Vnesheconombank is equated to non-state pension funds

Otherwise VEB's role in the pension system will be incomprehensible.
The Ministry of Finance, the Central Bank and VEB decide how to deal with the money 36 million of the silent who left pension savings in the Pension Fund of Russia (PFR). It is necessary to keep VEB able to manage this money when creating a new pension system - individual pension capital (PKI), said Deputy Finance Minister Alexei Moiseev. The decision can not be postponed - in a month or two the draft law on the IPC will be submitted for public discussion, and in the fall session - submitted to the State Duma, Moiseyev hurries (quotes on Interfax).

Considered different options, said Moiseev, for example, to distribute money among the APF. Creation of the APF on the basis of VEB with the preservation of the state MC (GUK) will resolve the issue of how to dispose of the funds of the silent, he explained to Vedomosti. The problem should be solved in any case, regardless of the adoption of the law on the IPC, he said. The deputy of the FIU, Nikolai Kozlov, agrees with him: it is expedient to create a state non-state pension fund for the silent, it will not offend the Russians.

The issue is already being worked out with the new VEB team, which was led by former First Deputy Prime Minister Igor Shuvalov in May, Moiseyev said. VEB is ready to perform the functions that the government will place on it, says the representative of the state corporation. Representatives of the FIU and the Central Bank declined to comment.

Pension accumulations of silent people make slightly less than 1.7 trillion rubles., Follows from VEB's reports. In the first quarter of 2018, GKK earned 7.9% per annum for them. In 2017, the profitability of VEB's expanded portfolio (it forms the accumulation of the silent) amounted to 8.6% - more than double the investment income of the APFs (in pure form, they earned only 3.8% for future pensioners).

Most of the APFs since 2008 could not show profitability as VEB, for any silent, the proposal of the Ministry of Finance is an indisputable plus, the director of the rating group of financial institutions ACRA Yuri Nogin. In addition, there will be certainty - the pension is invested, and the state structure, he argues. But for the APF it is a big loss, Nogin admits: the funds looked at the accumulations of silent people and estimated how much of them they could get. "For the industry it is a signal that they should not wait for any additional funds when switching to the IPC," Nogin is sure, if such a decision is made, then the NPF will have to compete for the silent.

To create an APF with VEB, which will work as a market one, is the most correct option, says Aleksey Skorodumov, chairman of the board of directors of NPF Federation. This is true for the silent, and for the market. There will be unified rules - without splitting into silent and other clients, old (before the freezing of pension savings contributions) and new (IPK) savings, he argues.

This decision can lead to serious distortion in favor of funds with state participation, argues the president of the Association of APF Sergei Belyakov: together with the future fund VEB they will have 80% of pension savings. Immediately the question arises whether it is necessary to spend energy on regulation and control of other market participants, he argues, this can lead to the final nationalization of the pension market. Violations of competition in the APF market will not be, the law on IPC, if adopted, will increase the transparency of the market, Moiseyev disagrees. In fact, almost half of citizens already keep their pension savings in VEB, he added.