Our Task is to Make Undecideds Take a Decision
Ivan Gordeev
Vnesheconombank Chairman Vladimir Dmitriev believes that rules of the game in managing citizens' pension savings could change in favor of private trust management companies. "Judging by the ongoing debate, the indications are that undecideds' pension savings would be managed by both state-owned and private trust management companies", said Mr. Dmitriev yesterday answering journalists' questions at the economic forum in Petersburg.
It is well known that pension savings of undecideds - those who did not transfer their pension funds to a private trust management company - are accumulated by Vnesheconombank appointed by the government as the state trust management company.
According to Mr. Dmitriev, by now, Vnesheconombank has accumulated 97% of pension savings in the amount of 95 billion rubles.
The gist of the debate mentioned by Vladimir Dmitriev is simple. The state, so far, has failed to achieve one of the goals of the pension reform; that is to say, it failed to involve the private sector of the economy into it. Russian citizens are pretty reluctant to transfer their pension savings from VEB to private companies.
And since the Bank is authorized to invest pension funds in government securities, pension savings are still circulating, for the most part, in the state sector.
"All-out efforts are being made now to adequately respond to the increase in the funded portion of pension savings on the one hand and to maximally develop the Russian stock market on the other, taking into account reliability, minimum risks and reasonable profitability of funds managed by state-owned and private companies", - Vladimir Dmitriev said yesterday. He also stressed that market segments and instruments in which private trust management companies would be authorized to invest undecideds' pension funds would be determined separately and the requirements to private companies authorized to operate in this sector would be as strict as possible.
As far as VEB is concerned, Vladimir Dmitriev reminds that the amount of pension savings would be increasing enormously (the banker says that by the year 2012 the total amount of the funded portion of pensions in Russia would be about 30 billion dollars and by 2020-2025 would be in excess of 70 billion dollars) but the Bank's investment possibilities are still extremely limited.
"We have asked the government to expand the list of instruments in which Vnesheconombank, as the state-owned trust management company, can invest pension funds", - said Vladimir Dmitriev yesterday. As he put it, VEB suggests that the list of instruments should be expanded at the expense of regional securities and corporate borrowers' bonds with reduced risk of nonsolvency. Furthermore, in Mr. Dmirtriev's view, investing pension funds in infrastructural projects holds much promise. "Foreign countries' experience shows that pension funds are generally used to carry out such projects, because the matter involves long-term, capital-intensive but pretty profitable programs. The task is to use these funds to provide those who would become pensioners since 2020 with pensions, that is to say, we've got a lot of time for the efficient use of these funds to invest them in infrastructural projects." It should be noted that the issue of expanding the list of instruments in which pension savings could be invested was put on the agenda not today, and VEB together with other institutions keep on reminding bureaucrats of it. But the White House, for some reason, is not determined to take necessary steps.
Vladimir Dmitried thinks that now "a question of using gold and foreign currency reserves is becoming increasingly topical".
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