OAO NPF gazfond pension. NPF Gazfond: we analyze NPF from Gazprom from all sides

The non-state pension fund Gazfond, which manages pension reserves, was ranked second from the bottom in terms of profitability of pension reserves for five years - from 2013 to 2017. Such data are provided in the Pension & Actuarial Consulting review (available from Forbes). The profitability of the fund for the specified period amounted to only 13.62%, only NPF "Professional" with reserves of 3.3 billion rubles is lower - it earned only 3%. This indicator is much less than the accumulated inflation - 44.6%. Even if the fund's clients put funds on deposit, they would noticeably benefit in terms of profitability, receiving 41.8%. The number of clients of NPF Gazfond at the end of 2017 was more than 230,000 people.

If you look at the profitability indicators by years, then it is consistently low and does not correlate in any way with crises in the stock market. In 2013, the return on investments of Gazfond amounted to 2.8%, in 2014 - 1.7%, in 2015 - 3%, in 2016 - 2.2%, in 2017 - 3.3% .

NPF "Gazfond" - the largest fund for the management of pension reserves - funds intended for the formation of an additional pension. In most cases, agreements on such pensions, like voluntary medical insurance policies, are concluded within the framework of employers' social packages, says Yevgeny Biezbardis, a leading analyst at Pension and Actuarial Consulting. Moreover, the company often co-finances the contributions of its employees, for example, doubles every ruble paid by the employee from its own funds. Companies organizing corporate pension plans may pledge the fund's obligation to guarantee a minimum annual return. In this case, if the fund received income less than necessary, it pays the difference at its own expense.

The volume of corporate pensions in the NPF Gazfond is 374 billion rubles, the largest client of this fund is Gazprom. Every year, Gazprom pays tens of billions of rubles for its employees: in 2017, its pension contributions amounted to 19.4 billion rubles, or 88.7% of the total amount of contributions received by Gazfond, in 2016 - 17.7 billion rubles, or over 90% of the total contributions. Almost half of these funds are accounted for by insurance contracts.

Corporate pensions of Gazprombank are formed in NPF "Gazprombank-fond", the accumulated profitability of which is much better than that of "Gazfond" - 47%.

The management of the reserves of the NPF Gazfond is carried out by the management company Leader, headed by Anatoly Gavrilenko, which is 44% owned by Gazfond itself, 25% by Gazprom and 27% by VEB, as well as a subsidiary of the management company Leader - UK " Northerner".

The press service of the NPF "Gazfond" and the management company "Leader" did not respond to a request from Forbes.

Pension & Actuarial Consulting data

Scheme number one

The site of the pension fund "Gazfond" indicates the yield since 2005 by no means for all pension schemes - only from the second to the fifth. At the same time, the first, sixth and seventh schemes are also mentioned in the fund's reporting. Returns on the published schemes look good - the numbers are often double digits. However, according to a Forbes interlocutor close to the NPF Gazfond, it is the first pension scheme that accounts for most of the reserves and that it traditionally shows weak performance. According to him, Gazprom does not use co-financing in its pure form in this scheme, when deductions from the employee's salary and from the company's funds are made jointly, but deduct funds for its employees independently.

Pension Scheme No. 1 is a solidarity scheme with fixed lifetime benefits, according to the fund's statements. Contributors - "Gazprom", as well as its daughters. Contracts under this scheme are related to insurance, that is, the fund can pay a certain amount in the event of the death of a participant in the amount of ten non-state pensions, as well as in the event of a disability of the third and second degree. The depositor has the right to transfer the redemption amount to another fund with the written consent of all participants in respect of whom the pension agreement is in force.

The solidarity system means that the funds received by the fund are not distributed to personal accounts, but are stored in a “common pool”, and employees, when they retire, use it until it is exhausted (that is, until the full fulfillment of obligations), says the CEO of the company “ Pension partner” Sergey Okolesnov.

