<<
>>

Conclusions to CHAPTER 1


The state of the art and prospects of development of not state pension funds in Russia is studied. 2005 became year of active growth of not state pension funds. Introduction of stably profitable system of investment of pension reserves NPF, including in real sector of economy is necessary.
Financial problems in pension system, despite its budgetary-financial autonomy, it is impossible to consider in a separation from other system macroeconomic parametres, such as inflation, rates of falling of production, institutsionalnye changes, crisis of defaults of payment, wages nonpayments.
Foreign experience of functioning of systems of a provision of pensions and assets management of not state pension funds therefore it is possible to say that NPF in the countries with the developed market economy are not only the tool of an additional provision of pensions, but also the important source of essential investments into economy is investigated. For the last 25 years memory pension systems, first of all in an economy private sector, developed advancing rates and have actually turned to the second pension system of national scales. This process had far-reaching consequences, both at macroeconomic level, and on a level of economic activity of separate people. At macroeconomic level this process has led to huge growth of pension investment, first of all in the securities which are quoted on equity market, but also and in real sector of economy. For example to the USA, assets of private pension funds, accumulation on a personal pension abacus, reserves of assurance companies on annuitetam, and also assets of pension systems of states and local government bodies in the late nineties have in aggregate exceeded volume of gross national product of the USA.
Growth of assets under control of private pension funds not only promoted development of a local capital market. It has made significant impact on the sovereign external debt markets. According to experts, local pension funds and their investment programs became the important reason of attraction of investors on the external debt markets.
Personal pension accounts (LPS) (Individual Retirement Accounts - IRAs) - the youngest and most fast growing kind of a provision of pensions to the USA, rather dynamically developing tool of maintenance of the pension income.
The analysis of level carried out in dissertational work theoretical and methodical prorabotannosti management questions pension reserves as important part of pension reform carried out in Russia has allowed to draw following conclusions: there are no financial instruments for market placing of pension reserves; it is available insufficiency sekjuterizatsii tools not equity market; to effective investment of means NPF stirs backwardness of the market of direct investments with attraction of pension reserves NPF; there is a discrepancy of volumes of pension reserves of a market capacity; there is no statistics because of nereshennosti questions on a format of the reporting opened by management companies, on periodicity of such disclosing; besides, it would be expedient to accumulate on-line from the very beginning the opened information on activity UK on a popular site; the legislation under hypothecary securities in full is not accepted; There is no uniform design procedure of yield of assets NPF, because of not prorabotannosti the standards regulating account of yield that market development of sector NPO brakes; is absent theoretical prorabotannost a question on expediency international diversifikatsii portfolio NPF; there is no systematised conceptual device on the formulated problems of assets management NPF regarding pension reserves: the basic concepts, definitions, functions, a role and place NPF of system of a provision of pensions of the Russian Federation; methodical bases of assets management NPF are not studied, methods and management models pension reserves require perfection; there are no scientifically reasonable recommendations and techniques for choice financial strategy and efficient control tools pension reserves NPF in modern conditions.
Absence sufficiently developed methodical bases of assets management NPF in Russia defines necessity of their working out at level of theoretical and methodical recommendations with allowance for specificity of activity NPF.

<< | >>
A source: GUSEV Polina Aleksandrovna. ASSETS MANAGEMENT of not STATE PENSION FUNDS In Russia. 2006

More on topic Conclusions to CHAPTER 1:

  1. Conclusions under chapter 2
  2. Conclusions under Chapter 1.
  3. Conclusions under chapter 1
  4. Conclusions under chapter 2
  5. Conclusions under the chapter II
  6. CONCLUSIONS ON THE SECOND CHAPTER
  7. Conclusions on chapter 1
  8. CONCLUSIONS ON CHAPTER 1
  9. Conclusions under chapter 1
  10. Conclusions under chapter 2
  11. Conclusions on the third chapter
  12. Conclusions under chapter 3
  13. CONCLUSIONS ON CHAPTER 1