State management company. Management company Vnesheconombank pension Average profitability guk web

The state financial system in its definition must, as is known, fulfill the tasks of creating conditions for the effective operation of the financial sector of the economy. This occurs in the form of ensuring the stability of the national currency exchange rate, access of the population and business to credit resources, asset management infrastructure, as well as the possibility of fair distribution of national wealth (both in the form of financial assets and material ones).

In many ways, this also applies to such areas of ensuring the well-being of citizens as pensions or social insurance. The overall significance of this one of the most important institutions of any country is the creation of conditions for compensation for citizens who have worked all their lives in the form of guaranteed pensions at the level of the average normal level of consumption of material goods, health care services, etc.

This article will talk about how the pension savings of Russian citizens work for them, who is directly involved in this, and with what results the task of increasing pensions is being accomplished. As an example, the structure and efficiency of managing the pension portfolio of such a legendary state manager as Vnesheconombank (VEB), to which most Russians by default trust their pensions, will be considered.

General concept of the system of public management of investment portfolios of social significance

In general, the portfolio investment infrastructure in the Russian Federation is represented by two segments: public and private. If we talk about the state system of investment funds, it consists of several levels, starting from the National Welfare Fund and ending with joint investment projects based on cooperation with the private sector.

The distribution of which occurs extremely unevenly across all segments is determined both by the general level of business activity in the country and by the chosen directions of state economic and social policy.

According to this policy in Russia, priority in the distribution of investment resources (including pension savings of citizens) remains with state funds and management companies. One of the leading places in this system of state participation in the investment program is VEB.

Vnesheconombank is a state management company (MC) and has been providing trust management of citizens' pension savings since 2003.

Currently, VEB stores the savings of about 54 million future pensioners (about more than 80% of the economically active population), including the so-called “silent ones” who have not chosen for themselves any of the portfolios of the state management company or private management company, or have not transferred your NPF savings. The payment reserve of the Pension Fund of Russia (PFR), intended for payment of the funded part of the old-age labor pension, was also transferred to the management of VEB.

The state management company manages several portfolios that allow citizens to effectively invest funds in various financial instruments. By default, funds were allocated to an expanded investment portfolio that could provide more stable returns.

However, it is worth noting that the investment program (investment declaration) declared on VEB’s website itself requires more detailed consideration before choosing this fund as a pension manager.

VEB’s expanded investment portfolio - structure, profitability and risks

The functions of the fund for the trust management of pension savings funds and the functions of the state management company for the trust management of the payment reserve funds (GMC of the payment reserve funds) are carried out by the state corporation “Bank for Development and Foreign Economic Affairs” (Vnesheconombank). In accordance with the Decree of the Government of the Russian Federation dated June 14, 2013 No. 50 “On establishing the period for the state corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” to carry out the functions of the state management company and the state management company using the payment reserve until January 1, 2019.

Pension savings held in trust by the State Management Company are divided into two portfolios: the default option (expanded investment portfolio) and the conservative option (investment portfolio of government securities) - for insured persons who want to limit themselves to investments in government securities. The investment portfolio of government securities of the State Management Company has a relatively small volume: in 2014, its value amounted to 10.53 billion rubles. (0.55% of the value of the total investment portfolio of the State Management Company).

Thus, the bulk of pension savings is concentrated in VEB’s expanded investment portfolio. The name of the investment portfolio “extended” is determined by the fact that it includes pension savings left by citizens for disposal by the state “by default.”

The investment declaration of this portfolio was supplemented with new instruments, into which the State Management Company was able to invest in November 2009. The share of these instruments in the portfolio structure has increased since 2009, for example, bonds of Russian issuers amounted to 1.6% (7.79 billion rubles) in 2009 and 31.8% (602.3 billion rubles) in 2014 .

The share of the Russian Federation decreased: in 2009 it amounted to 80.3% (385.7 billion rubles) of the assets of VEB’s expanded investment portfolio, and already in 2014 – 45.4% (858.13 billion rubles).

The value of VEB's expanded investment portfolio at the end of 2014 amounted to 1,892.28 billion rubles.

