Cumulative pension deductions are funds that are paid to the employee due to the loss of human resources or when retirement age achieve, provided that before receiving the payments, they were on a specialized individual account of the depositor (in NPF or another private pension company).
The specialized individual account of the client is assigned to each participant in the OPS Treaty. To conclude a contract, the client should apply to any branch of the non-state pension fund (NPF) or a subsidiary dealing with contracts pension insurance.
NPF - financial organizationwhich provides services for compulsory pension insurance of citizens and legal entities, as well as the conclusion of NGOs (non-state pension provision).
NPF activities are regulated Federal law "On the accumulative pension" N 424-FZ dated December 28, 2013 and "Law on compulsory pension insurance" N 167-FZ dated December 15, 2001.
According to the laws, the employer must be transferred to the PFR 22% of the employee wages. 16% of the default contributions are listed in the insurance part, the depositor cannot use them to increase the future pension. The remaining 6% is accumulating contributions that Russians can send to the NPF to invest.
FIU, unlike NPF, does not invest depositors. They are subject to distribution from individual personal account accounts for social needs:
- pensions;
- social Security contributions;
- material assistance, etc.
The NPF actively uses customer funds: due to the profitability of the Fund's depositors receive investment profits. The accumulative pension in the NPF is inherited and is not subject to taxation, as well as the recovery of the executive bodies. The depositor can repeatedly change the pension company: to move from one NPF to another or return to the FIU.
NPF does not guarantee 100% receipt of investment income. Payments are made upon reaching the retirement age (including early) in the form of premiums to the main part of the pension or in the form of a lump-sum payment (preferential category of citizens).
What are the advantages and disadvantages of storage in a disheaval institution?
When switching to NPF, investors can receive investment income. The accumulative pension, unlike the state, can be paid to the heir (under the law or testament of the client).
No company guarantees that customer contributions will be invested - it depends on the profitability of the financial organization.
If the income for the current period is negative or equal to zero, only the annual transfer of contributions from the FIU will be reflected on the individual account.
But when choosing a NPF, the number of points annually accrued to the employee to calculate the size of the future insurance pension decreases. Russians who transferred their accumulations in the NPF after 2014, in the Personal Account of the NPF depositor will not see pension deductions and investments due to the introduction of the moratorium on the formation of the accumulative part of the pension.
After making a moratorium, all contributions are only transferred to the insurance part. This affects the recalculation of points - they are formed on the principle of refusal from NPF (all customers become "melts").
About why translate the accumulative part of the pension to non-state pension Fund And is it profitable, read.
For whom is relevant translation of funds there?
Citizens corresponding to the age category for the conclusion of the OPS Agreement may not connect to additional programs co-financing. Their contributions will be paid to the employer himself in the FIU, from where they are listed in the amount of 6% in the selected NPF. On the individual personal account of the client, funds are invested if the company had financial profits for the current period under the OPS Agreement.
How are accumulated?
The formation of the accumulative part of the pension in the non-state pension fund is made after the transfer of funds from the Pension Fund.
Responsibilities of payment of contributions takes on the employer. For this wage The client must be fully official, otherwise he will not be able to participate in the Program of Mandatory Pension Insurance.
In NPF from the FIU, the funds are transferred in the amount of 6% of 22% of contributions paid. This is a cumulative part of a pension that is subject to use as investment and capital capital.
The investment of the contributions listed in the NPF occurs regularly, with a frequency once a year, provided that the fund has income for the analyzed period.
If the yield is negative or equal to zero, the means accumulate on the customer account without subsequent indexation. About the state of its personal account depositors annually notify:
- sMS;
- email address;
- mail.
Get operational data available after registering on the NPF website. All companies have access to the personal account of the NPF is provided free of charge.
Principles of calculation
The payments of non-state pensions are manufactured when the depositor of the retirement age is reached. The size of the cumulative pension, taking into account the capitalization, is displayed in the Personal Cabinet of Customers.
Under the condition of a one-time payment amount is listed to the depositor account. If the payments are made regularly, i.e. the client is not a preferential pensioner, a non-state pension is appointed in the form of an allowance for the main part.
The size of the surcharge is established by the Foundation individually for each client. It is calculated based on the amount of accumulated and invested funds.
After termination of the Treaty of the OPS, the pension over the insurance part is paid to the client for life. The calculation of the premiums to the main part of the pension is made on the basis of the average life expectancy in Russia, which is currently 73 years. The funds accumulated by the contributor are divided into the number of years remaining to an average life expectancy. The resulting amount is allowed to the main part of the pension - insurance.
An example of calculating the pension: the depositor has retired. Until the achievement of the 73rd, he remains for another 12 years. The amount of accumulated funds under the APC Treaty is 240 thousand rubles. The monthly allowance will be 240/12 \u003d 20 thousand rubles.
Translation from one organization to another
Changing the non-state pension fund allows the depositor to choose a company with a higher yield or reliability.
It is allowed to change the NPF with periodicity no more than 1 time per year. When switching to another fund, investment income burns if the NPF has passed since the change of NPF.
The accumulative part of the pension passes in full a year after the signing of the new OPS Treaty. If the contributor does not change the company, and returns to the FIU, investment deductions are also burned, if not passed 5 years from the date of registration of the current compulsory pension insurance contract. In some cases, the NPF change can delay.
If during the signing of the OPS contract, the depositor data has changed, the previous insurer may refuse translated due to discrepancies relevant information client.
Order of receipt of payout
It is produced when terminating a compulsory pension insurance contract: when the contributor reaches retirement age (including early retirement) or is one of the preferential citizens who receive a pension due to disability.
