Accumulation Pension Funds: condition and development
Theoretical aspects of accumulation pension system. Analysis of current status and development of accumulative pension system in Kazakhstan. Ways to improve the pension system and enhancing its social significance accumulative pension fund provision.
|Рубрика||Финансы, деньги и налоги|
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· a list of investment objects;
· the size of the investments by type of financial instrument;
· total sizes for each type of investment portfolio;
· requirements for hedging transactions are established a normative legal act of the FSA and pension fund investment Declaration.
Investment Declaration is accumulative Pension Fund for each kind of investment portfolio. Retirement savings that were generated by mandatory pension contributions of individuals before retirement age who have seven years or less, may be cumulative pension fund only in moderate or conservative investment portfolio without subsequent conversion into aggressive investment portfolio of this or any other pension savings fund. Accumulative pension funds will be requested by January 1, 2012, to work on the admission of statements of depositors (recipients) to choosing investment portfolio. Retirement savings depositors (recipients) without requesting a statement in the APF to choosing investment portfolio, will be transferred to the Pension Fund of the moderate update investment portfolio.In order to minimize risks of savers law imposes responsibility on pension funds and their management companies to reimburse depositors of the loss of contributions, taking into account inflation over the period of accumulation. In addition, contributors to conservative or moderate investment portfolio shall be reimbursed for loss of income for a certain period of accumulation. If the nominal rate of return on the Pension Fund on pension assets, calculated on a conservative or moderate investment portfolio at the end of the calendar year is the amount, the lower the minimum value of the appropriate type of portfolio, the accumulative pension fund recovers the difference between nominal returns and lowest returns on equity in the manner prescribed by regulation. How to calculate nominal yield on pension savings fund, calculated on a conservative or moderate investment portfolio, and the minimum value of return for each type of investment portfolio is a normative legal act of the FSA. To knowingly make choices to investors of the investment portfolio, investment strategy should be published in the media.
Introduction of aggressive multiportfolio in pension funds of Kazakhstan was postponed to the year 2015. This is due to the fact that a large number of issuers whose securities are traded on the stock market have difficulty refinancing their obligations. About 29 issuers have defaulted in the past year. This year, 11 companies are not in the listing. Investors have lost confidence in corporate securities and prefer to purchase State. The regulator notes create a strategy of investing in different types of portfolios.
The aggressive portfolio, the keeping of savings and contributions from contributors this portfolio provides SPC, also taking into account the level of inflation. The State will not be responsible for pension funds in an aggressive portfolio.
If so happens that at the moment of entrance of the aggressive portfolio amount of savings was higher than the output from it, the Fund shall reimburse the difference to inflation at the expense of own means.
Introduction of multiportfolio should ultimately improve return on pension savings depositors, ensure the reliability of the entire pension system, give more freedom and pension funds and their investors.
Structural reforms in the pension system is necessary. And although the overall pension reform shall be held, as planned, it is clear that future retirees will see their money only if the conditions of existence of NPF will be improved - these are the realities. Despite the gradual elimination of the most significant weaknesses in the development of a funded pension system has not developed effective methods for control of accumulative pension funds. It is expressed in the absence of a strategic plan for the development of a funded pension system in constant change of regulatory bodies and their competence, in the absence of statutory pension schemes of pension payments. Thus, there is potential for an existing objective of improving management of pension savings funds in the Republic of Kazakhstan.
The study concluded that:
1. Despite the gradual elimination of the most significant weaknesses in the development of a funded pension system has not developed effective methods for control of accumulative pension funds. It is expressed in the absence of a strategic plan for the development of a funded pension system in constant change of regulatory bodies and their competence, in the absence of statutory pension schemes of pension payments. Thus, there is potential for improvement on objective management of pension savings funds in the Republic of Kazakhstan.
2. The Kazakhstan pension reform had been faced with difficulties caused by unstable economic situation as a result of the global financial crisis, difficulties in legislation and demographic problems. For a successful reform of the pension system should develop and establish a stable economic and regulatory environment in the country, the amalgamation of resident expertise to work on projects of normative legal acts on the improvement of the pension system, maintain macroeconomic indicators (growth, inflation), to ensure a stable currency, low unemployment, etc.
3. Learn the specifics of accumulative pension funds made it possible to identify internal and external factors affecting their sustainability. A group of external factors were the economic, political and demographic factors that are independent of the Fund might affect its financial soundness. The internal factors are directly dependent on the activities of the Fund, management, policy management, capitalization and growth strategy.
4. In modern terms the need for a long-term strategy for the development of the pension system due to unsatisfactory features of financial coverage of pension commitments from their own sources and, as a result, the rapid increase in the imbalance of the State budget.