If we talk about specific types of assets that VEB can operate in its portfolio (determined by the investment declaration), then the list of these instruments and assets is as follows (the maximum limits of assets in the expanded portfolio are indicated in brackets).

This:

Government securities of the Russian Federation in the currency of the Russian Federation
Bonds of Russian issuers, the fulfillment of obligations under which (payment of par value or payment of par value plus full coupon income) is secured by a state guarantee of the Russian Federation
Government securities of the Russian Federation in foreign currency (no more than 80%)
Government securities of the constituent entities of the Russian Federation (no more than 10%)
Bonds of Russian issuers, with the exception of bonds, the fulfillment of obligations for the payment of the nominal value of which (for the payment of the nominal value and/or full coupon income) is secured by the state guarantee of the Russian Federation (no more than 40%)
Mortgage-backed securities (not more than 20%)
Securities of international financial organizations:

Asian Development Bank (ADB);
Council of Europe Development Bank (CEB);
European Bank for Reconstruction and Development (EBRD);
European Investment Bank (EIB);
Inter-American Development Bank (IADB);
International Finance Corporation (IFC);
International Bank for Reconstruction and Development (IBRD);
Nordic Investment Bank (NIB);
Eurasian Development Bank (EDB);
Black Sea Trade and Development Bank (Crimea)

Based on the analysis of the structure of the expanded portfolio, we can conclude that this portfolio is strictly conservative (more than 50% are government securities) and the majority of assets (95%) are denominated in rubles, which is the main risk in the context of growing inflationary processes.

For a complete picture of the study of the portfolio of the country's chief pension manager, naturally, there is not enough analysis of the success of his work, which requires calculating the profitability of the investment portfolio and its indicators over the past few years.

As can be seen from the diagram of the return on the investment portfolio, which was calculated in comparison with the consumer price index (inflation), only twice over a more than 10-year period did its income exceed the inflation rate - in 2005 and 2012. In other periods it remained either at the level inflation or below it.