2 types of payments are provided: the one-time receipt of funds in full and monthly payments in the form of allowances to the rest of the pension.
If the client is not a beneficiary, he is paid monthly payments for life. The amount of payments is due to his invested capital in NPF.
One-time payment is paid to those who lose their working capacity and becomes a pensioner ahead of schedule. Also get all the means are immediately accessible to depositors whose amount of accumulated funds is less than 5% of the size of the insurance part of the pension.
Review of reliable companies
As an insurer pension payments It is recommended to choose companies with a high reliability rating. Reliability is assigned by rating agencies (for example, Expert RA), subject to the participation of NPF in Ranking.
If the financial organization refuses to participate in such ratings, this indicates the presence of financial risks and possible unreliability. High risks of investment of funds are possible at low rates.
Leading NPFs do not hide their financial results From potential and present customers, and also always differ in high levels of reliability.
List of reliable NPF (according to Expert RA and "National Rating Agency"):
All funds are members of the Deposit Insurance Program, which guarantees payments to depositors in the event of the liquidation of the structure.
Listing 6% Pension Pension in the NPF makes it possible to citizens to receive additional income upon retirement. Those who translated their funds before the introduction of the moratorium in 2014 will be able to see the investment of savings. It is recommended to choose reliable funds as a partner in the OPS program. - This will reduce the risk of loss of investment income and funds of the accumulation part.
Useful video
We offer to watch a video, how the accumulative part of the pension in the NPF is drawn up:
The future retirees are given a choice where to store and save the future provision. One of the accumulation of savings is a non-state pension fund. Such organizations promise large pensions. It should be understood that they represent and whether to trust them with their pension.
NPF is a non-commercial organization, in whose tasks included social Security and mandatory pension insurance. People who have confessed their pension a non-state fund, you can track all reports of the company on the site. All the work of the non-state pension fund is strictly checked, they can hardly hide something.
Non-state firms promise at least to maintain a pension as maximum - to increase. Since all the money is not just lying in the accounts, but are invested at interest.
What is pension savings
Each person, working, provides his old age by monthly payments - pension. The reforms carried out in 2010 pension were divided into 3 parts: insurance, basic, cumulative. Everyone who was born after the 1967th can dispose of a cumulative part of the pension, which is 6%.
It can be stored:
- in management company;
- in NPF;
- in the pension fund.
Types of pension payments
In Russia, the state provides the following types of collateral:
- Insurance pension. Relying in old age, disability or loss of the breadwinner. The so-called compensation for all work years. This is the amount established by the state, indexed every year.
- According to the state supply, it is relumed for the service, to achieve retirement age, social. Compensation for lost ability to work. For the military affected by the catastrophe and then on the list.
- Cumulative. Formed from the deductions of the employer, interest on investment.
- Non-state security. Personal contributions to future collateral.
The size of an additional pension
The size of the support depends on the type of pension and the following factors:
- insurance experience;
- payments for employment;
- age;
- special or severe working conditions;
- benefit.
How to work
The essence of the work of non-state pension funds. Writing a statement about the transition to NPF. The means are transferred to the Fund, are entered into circulation, are invested for income.
Upon the occurrence of retirement age, a non-state pension fund pays a monthly provision with an increase. The accumulations grow due to the fact that money all this time is "work." While in the pension fund they do not increase.
Do I need a license to funds
The activities of non-governmental funds are under the tight control of government agencies and legislation. Open NPF is not so easy.
It is necessary to obtain a license for the implementation of pension and insurance. Given the Bank of Russia for an unlimited time.
To get such a license, the organization must comply with FZ No. 75 for all points:
- organizational and legal form of non-state pension fund;
- pension and insurance rules must meet all the requirements;
- the Board of Directors, the Collegial Fund, Headbuch, Internal Control Workers is checked;
- the size of the authorized capital.
Device
Non-state pension fund works in the following scheme. The money received must be invested with minimal risk. For this, bonds are suitable, securities. Issue loans to other firms are prohibited. The data of savings are inviolable, they will not be able to confiscate even government agencies. This is what guarantees their safety.
The entire structure of the Fund's management is established by law.
Board of Directors, consisting of founders. There may also be a representative of the depositors. They are engaged in the Foundation for free and voluntarily.
Board of Trustees, he also controls the work of the non-state fund and represents the interests of the depositors.
Accounting every year provides reporting to independent experts. According to their conclusions, the report is published. In addition to the report, an actuarial assessment is carried out annually: the non-government fund is capable of continuing its work.
Who monitors the activities of non-government funds
The work of non-state pension funds regulates several structures:
- Central Bank of Russia. The main control body. Pulling legal documents, registries are conducting inspections with access to documents, conducting conversations with employees;
- The Ministry of Labour. Establishes the rules for interacting with other funds, depositors, pension fund;
- Ministry of Finance. Controls accounting, appointment, pension savings payments.
Is it worth moving to the NPF (sewed on soap)
NC translation - voluntary desire. Non-state pension funds are organized in order to be an opportunity and an alternative to increasing the size of the collateral in old age.
Since Russia's PF cannot even give 6% yield unlike non-Profit Organizations. But this amount will absorb this amount, so the money in accounts is depreciated, wherever they were stored. Nevertheless, I will talk about the advantages and cons of the transfer of the cumulative part.
Pros and Cons NPF
First of all about the advantages:
- an increase in the cumulative part by investing;
- inheritance;
- material insurance (funds will not disappear anywhere). Even if the NPF is liquidated, the means are translated into PF;
- you can translate money between non-commercial organizations or return them to PF;
- tracking accumulations on the site;
- transparent activities of organizations and annual reporting.
