NPF ranking by profitability of pension savings. Ria rating

In the first half of 2017, more than half of the funds managing citizens' pension savings showed a yield lower than that of VEB. The reason was the fall of Russian stocks

Photo: Ekaterina Kuzmina / RBC

According to the results of the first half of 2017, twenty NPFs managing pension savings showed a yield below VEB, that is, below 8.8%, according to statistics published on the website of the Central Bank. These funds manage 1.67 trillion rubles. of 2.3 trillion rubles in pension savings managed by private pension funds. In total, according to the Central Bank, there are 38 pension funds managing pension savings.

Among the funds that showed a return below VEB in the first half of the year, there are such large funds as NPF Gazfond pension savings (430 billion rubles in pension savings, a yield of 2.9%), NPF Future (303 billion rubles, a yield of 3.9%), NPF LUKOIL-Garant (260 billion rubles, 3.3% yield), NPF Safmar (193 billion rubles, 3.4% yield), NPF RGS (182 billion rubles, 8.5% yield.

The leader in terms of profitability of pension savings among large pension funds (more than 100 billion rubles of savings) in the second quarter was NPF VTB - 10.5%, the outsider - NPF Gazfond with a yield of 2.9%.

As for pension reserves, in the second quarter, seven funds showed negative returns in this part of the business, among which there is such a large NPF in terms of reserves as NPF Gazfond (372 billion rubles in reserves, minus 1.1%).

The reason for the low profitability of funds lies in the fact that a number of funds entered 2017 with a significant share of shares and, in fact, this year in the first quarter they lost quite a lot in profitability due to a fall in the market, says Expert RA Corporate Ratings Managing Director » Pavel Mitrofanov. Evgeniy Biezbardis, head of the ANPF analytical service, says that the current situation only illustrates an intermediate investment result and may seriously change by the end of December.

According to Alexander Losev, General Director of Sputnik Capital Management Management JSC, the problem is that the state of the stock market reflects more geopolitical tensions than financial results Russian companies. It should also be taken into account that 70% of the volume of trading on the stock market in terms of shares in Russia falls on foreign investors, and not on national ones, Losev clarifies. “As a result, Russian investors, against the backdrop of the same sanctions, cannot support the market, which will be in this state until positive news appears,” says Losev.

It would be unprofitable for funds to sell shares now, because the dividend yield is comparable to the yield on bonds and deposits, and in some cases may exceed them, says Losev.

However, in general, the profitability of pension savings will be lower this year compared to last year and will amount to 8-10% against 10-12% in 2016, says Yuri Nogin, director of the ACRA Financial Institutions Ratings Group. The reason for this is sanctions and a decrease in yields on bonds and deposits, Nogin explains.

“For the time being, it is not worth reacting to these indicators as final ones: the funds have another six months to rehabilitate the picture,” Mitrofanov believes. “Agents are likely to start “selling” the low profitability of pension funds in the third quarter as a factor in changing the insurer.” However, Nogin notes that the half-year result is an intermediate result and should not be taken by clients as a signal to change the insurer.

Meanwhile, funds with low yields in the first half remain optimistic. CEO NPF "Future" Nikolai Sidorov says that the fund will not make decisions about the portfolio of savings, based on indicators for short-term periods - for six months. The fund will be able to show the effectiveness of the manager in the long term - from five years, says Sidorov. According to the Central Bank, NPF "Welfare OPS" (in 2015 in the NPF "Future") at the end of 2014 showed a yield of 1.5%, at the end of 2015 - 5.6%, at the end of 2016 - 4%. Meanwhile, VEB yielded 2.68% in 2014, 13.15% in 2015, and 10.53% in 2016.

As the press service of NPF "Safmar" said, shares in the fund's portfolio account for 30% of the total pension savings. “Following the results of the first half of the year, the fund managed to record a positive result due to coupon payments on fixed income instruments - the bond portfolio is 70%,” the press service said.

