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PENSION SYSTEM IN THE RUSSIAN FEDERATION.

 

Principles of formation of pension system.

Basis of the pension legislation in the Russian Federation is article 39 of the Constitution of the Russian Federation, proclaiming, that:

1. To everyone social security on age is guaranteed, in case of illness, physical inability, loss of the supporter, for education of children and in other cases established by the law.

2. The state pensions and social benefits are established by the law.

3. Voluntary social insurance, creation of additional forms of social security and charity are encouraged.

The base laws regulating a provision of pensions are:

ᄋ Law from April, 01, 1996 № 27 «About individual the account in system of obligatory pension insurance »;

ᄋ Law from December, 15, 2001 № 167 « About obligatory pension insurance in the Russian Federation »;

ᄋ Law from December, 15, 2001 № 166 « About the state provision of pensions in the Russian Federation »; Law from December, 17, 2001 № 173 « About labour pensions in the Russian Federation »;

ᄋ Law from July, 24, 2002 № 111 « About investment of means for financing a memory part of labour pension in the Russian Federation »;

ᄋ Law from May, 07, 1998 № 75 «About not state pension funds »;

According to the specified laws in the Russian Federation the following pensions are paid:

1. The state pensions.

2. Labour pensions.

3. Not state pensions.

The base pension law is Law from December, 15, 2001 № 167 «About obligatory pension insurance in the Russian Federation ».

According to the specified law obligatory pension insurance in the Russian Federation is carried out by the insurer whom the Pension fund of the Russian Federation is. A pension fund of the Russian Federation (official body) and his territorial bodies make the uniform centralized system of controls means of obligatory pension insurance in the Russian Federation in which subordinate bodies are accountable higher.

Insurers on obligatory pension insurance alongside with the Pension fund of the Russian Federation not state pension funds can be.

Insurants it agrees the Law the employers, the insured persons - workers are.

The insured persons are citizens of the Russian Federation, and also is constant or temporarily living on territory of the Russian Federation foreign citizens and persons without citizenship:

The right on social pension have constantly living in the Russian Federation:

The invalids having restriction of ability to labour activity III, II and I degrees, including invalids since the childhood, not having rights on the labour pension stipulated by the Federal law " About labour pensions in the Russian Federation ", or on the disability pension under the conditions determined by the Law;

Children - invalids;

Children in the age of till 18 years, lost one or both parents, and children of died lonely mother who are not having the rights on pension on the occasion of loss of the supporter, stipulated by the Federal law " About labour pensions in the Russian Federation ", or on pension on the occasion of loss of the supporter under the conditions determined by the Law;

Citizens from among small peoples of the North, 55 age 55 and 50 years (accordingly men and women), not having rights on the labour pension stipulated by the Federal law " About labour pensions in the Russian Federation ", or on pension on the state provision of pensions under the conditions determined by the Law;

The citizens who have reached age of 65 and 60 years (accordingly men and women), not having rights on the labour pension stipulated by the Federal law " About labour pensions in the Russian Federation ", or on pension on the state provision of pensions under the conditions determined by the Law.

The social pension, appointed to the citizens who have reached age of 65 and 60 years (accordingly men and women), is not paid during performance of paid work by them.

The social pension is equal to base labour pension.

Labour pensions are formed according to Law from December, 17, 2001 № 173 « About labour pensions in the Russian Federation.

There are following kinds of labour pensions:

1) The labour old-age pension;

2) The labour disability pension;

3) Labour pension on the occasion of loss of the supporter.

The labour old-age pension and the labour disability pension can consist of the following parts:

1) A base part;

2) An insurance part;

3) A memory part.

The base part of labour pension is distributive and does not depend on the experience of work and a level of wages. Insurance and memory parts of labour pension depend on a level of wages of the insured person. The memory part of labour pension is invested.

The labour pension on the occasion of loss of the supporter will consist of the following parts:

1) A base part;

2) An insurance part.

The labour pension is formed due to the Uniform social tax paid by the employer from fund of a payment of the worker.