Now about the disadvantages:
- to predict how much the accumulation increases is impossible due to the instability of the financial market;
- responsibility for choosing a non-profit organization remains at the depositor;
- interest on the ladle is lost when changing the fund or liquidation of the organization.
Risks
When moving to the NPF, there is a possibility that:
- the application for the transition will not be approved;
- all investment budding may be lost, as it is recommended to translate accumulations in more often than 1 time / 5 years;
- if the depositor data falls into an unreliable firm that sells a database, without its knowledge of the LC can translate into non-commercial organizations.
How to make a transition to NPF
To go to the NPF, the first thing to be done is to choose the organization to cover your LF.
The second is to conclude a contract, be sure to explore.
Third: until the end of the calendar year, the application is written for the FIU on transferring funds to a non-profit company.
Fourth: Get a written notice of money transfer.
In practice, everything happens like this: the investor addresses the organization. Immediately with the help of the EDS is filled with an application and contract. Copies are given on hand. It is indicated when the LC will be translated as you can track. Forgive.
You can arrange the transition in a multifunctional office or through public services.
The process of translation of the storage part in NPF
During the calendar year, applications for the translation of savings are collected. Until March of next year, data processing and the transfer of the accumulative part to the non-state fund occurs. That is, after March next year, you can learn about the status of savings.
- First of all I advise you to pay attention to how reliable company. Rating is not lower than RUAAA, trust forecast.
- How long ago on the market. Over 98 years old - fine.
- The company, founded by NPF, to begin analysis with heat energy, metallurgy, oil production.
- Reviews. Doubtful criterion, it is better to filter everything that is written in the network, but you can find reliable information.
Rating the best NPF.
NPF with high rates of profitability and reliability:
- Sberbank;
- LUKOIL;
- Gazfund;
- Petroleum;
- Surgutneftegaz.
In terms of savings, the number of depositors in all ratings is leading Sberbank.
21.05.18 114 737 46
As me secretly translated into the left fund and what it was worth it
At the end of 2017, I was called from one non-state pension fund and reported that I was now their client.
Alexey Kashnikov
suffered from scammers in NPF
I did not conclude any contracts with anyone, and when I began to understand, it turned out that I actually stole 80,000 p from the future pension.
At one time, I myself worked as an Agent NPF, but even the knowledge of all the tricks of insurers did not save me. In this article I will tell you how unscrupulous agents of the NPF secretion can deceive you.
In this article - only the beginning of my fight against fraudsters. When there is some continuation, I will add an article and inform about it in social networks - subscribe. But while I will punish scammers, it can pass a lot of time, and you need to defend them from them now, so do not wait for my situation - be prepared in advance.
What kind of NPF and what's the old age
Our future pension is divided into two parts: insurance and accumulative.
Insurance pension is money from people from the future. When you will be old, and someone else is young, young will be retired young. How much you will receive in this part - depends on the set of factors, starting with your experience and ending with the scales of the imperial ambitions of our country. We can significantly affect the size of the insurance pension, except that improving the demographic situation in the country so that there are many able-bodied taxpayers during our old age in Russia.
Accumulative pension is your money that the state allowed you to postpone old age in advance. So would you give all your deductions to the current pensioners, and now you can leave part on the account. With a cumulative pension, you can do anything - and then your insurer will be the Pension Fund of the Russian Federation, which by default will send accumulation into the WEB control company by default. People who have chosen such a variant are called "Merchives".
You can consciously choose by our Insurer Pension Fund of the Russian Federation, writing an application for this. Then you will also stay in the FIU, but you will not be "silent". And you can also invest a storage pension through a non-state pension fund (NPF) and receive income with it. If the income is good and in the next 25 years no one will decide to direct it to the imperial ambitions of our country, then in old age you will be on what to live.
This is equivalent to how if you were now invested part of our salary in stocks and bonds. You invest, investments bring income, and in old age you get a pension from this money. Now imagine that insert you do not personally, but some control company that collects a bunch of money from the population invests this bunch in financial instruments And makes a profit. This company is NPF - a non-state pension fund.
Non-state pension funds earn the profits that they produce their depositors, so they compete for customers. The more customers, the more money and the more potential profits. Sometimes in pursuit of turnover of funds begin to keep a dishonest game - and here we will talk about it.
NPF agents
Non-state pension funds are financial companiesThey are engaged in money: a million there, a million here, bought paper, sold paper, debit credit. They do not always have a network of offices throughout Russia and their own sellers.
To attract the money of the population, quite often the NPF turns to the services of agents. The agent sells NPF services for remuneration - it may be a person or company. For example, the NPF can agree with the promoted bank to sell the services of this NPF to its customers. For each decorated contract NPF pays a reward bank. Everyone is happy.
Agents can be cans, shops, site owners, your postman, your dealer "EPL", your employer and even all sorts of dark personalities. By and large, NPF does not matter, through whom you have issued an agreement: the main thing is that you agree to translate your money into this NPF. And the agent is the main thing - to make pieces of paper and get your fee. Everything does not matter everything, so it turns out ...
Foundation works with agents directly or through brokers
Armchair transition to another NPF
The state wants you to choose some one pension fund and left there money for a long time. Therefore, by law, move from one Fund to another without financial losses every five years. If you go ahead of time, you will lose all investment income.
