The formation of pension savings must be approached wisely. Therefore, before signing the documents, it is worthwhile to study in detail the history of the company and find out the investment conditions. Only public or private PFs can accumulate funds. Read more about the conditions under which the funded part of the pension is served at Sberbank, read on.
NPF SB
Sberbank is the largest financial group in Russia, which includes not only a credit institution, but also private pension funds. The latter was established in 1995. I received a license to carry out activities with pension savings only in 2009. The fund provides the following services:
1. Non-state pension provision to individuals.
2. Insurance for such mandatory programs:
- investing accumulated funds;
- payment of one-time, periodic or lifetime benefits;
- co-financing of savings under state programs.
The National Rating Agency awarded the Fund the highest rating of "A ++". The
financial results of the organization can be found on the website of the institution.
In 2013, the number of citizens who transferred their savings to the NPF SB amounted to 1 million people. And after a year and a half, this figure doubled. The total value of accumulations in 2013 is 72 million rubles. The total return on investment for the previous 4 years was 52%, the average inflation rate was 33.88%.
Conditions
The funded part of the pension in Sberbank will bring more income, since the organization has slightly wider opportunities in comparison with other similar institutions. To transfer funds to non-state pension funds, you must:
- apply to the branch of the organization with a passport and SNILS;
- Sign a pension insurance contract (OPS) ;
- write a statement to the state PF on the transfer of funds to a private fund.
Documents are accepted until December 31 of each year.
Payment of benefits through Sberbank
You can transfer the funded part of the pension to NPF once a year. Having chosen Sberbank as the organization for accumulating funds, the client can count on the fact that he does not have to stand in line in anticipation of the next payment. All funds can be transferred directly to the Sberbank card. For registration of the service, it is necessary to contact the department with a passport and identity card, fill out a special form, receive payment details and notify the Pension Fund of the transfer of the retirement pension for the new details. After that, customers can cash out funds at any nearest ATM, view the balance on the Internet, set up SMS alerts about the movement of amounts in the account opened with Sberbank of Russia OJSC.
The funded part of the pension is in question
In 2015, a lot of controversy was caused by the desire of the government to cancel the accumulation of deductions. According to the Ministry of Finance, this measure will bring the budget an income of 370 million rubles. per year, but then the source of "long" money will disappear: the NPF and Vneshtorgbank, which is engaged in managing savings on behalf of the state, invested 3 trillion. rub. to domestic companies.
Economists immediately struck a panic. The cancellation of the funded part would lead to a decrease in the replacement rate to 25% over 10 years. The insurance pension is indexed by budgetary funds, which may not be enough by 2018. As a result of such a reset, the amount of payments to pensioners will be reduced. The FIU can no longer cope with the load. Half of the payments are financed by the federal budget. The difficult demographic situation in the country, the early retirement of Russians (55 and 60 years old versus 63-64 in the EU countries), as well as the high share of the shadow sector of the economy only increase the burden on private pension funds. This means that the transfer from the federal budget will also grow.
Arguments
The only reason for the change may be the negative real return on investment. Over the past 5 years, Vneshtorgbank's profitability amounted to 28.9%, and the inflation rate - 46%. Constant crises in the country only exacerbate the situation. According to the comments and reports of sociologists, people do not trust NPFs and change them one after another every year. As a result, organizations have to reassess assets. They simply do not have the opportunity to invest in long-term projects.
Citizens began to worry that the government wants to stint on their future income. But economists insist that this is not so. The funded part, which is formed within 6%, will be sent to replenish the insurance payment. Russians only need to contact the PF branch and write a statement about the transfer of funds. One of the organizations into which the funded part of the pension may come is Sberbank. Customer reviews confirm that sometimes even with the design of such a simple procedure, they have problems. Applications are considered for a very long time, and sometimes money does not arrive on time in an account.
Structure
Many people still do not know exactly how the future pension is formed. The formula looks very scary and incomprehensible. But it’s worth understanding it. It consists of three components:
- the insurance part is formed by monthly deductions from the salary (C);
- the basic pension that a person will receive in any case, if he has worked at least a bit in his life (B);
- the accumulated part is 6% of the salary (N). This amount a person can dispose of independently, choosing an organization that will collect funds. This may be an asset management company (UK) or an NPF. You can, for example, transfer funds to Sberbank. The transfer of the funded part of the pension is executed directly at the branch of the credit institution.
These three terms are then multiplied by special coefficients, which depend on length of service, salary, and other nuances. As a result, the formula has the following form:
Pension = K1 x B + K2 x C + K3 x N.
The government has proposed to change the coefficient of the third term to "0".
According to the reviews, not all Russians have the funded part of their pension in Sberbank or another non-state pension fund. There is a category of citizens who chose not to transfer funds from Vneshtorgbank. For such “silent people”, the government can transfer the funded part of the pension to the insurance. As a result, deductions will increase from 16% to 22%. The total amount of the pension will also change, but not necessarily in a smaller direction. This is the essence of the new reform. So far, she has been rejected. But perhaps in the future the question of its adoption will be raised again.
Key Maintenance Issues
On the forums you can find a large number of complaints about the lengthy process of paperwork. If a person wants to transfer funds from the state to a private PF or CC, he must write a statement to both structures by December 31 of the current year. Upon completion of the process, a notification is sent about the amount debited and received funds to the personal account at NPF Sberbank. The funded part of the pension, the percentage of deductions for which at the moment is 6%, must be transferred until March 31 of the next year. But user reviews say these deadlines are often violated. Here you can only advise one thing: after the time has passed, call both organizations and find out what happened to the money. No less problems, judging by the comments of pensioners, arises in the case of a transfer of funds from Sberbank to another non-state pension fund. The same rule applies here as in the previous condition. Funds must be transferred by March 31 of next year. So, if a client filed an application in April of this year, he will have to wait 11 months.
According to the financial statements, the average annual level of profit of NPF SB is 5-6%. But the fund has a lot of investment programs, and it is not a fact that all of them will bring profit. In addition, individuals often change NPFs. For such clients, the funded part of the pension in Sberbank cannot be invested on a long-term basis. Russian reviews confirm that according to the results of 2011-2012, the yield on savings was 0%. The discontented population in these years massively transferred funds to other NPFs.
The funded part of the pension in Sberbank: customer reviews
After analyzing the comments of Russians regarding the quality of the services provided and the level of accessibility of information, one can highlight the following main advantages of cooperation with the organization:
- The minimum package of documents. To conclude an agreement, only a passport and SNILS are needed.
- The speed of clearance. The client can write an application at any of the nearest bank branches. And after a few days, the employees will call back and set a time for signing the contract.
- Access to the information. The account balance can be viewed through the "Personal Account" on the NPF website.
Disadvantages (judging by the feedback from the organization’s customers):
- the time for preparing a certificate of investment results is 30-60 days;
- frequent technical failures in the system;
- NPF SB works, albeit profitably, but does not break records of profitability.
Conclusion
Russians can independently choose which organization will accumulate the funded part of their pension. One of the largest non-state pension funds in the country was established by Sberbank in 1995. As of 2013, 1 million Russians entrusted him with their pension savings. The institution operates profitably. Customer opinions about the organization's activities leave much to be desired. Most customer complaints are related to the long period of receiving extracts on the results of investing funds and the lengthy procedure for completing the transfer from one non-state pension fund to another.