As Forbes interlocutor, close to the NPF Gazfond, explained, this is indeed a mass scheme intended for all Gazprom employees. “Deductions on it are made only by the employer, fixed income on it is not fixed in the contract. However, the contract specifies the specific amount of the pension, which depends on the salary of the employee - he will receive this amount when he reaches retirement age. In this regard, the employee has only risks that it will not be well indexed,” the interlocutor says.

The first scheme involves several types of structuring payments. One implies that the fund will have to earn at least a certain amount. In this case, the NPF must either earn this yield or use it from its own funds. The second option assumes that the fund will index clients' pensions depending on the amount of income, which is not guaranteed in the contract.

“Scheme No. 1 was invented at the stage of fund formation and was created exclusively for Gazprom employees, and according to this scheme, pensions are quite high. Movements on the account, profitability under this scheme do not affect the amount of the paid pension. Whatever happens, employees will receive as much as they were promised at the time the contract was signed. But this scheme creates a risk of indexation,” says Forbes source.

According to the fund's reports, most of the assets of NPF Gazfond are investments in Gazprom and GPB. According to a Forbes interlocutor close to NPFs, if these assets grew in the 2000s, then in the new decade the trend has changed, so the fund decided not to take responsibility for the profitability of pensions and is only responsible for their safety.

The financial statements of the Gazfond group state that the change in the fair value of Gazprom and Gazprombank has a significant impact on the financial results of the group. Gazfond owns 1.06% of Gazprom's shares and 41.6% of Gazprombank's shares. Gazprom shares long years show weak dynamics due to the fact that the company has very high capital and operating expenses and low dividends. Gazprom is very reluctant to share profits with minority shareholders. Investors and analysts point out the low transparency of the business and the difficulty of controlling the actions of management due to the lack of an independent board of directors as negative factors for Gazprom shares, ”comments Alexander Losev, CEO of Sputnik Capital Management.

But the fair value of the Gazprombank stake in last years on the balance sheet of Gazfond only grew - from 2015 to 2017, the estimate increased from 155 billion to 177 billion rubles, according to IFRS. The number of shares remained unchanged - only the share of NPFs in Gazprombank changed due to an additional issue in July 2017. The fund's dividend income from holding shares in Gazprombank in 2017 amounted to 3 billion rubles, in 2016 and 2015 it was not, in 2014 - 3.3 billion rubles. From owning shares in Gazprom - 2 billion rubles in 2017, 2.5 billion rubles in 2016, 2.2 billion rubles in 2015 and almost 3 billion rubles in 2014.

Pressure on the asset quality indicator of NPFs is exerted by the low level of liquidity of the fund's investments in closed mutual investment funds, which by the end of the year 2017 amounted to 20.4% of the reserves, the Expert RA agency assumed in March. Its analysts also noted that one of the negative factors in the assessment is the low profitability from the placement of pension reserves on the horizon of 2014-2017.

On the reserves of the NPF "Gazfond" shares of closed-end mutual funds and shares of technical companies ("GAZKON", "GAZ-Tech" and "Gaz-Service"), Forbes wrote with reference to the fund's investment portfolio at the end of 2015. The meaning of these transactions, according to the assumption of the managing director of Expert RA Pavel Mitrofanov, was not to fully reflect investments in Gazprombank in the financial statements. About another 48 billion rubles of Gazfond funds in 2015 were invested in three closed real estate mutual funds: Promising Investments, New Horizons and Electron.

Among the major shareholders of NPF Gazfond are Gazprom (12%) and SOGAZ (19%).

Vulnerability zone

Pension reserves were the first product that NPFs started working with at the dawn of their existence in Russia - later they became participants in savings programs, says Evgeny Biezbardis. The peculiarity of pension reserves is that they are not guaranteed by the state, unlike pension savings. But on the other hand, the yield at the end of the year cannot be negative, he notes.