In developing the strategic planning is necessary to ensure compliance with certain principles:
· planning of the development of the pension system in relation to the key areas of socio-economic development;
· harmonization of strategic planning development of the pension system with the concept and the country's long-term development trends that define the path and pace of growth of the State budget and incomes of the population as the basis of formation of resources for retirement and pension savings funds in becoming an important source of long-term investment;
· alignment with the strategy of development of the financial market and State debt policy, for the purpose of financial market development strategy is its priority development compared with the rate of growth of gross domestic product in the country you need, including for investment opportunities increasing amounts of retirement savings and ensuring the effectiveness of the attachment of these funds;
· balancing the size of government borrowing and levels of pension savings, placed in government securities;
· linkage with public labour productivity level. Otherwise the retirement income growth can lead to higher inflation in the country;
· fixing portion of retirement savings in gross domestic product of the country. This can be used as a mandatory requirement. As mentioned earlier, retirees are increasingly being squeezed out of the process of reallocating funds in the society that cannot but affect the level of their welfare. Generation, whose efforts in the past created a huge part of the national wealth, in this increasingly are being ousted from its use.
5. One of the most important tasks of social and economic development is associated with the increased use of modern market mechanisms for mobilizing private investment resources for the accelerated renovation of fixed assets of domestic enterprises. One way to address it could be the use of pension savings, which are long-term, large-scale source of investment. A modern analysis of pension savings has shown that at present their involvement in development of production is constrained by a number of economic factors, first of all, the need for balance between reliability and profitability of investments, which defined specific source (means future pensioners). It should be noted that the existing State regulation in the sphere of investment of pension savings practically does not stimulate the investment of retirement savings in the real sector of the economy. And to increase the attachment of pension savings are instrumentation, in particular, use the various options of investment financing.
Forecasting future retirement savings should be based on the method of multi-factor models. The system factors determining future retirement savings should be divided into two groups. The first category includes: human capital, characterized by an individual's level of education and skills and identifies current income.
The second group of factors consists of macroeconomic policy reaction as the dynamics of national income and the ratio of income in different economic sectors, as well as established in the previous long term development level of a country and therefore quality of life of its citizens. These two groups can be roughly described as "factors of personal nature" and "macroeconomic factors".
In conclusion it should be noted that the collaboration of representatives of legislative and executive authorities, pension funds and insurance companies, as well as all other interested market participants of non-State pension provision should result in Kazakhstan at last an effective pension system will be built, capable to provide a decent standard of living for our citizens at retirement age.
The list of literature
1. The law of the Republic of Kazakhstan from 20.06.1997 g. 136-(I) pensions in the Republic of Kazakhstan (with amendments and additions as on 19.04.2010).
2. Accumulative pension system development programme of the Republic of Kazakhstan for 2005-2007 years.
3. Message from the President of the Republic of Kazakhstan N.A.Nazarbaev-"new Kazakhstan in the new world" from February 28, 2007 year.
4. Message from the President of the Republic of Kazakhstan N.A.Nazarbaev -"improvement of the well-being of the citizens of Kazakhstan is the main objective of Government policy", dated February 6, 2008 year.
5. Message from the President of KazakhstanN.Nazarbayev "a new decade, new economic growth, new opportunities for Kazakhstan" dated January 29, 2010 year.
6. The concept of development of the financial sector of the Republic of Kazakhstan in the post crisis period from February 1, 2010 year.
7. Melnikov V.D. fundaments of finance: tutorial. -Almaty: "LEM" Publishing House, 2007. -568p.
8. The basic directions of perfection of State regulation of NPF of KazakhstanKokshetau, 2010. -384-389, p.l. 0.3
9. History and background of a funded pension system of the Republic of Kazakhstan//Herald of the CGG: Economics, philosophy, pedagogy, law. -Karaganda, 2010. -No. 1 (16). -p. 69-72, p.l. 0.3
10. Analysis of the development of pension funds in ROK//bulletin ENU. L.n. Gumilev. Economic series. -Astana, 2010. # 1, 0.3-p.l.
11. Features of Kazakhstan's pension system in modern conditions//bulletin of the financial Academy. -Astana, 2010. - № 1. -S. 37-43, p.l. 0.3
12. Educationalbook"Беззаботнаястарость" http://www.fingramota.kz/pensia/book/read-141/.
13. Magazine answers and solutions "our money Central Asia no. 20, article" Пенсиявпортфеле”.
14. Online newspaper http://articles.gazeta.kz/art.asp?aid=323791
15. Official website of the Agency for supervision of financial markets and institutions www.afn.kz
Figure 1-the interaction of participants cumulative pension system of the Republic of Kazakhstan.
Figure 2.Dynamics of change of pension contributions, a "pure" investment income and retirement savings.
Figure 3. Dynamics of change of a total pension assets.
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