Now the Uniform social tax makes 20 %. From them of 6 % goes on formation of base pension. For men and women till 1966 of a birth inclusive the insurance part of labour pension makes 14 %. The memory part of labour pension for them is absent. For men and women since 1967 of a birth the insurance part of labour pension makes 10 %, a memory part of labour pension - 4 %.

To the citizens who are not having for any reasons the right on labour pension, the social pension on conditions and in the order which are defined by the Federal law " About the state provision of pensions in the Russian Federation " is established.

On the labour old-age pension the men who have reached age of 60 years, and the women who have reached age of 55 years have the right.

The labour old-age pension is appointed at presence not less than five years of the insurance experience.

In the insurance experience level with the periods of work or the activity equal to it are set off:

1) The period of passage of military service, and also other service equal to it stipulated by the Law of the Russian Federation " About a provision of pensions of the persons who were taking place military service, service in law-enforcement bodies, the State fire-prevention service, establishments and bodies of criminal - executive system, and their families ";

2) The period of reception of the grant on the state social insurance during time invalidity;

3) The period of leaving of one of parents for each child before achievement of age of one and a half years by it, but no more than three years in total;

4) The period of reception of the unemployment benefit, the period of participation in paid public works and the period of moving on a direction of public service of employment in other district for employment;

5) The period of holding in custody of the persons who have been unreasonably instituted criminal proceedings, unreasonably subjected to repression and subsequently rehabilitated, and the period of serving of punishment by these persons in places of imprisonment and the reference;

6) The period of the leaving which is carried out by the able-bodied person for the invalid I of group, the child - invalid or for the person who has reached{*achieved*} age of 80 years.

These periods are set off in the insurance experience in the event that to them preceded and (or) they were followed with the periods of work and (or) the kinds of activity equal to them.

Thus if different regional factors to wages are established, the factor to the wages, working in the given area or district for workers and serving non-productive branches is taken into account.

Indexation of base and insurance parts of pension is stipulated.

Investment of a memory part of labour pension is carried out according to Law from July, 24, 2002 № 111 « About investment of means for financing a memory part of labour pension in the Russian Federation ».

Subjects of attitudes on formation and investment of means of pension accumulation are the Pension fund of the Russian Federation specialized depositary, the managing companies, insured persons, insurants.

Participants of attitudes on formation and investment of means of pension accumulation are brokers, the credit organizations, not state pension funds which are carrying out activity on obligatory pension insurance, and also other organizations involved in process of formation and investment of means of pension accumulation.

The insured persons annually within the framework of investment of a memory part of labour pension can make a choice between the State managing company and one of the private managing companies which have received the admission to investment of a memory part of labour pension. Thus the insurer there is a Pension fund of the Russian Federation.

The insured person can transfer also means to other insurer - to not state pension fund admitted in system of obligatory pension insurance. Not state pension funds will place in turn pension accumulation through the authorized managing companies.

Pension accumulation can be placed in the state securities of the Russian Federation; the state securities of subjects of the Russian Federation; bonds of the Russian emitters; shares of the Russian emitters created in the form of open joint-stock companies; shares the index investment funds placing means in the state securities of the foreign states, the bond and the share of other foreign emitters; the hypothecary securities which have been let out according to the legislation of the Russian Federation about hypothecary securities; money resources in roubles on accounts in the credit organizations; deposits in roubles in the credit organizations; a foreign currency on accounts in the credit organizations.

The structure of an investment portfolio of the managing company selected on competition, should meet the following basic requirements:

The maximal share of one emitter or group of the connected emitters in an investment portfolio should not exceed 5 percent, except for the state securities of the Russian Federation;

Deposits in the credit organization (the credit organizations which are included in one bank group) and the securities emitted by this credit organization (the credit organizations which are included in one bank group), should not exceed in the sum 10 percent of an investment portfolio;

The maximal share in an investment portfolio of the securities emitted affiliated by the companies of the managing company and specialized depositary, should not exceed 5 percent;

The maximal share in an investment portfolio of shares of one emitter should not exceed 10 percent of its capitalization;

The maximal share in an investment portfolio of bonds of one emitter should not exceed 10 percent of a total volume of bonds of the given emitter taking place in circulation, except for the state securities of the Russian Federation;

The maximal share in a cumulative investment portfolio of securities of one emitter should not exceed 30 percent of a total volume of securities of the given emitter taking place in circulation, except for the state securities of the Russian Federation.