		2011	2012	2013	2014	01.04.2015 1	Accumulation for the entire period	Avg.
1	UNIVER Management Management	-6,64	7,48	7,18	-3,68	19,22	219,14	11,13
2	OPENING OF A MC	1,91	0,95	6,89	3,32	13,46	215,60	11,01
3	Region Portfolio Investments Management Company	3,81	9,36	6,27	0,62	19,29	190,88	10,19
4	INFLATION in Russia	6,10	6,60	6,50	11,40	—	171,92	9,52
5	METROPOL UK	2,13	5,26	4,57	6,15	12,07	149,14	8,65
6	AGANA UK BALANCED	0,81	6,29	6,43	-2,74	18,62	147,18	8,57
7	MDM UK	2,39	8,04	6,49	4,14	16,93	143,84	8,44
8	Sberbank Asset Management	-6,84	9,21	8,18	-0,53	14,72	141,91	8,36
9	Promsvyaz UK	3,35	6,57	6,45	1,39	4,00	141,35	8,34
10	SOLID Management Management	7,69	10,79	9,94	3,92	14,12	139,15	8,25
11	RN-TRUST UK	4,65	8,64	6,97	4,00	9,81	135,14	8,08
12	BKS UK BALANCED	0,74	8,14	8,31	0,96	10,10	132,68	7,98
13	VTB Management Asset Management	-1,41	10,51	6,31	0,17	18,43	131,86	7,95
14	Kapital UK	1,48	9,04	9,36	2,68	6,36	131,50	7,93
15	Leader of the management company	4,10	9,41	6,88	2,39	11,32	128,19	7,79
16	PENSION RESERVE UK	1,50	6,99	7,31	1,95	17,85	127,25	7,75
17	UralSib UK	-0,58	8,23	6,19	-0,45	9,85	125,59	7,68
18	INVEST OFG UK	-2,65	6,74	7,17	1,96	13,18	118,74	7,37
19	REGION ESM UK	3,77	8,95	9,54	1,13	20,71	113,05	7,12
20	RFC-CAPITAL UK	-4,72	8,99	8,11	1,85	6,00	107,86	6,88
21	Aton Management Management Company	4,25	6,56	9,72	-0,68	10,11	106,12	6,80
22	TRINFICO UK CONSERVATIVE CAPITAL PRESERVATION	4,63	6,58	7,31	0,70	6,57	104,41	6,72
23	VEB Management Company Extended investment portfolio	5,47	9,21	6,71	2,68	10,82	99,65	6,49
24	TKB BNP Paribas Investment Partners Management Company	-0,85	10,70	8,55	0,69	14,42	96,84	6,35
25	TRINFICO UK BALANCED	-7,99	3,05	-0,09	0,68	8,86	94,77	6,25
26	BKS UK DOCHODNY	-3,17	9,40	6,91	-2,39	38,74	94,46	6,23
27	BFA UK	1,22	9,01	6,59	2,83	13,05	93,71	6,20
28	MONOMAKH UK	-15,25	5,42	0,67	-9,89	50,78	89,51	5,98
29	TRINFICO UK LONG-TERM GROWTH	-17,31	-0,66	-6,03	-1,54	13,72	86,40	5,82
30	Ingosstrakh-Investments Management Company	7,34	7,83	8,93	3,95	15,15	83,88	5,69
31	BIN FINAM Group Management Company	-1,24	9,23	8,82	3,06	9,88	81,72	5,58
32	VEB Management Company for GOVERNMENT SECURITIES	5,90	8,47	6,90	-2,05	18,06	37,55	5,46
33	PALLADA UK	3,43	7,52	9,16	-0,60	14,73	77,22	5,34
34	MC ANALYTICAL CENTER	-6,02	5,16	2,42	5,04	17,42	77,10	5,33
35	PENSION SAVINGS MANAGEMENT	-4,02	9,15	7,40	2,03	14,32	75,59	5,25
36	AGANA UK CONSERVATIVE	2,87	1,55	7,17	-1,41	21,61	72,38	5,07
37	National Criminal Code	-6,18	7,96	5,91	2,36	4,83	61,12	4,43
38	Alfa Capital Management Company	0,80	6,40	8,36	-3,41	25,27	59,81	4,35
39	FINAM MANAGEMENT UK	-17,83	0,23	6,30	7,49	22,20	54,46	4,03
40	AK BARS CAPITAL UK	-8,39	3,83	-1,18	0,98	15,09	40,79	3,16
41	METALLINVESTTRAST UK	-2,52	8,40	8,06	4,37	9,10	37,39	2,93

Based on the above facts, it is, of course, hardly possible to talk about the effectiveness of managing such a portfolio. And even in comparison with non-state pension funds, which do not perform much better, VEB’s performance indicators for managing a portfolio formed with the money of pensioners of almost the entire country (see table above) are in the area of obvious outsiders in the domestic investment market.

Conclusion

The presented data on the structure and efficiency of managing the VEB investment portfolio of future and current Russian pensioners is just an objective analysis (based on statistical data from the Ministry of Finance of Russia and the Central Bank of the Russian Federation) of reality, and can only help those who are seriously interested in their pension to draw their own conclusions .

Previously, most of the population counted on help from the state; a decent pension was one of the guarantees of a good existence after the end of professional activity. Instability after the collapse of the Union and the growing level of economic enlightenment played a role. But there is a few reasons, according to which you should not rely solely on your own strength:

For those who are at the beginning of their career path, it is worth thinking about choosing this very management company. Vnesheconombank has been offering its services in this industry for more than ten years and in all that time it has never failed the expectations of its clients. Maybe not every year could be called successful, but the organization saved clients’ funds and also increased them over the last decade. Eat a few reasons, why you should choose Vnesheconombank as your management company:

State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)"

check operations for investing pension savings for compliance with legal requirements;
control transactions and other operations that may lead to a conflict of interest;
carry out internal checks on facts of violation by Vnesheconombank employees of their duties in the process of carrying out activities related to investing pension savings;
ensure coordination of work with the audit organization during the annual audit of accounting and financial (accounting) reporting on the formation and investment of pension savings, including those included in the payment reserve, as well as the financing of payments from pension savings.

investing pension savings exclusively in the interests of the insured persons;
investing pension savings wisely and in good faith;
ensuring reliability, liquidity, profitability and diversification of investments;
ensuring information confidentiality.

