Transition without loss

The Ministry of Finance and the Central Bank developed a system of individual pension capital (IPK). Among other things, it radically changes the principle of transitions and the collection of remuneration by non -state pension funds (NPFs). It is assumed that the changes will save citizens from the loss of investment income. But at the same time, the funds will have to choose: long -term investment with a rare reward or short -term, but bearing high risks.

The February version of the document found himself at the disposal of the publication with the text of the bill on the IPK. The source said that the law was seriously transformed, but in the part regarding transitions, it did not change. According to the new rules, if a citizen decides to change one NPF for another in the IPC system, his new contributions will be immediately transferred to the fund to which he comes, and fixed assets will be transferred within a week after their fixation.

The fixation period should not exceed five years from the date of conclusion by the participant in the contract of the contract with the fund, it is established by the fund in the pension rules for the IPC. This can create difficulties: shareholders will advocate for reducing the deadline for the frequent profit of profit, and the leadership of the funds, in order to have a longer breakthrough period, will try to extend it.

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“If funds are allowed to set a different fixing term for themselves, then this will create a complex system of balancers between the interests of shareholders, the management of the NPF and their customers,” said Pavel Mitrofanov, managing director of the expert RA.

The client, most likely, will choose a short fixing NPF. “People, focusing on the tit in their hands and realizing that in such NPFs the strategy is conservative, will strive to guarantee themselves stable earnings or at least crazy at shorter periods,” the expert believes. “As a result of the balance of these various interests, we will see which NPFs are ready to look at their investment strategy more strategically and play for a long time, and who thinks more short horizons.”

Recall that at the moment, pension savings in the event of an “early” shift of the fund are transferred in the first quarter of the next year after the citizen wrote a statement about the change of the insurer. If less than five years have passed since the previous fixation, the savings can be lost. The variable part of the NPF remuneration (Success Fee) depends on the terms of fixation.

New rules must protect citizens. According to the bill, the investment income is carried by the Fund to the accounts of its customers in the IPK precisely for the period between fixtures. And only at the time of prompting the income of the NPF does it have the right to take the Success Fee due to it (no more than 15% of the investment entry). Now the funds are spent on the investment income annually and, thus, have the right to choose Success FeE once a year.

Visitors at the Moscow Financial Forum / AGN "Moscow" / Photo: Avilov Alexander

The IPC concept was developed in 2016, it suggests that the employee himself will be made to the funded pension instead of the employer, deducting 6% of his salaries with the ability to change the contributions and refuse to pay them. It is assumed that the method of joining the IPC will depend on the employee’s salary: people with a high salary will enter the system automatically with the possibility of refusal, people with a low salary for joining the system will have to write a statement. The salary threshold is not determined.

In one version of the concepts of the IPC, it was assumed that the rate of deductions on the funded pension by default would increase by 1 p. Each year from 0 to 6% of the employee’s salary.