Due to the freezing of pension savings in the stock market will be reduced in 2017 700-800 billion rubles. To such conclusion the National rating Agency (NRA). All in all, based on previous moratoria beginning in 2014 the financial market has already lost more than 1.5 trillion Calculations NRA show that while maintaining the current proportions in portfolio investment of pension savings the hardest moratorium on the transfer of funds in the Fund could hit the debt market.
Wednesday, August 31, Deputy Prime Minister Olga Golodets announced the extension of the freeze of the cumulative part of pensions for the fourth time in a row. According to Vice-Premier, the draft Federal budget for next year is not provided, the budget transfer to the Pension Fund on compensation of the part of the insurance premium, reaching cumulative part of the pension, which means extending the freeze.
In 2016, the savings for the budget from the freezing of savings, according to estimates of the Ministry of Finance, amounted to 344 billion rubles. While the FIU stated that the deficit of the pension Fund with regard to the freezing of savings in 2017 will amount to 1.1 trillion rubles., which implies that the deficit will still have to resort to borrowings via OFZ or use NWF, says the analyst of Raiffeisenbank Denis Poryvai. It is estimated that the benefit of the budget from the freeze of the cumulative part of the pension in 2017 will exceed 400 billion rubles.
This is the fourth year freeze of savings, so market participants were prepared for it, despite the reassuring statements that freezing is not planned, said the Director of the Institute of strategic analysis FBK Igor Nikolaev. “But despite the predictability of the freeze, this decision still hinders investment activity. In addition, players have expectations that the funded component generally can be eliminated,” the analyst notes.
However to speak about the exact freezing of pension savings in 2017 only after the budget is approved for next year, emphasizes the adviser of the President of the National Association of pension funds (NAPF), Valery Vinogradov. He notes that the impact of the withdrawal of pension savings will be negative for the stock market, because a significant portion of the funds to it is not forthcoming, and will be used for closing holes in the budget, said Vinogradov.
The worst in this whole situation is that the pension savings of citizens become a permanent donor of the budget, says Vinogradov. “It is harmful from a social and economic point of view, as people lose a part of future pensions, and the economy loses substantial investments”, — he concluded.