Review of Management Company Vnesheconombank

To date, the funds of about 52 million future pensioners have been transferred to Vnesheconombank, including the so-called “silent people” who have not chosen for themselves any of the portfolios of state management companies or portfolios of private management companies, and have not transferred their savings to non-state pension funds. Vnesheconombank also manages the funds of citizens who have chosen one of the State Management Company portfolios.

The State Management Company manages two portfolios that allow citizens to effectively invest funds in various financial instruments. By default, funds were allocated to an expanded investment portfolio that could provide more stable returns. However, a citizen can independently submit an application to the Pension Fund to select a portfolio of government securities that guarantees an increased level of reliability.

Pension contributions to the state management company Vnesheconombank

In the Russian Federation, a working citizen was offered a choice of one of the options for forming a pension. More precisely, if a worker, until the end of 2015, was a person born in 1967, then he definitely had to choose how his future pension would be formed. For example, you can transfer your pension savings to Vnesheconombank or another non-state pension fund at your discretion.

Interesting! Now there is only one GUK in the Russian Federation. Savings in it are formed from income from investments. At the same time, it is useful to know that Russian legislation provides for the purpose of protecting funds by investing only in those assets that can be called low-risk.

Funds are invested in web uk extended what is it

Collection of answers to your questions Attention PMCs), with which the Pension Fund of Russia has concluded trust management agreements, at the end of 2014 showed an average return of only 0.94%,” says the Russian Pension Fund. Today, management companies hold pension savings of citizens formed for the period before the end of the first half of 2013. In 2014 and 2015, all insurance contributions for compulsory pension insurance are used to create only an insurance pension.

Old age seems like some distant event. As if this is something that will happen to everyone else, but certainly not to us. No one is going to approach old age and lose some of their physical and mental abilities. But nature is cruel in this regard; it is not interested in other people’s considerations. That is why you should find out in advance about options for managing your own savings from VEB Management Advanced - what is it? Advantages of state pensions Previously, most of the population counted on help from the state; a decent pension was one of the guarantees of a good existence after cessation of professional activity.

The majority of Russians chose to leave their savings in the Pension Fund – 41.9 million people, or 54.8% of participants in the savings system. Their savings are invested by 36 management companies (MCs), said Alexander Popov, director of VEB’s trust management department, but the largest amount of funds is about 1.8 trillion rubles. – VEB itself invests. His remuneration is 200 million rubles. plus 0.02% of average net asset value. The money of the silent people is in an expanded portfolio; some citizens deliberately chose the state manager and gave the funds to the second portfolio of VEB’s savings - this is a portfolio of government securities, its size is 27 billion rubles. By managing this portfolio, VEB earned 11.4% per annum for future retirees. Popov explained the difference in returns between the portfolios by the fact that in the extended portfolio, more than 30% are non-repriced corporate bonds and bonds with a coupon linked to inflation (yield at the inflation level of +1%). A year ago, in the first six months, the yield on the expanded portfolio was 11.5% per annum, on the government securities portfolio – 11.7% per annum. The decrease in yield compared to last year is caused by a general decrease in the yield of government and corporate bonds associated with a decrease in inflation and the Central Bank’s key rate, Popov explained.

Citizens who left their pension savings in the Pension Fund of Russia, the so-called silent people, did not lose: in the first half of 2019, VEB earned them 8.8% per annum on the expanded portfolio. This is twice as much as inflation - it was 4.4% in annual terms (from July 2019 to July 2019).

Web uk extended personal account

Thus, 29 portfolios of non-state management companies showed returns higher than those of VEB’s expanded portfolio. The leader in profitability was Alliance Investments Management Company, with which, by the way, the Pension Fund of the Russian Federation did not renew the trust management agreement for pension savings funds under compulsory pension insurance. The return received by Alliance-Investments on the “Balanced” portfolio is more than 2 times higher than the indicators on both VEB portfolios - it amounted to 20.45%. The TOP 5 leaders in terms of profitability also included Management Company "Solid Management" with 12% profitability, "Ingosstrakh-Investments" - 11.03%, "Aton-Management" - 10.8%, "Capital" - 10.6%.

