Russian private pension funds receive a “success fee” of 15% return on investment income. Such a system is beneficial when the financial markets are growing. But in a crisis such a scheme is ruinous .
Today, the Central Bank announced the dates for which are listed in the Pension Fund of Russia (PFR) pension funds of citizens insured in seven private pension funds (NPF ), which remained without a license last week. All of them are controlled by financier Anatoly Motylev, whose banks in late July and were deprived of licenses.
Bank of the Russian Federation before October 30 will transfer to the Pension Fund Pension funds of funds deprived of licenses Anatoly Motylev. Powers of fund managers suspended and insurance contracts with these funds are now considered invalid. This was reported in a statement the regulator. “In connection with the cancellation of the licenses of private pension funds JSC APF” Sun “».
Central Bank will transfer to the Pension Fund “nominal” insurance premiums on the funded part of labor retirement pension, contributions to the co-financing of pension savings, maternity capital directed to the funded part of labor pension, income from temporary placement of these funds FIU lump sum payment (if such amount has been set, but not paid) and Paymaster reserve funds and pension savings of the insured persons, which is installed special pension payment formed on the date of revocation of the license.
In early August, the Bank of Russia revoked the licenses of NPF “sun. Life. Pensions “,” Adekta-pension “,” Uraloboronzavodsky “,” Protecting the Future “,” solar time “,” Savings Fund Sunny Beach “,” Savings ».
« mandatory pension insurance contracts with the above considered NPF terminated upon the cancellation of licenses of funds. Insured persons transferred to the Pension Fund, which is their insurer, “- said in a statement the Central Bank. “Citizens, who received pensions in these funds, will get them to the RPF” – specified in the message.
Service at their own expense
And often funds do not choose the best possible reward. For example, according to the Bank of Russia, and according to our estimates, in 2013 (when the SPF were at the peak of their potential income) NPF “gleaning” 1.5 billion rubles. As a reward they could get 10.2 billion rubles. in total and as a result got only 8.7 billion rubles., that is 15% less than the possible income.
The reason is that over the last decade in Russia, there were two major economic crisis (2008- 2009 and 2014-2015). Between them were still “bad” years for the financial market, such as the 2011-th. Even in those years, the funds necessary to maintain the accounts, accounting and management accounting, take dozens of statements in various departments, appoint pensions to send statements to customers, manage pension funds. Any NPF has a current activity that requires spending. From what they cover? It turns out, from its own resources.
As a result, due to the risk of operational bankruptcy (when expenses exceed income) NPF primarily reduced investment horizon: funds out of volatile, but profitable in the long horizon, assets and care less and short-term risk. For example, the proportion of shares in portfolios of APF from 2007 to 2014 cumulatively decreased from 27.1% to 6.9%, ie more than 4 times.
First of all, such a short-term investment strategy affects the yield on pension savings. Funds are hedged at an annual range, because if they do not get investment income, where they will find sources to cover the costs? With increasing volumes of business risks are amplified, and if there is only reward for success (ie, percentage of investment income) is a great temptation to invest in reliable, but less profitable assets. What does it lead? To reduce the return on investment of pension funds.
Thus, maintaining the current system of remuneration NPF may lead to the fact that pension funds will bring in less revenue.
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