Suchergebnisse

Private pension funds in Russia have been growing in number dramatically over the past few years. The increasing importance of private pension funds as holders of financial assets means that their impact on the functioning of financial markets is steadily growing. The article discusses the range of factors that can stimulate further development of the pension system reform — principles of private professional pensions' regulation as well as the structure and mechanisms of pension funds' management.

Recent reforms of the general pension regime have gone a long way to ensuring a fair, equitable and transparent pension scheme, available to all workers younger than 45 years old. An adjustable formula relates pensions to the duration and level of contributions, and life-expectancy. It introduces some welcome flexibility to the system, as benefits are automatically adjusted for the effects of population ageing. Today the workers must choose a state or a private pension fund's management company. However, it is not clear whether recent reforms will be sufficient to ensure the long-term actuarial and financil balance of the general system.

Acording to the author's opinion, institutional investors (from many participants of the capital market) play the main role, especially investment funds. They supply to small-sized investors special investment services, which allow them to participate in the investment process. However excessive institutialization and increasing number of hedge-funds may lead to financial crisis.