That is what happened to me. In 2015, I concluded an agreement with the NPF "Trust". At that time, there were 33 000 p at the accumulative account. For two years, my NPF invested money, and I received income. When I was deceived in a new NPF, everything earned burned, and the initial 33 000 r.
But on this loss did not end. The fact is that money from one NPF in another is not clear on January 1, and in the period from January 1 to April 1. That is, if during this period the accumulative pension has already left the old NPF, but has not yet arrived in a new one, then during this time you will not receive any income. In fact, money may hang, they will be transferred to a new account later - in my NPF I was told that sometimes the term was delayed until September. With yields, 10% of loss increase from 6930 to 8000 p.
I was quite satisfied with the yield of my old NPF - 10%. This is two times higher than the level of inflation. Now I am 35 years old, to a pension for another 25 years. All this time, lost money continued to work. With yields of 10% 8000 p by 2042, would have turned into 80,000 p! I miss this amount because of the fact that in the distant 2017 someone decided to translate me to another NPF.
How to cheat scammers in NPF
Some agents draw up a translation from one NPF in another secret from the client: the main thing is to get passport data from it and sNILS number . For each given client, the agent receives from 500 to 5000 p, depending on the amount on the account of the future pensioner.
When I worked as an agent, our company used only legal ways to search for customers. The most common is the consignment of employees in major organizations. In addition, the so-called cross-selling were distributed when the agents were credit managers in banks or stores. They offered customers to conclude an agreement with NPF, when they received a loan or bought goods on credit. Before signing the contract, the client has always been told to what fund we represent what kind of profitability he does, etc.
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How to cheat while around the apartments
Sometimes agents are deceived with a quarterly bypass, when a person can talk one on one, without witnesses. For example, agents are submitted by the Pension Fund staff. From the point of view of the law, everything is cleaner here, because the NPF is also a pension fund, only non-state. The potential client thinks that they came from the Pension Fund of the Russian Federation, and trusts the guest.
Offering a contract, agents can intimidate, they say, it is necessary to sign it necessary, otherwise part of the future pension can be lost. This, by the way, is also half a truth: the agent can show the profitability of the Foundation - if it is higher than your current NPF, then part of the future pension is really lost.
Our competitors even discovered the company with the name "GOSFOND", made agents of certificate with such an inscription - and sales took off. Conscientious NPFs are never doing so - we have a phrase "I am from the Pension Fund" was banned.
One of my client told how the agents came to her home and told that our foundation closed and it should urgently sign a contract with a new NPF. In fact, our company simply united with another NPF and changed the name. Competitors about it learned and began to scare customers.
Agents came home too. I let them out of professional interest. They used such a reception: they asked for a lower "to check", immediately called themselves and told me that I was no longer in the customer's database and it is necessary to urgently re-re-re-re-re-reproducing the contract. In fact, they referred to SNILS with a combined base of several NPFs, and there was no me there, because my fund simply did not give the data there.
How to cheat during cross-sale
A bank employee, an insurance company or microfinance organization can work in parallel to NPF. In this case, you may sign a contract under the guise of other documents. For example, when you make a credit in the store and put the signatures on a large number of papers. They may say that this is an insurance contract, it is free.
This method employs many personnel agencies. The task of them facilitates the fact that the same documents are needed for employment as for the conclusion of the OPS Agreement: Passport and SNILS. Applicants come to the recruitment agency and fill out a questionnaire for job search. In fact, they are given to sign the application and the questionnaire on the transition to NPF. Citizens after filling out the questionnaire talk about what the call will come. They will have to confirm that they agree to the transition, and then they will contact them on work issues. When the client confirms the translation into the NPF, it really can offer some vacancies, and can forget about it.
One client told me how an unfamiliar man came to the village and said that he was gaining people to work. Under this pretext, he collected the data of passports and mines wanting to find it, then gave sign some papers and left. Nobody received work, but the next year everyone came to transition to NPF.
- OPS Agreement in three copies. In total there will be 3 copies of the contract, each of which will be signed by at least two places.
- Statements about early transition. Usually, two statements are given to customers just in case: the transition from the FIU to the NPF and the transition from NPF to the NPF.
- Consent to the processing of personal data.
Fake signatures
Fake signatures is a crime. The fraudster receives a passport and SNILS, fakes signatures, submits documents to the NPF - it seems like the service itself sold the service. The client learns about what moved to a new NPF, only a few months later, having received a letter from the old one.
So happened in my case. As I later found out, I was transferred to the new fund to the bank, where I received a map. She scanned my passport and SNILS, who lay in the cover of the passport, the warder issued documents and reported to the Foundation: "That's, they say, the new client has led you, let's money."
It is difficult to avoid such a situation, because cases when we are asking for copies of the passport and reduce a, not rare. At the same time, the non-state pension funds are trying to fight for fear. For example, call and clarify whether the client really concluded a contract - so they recheck the good faith of their agents.
Some NPFs require a client passport photo agents. True, fraudsters are committed to bypassing these barriers, buy databases of scanned documents, bring their own phone numbers to the Agreement to respond to NPF calls on behalf of customers.
One of my colleague from the NPF told that fraudsters open entire factories for the production of substrate contracts: hire special people who fake signatures, other employees respond to NPF phone calls, confirming the transition, the third documented documents.
By law, fake signatures, provide copies of the passport and answer the client by phone is still not enough to transfer the pension. After that, my identity and signatures certify one of three options: a personal visit to the FIU or MFC, with a notary or electronic signature. Who confirmed my personality, I do not know yet. My new NPF ignored this question, and now I am waiting for an answer from the Pension Fund.
