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Vnesheconombank’s Functions of Pension Savings Management Extended by Russia’s Government

16 july 2018 года
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The Russian Government has extended the functions of Vnesheconombank as the state-owned management company (SOMC) for pension savings until 2014. The Government’s resolution is available on the website of legal information.

According to the document, “State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ shall perform until 1 January 2024 the functions of the state-owned management company for the asset management of pension savings and the state-owned management company for the management of reserve payouts”.

“Vnesheconombank has been successful as a state-owned management company for as long as 15 years. The SOMC has had a conservative approach to investment; however, this strategy is absolutely justified due to pursuing our key goal of securing pension savings. The SOMC invests pension savings in treasury securities and bonds of major corporate issuers from the real economy. And these investments work to create tomorrow’s economy. The most important goal of ensuring that the portfolio yield outruns the inflation rate is consistently attained,” Vnesheconombank’s Deputy Chairman and Member of the Board Sergey Lykov said.

At present, the SOMC manages pension savings of about 40 million future pensioners, who will be served by the Pension Fund of the Russian Federation. In the first quarter of 2018, the SOMC’s portfolio yield was 3–5 times as much as the inflation rate.

Vnesheconombank manages pension savings, including for the benefit of people who have not chosen SOMC portfolios or private management company portfolios or are not clients of private pension funds. Vnesheconombank also manages savings of people who have chosen an SOMC portfolio.

In addition, beginning in 2012, Vnesheconombank acts as the state-owned management company for reserve payouts. In this capacity, Vnesheconombank also manages two investment portfolios: the reserve payout portfolio and the portfolio of retirement pension payments.

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