The Pension Fund of Russia published data on the profitability of investing pension savings in the third quarter of 2013. More than a third of private management companies that worked with OPS funds during these nine months showed higher returns on pension portfolios than VEB.

Web uk extended personal account

Earlier, VEB reported that the total income from investing pension savings under its management in 2015 amounted to 237.3 billion rubles. Moreover, in October-December 2015 alone, investing pension savings brought in 70.6 billion rubles. “The absolute amount of income from investing the expanded portfolio has become a record for 11 years of managing pension savings,” said Popov (quoted by Interfax).

The profitability of the expanded portfolio of pension savings, which contains 1.99 trillion rubles, at the end of 2015 amounted to 13.15% per annum. The yield on the government securities portfolio (22.7 billion rubles) amounted to 15.31% per annum. The state manager was able to outpace inflation, which at the end of the year amounted to 12.9% per annum.

09 Jul 2018 4880

Download for viewing and printing:

Choosing a convenient security option

Legislative changes at the beginning of 2015 provide that a pension can be provided in several ways:

form only the insurance part of savings and abandon the funded part;
provide for both accumulative and insurance savings.

Many people still cannot understand what each of these options represents. It's actually not that complicated.

The insurance part is a base with which a person’s future pension will be guaranteed in any case. However, its final size will depend on numerous factors, namely the situation in the state and its budget.

The funded part is organized only by professional market participants and is a mandatory part of the citizen’s future pension, if he chooses this option.

Advice! Caring for your comfortable old age should begin from the first days of employment in an official job.

Where to place your savings

The right to choose is given to every citizen. It independently determines its cumulative component:

in the State Fund, while choosing the management company (management company) independently;
in a non-state pension fund, but without the right to choose the management company, which is selected by the fund itself according to its own rules and discretion.

In the first case, there are 2 scenarios:

choose a state management company (GUK), which today is a well-known bank - Vnesheconombank;
another criminal company that is non-state, of which there are a lot in our country, but only 38 were admitted at the beginning of 2018.

Important! Vnesheconombank, being the management company of the Pension Fund of Russia, is a completely state corporation.

Vnesheconombank and future pension

So, if it has been decided that VEB Management Company will be your management company, then it is worth knowing some important points.

To begin with, it is worth understanding that the Pension Fund and non-state funds themselves are not directly involved in managing the transferred finances. For these purposes, there are specially created management companies - public and private.

Thus, a strong union between the pension fund and VEB Management Company has its advantages and possible disadvantages.

Placement of savings in VEB

GUK suggests submitting applications for its selection only through the territorial branches of the fund. You will additionally need to provide:

SNILS (certificate with a unique individual number);
passport of a citizen of the Russian Federation or other document confirming his identity.

Advice! As usual, the application is submitted in person. You can issue a power of attorney to your representative and submit an application through him. In this case, the authorized person also needs to have a passport with him.

Do you need information on this issue? and our lawyers will contact you shortly.

Investment portfolio

When transferring your savings portion to the bank's management company, you need to take care of choosing an investment portfolio:

basic variety;
extended version.

They differ from each other in the orientation of the securities and bonds of which they consist. In the first case, we deal only with state-owned companies and enterprises. In the second case, international financial market participants also appear.

Interesting! An interesting fact is that the so-called “silent ones”, who have never entered into an agreement with the Pension Fund of the Russian Federation and the Criminal Code, are transferred to the expanded portfolio. To develop an investment strategy in relation to the money transferred to Vnesheconombank, a special Committee on Trust Management of Pension Savings Funds was created.

VEB profitability issues

Having pension savings in VEB, you definitely need to know about profitability. It is calculated based on several indicators depending on calendar periods. It is noteworthy that Vnesheconombank’s information on pension savings, namely profitability, can be found in the public domain.

Important! Just like the non-state pension fund, VEB Management Company has its own official Internet sources of informing citizens. In addition, Vnesheconombank transfers all pension savings to the user’s personal account.

