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понедельник, 24 августа 2015 г.

Pension savings have been stolen

"All of your retirement savings have been stolen"Expert "KP" explains why the current pension system into a pyramid and could collapse at any momentA couple of weeks ago has died several state pension funds (NPF). All of them were part of a large financial group banker Anatoly Motylev and managed tens of billions of savings. Return any money for future pensioners million, a very big question. Investigators have reason to believe that their long-derived offshore. We asked one of the managers of pension on condition of anonymity told the "KP", how to actually work NPFy and why they are so with impunity, steal the money the Russians. Here is his speech without notes.We have blinded her from what was

 - Funded part introduced as an addition to an existing (as arranged in the current pension system - see. Graph). Any system is more stable when it has more than one point of support. That is, in this case, the distribution and the cumulative part of the pension. First aids in the period of stagnation, and the second increase in income stages of development. They balance each other.But the problem is that the funded system created, to put it mildly, without detailed elaboration, and roughly speaking - with kondachka. Everyone understood that strategically it is needed, but what should be the parameters of it, do not really understand. Mikhail Zurabov (head of the Pension Fund from 1999 to 2004. - Ed.) Then we say that in 10 years it will be necessary to return to it, analyze the results and make changes to improve efficiency.Especially in the late 2000s went to irreversible processes. Pensions have increased sharply due to unscheduled indexation (valorization). Plus, reduced insurance premiums (from 34% to 30%). So now the proportions are not maintained. The treasury receives less money than you need for payments to current pensioners. After 15 - 20 years the budget of the Pension Fund of Russia (PFR) will be comparable with all the costs the federal treasury. Therefore, only the distribution system clearly can not cope with payments. A normal alternative to a funded part of it does not. It does not get this, what should be.Alex STEFANOVPhoto: Alex STEFANOVBillions for nothing- Average yield investment of pension savings of 10% in the best case. From this the income of the fund can be directed only 15%, ie 1.5%. But the agent - usually banks that bring their clients in NPF - you have to pay a fee of 15 - 20% (of the amount of the accumulated funds, which lie on the personal account of future pensioners). Plus, the fund has overhead. In other words, investments in private pension funds do not pay off ever. So it is obvious that these people are not meager profits in this business go.The purpose of the owners of pension funds - to get in using billions of savings, which can be tens of years to dispose of in their own interests. And pinch off large pieces of yourself. And the way to do it on the legality of the mass. They are used by almost all the funds. Just because it is allowed.Investment in the country's economy? Do not tell!- The most simple mechanism - the so-called mortgage participation certificates (ISU). They are available to any property. For example, there is the owner of the pension fund poultry. He draws for her business plan for 20 years. Beautiful is. Like, the factory will make a profit of 10% per annum. The cost of the project now - a billion rubles. And after 20 years, will supposedly 10 billion. Rubles. And when we sell it, the cumulative return over 20 years is a fabulous 30 - 40% per annum. Then this product we "market" place on the market. Normal investors, of course, to participate in these investment projects will not. But the buyer will be. Who is he? That's right - our own pension fund, which is to agree with everything. As a result, the owner of the business - cash in your pocket. And at the expense of future retirees - is unclear poultry, the real price of which - at times less paid for her billion. And to hell with them, the problems of pensioners! And such certificates can be up to 40% of the total portfolio of the Fund. It is clear that the majority of pension funds such assets abound, says the source of the newspaper "Pravda Kosmomolskaya - Rostov-on-Don."Here is how the same Motylev did. It was a land mine, several banks and pension funds. Recent via banks bought at an exorbitant price of land and other assets at the expense of pension savings. That is money received Motylev and incomprehensible assets fell on account of future retirees. Formally - investment in the economy. Actually - no money. Because none of these objects are not developed, and will not develop. And they will never be worth the money for which have been purchased.Frauds on the stock exchange- According to the law in the portfolio of pension funds should be the bond companies belonging only to higher quotation lists on the stock exchange. That is, the securities of the largest and most reliable firms. The purpose of the good - to save money pensioners! But it's pretty easy to get around the restriction. Here's an example - we organize joint stock company "Daisy". Placement of its bonds on the stock exchange. First, they fall into the lowest quotation list. We start them every day to buy and sell, to increase turnover. Get rating homebrew Russian rating agency. A few months later - bonds in the highest quotation list. And then these "high-yield" and "risk-free" bonds repurchased by pension funds "concerned" private pension fund. Who will be there to assess how much is really the company and what assets it has ?! All the transaction was executed. And we took another 20 - 30% of pension savings.Collusion involving banksThere are other tricks. You can negotiate with the bank, which has the right to place on deposit pension funds. Comes to his owner and say, come on, so I'm under 5% per annum leave the money in the form of a deposit, and you give me at 7% per annum in the form issued by their credit. Hit on his hands. The banker does nothing and 2% received nothing. And the owner of the pension fund receives funding for its other projects in the 3 - 4 times cheaper than the market rates (currently 20 - 25% per annum. - Ed.). It is perfectly legal and is very similar to a commercial deal. Like, we're in a safe bank money of our customers store - these rates and low. But in reality, the yield does not bother me at all. Money is in fact still not mine, and retirees. They do not mind! The mandatory funded system is designed for suckers ...Where to watch the central bank?Of course, the law can not, when the pension fund management company and the seller of the asset is the same proprietor. But everyone knew that Motyleva these companies belong to the same group. Here are all seen (a year ago began to appear about the pyramid schemes in structures Motylev. - Ed.), And the Central Bank for some reason did not see. On the other funds the same. Well, think of that same name, and they sit in the same building ?! So what? A piece of paper, they are not affiliated in any way! That's all. We also try to beat the passport instead of the face. If it were otherwise, perhaps the problems in our country has become less.SPECIFICALLYSo what we get an increase?From a formal point of view, the money can not be stolen. But in fact they have not. They have already stolen. Our pension fund system only works when there is a new influx. But if it stops, the pyramid goes. So now there is a struggle for something to keep the mandatory funded part, thereby ensuring a steady flow of funds. Almost all pension funds to 60% of the money hidden under the left similar assets. So when we are told that the cumulative part should be left to help the economy, I am very funny. If translated into the language of the philistine, we worsen the position of our future retirees to support today financiers. This is a political decision. And the financiers are the same everywhere. They always take their profits.Yes, there was insurance. But her in the event of bankruptcy NPF people will only face value - the amount that the employer is transferred to them, without taking into account the annual interest. For 20 - 30 year term savings these amounts will depreciate due to inflation in the 2 - 3 times. The pension will penny. Some will object, saying that private foundations interested competitors to operate more efficiently and show high returns. And what they have to do the incentives? Look at it from the owner of the fund. If I have the right to return the face value, the fig I earn more ?! Why would I take your money from your business and some increase Lohamei charge ?! Hoping that the owners of the pension funds have socially oriented and willing to engage in charity, it would be foolish.Especially now that they can allocate losses on clients' accounts. And the system is easy. A few years they will show a higher yield to attract people to himself. And then in one year - bang, and a great loss. Financiers know how to do it. That is laid down in law are things that help people shoe. In other words, nothing makes the owners of pension funds to invest effectively but ephemeral "invisible hand" of the market that is not working. Everything else tells him, steal, take me - I'll allow. Then how to do it legally - please have a bunch of ways.HISTORY OF THE ISSUEPrivate foundations and free money- In the early 90's (10 years before the mandatory funded part) we have begun to establish private pension funds. I also participated in the process. We all then engaged in a corporate pension. That is the big companies came in and explained the economic efficiency savings for old age. We had to convince the leadership of corporations. After all, everyone has different goals. Someone has to keep pensioners, which the owner does not want to let go, because only they know how to work. Someone, on the contrary, it is necessary to attract young people. Under each company should come up with special programs - incentives. For example, people over 60 large salary is not necessary, but a large increase in their pension after five years - much more interesting. That is such corporate pensions were mutually beneficial: interesting and the company and the employee, and the pension fund. And the responsibility was much higher: large companies for their employees are asked to complete.Since 2002, it began the erosion of the system. Private pension funds are no longer engaged in the corporate pension system. What for?! It was pointless! There were free money. No need to explain anything to anyone. You just have to unfasten the commission agents who bring customers (fill in the application to transfer the funded part. - Ed.). And the state each year steadily ships grandmother. Obligations for their safety are absent or occur in the distant future. Obligations in terms of income or size of pensions are not. That's the whole story!And they have?
 