How to check whether your money is safe
To find out if you did not transfer you early without your knowledge, it will not work until money leaves one NPF to another. The Old Fund learn that the client dropped out, already in fact - from the FIU. You will receive a letter that your money in the new NPF is also only after the translation.
Therefore, it is necessary to check regularly, whether the NPF has not changed. You can check on the website of the public service by choosing in personal Cabinet Section "Notice of the Faculty Account in the FIU":
Click "Get the service", and then "get information completely":
When an extract opens, you will see all the contributions of your employers and your insurer, as well as the date of entry into force of the contract with it:
The size of the accumulative pension and the yield in the statement is not reflected, they can be found in the fund - on the site or hotline.
The contract comes into force not immediately, but the next year. If, reading this article, you remembered that I also signed something, too, - you have a chance to return to the old NPF without financial losses. Find the phone of the hotline of the new Foundation on its website or in its copy of the contract and find out how to cancel the transition.
What to do
If you learned that the cumulative part of the pension was transferred to the new NPF secretive from you, refer to the court with the requirement to recognize the contract invalid. Money together with accumulated income will be returned within 30 days - in such a situation there is a special procedure for transferring a funded pension.
To do this, request a custom post from your new Fund agreement and consent to the processing of personal data that you allegedly signed. They can be used in court as evidence. When I got my documents, I saw that the signatures were made by someone else's hand. Now I filed a lawsuit in court.
You can go to court, even if you signed a contract yourself, but you did not speak about the loss of profitability. As practice shows, such claims are also satisfying.
Remember that the law is on your side. If you yourself did not sign the contract or misled you, then you can prove everything in court.
Unfortunately, many people when they learn about the transfer to the new NPF, simply make up this hand: they say, the money is small, which is now to twitch, maybe a new fund will be better. Here you need to understand three things:
- Now the money is small, but for 10-20 years they will raise significant interest.
- The choice of insurer for compulsory pension insurance is your legal right. If you did not choose this NPF, there is no reason to stay in it.
- Most likely, you will only need to collect documents and appear at a court session. My lawyers say that they are not needed there and I can do everything myself.
Remember
- If you change the NPF more often than five years, then the investment income is lost.
- It would seem small lost amounts of investment income to a pension can turn into dozens or even hundreds of thousands of rubles.
- Carefully read all the documents that sign when receiving a loan or employment (and always).
- Fraudsters are enough of your passport and reduce a to translate you into a new NPF.
- If you have become a victim of unscrupulous agents, complain about your new NPF, the Pension Fund of the Russian Federation and the Central Bank.
- To return the accumulative part of the pension and income, contact the court with a claim for recognition of the OPS Agreement invalid.
NPF currently occupies a significant place not only in the system of non-state pension provision (NGOs), but also compulsory pension insurance (OPS). At the same time, the segment of the OPS became the main source of growth for NPF. According to the "expert" for 2011, the volume of accumulations under the control of the NPF increased 2.5 times from 155 billion rubles. Up to 393 billion rubles, which amounted to 36% of the retirement market, and the size of the client base increased by 4 million people (the increase was 51.8%) and reached 11.87 million people. According to the forecast of Experta RA, by the end of 2012 in terms of the volume segment of the OPS will catch up with NGOs, and its own NPF property will increase by 20%, and exceed 1.4 trillion. rubles.
The features of the activities of the NPF are such that some of its aspects are not amenable to strict regulation under legislation, in particular due to the non-state nature of these organizations. Characteristic feature For the NPF, there is a very long term of cooperation with the insured persons and participants, which provides for planning activities in conditions of uncertainty and dependence on many factors. This uncertainty admits an exceptionally probabilistic planning approach. It follows from this that the NPF activity is characterized by a number of non-standard risks faced in their work only insurance companiesBut acquiring for NPF as non-commercial organizations, a certain originality.
Thus, due to the indisputable social significance of the NPF and their the most important role in the pension system, special importance should be given financial Sustainability Funds, protecting the interests of participants and insured persons, and the factor of guarantees and ensure reliability should have the highest priority.
The presence of a significant number of risks in the pension system is one of the reasons limiting the development of NPF in Russia. This fact, in turn, affects the efficiency of using the potential of the NPF. Because with the help of attracting long-term investment resources to the economy and using them to fully, the NPF could play an even more prominent role on financial market Countries and become one of the factors of its stabilization and development.
All potential risks with which NPFs may occur, can be attributed to two groups. First, NPF is exposed to internal risks that are directly due to the effectiveness of the management and features of the functioning of the NPF. Secondly, these are external risks, independent directly from the activities of the NPF. The management of this risk group is the field of state activities. Under state control there are political and economic courses of the country, the formation of legislation on non-state pension insurance, the tax system.
Internal risks are individual and folded from the risk of assets management, the risk of control of liabilities and the risk of administrative management. The risk of assets management includes an investment risk that is certainly a key internal risk for the NPF industry, as well as the risk of non-pension contributions.
Investment risks imply the risk of unacceptable yield, preferably not lower than the level of inflation, and the risk of decline current liquidity. This risk It may lead to non-fulfillment of direct obligations of the Fund for the profitability of accrual for pension accounts. As you know, the thinnest moment of investing pension funds is a balance between yield and risk. However, for pension funds, the risk limit is much more priority than for any other portfolios.
