The EBV for the first time gave private foundations leadership in the pension market


Non-state pension funds (NPF) for the first time surpassed the state management company for pension savings amount: for the 1st quarter in private funds was almost 2 trillion rubles, and VEB – 1,8 trillion rubles this is evidenced by the statements of NPF posted on the website of the Bank of Russia.

For the first quarter of the volume of pension savings managed by VEB decreased by 209.1 billion to 1.8 trillion rubles (2.2% of GDP). During the same period, the amount of compulsory savings in the NPF increased by 271,5 billion rubles to almost 2.0 trillion (2.4% of GDP). In addition, in the NPF, there are more than 1 trillion rubles of voluntary savings (pension reserves). Thus, the NPF 3 trillion rubles (3.7% of GDP).

The total amount of pension savings in Russia reached 5.9% of GDP.

Significant growth in pension savings in the NPF happened as a result of the transition campaign in 2015: 33 NPF included in the guarantee system in 2015, has received 259 billion rubles, the report indicates the Bank of Russia.

“The continued recovery of the markets positively affected the investment results: the weighted average yield of pension savings in the NPF was 9.0% per annum, which is higher than inflation — the consumer price index during the same period grew by 8.7%,” writes the Central Bank. The yield STMC, VEB extended the portfolio is also ahead of inflation and amounted to 11.7% per annum.

According to the Agency RAEX, at the end of 2015, almost 60% of pension savings and 39% of pension reserves NPF placed in corporate stocks and bonds. It’s about 1 trillion rubles, or a third of the assets of the whole system of nongovernmental pension provision. However, as noted in the review RAEX “Future of pension market: NPF become strategic investors, pension savings and reserves of these funds amounted to a fifth part of the volume of investments in fixed capital in 2015. “The sectoral structure of investments in fixed capital suggests that the money could provide around 20% of investment in construction, about 10% of the investments in the electricity sector and almost 5% in transport and communication” – gives the data of his research analysts RAEX headed by the Director of corporate ratings Veronika Ivanova.

According to the authors of the study, the withdrawal of pension savings in 2014-2016 has deprived the Russian economy is about 1 trillion rubles of investments. “The loss to the economy look even bigger, if you compare the volume market pension funds with total investments in fixed capital in Russia in 2015. On December 31, 2015, the ratio of pension savings to investment in fixed capital for the year amounted to 12.3%, the ratio of pension savings and reserves of 19.4%,” – said in the review of the Agency.

In RAEX predict that by the end of 2016 the market volume of private pension coverage will reach 3.3–3.5 trillion rubles, of which the 2.2–2.4 trillion rubles will come from the retirement savings.