The main difference between reserves and savings is that reserves are actually the funds of the clients themselves, while pension savings are state funds posted to personal accounts, says Yuri Nogin, director of the ACRA Financial Institutions Ratings Group. “Therefore, a softer version of the list of assets where they can be invested is provided for reserves. In Russia, the bulk of the reserves are not funds individuals, and the money of corporations, usually with state participation, ”the financier notes. Funds have the right to independently place pension reserves in Russian government securities, bank deposits and other assets provided by the Central Bank.

The fact that the requirements for NPFs with reserves have traditionally been softer, eventually led to the fact that their portfolios turned out to be weaker than savings portfolios - many mutual funds and closed mutual funds. However, NPFs with reserves understood that stress testing was coming, and they tried to put their portfolios in order. “If funds suddenly have any problems with reserves, there will be a certain social resonance, since large funds are associated with large state-owned companies: NPF Blagosostoyanie - with Russian Railways, NPF Gazfond - with Gazprom, NPF Trasneft - with "Transneft", - explains Nogin.

The Central Bank obliged pension funds with reserves until 2019 to disclose the structure of shareholders, and from this year it began to conduct stress tests for them, which assess the quality of NPF investments. Since NPFs that deal with reserves have a large amount of capital, since they are close to large state-owned companies that formed this capital, they are not afraid of these stress tests, Nogin concluded.

* The data for calculating the profitability were taken from the disclosed financial statements according to Russian standards (OSBU), and the figures for the years reflect the profitability accrued to the clients' accounts. If a pension fund has several pension schemes, the average figure is taken.

NPF Gazfond is a non-state pension fund that accepts funds from the population to form an additional pension or the funded part of payments to the state pension fund. The company's high rating (for 2017 and previous years), its reliability and competent management of entrusted money (the level of profitability confirms the competence of the fund's employees) attracts potential customers. To conclude an agreement, it is enough to apply with the appropriate application to the office. Or do it online remotely (send an application by e-mail, you can see the address on the website or check with employees by phone). It will be possible to track savings and profitability in personal account.

JSC NPF GAZFOND pension savings

JSC NPF Gazfond pension savings was formed as a result of the merger of NPF Gazfond and several non-state funds that used to work as independent pension funds. The new company for 2017 is their successor and fulfills all obligations under the concluded agreements.

Clients are offered to go through the second registration procedure in their personal account in order to have online access to the necessary information. Service can be remote, over the phone, or you can contact the company's office in person (the address of the nearest one can be found on the website or by phone).

Reliability rating in 2017

After the reorganization, JSC NPF Gazfond Pension Savings maintains its high reliability rating. According to the performance of NPF Gazfond in 2017 showed high level profitability. Proper management of entrusted money allows clients to increase the amount of savings due to the return on investment.

Individuals or employers who pay a percentage of wages their employees. The concluded agreement will increase pensions and make your own future more secure.

Fund returns

The performance of an NPF is just as important as its rating. This is another of the main aspects of the fund's activities, which must be taken into account when choosing it and directing your funded part of the pension under its management.

Application and agreement on the transfer of pensions to NPF Gazfond

If you decide to conclude an agreement with NPF Gazfond in 2017 (the application can be submitted remotely or in person at one of the offices at a convenient address), you can use the following pension options:

• mandatory: involves the transfer of the funded part of the pension to the fund;
• voluntary under an individual plan: additional contributions will be invested and then paid out as non-government collateral.

The funded part (6% of pension contributions) can be transferred by those who work for this moment, or pensioners from the FIU. It can also be transferred by companies - employers to form pensions for their employees in non-state structures. An application to the NPF Gazfond is enough to conclude an agreement for any of the existing programs.

Any individual can use the individual plan, regardless of employment (formal or informal employment).

You can contact the JSC remotely, just send your application for service by e-mail [email protected](There are sample applications on the website, if necessary, you can clarify the rules for filling out by calling the contact center). To draw up an agreement in person at a stationary office (choose any address of NPF Gazfond), you will need a passport and SNILS. Employees will help you choose the most suitable pension option, fill out an application and other documentation in a few minutes.