The press service of the NPF Electric Power Industry, which had a yield of 4.3% in the first half of the year, said that the fund did not adjust its investment strategy according to the results of the first quarter, since “portfolio fluctuations are always compensated for at a longer interval”. “We expect the observed trends to continue and are generally positive about stock market in the face of declining interest rates," the fund said. In 2016, the fund showed a yield of 8.9%, in 2015 - 8.5%, in 2014 - 9%, in 2013 - 8.4%, according to the data of the Central Bank.

The rest of the funds with a yield below VEB did not respond to RBC's request.

Now more and more people are thinking about investing in NPFs. The rating of the top 5 funds in 2017 will help you understand which institution is more profitable and safer to invest money in.

NPF is a special organizational and legal form for non-profit organizations responsible for social security (in addition to). There are several laws governing the activities of such funds.

1. This is the Federal Law, issued in December 2001 No. 167-FZ.
2. In addition, the Civil Code of the Russian Federation provides an important basis for carrying out activities.
3. Specifically, the activities of non-state pension funds are described by law No. 75 FZ.
4. Finally, savings accounts (for) are maintained in accordance with the law number 27-FZ "On individual (personalized) accounting in the system of compulsory pension insurance".

How do NPFs work?

Such an organization is practically no different from state structures. That is, you can do:

• Payment of pensions.
• Accounting Money.
• Investing in shares and stocks (like and), bonds (for example,) with a minimum.
• Accumulation of capital to make payments after this point.

Commercial pension funds may fall into one of the following groups.

1. Open or universal. They are not related to any financial and industrial groups. Savings of depositors make up the bulk of the assets.
2. Territorial. With the support of local authorities, they operate only on the territory of a single region.
3. Corporate. Can work with programs of founders. The percentage of savings is growing.
4. Captive. They also work with founders' programs.

Best NPFs in 2015-2016

Company founded in 1994. It ranks first in the rankings for a number of reasons.

• It occupies about 14 percent of the market, serves up to three million three hundred thousand people.
• Has savings in the amount of 149,289,065,000 rubles.
• No claims for participation in financial fraud for a long period of work.
• Received many awards

The site has a calculator that allows you to estimate future savings.

One of the most stable and reliable NPFs in Russia. As evidenced by the high A++ rating. It occupies one of the leading positions in terms of average annual profitability, which is equal to 11.5-12 percent.

Another advantage of the fund is the opportunity for clients to get access to the layout not only with the structure of placement of pension savings, but also investment instruments that allow increasing the level of profitability.

Pension reserves now exceed the amount of pension savings, more than three times. And the profitability of the savings themselves consistently exceeds the rate of inflation.

The leader of the list with an average annual yield of up to 14 percent.

Clients receive the following benefits:

1. Long and successful experience in the market.
2. Individual investment program for each client.
3. Individual approach with European service standards.

The Central Bank of Russia fully controls the activities of this NPF, which allows it to receive a high A ++ rating.

NPF with a high level of reliability in A ++. More than a million clients were satisfied with the services of this fund. What characterizes his work in the best way.

On issues of placement of pension savings, the organization maintains strict accountability to its customers. There are a number of programs not only for individual pension savings, but also for those who are interested in improving business efficiency.

It retains the third position in terms of reliability among organizations that have received a license. Serves over two million customers. The total amount of savings reaches 72,281,723 rubles. It is active throughout the country.

About drawing up an evaluation scale

You do not need to create a separate classification for parameters such as the number of customers or profitability. But there is also an abstract concept of "reliability".

• A++. it high level reliability. Indicates that in case of any market fluctuations, successful cooperation is guaranteed.
• A+. A very high level designation.
• A is simply a high level indicator.
• B++ - this level is considered to be satisfactory.
• B+ - the indicator is not very high. Most likely, problems will arise if you need to pay a significant amount of money.
• B- reliability is low.
• C++ - for extremely low reliability. There is a possibility of revocation of the license, failure of the fund to fulfill its obligations.
• C+ - this level is unsatisfactory. Such foundations quickly lose their licenses.
• C- there are situations when the NPF has not fulfilled its obligations.
• D- for bankrupt companies.
• E - the license has already been revoked, the organization itself has been declared bankrupt or liquidated.

