2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Due to changes in the pension system during the post-Soviet period, non-state pension funds have become active participants in it. What is their work and whether they can be trusted - these are the natural questions of Russian citizens. After all, responsibility for their standard of living during the period of a well-deserved rest in the future was partly assumed by non-state pension funds, reviews of which are very different.
What is NPF?
Non-State Pension Fund (NPF) is a non-profit organization that accumulates pension savings of the population, ensures their investment, assignment and payment of the funded part of the pension to fund participants. The fund gives citizens the opportunity to participate in the non-state pension system, which allowscreate a dignified old age in advance.
Causes of emergence and development
The emergence of such organizations was required by the pension reform, which was carried out in order to overcome the crisis of the old system and improve the living standards of pensioners. Citizens were given the opportunity to receive pensions from various sources (the state component and personal savings, which were to be taken up by non-state pension funds). Reviews and public discussions have been shaping public opinion on this for 20 years.
In the early 1990s, NPFs were created very actively, but control over their activities was insufficient. Only since 1995, legal documents began to be adopted, according to which it was possible to regulate and control their work. A year earlier, the Inspectorate of Non-Governmental Pension Funds under the Ministry of Social Protection of the Population of the Russian Federation is created, which is authorized to manage and control their activities. They began to perform their functions in accordance with legal norms (obtain licenses, strictly adhere to the standards developed by the Inspectorate, provide reports). But the legal chaos in the initial stage of development still caused damage to the new pension system. Both people and non-state pension funds have lost because of this. Feedback on the level of reliability of the latter was negative, so the percentage of public confidence is still low.
About funds
In connection with the tightening of requirements for activitiesthese organizations from the state, their number has decreased, but there are also a lot of them left on the market - about one hundred and twenty-five. It is not surprising that it is difficult for citizens to choose whom to entrust their savings to. Ratings that characterize non-state pension funds by several key indicators can help in this. Feedback from ordinary citizens and specialists will also bring some clarity and help make a decision. Here are some examples.
One of the first in Russia was the non-state pension fund Promagrofond. Reviews, of course, are different. It has been on the market since 1994, since 2004 it has a license for unlimited work. Based on the results of 2012, Expert RA assigned Promagrofund an A+ rating (very high level). This assessment was influenced by the solid amount of the fund's assets. This is a guarantee that in the event that it is impossible to pay depositors from the reserve fund, it is quite realistic to satisfy customers by making payments at the expense of property. More than a hundred cities in Russia have branches of the Promagrofond. Also, for more than 15 years (since 1997), the non-state pension fund "Doverie" has been operating in the pension services market. Reviews of its activities are based on the opinion of contributors and expert assessments. According to the results of 2011, the fund entered the top five in terms of profitability of pension deposits and had an “A” rating according to the National Rating Agency, and in 2013 the rating rose to the “AA” level. Trust operates in more than 40 Russian cities.
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