Personal account of the fund client

After the client of JSC Pension Accumulations transfers the funded part of the pension or makes voluntary contributions, the money will be invested in reliable shares with high returns (the company's reliability rating for 2017 and previous years indicates the professionalism of employees). After the expiration of the contract, the received contributions and dividends will be paid to the client in any convenient way.

Clients of NPF Gazfond in their personal account will be able to track all accruals, find out the amount of savings, calculate the amount of payments, etc. At any time, you can evaluate the return on investment, contact employees for the necessary information (in person, by phone, online in your personal account), take advantage of additional benefits that are provided for JSC customers.

Pension savings programs NPF Gazfond

In order to maintain a decent standard of living after retirement, NPF Gazfond in 2017 offers its clients various program options.

The contract can be concluded:

• for non-state pension provision for individuals: additional payments will improve the financial situation of pensioners or form a future pension;
• for servicing corporate clients: in order to interest employees, increase their level of loyalty, and retain highly qualified personnel, you can use such an instrument as an insurance contract with NPF Gazfond. The employer's rating will increase due to the formation of a more attractive social. package. The company can fully cover the cost of paying contributions or use a combined option (part of the amount will be paid by the employee).

For more detailed information, contact the employees of the NPF Gazfond (by phone, in person or contact online).

The procedure for making payments

You can conclude an agreement on non-state security in any convenient way. After the end of its action, it will be possible to receive money according to one of the proposed schemes.

It can be:

• payments monthly or quarterly;
• with security until the end of life or with the division of the accumulated amount for a certain period, for example, for 10 years;
• single transfer of the entire amount.

Profitability depends on the terms of the contract, its duration, the number and size of contributions. NPF Gazfond will invest trusted funds in various shares in order to obtain maximum profit, taking into account their reliability rating. The resulting amount will be paid to the client.

NPF "Gazfond" is engaged in non-state pension provision, providing programs for individuals and legal entities. For many years, he has been implementing schemes that have a constant high level of profitability. Founded in 1994, it continues to operate to this day. Below is everything about the Gazfond pension fund: official website, personal account, reputation and benefits of the transition.

The official website contains information about the fund, services for individuals and corporate programs. On the main page, there are buttons for concluding an agreement, a calculator to help calculate the future pension, as well as a function for making contributions online. In the "Contacts" section, customers have access to phone numbers and addresses of branches. News is regularly updated on the site, users can always find out the latest information from the official source.

Account Benefits for Individuals

• some services are available online without a personal visit to the branch office;
• user-friendly interface for quick interaction between the user and the fund 24/7;
• detailed information about clients' pension savings.

An address is required to enter. Email and password. Information is provided during registration. When the password is lost, you need to click on the "Restore access to your account" button. At the first stage, the system will ask you to enter an email address and a verification code - protection from robots. The second will be the completion of the recovery associated with the instructions in the letter that will come to the specified mailbox.

If you turned out to be an unregistered user, then a corresponding button will be offered below the fields.

1. Click on the "Register" link.
2. A window with registration conditions will open. Please read the points carefully before proceeding to the next step.
3. Confirm your agreement with the rules by ticking the empty box. See also the agreement on the use of a simple electronic signature.
4. Click next.
5. The second step is email registration. You will receive an email with a link to activate your account and further instructions to continue.
6. In the third step, you need to come up with a strong password to save private information.
7. The fourth step is the final one, after which the registration will be completed, and the user will be able to enter his personal account.

You will need a username and password to sign in to your company account. There is no restore button, unlike an account for individuals, i.e. you cannot register online. The company must send an official letter addressed to Gazfond with information about the responsible person. It will be able to access your personal account.

What information should the letter contain?

• job title;
• FULL NAME.;
• contact details: telephone, e-mail address, etc.