Investing of facilities of pension accumulations in modern terms

In connection with the pension reform in Russian Federation carried out in 2002, which includes a gradual transition from a purely distributive to a distributive-accumulative pension system, where the accumulative part, unlike the insurance part, is not spent on the payment of current pensions, but is instead invested in securities and other financial assets in order to accrue investment income. So that the ratio of pensions to earned income corresponds to Central European standards (40-60% of salary), it’s necessary to correctly invest capital. Therefore, studying the possibilities and methods of accounting for the accumulative part of pensions has gained a special relevance. Starting in 2014, there has been significant change to legislation connected with the duties of non-state pension funds and creating and investing pension capital. Legislation sets difficult requirements for non-state pension funds accepted to work within the framework of mandatory pension insurance: the minimum amount of their funds should be no less than 150 million rubles, and 200 million rubles starting 01.01.2020. Authorized capital is to be no less than 120 million rubles and 150 million rubles beginning 01.01.2020. Funds should have at least 20,000 registered pension funds and two years working experience. For non-state pension funds, equal terms are set from the Pension Fund of the Russian Federation. All newly created non-state pension funds should have the organizational and legal form of joint-stock companies. Existing non-state pension funds are required to reorganize themselves from noncommercial organizations to joint-stock companies, or to liquidate: those working in the system of mandatory pension insurance have until January 1, 2016 and the rest have until January 1, 2019. A procedure has been set for the auctioning of funds. Strict limits have been set for future shareholders, and requirements have been designated for the qualification and business reputation of managers of non-state pension funds. The majority of Russians have transitioned to a new class - they have become investors. Correspondingly, the main goal on the road to implementing the conditions of laws on investing pension capital is to be successful in investing pension capital so that the accumulative component can in the future become a substantial part of retirement pension. Moreover, since coming into force the laws correspond as much to what has been learned from global experience in reforming pension systems, as to the specifics of the financial, economic and social situation of Russia. Presently, the Russian pension system is experiencing certain difficulties in the rational investment of pension fund capital. The main reason is the absence of the necessary amount of investment tools able to simultaneously satisfy the legislative requirements for investing pension capital while not allowing a reduction of the level of government pension guarantees formed so far. Therefore, there is no doubt that the question of investing pension capital needs deeper and more detailed study, by both economists and mathematicians. The use of quantitative methods and methods of mathematical modeling will allow for the evaluation of long-term profitability from investing accumulated pension capital.

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