Loss of Russians who have entrusted their future pensions to non-state funds, in 2015 amounted to 200 billion rubles, therefore, it is necessary to take measures to protect citizens, said Deputy Prime Minister Olga Golodets, speaking at the Russian business Week on Wednesday, March 23. “Citizens of the Russian Federation in the storage system last year lost more than 200 billion rubles, and today we have not determined the source: when and who will reimburse the money”, — quotes its words “Interfax”.
As explained the press-Secretary of Vice-Premier Alexei Levchenko, the same amount the citizens have lost as a result of the fact that private funds inefficiently invested pension money in 2014. According to him, according to the OECD, in 2014 the average profitability from investing pension savings amounted to -7.4 per cent.
“The citizens in accordance with Russian Federation law guarantees only the value of the money that they transferred. That is, the salary, the deductions from which are produced today, — said the Golodets. — After 40 years, imagine what it will be for money. Here’s what pension awaits those people who once chose the cumulative part of the pension”.
Golodets added that he considers “a huge flaw” of the whole system of the cumulative opacity of placing money in private pension funds and the lack of direct contract between citizens and the NPF.
Now in Russia operates 98 non-state pension funds, follows from the data on the website of the Central Bank. In 2015, the regulator revoked the licenses of several dozen pension funds, including the fact that participants violated the rights of the insured persons. According to the DIA, now in the guarantee system of pension savings has 35 funds, where more than 95% of all pension savings in the NPF. Earlier at the international conference “the Russian market NPF” the first Deputy Chairman of the Central Bank Sergey Shvetsov said that the regulator is considering a further 17 applications for membership in the system, but noted that not all of them will be satisfied.
In early March the government submitted to the state Duma a bill obliging pension funds to shareholders to compensate their customers losses resulting from the placement of savings in poor-quality or low-yielding assets. Under the bill, if the Fund has incurred a loss under operations with the customer, we shall reimburse him for the expense of own means. The Fund will be obliged to compensate lost profit.
As explained by Deputy Finance Minister Alexey Moiseev, we are talking about cases where the management of the Fund invested in the interests of the owners of SPC or any third parties. “This can be identified, for example, during the inspection of the Central Bank”, — said the Deputy Minister. According to Moses, if funds in customer accounts decreased due to the fact that the Manager deliberately invested in low-quality assets in someone’s interests, the shareholders of the Fund will be required to make up losses — to assess additional into personal accounts of customers lost amount.
“Dishonest behaviour will be, for example, the fundís investments in high-risk bonds at a low yield, buying shares at inflated prices, placement of deposits at lower rates”, — explained in the press service of the Bank of Russia. The Central Bank said that investments of the Fund in any instruments in the presence on the market alternatives that provide less risk for a given level of return or greater return at a comparable risk can also be qualified as “unfair behaviour”.
Market risks pension funds, whereby the Fund suffers losses due to objective reasons (for example, when the collapse of the market), now insured by the government, but the guarantee system of pension savings compensates only the value of savings.