Making a profitable choice

The funded part of the pension in Vnesheconombank, or more precisely, under its management, has its advantages, since investments are made in less risky assets - government securities. And private management companies, numbering 38 (at the beginning of 2018), have the right to invest money in shares of other private companies.

Download for viewing and printing:

Choosing a convenient security option

Legislative changes at the beginning of 2015 provide that a pension can be provided in several ways:

form only the insurance part of savings and abandon the funded part;
provide for both accumulative and insurance savings.

Many people still cannot understand what each of these options represents. It's actually not that complicated.

The funded part is organized only by professional market participants and is a mandatory part of the citizen’s future pension, if he chooses this option.

Advice! Caring for your comfortable old age should begin from the first days of employment in an official job.

Where to place your savings

The right to choose is given to every citizen. It independently determines its cumulative component:

in the State Fund, while choosing the management company (management company) independently;
in a non-state pension fund, but without the right to choose the management company, which is selected by the fund itself according to its own rules and discretion.

In the first case, there are 2 scenarios:

choose a state management company (GUK), which today is a well-known bank - Vnesheconombank;
another criminal company that is non-state, of which there are a lot in our country, but only 38 were admitted at the beginning of 2018.

Important! Vnesheconombank, being the management company of the Pension Fund of Russia, is a completely state corporation.

Vnesheconombank and future pension

So, if it has been decided that VEB Management Company will be your management company, then it is worth knowing some important points.

Thus, a strong union between the pension fund and VEB Management Company has its advantages and possible disadvantages.

Placement of savings in VEB

GUK suggests submitting applications for its selection only through the territorial branches of the fund. You will additionally need to provide:

SNILS (certificate with a unique individual number);
passport of a citizen of the Russian Federation or other document confirming his identity.

Do you need information on this issue? and our lawyers will contact you shortly.

Investment portfolio

When transferring your savings portion to the bank's management company, you need to take care of choosing an investment portfolio:

basic variety;
extended version.

VEB profitability issues

Making a profitable choice

Article navigation

3 305

Unlike an insurance pension, which can only be formed by the Pension Fund of Russia, savings provision a citizen can entrust both the Pension Fund of Russia (represented by management companies) and non-state funds.

The funded pension itself represents, which are taken into account in the account of the insured persons and consist of:

contributed by the employer;
voluntary contributions;
contributions by ;
aimed at future retirement;
income from investing funds.

Having made a choice in favor of the Pension Fund of Russia (as an insurer), a citizen must choose a management company, which will invest funds in the financial market. You can entrust savings to a state company (Vnesheconombank) or any other private company with which the Pension Fund has an agreement.

Where can I form a funded pension?

state(PFR);
non-state(NPF).

Both state and non-state foundations cannot manage funds. That's what they exist for. The NPF independently, without taking into account the opinion of the company, selects the management company with which it enters into an agreement. The Russian Pension Fund reserves the right for citizens to choose their own management company. It could be:

GUK(state management company);
CHUK(private management companies).

Both State Management Companies and private management companies are legal entities that have the appropriate license for managing funds in the financial market. There are many of them, but not all of them can carry out this activity.

According to the legislation of the Russian Federation, the insured person can transfer his savings to the management only of those management companies that are selected annually based on the results of competitions conducted by the Federal Service for Financial Markets, and with which the Pension Fund has a trust management agreement.

Activities of Vnesheconombank in relation to pension savings

The state management company from 2003 to this day is the “Bank for Development and Foreign Economic Affairs” - Vnesheconombank. The main task of a state company, like any other management company, is to invest pension savings, which are transferred to it by the Russian Pension Fund.

Despite the fact that Vnesheconombank is a state management company, it cannot guarantee a pension increase. The income of the State Management Company (like any management company) is the result of investing savings, and there can be both profit and loss. In the event of a loss, a citizen will be able to receive only the amount that was contributed by him and his employer.

In accordance with Article 26 of Federal Law No. 111-FZ of July 24, 2002, it is allowed to place funds only in low-risk assets(government securities of the Russian Federation, shares and bonds of Russian issuers, etc.).

The funds of savings are under the management of the State Management Company:

citizens who consciously entrusted formation of the GUK pension;
"Malchunov"(those who have pension savings, but have never entered into an agreement with anyone).