How to become a client of a non-state pension fund?

For this, an agreement is concluded with the NPF. But before its conclusion, the visitor will have to choose a scheme not only for payments, but also for depositing funds into the account. It is imperative that you decide on:

1. Rules for termination of the contract, amendments.
2. The payment of the state pension itself.
3. The type of payout when the client reaches retirement age.
4. Pension scheme and its components.
5. The amount of money, the time of their deposit into the account.

A personal account is opened for the depositor when the agreement becomes valid. A solidarity account is opened if the contract has been concluded by the employer. To conclude a contract, you need a very small package of documents:

• Pensioner's ID.
• Insurance certificate.
• Passport, its first and second pages (if the document is overdue, you will have to pay).

The Fund independently manages the money that is deposited into the account. Most treaties provide for a minimum level of income guaranteed to every citizen.

The Fund must compensate for the losses due to own funds even if their investment does not pay off. This means that customers get their money back, in any case.

The contributor can choose two options for payments upon reaching retirement age:

1. The whole amount at once.
2. Installments that are paid every month.

At the same time, such payments imply the presence of a 13 percent tax. They are subject to income earned by the fund for the entire time the contract was in effect.

Information about savings and termination of the contract

Any client has the right to terminate the agreement earlier than the period specified in it, if the NPF is not satisfied for some reason. But each NPF has its own requirements in such situations.

You can change the management company in the form of an NPF once a year, this right is reserved for all citizens of the Russian Federation. But such a decision can be made no more than once a year.

If less time has passed since the date of the contract, you will have to wait. Or you need to write a statement in which the client indicates why he decided to apply to another fund.

To find out the size of their savings, the client must contact the representatives of the NPF itself, indicating their individual data.

Information can also be obtained via the Internet if there is no time or desire to personally visit the office of the NPF.

It is enough to register on the official website, having received a personal account.

A letter with personal data and calculations comes to e-mail. During a personal visit to a non-state pension fund, information is given to those who provide a passport and an agreement.

Choosing a non-state pension fund

RIA Rating - May 10. The dynamics of the market of non-state pension funds in Russia in 2017 was quite good, while it is still constrained by the freezing of funded pensions. Against this background, the range of options for reform of the Russian pension system under discussion is still quite wide, although recently the gradual increase in the retirement age, as well as the introduction of a new one, have been mainly discussed. mandatory contribution in the NPF.

In general, at the end of 2017, the number of people who chose NPFs to place their funded pension exceeded 34 million people, for comparison, as of January 1, 2017, there were 30 million people, and at the end of 2015 - 26 million. Over the past year, the number of NPF clients grew by 15%, against a 13% growth in 2016. Thus, despite the "freeze" of funded pensions, the market continues to develop, which is most likely due to the activity of NPFs to attract customers.

At the same time, the number of players continues to decline. Due to the mergers of a number of NPFs, their number for the year decreased to 38 (operating NPFs with non-zero savings are included in the rating) at the beginning of 2018 against 41 a year earlier.

Last year, the amount of pension savings in NPFs grew by 14.3% or 300 billion rubles (24% in 2016). In general, as of January 1, 2018, the volume of pension savings in Russian NPFs exceeded 2.4 trillion rubles. For comparison, as of January 1, 2015, the amount of savings was equal to 1.1 trillion rubles, that is, over 3 years, the amount of savings in NPFs has more than doubled. According to RIA Rating experts, a noticeable slowdown in the growth rate of savings in 2017 is due to two factors. Firstly, due to lower interest rates in the economy, growth due to the capitalization of investment income has decreased. Secondly, a large number of citizens have already chosen NPFs, so the potential base of new clients is becoming smaller, and as a rule, newly attracted clients are generally not so large.

Despite a number of negative aspects, Russian NPFs continue to strengthen their positions in the Russian financial system. After all, in addition to 2.4 trillion rubles of pension savings, NPFs have about 1.4 trillion rubles of other assets. Thus, the total assets of Russian NPFs amount to just under 4 trillion rubles, which is more than the assets of the fourth largest bank in Russia, and account for approximately 4% of the assets of the Russian financial sector.

