К.э.н.Агабекова Г.Н., магистр
эк.наук Маханова Д.К.
Мирас университет, Казахстан
INVESTMENT ACTIVITY OF NOT STATE PENSION SYSTEMS
World experience shows that the financial interests of
persons of retirement age are best provided if in the complex of pension
insurance, along with the distribution system, a funded system is developed in
which pension contributions are used to invest in financial assets. The total
amount of such assets will increase due to the increase in the stock market.
The investment policy of American pension funds is built on the principles of
reliability, profitability and liquidity, special attention is paid to diversification
of investments both in the type of securities or monetary instruments, and
within each type of investment. With professional asset management, the
investment income of accumulative pension systems will exceed the income from
bank deposits. The structure of pension fund investments traditionally consists
of government securities, corporate shares and bonds, shares of mutual funds
and other instruments of the credit market. In Kazakhstan, the amount of
accumulative pension reserves is quite comparable with domestic. For the
successful implementation of savings schemes, economic and political stability,
a developed financial infrastructure, a wide range of financial instruments, as
well as tight control by the state, suppressing abuse and guaranteeing payments
in accordance with the terms of specific pension plans, a high and stable level
of public confidence in the pension funded system. Unfortunately, at the
present stage, all the necessary conditions for a successful transition to a
funded pension system have not yet been created in our country.The domestic
state pension model is largely based on distribution schemes and performs
mainly a social function. Non-state pension systems have been built on the
cumulative principle. Their investment component plays a pivotal role in
providing the pension programs themselves, while pension funds serve as a
powerful source of "long" money for the national economy. With the
increase in the number of pension savings systems, their contribution to the
country's economy will also grow.
The most important task of any non-state fund (NPF) is
the preservation and augmentation of pension reserves, and the result depends
on where they are invested. The analysis of activities shows that APFs prefer
to place their pension reserves and own funds in shares of enterprises,
promissory notes and other securities. It should be noted that the share of
shares in the structure of pension investments is relatively high (about 60%).
In recent years, the bond market has been actively developing. Consider its
advantages. Bonds provide high efficiency of investment portfolio management
due to the possibility of selling securities on the secondary market;
participation in financing first-class borrowers; Improving the quality of the
investment portfolio through effective diversification. The problem of the
development of the corporate bond market is a long period of preparation of the
issue prospectus and its registration, which does not allow to react flexibly
to the conjuncture and offer an interesting bond structure and their high yield
to potential investors at the time of placement of the issue. Complicates the procedure
and tax on transactions with securities paid by the issuer prior to
registration of the prospectus regardless of the results of placement.
Placement in corporate bonds is carried out through management companies that
have, as a rule, their own preferences. It should be noted that regional APFs
pay great attention to investing in municipal bonds, which yield higher yield
and have the potential for growth. It is also possible to issue bonds of local
enterprises to keep pension reserves in the region. They may be of interest in
terms of preserving investments, since real assets are equipment: equipment,
real estate,goods,etc.
The risks of losing assets in percentage terms
are determined as follows:
1.risk group - risk-free investments - up to 10%.
2.risk group - minimum risk investments -10-25%.
3.risk
group
- high-risk investments - 25-50%.
4.risk group - risky investments - more than 50%.
For investment
objects 2 and 3 groups (minimum and higher risk investments), the risk factor
is defined as the arithmetic mean of the interval risk standards for this
category, the maximum value of the standard for group 1, and the minimum value
of the standard for group 4. Accordingly, the risks in the directions will take
the following values: k1 = 0.1, к3 =0.375,
к2
=0.175, k4=0.5.
Of course,
this way of setting the portfolio risk factor and determining the required
amount of the insurance reserve for its coverage is not free from shortcomings.
For example, the nature of the classification of an investment object to a
particular risk group is subjective. The funds reflect their version of the
ranking of investments by the degree of risk in the Plan for the placement of
pension reserves. Opinions on the ranking can be divided, specific specific
values of the investment risk in the directions given in the
Placement Plan can be questioned. Practice shows that with a cautious,
conservative investment policy, a diversified investment portfolio has a risk
ratio of 15-20%. The necessary insurance reserve, calculated taking into
account such a risk, is approaching the maximum allowable value. With
this approach, the placement of pension reserves, even in so-called risk-free
facilities, still has the risk of losing assets to 10%.Therefore, the minimum
amount of the insurance reserve must be at least 10% of the amount of the
reserve for covering pension obligations. The lower limit of the size of the
insurance reserve "neutralizes" the risks of losing pension amounts
on depositors' accounts when all pension reserves are placed in risk-free investment
objects. The maximum amount of the insurance reserve is 25% of the amount of
pension reserves. This corresponds to the lower limit of the limit standard for
category 3 (high-risk investments). It is clear that for an investment
portfolio with a risk factor of more than 0.25, it is not possible to create an
insurance reserve fully covering the risk of loss of assets. Since this
standard can not be violated, in this case it is advisable to change the
structure of the investment portfolio. Stages and a specific algorithm for the
formation of an insurance reserve are of methodological and technological
interest. This process occurs, as a rule, in the distribution of
investment income received for the year. The risks of NPFs are conventionally
classified into two groups:
Risks of incorrect evaluation of
liabilities and, accordingly, incorrect formation of the structure and size of
pension reserves. These include financial and economic (fluctuations in
inflation, changes in profitability in financial markets) and demographic risks
(a drastic change in the number of participants in retirement age and the
duration of their lives). The presence of such risks leads to errors in the
assignment of actuarial profitability, the use of life expectancy tables in the
calculation of liabilities, and so on; risks of managing the investment
portfolio of the fund (investment risks). This group includes the fall in the
price of securities, the insolvency of issuers of securities with a fixed
maturity, the insolvency of asset management companies, mutual funds and banks
in which part of the pension funds is placed, the fall in the yield of
fixed-income securities, , a decline in property prices, unsuccessful
investment decisions, etc.The income is divided into several parts, including
the replenishment of property to support the statutory activities, pension
accounts (which increases the fund's liabilities) and the insurance reserve.
The necessary amount of the insurance reserve is determined by the risk of the
investment portfolio and the fund's liabilities. The further actions are
reduced to the distribution between the pension accounts and the insurance
reserve of the balance of investment income. Then the required insurance
reserve is calculated. The fund's liabilities for use in the calculation of the
insurance reserve should include the calculated amount of the fund's guaranteed
liabilities for calculating investment income for the last year.
Literature
1.About investment activity of
not state pension systems Chechenov A.A.,Kalov Z.A., Kurshaeva F.M., Atmurzaev
A.I
2.Текущее состояние накопительной пенсионной системы Р
К по состоянию на URL:http://www.afn.kz/attachments/128/272/ publish272
3.Информация НБ РК по инвестиционному управлению
пенсионными активами АО «ЕНПФ»http://www.enpf.kz/download/
4.Текущее
состояние ЕНПФ Республики Казахстан http://www.afn.kz/attachments /128/272/
publish 272-1089742.pdf
5 Показатели
финансового сектора. Накопительная пенсионная система. Текущее
состояние–URL:http://www.nationalbank.kz/docid=1126