The Central Bank is preparing amendments to the legislation to increase the interest of private pension funds to long-term investment. Similar solutions will allow NPF to be less dependent on short-term market turmoil, experts say.
The government's decision to maintain the funded part of the pension actualized suggestions for improving the performance of non-state pension funds (NPF). The case, for example, about their attraction to long-term investing in the stock market and infrastructure projects. This can be achieved by entering the configurations in the legislation and normative acts of the Central Bank.
For example, long-term deposits will allow more fun to have money and not be depending on short-term market turmoil. "The division of portfolios helps to mitigate the impact of the vacillations of the market on the value of the total portfolio because value of one of the portfolios will be determined by the formula, the discount rate (for determining the price of the currency flow. - Approx. ed.) to maturity" - quoted by "Kommersant" the head ukladyvaemogo Department UK "the Capital" Alexey Belkin.
Upcoming fixes in addition hope simplification and cheapening of the involvement of pension funds in bonds of infrastructure companies in the form of concessions (public-private partnership. - Approx. ed.). Today, the NPF may purchase such securities on retirement savings, once they are assigned ratings of a particular value. In the future it is expected to overcome the NPF to invest in concession infrastructure bonds without ratings, if they are included in the top quotation list of the Moscow exchange.
A similar format should be interesting pension Fund, experts say. "Often, the yield on these bonds is tied to the inflation rate plus the specific is not a very large percentage, this level meets the objectives of the NPF, the mission of which is to start to save for pension funds," said principal specialist debt markets BC "Region" Alexander Ermak.
"In General we are interested concession bonds, but the main conditions that we put forward: yield above the inflation rate and the guarantee of either state or reliable subject of the Federation. The main factor is also considered the liquidity of securities", - stated the General Director NPF "Gazfond pension savings" Andrey Kokin.
"The current policy of the Central Bank is to make funds away from deposits and had pension funds in infrastructure bonds," he added. The controller is really intended to limit the share of NPF investments in deposits. The limitation is planned to be introduced gradually, bringing it to 40% versus 80% according to the existing rules.