Nine NPFs showed negative dynamics

To assess the situation in the context of individual funds, the RIA Rating agency conducted an analysis and prepared a rating of Russian NPFs in terms of pension savings as of January 1, 2018. The rating presents data as of January 1, 2018 for 38 non-state funds of Russia, the reporting of which was published by the Central Bank of the Russian Federation.

According to the study, the composition of the largest NPFs on the market has changed markedly over the past year. In terms of the amount of pension savings in the rating of NPFs, NPFs of Sberbank are still in the lead with book value savings as of January 1, 2018 in the amount of 470 billion rubles. NPF of Sberbank has been the leader for 11 quarters in a row. This NPF over the past year showed an increase in savings by 33% or 117 billion rubles. Thus, the NPF of Sberbank provided more than a third of the total growth in the pension savings market as a whole. At the same time, Sberbank did not become the leader in terms of the absolute increase in savings; NPF GAZFOND has a more significant increase in pension savings. According to the results of 2017, this pension fund was in second place with pension savings at the level of 457 billion rubles. GAZFOND pension savings showed an increase in the funds of future pensioners in the amount of almost 300 billion rubles, or 2.8 times. In relative terms, this is the fourth result among all funds and the best in the TOP-30. This result of NPF GAZFOND pension savings was the result of the absorption of a number of large funds of NPF Promagrofond, KITFinance NPF and NPF Nasledie, which respectively left the rating, although a year earlier they were in the TOP-15 largest funds.

The third place in the ranking is now occupied by NPF FUTURE with savings of 283 billion rubles, although a year ago it was second. The fourth and fifth largest pension savings funds were NPF LUKOIL-GARANT and NPF SAFMAR, whose savings amounted to 253 and 192 billion rubles, respectively. Funds ranked from 3rd to 5th showed rather weak dynamics. Their growth was within +9%, and two of these three funds showed a negative return on the results of the past year. The first five largest funds will already benefit from 68% of all pension savings, although a year earlier it was 57%, and the top ten funds accounted for 92% as of January 1, 2018 (77% at the beginning of 2017). Thus, in 2017, there is a noticeable consolidation in the NPF market.

Also, the increase in the average size of the fund testifies to the consolidation of funds. In particular, according to the results of the current rating, the average size of the fund increased to 64 billion rubles against 52 billion rubles as of January 1, 2017. At the same time, the number of both the largest funds, the savings of which exceed 100 billion rubles, and medium-sized funds with funds of more than 10 billion rubles, according to the results of the rating, decreased. So, in the rating there are 7 funds with funds of more than 100 billion rubles and 15 funds with more than 10 billion rubles, while a year earlier (at the beginning of last year) there were 8 and 18 funds, respectively.

At the end of 2017, the number of funds with a negative trend in pension savings increased quite sharply. If, at the end of 2016, only 10% of NPFs were characterized by a decrease in savings, then last year already 24% were with negative growth rates. It should be noted that the decrease in pension savings was mainly observed in small and medium-sized funds, which may indicate the transition of clients from them to larger NPFs.

The highest growth rates were demonstrated by NPF AVTOVAZ, NPF "Alliance" and NPF "FEDERATION". At NPF AVTOVAZ, the amount of savings increased by 4 times, and the number of customers by 3 times. NPF "Alliance" showed an increase in pension savings by 3.9 times, and the number of clients increased by 3.5 times. In turn, the savings of NPF "FEDERATION" over the past year have grown 3 times. Despite such impressive growth, all three of these funds are in the bottom ten of the ranking, that is, they are still small. At the same time, NPF Telecom-Soyuz and NPF Social Development had the largest reduction in pension savings - -10.6% and -10.2%, respectively.

