State trust management company

VEB.RF was selected as the government-controlled management company for pension savings and pension reserve payouts in 2003 and 2012 respectively. The operation of VEB.RF as the government-controlled management company is governed by the applicable laws of the Russian Federation, regulatory documents issued by the Russian President and the Government, the Bank of Russia, the Russian Ministry of Finance, and other federal executive authorities. VEB.RF invests to build up pension savings at the minimum risk and gives absolute priority to the interests of the insured persons.

Currently, VEB.RF has pension savings and pension reserve payouts of 39 million Russians under management, including people who have not chosen any public or private pension scheme. Additionally, VEB.RF has investment portfolios under management.

In accordance with pension savings management agreements between VEB.RF and the Pension Fund of the Russian Federation, the government-controlled management company invests pension savings, repays pension savings at the request of the Pension Fund to fulfil the right of insured persons to get funded pensions or on other grounds, issues reports relating to pension savings under management for the Bank of Russia, the Pension Fund, and the specialised depository. In accordance with the procedure set forth in Russian legal regulations, VEB.RF publishes information about its activities as the government-controlled management company for pension savings on its official website.

As the government-controlled management company for pension savings, VEB.RF has two portfolios: an extended investment portfolio and an investment portfolio of government securities. The portfolios are formed by VEB.RF in accordance with the investment declarations approved by Resolution of the Russian Government No. 540 of 1 September 2003 and Resolution of the Russian Government No. 842 of 24 October 2009. How does VEB.RF invest pension savings?

Extended Investment Portfolio:

  • Russian government bonds and securities of Russian constituent entities;
  • bonds of Russian issuers, including bonds backed by government guarantees of the Russian Federation;
  • mortgage-backed securities;
  • bonds of international financial organisations;
  • RUB and FX denominated deposits;
  • roubles and foreign currency in asset management accounts with credit institutions.

Government Securities Investment Portfolio:

  • Russian government bonds;
  • bonds of Russian issuers backed by sovereign guarantees of the Russian Federation;
  • roubles and foreign currency in asset management accounts with credit institutions.

As the government-controlled management company for pension reserve payouts, VEB.RF manages two investment portfolios: a payment reserve portfolio and a portfolio of pension savings of insured persons to whom a term pension payment is assigned.

In accordance with the investment declarations approved by Resolution of the Russian Government No. 550 of 4 June 2012, these two portfolios may invest into:

  • Russian government bonds and securities of Russian constituent entities;
  • bonds of Russian issuers, including bonds backed by government guarantees of the Russian Federation;
  • mortgage-backed securities;
  • roubles and foreign currency in asset management accounts with credit institutions;
  • RUB and FX denominated deposits;
  • bonds of international financial organisations.

All VEB.RF’s pension savings investment portfolios are segregated from other investment portfolios, VEB.RF’s property, property in trust management or in legal possession. Each portfolio has its own separate balance sheet. For each investment portfolio, VEB.RF opens ad hock accounts with credit institutions compliant with the Russian laws, credit institutions which provide services to market operators, international clearing houses, depositories, including the special depository.

In order to formulate the strategy for investing the assets under management, VEB.RF formed the Pension Savings Management Committee (the “Committee”). The Committee is a permanent collegial working body of VEB.RF. The Committee defines investment plans, develops measures to limit risks associated with pension savings under management, establishes additional criteria and requirements for investing pension savings, and takes decisions on organisational and technological support for pension savings under management.

With the aim of safeguarding the rights and interests of insured persons and in order to identify and prevent any conflicts of interest related to pension savings under management, VEB.RF approved the Code of Professional Ethics for State Development Corporation VEB.RF, holding and investing pension savings. The Code contains measures to prevent any misuse of confidential information relating to pension savings under management and avoid any potential conflicts of interest.

To comply with legal and regulatory requirements, VEB.RF set up effective internal controls. Controls apply to all stages of transactions involving pension savings under management.

To ensure security and prevent unauthorised access to VEB.RF’s internal information resources:

  • VEB.RF performs transactions involving pension savings under management only in premises with access control.
  • Each user is assigned to a role and is issued with a set of unique passwords.
  • Authorised officers are assigned between different access levels to privileged banking data or any other confidential information protected by the Russian laws.
  • VEB.RF’s Transaction Day System and other systems control access to transactions involving pension savings under management.

VEB.RF has liability insurance contracts in favour of the Pension Fund of the Russian Federation covering breaches of pension savings management agreements resulting from unlawful actions of third parties or wilful or unintended actions of the employees of the government trust manager in accordance with Federal Law No. 111-FZ of 24 July 2002 “On Investments to Finance the Funded Part of Pensions in the Russian Federation”. Insurance contracts with major AAA insurance providers are established on yearly basis.

Resolution of the Russian Government No. 814 of 12 July 2018 extended VEB.RF’s functions as the state management company for the trust management of pension savings and the state management company for funds in the payment reserve for five years - until 1 January 2024.

Please find more about the pension savings system, cumulative pension rules, return of funds and management companies, how to replace your insurance company without losing your gains, and more by visiting the website “Complete Guide: Your Funded Pension”. This information website was launched by VEB.RF with support from the Russian Pension Fund to improve pension savings related financial literacy. The website contains reliable and confirmed information and will help you to make the best decisions on your future pension.

The performance indicators of the state management company are given on the Russian version of the site.

Disclaimer

VEB.RF does not have any information neither on composition of insured persons’ pension savings under management nor on the amount of funds recorded in insured persons’ individual pension accounts. The Russian Pension Fund is responsible for managing individual pension accounts of insured persons, granting pensions, and making payments out of pension savings. If you would like to know more about your pension savings, feel free to contact your local office of the Russian Pension Fund.

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