In the OPS system NPF invests pension savingsThe placement of which is strictly regulated and is possible only through non-flared to NPF management companies (CC) on the basis of a trust management agreement. Within the framework of NGO activities, NPF form funds for pension reserves. According to the current legislation, the NPF is allowed to post their pension reserves independently, or through the Criminal Code. The practice of interaction between NPF and the Criminal Code in the field of investment control is reduced to two formats. The first format involves the creation of an individual division responsible for managing the NPF financial risks. As a result, the Foundation independently develops its investment strategy and broadcasts it in the Criminal Code. At the same time, the Fund holds a rigid audit of the Methodology of the Criminal Code and monitors the execution of the investment declaration transferred to the management company. Such interaction scheme requires substantial NPF material costsWhat explains its low prevalence in the Russian retirement market. Most funds when transferring funds to the management of the Criminal Code go along the way the least resistance. They fully transmit the management of the entire investment process, in rare cases by conducting joint investment committees from the Criminal Code.
The essential problem facing the NPF is the selection of the most effective management companies. There are various methods for such estimates, most of which are based on profitability over previous periods and combinations of the formal characteristics of the Criminal Code (work experience, the number of personnel, the size of funds under control). Since 2011, the National Association of Pension Funds (PPF) shall form a sectoral risk-management standard in which measures will be spelled out by general organization Risk management in the Foundation, as well as monitoring market, credit and operational risks. The development of standardization in the pension market is closely related to the problem of monitoring investment risks.
NPF, with a separate division of financial risk management and independently developing an investment strategy, on the basis of the Standard receive the opportunity to improve the investment process in accordance with the leading risk management practices in the market. The larger part of the NPF, fully transmitting the entire investment process, acquires materials to audit the risk management systems of the Criminal Code with which they plan to cooperate.
Now less than half the Criminal Code of the Trust Management Market there are specialized divisions of the risk management system. The standard will include a significant list of organization requirements, including a mandatory presence. separed division According to risk management, the presence of methodologies and regulations applied in the risk management process, as well as the procedure for their update, and to the employees of the Risk Management Division. Thus, the Code to preserve the NPF client base should now be reorganized in order to create elements of the risk management system.
Such a strict approach to the selection of the Criminal Code by the NPF will be an incentive to increase competition among the Criminal Code, and will help increase their effectiveness and reliability. On the other hand, the introduction of the standard will lead to further consolidation of the Criminal Code in the pension segment, which is currently characterized by an extremely high level of capetiveness and a very uneven distribution of pension assets. All this will facilitate more transparent cooperation of the Criminal Code and NPF.
Two groups of restrictions operating in investing pension savings are identified: structural concerning the list of objects and their share in the structure of the investment portfolio, and organizational, consisting in the requirements for asset to include it in the investment portfolio and issuers of securities in which it is allowed Investing pension savings. Thus, the preparation of the investment declaration and investment of pension savings is carried out by the Criminal Code under the influence of a fairly large number of not always substantiated restrictions. In essence, this means that the NPF is functioning at a certain framework, directly determining the boundaries of improving the management of pension savings.
Due to the right of insured persons, annually choose the method of managing the accumulative part of the pension, the possibility of removal from the management company of a part of funds in trust management. This fact limits the investment of pension savings in underestimated fundamental analysis of securities, as well as infrastructure projects, investments in which undoubtedly contribute to the increase in the effectiveness of investing retirement savings. It seems that the improvement of trust management activities of pension savings is associated with the need to minimize the negative impact of this factor on the Criminal Code.
Thus, the NPF has no permission to independently placing the funds of pension savings and significantly reduces the possibility of independent investment of pension reserves. It can be concluded that the process of investing pension assets in essence is not controlled by the funds entirely, and, consequently, these restrictions contain the ability of the NPF to interfere investment riskswhich are the most common in the pension system.
The second view of the risk in assets management is the risk of inclusive of the pension contributions of the depositor. This type of risk can provoke the situation of deviations in negative side The return on investment adopted in the actuarial settlements of the task, which may entail failure to fulfill its obligations to accrual funds for pension accounts, as well as the solvency of the Foundation when paying pensions.
The risks of the NPF when controlling liabilities are not so obvious, and the consequences of the implementation of these risks are usually manifested in the long term. The risk of management of reserves and other liabilities is primarily in the risk of evaluation of existing pension liabilities and the risk of errors to form new commitments. When calculating the required amount of pension reserves, an actuarial assessment is used based on the equivalence principle of the size of pension reserves and pension obligations of the NPF. The mathematical expectation of a combination of upcoming pension payments discounted by the time of calculation is used to assess the amount of pension obligations. This value is calculated taking into account the actuarial assumptions, namely the forecast of the dynamics of the return rates of investments and mortality tables. Obviously, the creation of a faithful actuarial projection of the dynamics of the rate of profitability of investments for a long time, implies the effect of retirement contracts, in conditions unstable economy is a very difficult task. It should also be noted the fact that mortality tables were developed on the basis of data on the life expectancy in the country as a whole. However, the life expectancy indicators for the contingent of participants in a particular fund may differ significantly from the averaged data. For NPF, it would be more rational to use mortality tables developed for specific regions or for the category of persons a certain profession, since most funds are corporate organizations.
Thus, inaccuracy in assessing pension obligations may be caused due to the use of incorrect formulas and calculation algorithms, errors in the development or operation of computer programs, errors in the source data, namely distorted information about the sexuality of the participants and the date of their birth, or, as noted Above, incorrect task of actuarial proposals (actuarial returns and mortality tables) during calculations. In these cases, it is possible to obtain an incorrect idea of \u200b\u200bthe obligations of the Fund.
