB has transferred to private funds about 425 billion rubles At the same time he said, to ensure the return of funds from the portfolio of government bonds VEB had to sell bonds. “But the environment was nice and we even earned”, — said Popov.