The largest funds suffered losses

The highest return on investment of pension savings in 2017 was demonstrated by small funds: NPF Almaznaya Osen - +11.2% and NPF Gefest - +10.0%. And among relatively large funds, NPF GAZFOND pension savings had the best profitability - +9.5% and NPF VTB Pension Fund - +9.0%.

At the same time, four large funds at once (out of the TOP-10) showed negative returns in 2017, while last year there were no loss-making funds at all. At the same time, NPF LUKOIL-GARANT suffered the most, with a return on investment for the year of -5.3%. The second largest loss was NPF "RGS" - -2.9% in 2017. The third and fourth funds in terms of negative returns were the NPF FUTURE and the NPF of the electric power industry (-2.0% and -1.7%, respectively). , the negative financial result of all four funds is due to investments in assets associated with the reorganized Otkritie Bank.

In general, the median return of Russian NPFs in 2017 was 8.3%, thus, most funds managed to show a return much higher than inflation (2.5%). In many ways, relatively good yields are determined by government bond rates, which remain well above the level of retail price growth. A decrease in the refinancing rate and, accordingly, the yield of the debt market will reduce the profitability of NPFs, however, according to analysts at RIA Rating, in the medium term, NPFs will continue to show returns much higher than inflation and higher than deposit rates in the largest banks.

Over the past five years (from January 1, 2013 to January 1, 2018), NPF Volga-Capital was characterized by the highest return on pension savings - the return on its investments over this period amounted to 62.7% (average annual rate - 10.2%). On the second and third place in terms of return on investment are NPF "Defence-Industrial Fund named after V.V. Livanov" and NPF "Socium", which were able to increase the savings of their clients by 57.9% (9.6% on average per year) and 57.5% respectively (9.5%). The fourth place in terms of profitability is occupied by NPF GAZFOND pension savings with a five-year result of +55.7%. In general, 10 funds were able to demonstrate returns above 50% over five years (more than 8.4% of the average annual return), while 30 funds showed more than 40% returns over five years.

RIA Rating- it is universal rating agency media groups MIA "Russia Today" specializing in assessing the socio-economic situation of the regions of the Russian Federation, the economic condition of companies, banks, economic sectors, countries. The main activities of the agency are: creation of ratings for the regions of the Russian Federation, banks, enterprises, municipalities, insurance companies, securities, and other economic entities; comprehensive economic research in the financial, corporate and public sectors.

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Choosing a non-state pension fund to which you can entrust your savings for retirement is not an easy task. Of course, you can act conservatively and either not choose any NPF at all, entrusting the money to a state fund, or choose a completely reliable semi-state NPF like the NPF of Sberbank, where the profitability is not so high, but there is almost complete certainty that the fund will not disappear anywhere. And although with the so-called freezing of pension savings of Russians, this issue has become much less relevant, it is still necessary to understand the situation on the NPF market and be able to navigate non-state funds. Authoritative ratings, compiled, among other things, according to the data of the main regulator - the Central Bank of the Russian Federation, help to better understand the effectiveness of the work of NPFs and their reliability. Let's get acquainted with the ratings of NPFs of Russia in 2017-2018 in terms of reliability and profitability, based on the statistics of the Central Bank of Russia and the conclusions of independent experts.

NPFs of Russia: rating of the best funds by profitability in 2017-2018

NPFs of Russia: rating of the best funds in terms of reliability in 2017-2018

Of course, in such things as the accumulation of pension funds, the reliability rating of funds is equally (if not more) important. Retirement money has been accumulating for decades, and I want to understand that the NPF, in which funds are invested, is quite reliable and will not disappear at some point.

The Russian regulator itself, the Central Bank, does not compile such ratings, but there is a rating from the RAEX agency (“Expert RA”), which is considered quite authoritative and is not only recognized, but also recommended for use by the Central Bank of the Russian Federation itself.

As of the end of 2017 - beginning of 2018, this ranking is as follows:

The NPFs in the table are grouped according to the national rating calculated in a certain way, and the reliability of funds with the same rating is approximately the same, therefore, say, the first seven NPFs in the table have the same high reliability, regardless of how the funds within this seven are located in the table. You can follow the current status of this rating