A special kind of risk management of liabilities is the risk of exceeding the real amount of pension payments over its average estimation. It occurs, as a rule, under the influence of vibrations of mortality of NPF participants. So even when using theoretically adequate actuarial assumptions of applying the mathematical expectation of discounted pension payments to evaluate the necessary amount of pension reserves, it is not enough for the random, probabilistic nature of the flow of pension payments. At the same time, the more participants are in the NPF, the less the ratio of the amount of possible deviation of the amount of payments to its average estimate will be. This circumstance makes major pension funds more reliable compared to small.
Another significant internal risk in the activities of the NPF is the risk of administrative management. To this category, the risk of unskilled fund management, the risk of the crisis of founders and partners, as well as various operational risks associated with incorrect organizational structure, methodology, personnel, software errors and technical means.
It should be noted that the risk of unscrupulous or unskilled fund management and operating risks were in more than Characteristic for the first stage of the establishment of NPF, when a number of funds were organized on the principle financial pyramids. The risk of partnership is the possibility of financial losses due to non-compliance with the commitments of counterparties. NPF cooperation is legally enshrined with many financial partners (management companies, banks, special administrations). Of course, the results of activity depend on the choice of NPF financial partner. This type of risk is also reduced by the development of the non-state pension insurance system, since it is directly related to the development of business reputation and the accumulation of experience in financial institutions in the pension services market.
The crisis of the main founders may be referred to in the period of financial decline in the economy. Nevertheless, the probability of such crises is very small and for the NPF does not represent a significant threat. Since legislation prohibits NPF to invest more than 10% of the investment portfolio of their pension reserves in the projects of the founders.
Do not forget that the majority of the risks faced by the NPF in their activities do not depend on the Fund itself, and the responsibility for some of them lies in the state, and the part is due to the global state of the economy. External risks are made up of the risk of changes in legislation, demographic risk, and, in addition, the risk of the stock market crisis and the economic crisis.
The legislative framework of the pension reform is continuously improved, amendments and additions are made to it. During the years of reform, the legislation has repeatedly changed. At the same time, practice shows that consistency, detailed descriptive and minimum changes in the program after adoption are extremely important for the success of the pension reform. legislative base. Today, the reform of the cumulative component of the pension system is not a way to survive it, i.e. Forced, but it needs to be improved.
To provide sustainable development The NPF systems in modern conditions it is necessary to create a specialized department responsible for regulating the industry and eligible legislative initiative. Currently, NPF, in essence, is controlled by the Ministry of Health and social Development (directly questions of pension support), Ministry of Finance ( investment activities), Ministry economic Development (strategic issues) and FSFR of Russia (licensing and operational supervision). Consequently, the approval of legislative changes about the NPF implies the coordination of the positions of these state authorities, which leads to significant prolongation of the process of adopting the necessary legislative decisions.
In 2012, the first payments on the OPS are manufactured. The law on the payments of the accumulative part of the pension was adopted by the State Duma at the end of 2011, but it requires substantial refinement and adoption of additional regulatory acts. In the improvement of legislation, all four departments should be involved, from which it follows that there is a high probability of the unpretentiousness of the regulatory framework to the time limit and the risk of disrupting the terms of payments of pensions by law. And problems with the payment of the first pensions can be a serious blow to the reputation of the NPF. The presence of a single profile industry regulator would be able to prevent situations similar to the one that arose when making and refining a payment law.
Disputes about the feasibility of introducing a single regulator in the pension segment have been conducted for a long time. However B. lately Managing NPFs are advantageously expressed by its creation. So, according to the results of an interactive survey conducted rating agency The expert, within the framework of the IV annual conference "Future of the Pension Market", the overwhelming majority of the heads of pension funds (88%) were confident that a single regulator was necessary for the harmonious development of the pension market. At the same time, the majority of participants in the interactive survey believe that the FSFR or a separate organ under the FSFR (67%) should be a profile regulator.
The demographic risk in the activities of the NPF is due to changes in the state of the demographic situation. The population of the pension age is noticeably growing. According to Rosstat forecasts, in the next 20 years, the ratio between the population in the working and retirement age will deteriorate in the next 20 years. By 2050, according to UN forecasts, this ratio will decrease by almost 2.5 times. If you look at 100-year-old dynamics from 1950 to 2050, it can be noted that the number of pensioners per employee has increased fivefold. According to Rosstat for 2011, the average life expectancy in Russia amounted to 69 years. At the same time, there is a tendency of a steady increase in life expectancy as a result of improving its quality and working conditions. For example, the average life expectancy of a woman in the Russian Federation has grown by 44% from 42 to 74 years. It is clear that in such conditions, the mechanism of the pension system cannot act without major changes. Therefore, at present, the question arose about raising the retirement age in the Russian Federation. This circumstance in turn can significantly affect the activities of the NPF.
It is necessary to take into account the listed risks, as well as take into account the possibility of other risks. The exclusion of risks from consideration may lead to excess of the amount of obligations adopted by the Fund for the payment of pensions over the size of the formed pension reserves. Despite the fact that actuarial mistakes will manifest, possibly, not in the first years of the NPF, they will most likely have a negative impact on the reliability of the Fund. From all this, we can conclude that the achievement of absolute reliability NPF. It is impossible, however, a complex of undertaken measures that take into account all categories of risks is largely helped to increase the reliability of the NPF.
The NPF has already created a socially significant basis for the non-state system of accumulative pensions. For its development, it is necessary to change the NPF state regulation format, introduce standardization and increase the reliability of participants. A gradual transition from a strict restrictive policy in the field of posting pension funds to the rules of reasonable investment, the development of its own risk management systems in the funds and the Criminal Code, as well as building a clearer relationship with the Criminal Code should become the priority areas for improving the NPF business processes in order to strengthen their reliability.