 

INVESTMENT POTENTIAL OF NOT STATE PENSION FUNDS.

 

Not state pension funds (NPF) in various organizational - legal forms are in the majority of the countries the largest investors in economy.

In the Russian Federation the market of not state provision of pensions exists rather recently (since 1992).

Now 426 not state pension funds which carry out servicing in frameworks as a voluntary provision of pensions work, and within the framework of obligatory pension insurance (formation of a memory part of labour pension). (pension reserves plus of means intended on conducting authorized activity) for the first quarter 2006 made their own property hardly more than 360 billion rubles. Pension reserves of all funds make 287,5 billion roubles, means for realization of authorized activity - 62,9 billion rubles. Means of the memory part of labour pension transferred in not state pension funds have made 6,8 billion rubles.

The quantity of clients of not state pension funds - physical persons makes 6,1 million men or 4,2 % from quantity of the population of the Russian Federation. The quantity of the insured persons within the framework of obligatory pension insurance makes 0,9 million men, that makes 0,6; % from all population of the country or 1 % from quantity of able-bodied population.

Now pensions within the framework of voluntary pension insurance receive 0,7 million men. The size of payments of not state pension funds has made 2,3 billion rubles.

 

It is interesting to compare the cumulative size of actives of such financial organizations, as the credit organizations, the insurance companies, not state pension funds and share investment funds under the control of the managing companies. Also the percentage of their cumulative actives to the size of gross national product of Russia is indicative.

 

In the above-stated table the size of pension accumulation which on the end of 2005 on all НПФ made hardly more than 2,0 billion rubles that makes 0,01 % of gross national product separately is not allocated.

Inherently not state pension funds are closest to share investment funds (PIF). It is interesting to track the newest dynamics of development of these institutes.

 

The specified situation is connected to disinterest of large participants of the financial market in establishment and development of not state pension funds as the noncommercial organizations from which activity according to the legislation the profit is taken cannot be.

The developed situation is expressed in a disproportion of development of the market of not state provision of pensions. The most part of actives is in corporate not state pension funds.

 

As acknowledgement of a developed situation of disinterest of founders of not state pension funds the quantity of not state pension funds, cumulative which contribution of founders serves in active development of the market less or is equaled to size minimally established by the legislation in 30 million rubles. Such funds of 296 or 70 % from the general number. Accordingly, not possessing sufficient financial resources these funds are not capable to develop the market of services of not state provision of pensions actively.

 

As output from a developed situation giving can serve not state pension funds or a part of not state pension funds of the status of the commercial organizations, in particular joint-stock companies. Thus not state pension funds transformed in the commercial organizations can lose privileges under the taxation, in particular privileges under the tax on arrive at investment of means of a pension reserve/up to the rate refinancing of the Central Bank the profit tax do not pay / .

 

The decision of the specified question can improve positioning of not state pension funds and in the market of obligatory pension insurance/formation of a memory part of labour pension / .

Now there is an essential disproportion at a rate of the placed memory part of labour pension of citizens in not state pension funds in comparison with the placed memory part of labour pension in State managing company Vneshekonombank of the USSR - 6,8 billion roubles against 184,5 billion rubles.

Not state pension funds according to the investment declarations put the most part of the long financial resources in papers of the Russian emitters, thus increasing investments into a national economy, following the following principles accumulation according to the Decision of the Government of the Russian Federation from 30.07.2003 №379:

1) The state securities of subjects of the Russian Federation - 40 percent;

2) Bonds of the Russian emitters (besides the bonds which have been let out on behalf of the Russian Federation and subjects of the Russian Federation):

The bonds which have been let out on behalf of municipal formations, - 40 percent;

Bonds of the Russian economic societies:

In 2006 - 70 percent;

Since 2007 - 80 percent;

3) Shares of the Russian emitters being open joint-stock companies:

In 2006 - 55 percent;

Since 2007 - 65 percent;

4) The hypothecary securities which have been let out according to the legislation of the Russian Federation about hypothecary securities, - 40 percent.

 


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