Volunteer will not save- A voluntary system of international experience never took a large scale. They all have either been forced to voluntarily, or were introduced on a mandatory basis. In another way. For the majority of workers pension - it is something distant, which they think sometime later. Explain the person that you need now to give a part of wages to 30 - 40 years to receive an increase in their pensions, almost unreal. But in other countries where stricter requirements for pension funds.In Chile, for example, they meet their capital if they lose money to retirees. And not in 30 years, and at once. For example, each year is determined by the average rate, which earned funds. Therefore, they have no right to deviate much from her. Specifically, if more than earned, a portion of excess profits may keep. If less than the others - if you offset the losses from its own funds.WHAT TO DOReboot the system and reduce risks- From the standpoint of the state bullshit turns. In 2002, it is, in fact, proposed the following: guys who give money for 40 years for free? All, of course, responded: let us. But the state is not enough: it is also the system administration has undertaken. Finally, if some private fund steal money future retirees, will not put anybody. More and compensate the losses due to the budget. That is to state all the work and responsibility, and all the profits - the owners of private funds and not of future retirees. Well, the same nonsense! The system should be urgently reformed.All the main functions should be centralized in the hands of the state. This will help ensure the safety of money. All accounts of the insured persons must be in one place - some special pension administrator. Plus it should be a unified structure that would store all assets in one place and has been controlled, for example, the Central Bank. All transactions must be made only on the exchange. A cash payments - pass through the accounts of the Central Bank or the Treasury. Invest only in what has an international rating. Plus should be responsible for managing the efficiency of investment. The system should have the ultimate goal - the size of future pension. And the responsibility for achieving this must lie with the owner of the fund.There is no need to reinvent the wheel. The world has accumulated rich experience. Additional limitations, of course, can reduce the potential income citizens. But in the case of pensions better when all about equal to a small income. What if someone $ 100, and someone - zero.VIEW FROM 6th floorWithout reform will not do
 
We decided to publish this shocking confession for one simple reason. For future retirees is not lost. The first big payments on the new pension system will begin in 2025. And the state is still time to restore order.For example, you could create something like the deposit insurance system in the pension market. For example, state guarantees, as it is now with the deposits 1 400 000 rubles. This money is exactly enough to pay a decent pension, even if fraudulent fund went bankrupt. Then, any actions of speculators would not be so dangerous for Russians.Naturally, not all pension funds used fraudulent schemes. The big players are likely to lead an honest business.However, here is another problem. Under the current law, statements from pension funds - closed. Find out where the money invested - is impossible. Therefore, there is no trust even to those funds, for which there were no outstanding sins.All this, too, must change, reports about where the money went to future retirees should become public. Some time ago, the government announced that it was time to bring order to the current pension system.But so far in addition to revocation of licenses of funds business has not gone further. Meanwhile, people are closer to entering the well-deserved rest and to the fact that after decades of work, instead of a pension receive shish.Evgeny Belyakov, Vasily VerstovSource: rostov.kp.ru  
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