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Friday, March 23, 2018

“Burst” of the NPF will be obliged to compensate future pensioners for the losses

To tighten the rules for private pension funds decided by the Finance Ministry. Investors, whose money will be the fault of the financiers, can count on compensation.

photo: Gennady Cherkasov

The Agency developed the necessary amendments to the law “On private pension funds”. The Finance Ministry complained that the current rules allow all NPF to operate as normal commercial companies established as joint-stock companies. That is, the firm is primarily concerned about dividends to their shareholders, not the interests of the depositors of the future pensioners. The financial bigwigs boldly give the contributions of ordinary citizens in a dubious investment projects that promise a quick profit. However, say officials, most of these schemes not only bring the cherished crazy money, but is burned together with the money of unsuspecting investors. In the new bill stipulates that when working with the contributions of citizens the staff of the NPF will be obliged to proceed from the principles of prudence, care and diligence. Before you pay money for the next attractive project, the financiers will have to conduct a detailed analysis and to calculate what the profit made from a particular investment. The Finance Ministry wants to oblige funds to invest only in long-term projects. They are, in the opinion of the authors of the new law, is much more reliable. If the contributions of the depositors will still burn due to the negligence or undue excitement of the financial gurus, they will have to pay damages to the future pensioner out of their pockets. And in addition actually lost sum to compensate you’ll have lost benefit.


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