Posted 22 ноября 2021,, 13:42

Published 22 ноября 2021,, 13:42

Modified 24 декабря 2022,, 22:37

Updated 24 декабря 2022,, 22:37

Around zero: why the Russian pension system turned out not to be profitable

Around zero: why the Russian pension system turned out not to be profitable

22 ноября 2021, 13:42
Фото: Фото: Соцсети
International experts have calculated that the return on pension savings of Russians last year was at the level of 0.2%

As Novye Izvestia has already reported, the Russian pension system remains one of the most ineffective in the world. The average real profitability of pension savings of Russian citizens in 2020 turned out to be practically zero, experts of the Organization for Economic Cooperation and Development (OECD) note in the annual report Pension Markets in Focus.

Investment of pension money in our country last year brought only 0.2%. Only five of the 70 countries covered by the study were worse off: Australia (-0.1%), Thailand (-0.8%), Czech Republic (-1.2%), Poland (-4.4%) and Suriname, in which hyperinflation is rampant.

But the average profitability of pensions in the OECD member countries turned out to be 16 times higher than the Russian one (3.2%), while in Mexico - 9.3%, Iceland - 8.7%, USA - 6.7%, Switzerland - 5 , 1%, Germany - 3.2% per annum.

Russia turned out to be almost the only country in the world where savings are not invested in foreign instruments at all. For comparison: in South Africa and Israel more than 20% of pension money is invested in foreign assets, in Switzerland and Colombia - more than 40%, and in Slovakia, the Netherlands and the Baltic countries - more than 80% of future pensions, reports .

Economist Nikita Krichevsky responded to these figures in the following way:

“All this is another confirmation that the funded pension system was created not to allow people to save for old age, but to raise funds to pay off the debt to the Paris Club of creditors in 2003. At the end of that year, Putin said the sacramental: “We paid out $ 17 billion the country didn't even notice it".

For 20 years, no efforts have been made to develop directions for investing the funds of future retirees. An example is set by the state: since the establishment of the Stabilization Fund in 2004, the Ministry of Finance has not been puzzled by the investment of allocated funds in profitable assets, at least following the example of the Norwegian pension fund Global.

There is nothing to say about non-state NPFs. They vacuumed contributions for the sake of investments in the projects of the owners, as well as large-scale theft of accumulated money. The system will be ineffective until the authorities set an example of revising the failed investment strategy of pension savings with mandatory punishment of those responsible.

Only now she will have to punish herself..."