Conflicts with managee companies make non-state pension funds create their own risk management units. It will be able to afford only the largest NPF, so the market is waiting for a new wave of consolidation.
The losses shown in 2008 from the placement of pension funds by the management companies (according to Expert RA - up to -25% on pension reserves and up to -20% on pension savings) led to a series of trials between NPF and the Criminal Code about the minimum guaranteed profitability (MHD) and the preservation of funds.
At the same time, only a small share of disagreements resulted in judicial claims: most market participants preferred to agree. However, the results of 2008 will affect the relationship between the Criminal Code and the NPF: because ultimately the funds are committed to depositors and insured persons, they will have to take part of the risk management functions.
The path of negotiations
The expansion of the investment declaration on pension reserves makes NPF's negotiation positions in the regulation of relations more durable: pension funds account for about a third of the trust management market and serve as an important source of income. Thus, funds will be able to reduce their risks associated with possible unnecessarily aggressive actions of the Criminal Code in the market, consolidating additional conditions In the contract, for example, limiting the list of issuers in which funds can be placed. "In our opinion, such a tool allows the non-state pension fund to improve the quality of credit risk management, since in this case the fund will be able to independently monitor the placement of funds and cut off potentially risky paper," Alexander Zhirkov, Chairman of the NPF Council, is shared by Alexander Zhirkov.
Another version of the management of the Criminal Code on the part of the Foundation is regular meetings with the adjustment by representatives of the NPF investment strategy of the manager. "We regularly hold meetings of the Investment Committee together with representatives of the Governors of Governors," said Anton Ostrovsky, executive director of NPF "Telecom-Union". - This allows you to implement monitoring, analysis and control of risks arising in the process of posting pension reserves and investing pension savings, as well as to increase the sustainability of the Fund.
The described control options of the Criminal Code will be ineffective without creating a high-quality risk management system within the funds themselves. However, the creation of a qualitative risk management system capable of promptly monitor and respond to changes in the economy is possible only within the framework of large funds. Pension Fund S. small business and the low volume of property to ensure the statutory activities (IOOD) simply will not be able to afford to ensure the functioning of such a system. The prospects for small NPF are exacerbated and the need to compensate for losses from posting pension funds obtained in 2008
Game of disposal
According to Expert RA on 01.10.09, most NPF played losses caused by the crisis, however, there is a gap between the profitability of funds and income accrued for the same period on individual accounts of depositors (the average profitability in three years amounted to only 5, 5% on pension reserves and 4.19% for pension savings). The need to compensate for this gap will not allow funds to fully distract the profit of the current year to their needs. This will limit the possibilities of NPF on financing its activities, including to develop and improve the risk management systems necessary to control the activities of management companies.
Against the background of the reduction of corporate pension programs (according to the Expert RA assessment, pension contributions decreased on average by the market by 30%) minor funds will not be able to close losses and at the same time organize risk management systems, and therefore will be forced to leave the market. At best, it is sparing with larger players, and at worst - with a missing "hole" between obligations and assets and an derogated license. "Current limitations imposed on the minimum level of Joow are too soft," approves the Executive Director of the National NPF Svetlana Casina. - In the absence of investment income, funds need not less than 300-500 million rubles to ensure trouble-free functioning. " Alexander Zhirkov from the NPF "LUKOIL-GARANT": "According to our estimates, the independent development of a non-state pension fund - it is independent development that does not occur at the expense of the founders - possibly in the presence of the amount of pension savings and pension reserves from 1 billion. dollars. This size of the business allows, without risking means of participants and insured persons, to develop and maintain regional infrastructure, improve the quality of customer service. "
During 2010-2011 Under the pressure of the changing rules of the game from the market, 25% of 35% of participants can leave, but the consolidation of the market around large funds will be a step towards improving the quality of risk management, and therefore an important step towards improving the reliability of the system and protect the interests of future retirees.
Profitable conservatives
The conservativeness of the NPF investment portfolios is growing on the wave of risk. If the structure of pension reserves in principle changes did not occur in 2009, the structure of pension savings has undergone significant changes in the current year due to the growth of the share of fixed income tools and relatively small risks - such as money In accounts in banks and subfederal bonds (see CCR).
During 2010, the structure of the NPF investment portfolios, most likely will remain as conservative as now. At the same time, the composition of the tools used by the funds is likely to be replenished with infrastructure bonds. On the one hand, the launch of such papers into appeal is promoted by the largest market players and issuers, on the other hand - long and reliable paper are sharply required by the Funds. "The studied studies show that the yield of infrastructure projects is higher than profitability. Thus, investments in American infrastructure made it possible to obtain the average annual return on investment of about 12.8% per annum compared with 9.2% per annum on investment in stock market US for the period from 1997 to 2007, - says Yuri Sizov, deputy general Director Criminal Code "Leader" on strategic issues. - At the same time, investments in infrastructure projects are less volatile, since during the crisis, the demand for infrastructure services in most cases is reduced significantly less than in other areas. "
Cut.
In 2009, the conservatism of the structure of pension savings increased significantly. So, if at the end of 2008 according to Expert RA on deposits in commercial banks And the money on the current accounts accounted for no more than 9% of pension savings, then on 10.10.09, the proportion of such tools exceeded 16%. Another trend that has emerged in the pension savings market is the growth of the share of subfederal bonds, which is due to their relatively high yield in factual low risks against the background of wide financial support federal authorities of the regions.