Vnesheconombank is 100% state corporation, that is, does not have membership in a non-profit organization.

How to place the funded part of your pension at Vnesheconombank

Since when choosing the State Institution “Vnesheconombank” the insurer is the Pension Fund of Russia, you only need to submit the corresponding application to the territorial branch of the Pension Fund of the Russian Federation. This can be done either in person or by post (in this case, copies of documents must be notarized). In addition to the application to the pension fund need to submit:

(SNILS);
identification document (usually a passport of a citizen of the Russian Federation).

It is also allowed to submit documents through an official representative(confidant). In this case, you will additionally need a document certifying the identity of the authorized person and a corresponding document that confirms the right of the representative to act on behalf of the insured person (for example, a power of attorney).

Both those who are just planning to do so and those who have already accumulated a certain amount in other companies can entrust their savings to Vnesheconombank. In the second case, the legislation of the Russian Federation allows at least a year to transfer savings under the management of the State Management Company.

This can also be done by insured persons who have chosen a non-state pension fund as their insurer. However, in this case, the insurer will be changed, that is, the citizen will transfer its funds from the NPF to the Pension Fund. And this can lead to loss of investment income. Therefore, it is necessary to switch from a non-state fund to a state fund no earlier than after five years.

When choosing the state management company Vnesheconombank, a citizen must also choose one of two offered by the company investment portfolios.

Selecting an investment portfolio and placing funds

The investment portfolio represents assets that were formed at the expense of funds transferred to the Pension Fund of the management company under one agreement. These funds are separated from other assets, and the portfolio is formed in accordance with the investment declaration.

State Management Company "Vnesheconombank" offers insured persons to invest their savings two investment portfolios:

Base portfolio of government securities (GS);
Advanced investment portfolio.

The government securities portfolio consists of government securities of the Russian Federation and bonds of domestic companies, as well as funds in rubles and foreign currency guaranteed by the Russian Federation. The expanded investment portfolio also includes mortgage-backed securities and bonds of international financial organizations. Facilities "Malchunov" were automatically transferred to the expanded GUK portfolio.

The management company separates investment portfolios, which are formed from pension savings funds, from other property (including its own), and opens separate accounts for each(at the Bank of Russia, credit institutions, etc.).

Funded pension trust management agreement

The agreement on trust management of savings is concluded between the Pension Fund of Russia and the state management company. In accordance with this agreement The Pension Fund transfers savings funds to the State Management Company for management.

After signing this agreement, the management company receives the opportunity, on its own behalf, to enter into relevant transactions on the securities market, which must be carried out in the interests of the Pension Fund of the Russian Federation.

In essence, GUK offers special asset management services(funds and securities). For these services, the company receives a remuneration - a part of the profit or a certain percentage of the value of these assets.

Profitability of VEB pension savings

The return on investment of savings funds is calculated in accordance with Order of the Ministry of Finance of the Russian Federation No. 107n dated August 22, 2005 and is a relative indicator increase in funds. There are four profitability indicators:

year to date;
for the previous 12 months;
for the previous 3 years;
average (for the entire period of validity of the trust management agreement).

Information about the profitability of savings of a state management company is not classified and are in the public domain on the official website of Vnesheconombank.

Which is better: a state or private management company?

Pension Fund of Russia and the Ministry of Finance of the Russian Federation controls activities equally both state companies and private management companies. In both the first and second cases, funds are stored in the accounts of the state depository company.

Main the difference lies in the principles of the investment strategy of the management company- investment declaration. In this regard, a private management company can use more financial instruments for investment. This may bring in more income, but it also carries more risk. In addition to what is permitted by the State Criminal Code, private companies can also invest in:

shares of index investment funds;
shares of domestic companies that place funds in government securities of foreign countries;
shares and bonds of foreign companies.

Both public and private The management company is interested in maximum income from investing, since her remuneration depends on it. The higher the investment income, the greater the company's remuneration.

It is also worth noting that the financial difficulties of the management company (GUK or PMU) do not affect, since they are stored separately from the funds of the management company and are not used to pay off the company’s obligations.